TRANSCRIPT
This Week in the parish of bourses and market structure:
Warsaw Stock Exchange celebrates 30 years. Coinbase Tops Young's Pyramid (albeit disappointingly), Bernie Madoff dies and Gary Gensler is confirmed SEC Chairman as Coinbase lists on the 301st anniversary of the South Sea stock market bubble beginning.
At least one of these is surely a sign of things to come?
My name is Patrick L Young.
Welcome to the bourse business weekly digest,
It's the Exchange Invest Weekly Podcast Episode 090.
Good day Ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the weekend market structure. All the analysis of the week’s many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox.
More details at ExchangeInvest.com
Plaudits to GPW that's the Polish acronym for the Warsaw Stock Exchange, and particularly its dogged founder Wieslaw Rozlucki who pluckily plonked a stock market in the former headquarters of the Polish Communist Party 30 years ago this week. The last time I passed by that former Communist HQ housed Warsaw's Ferrari dealership -now that's what I call karma.
Congratulations to Wieslaw Rozlucki who is now retired, and the entire current Warsaw Stock Exchange team as well as its forebears on this incredible milestone.
April the 14th marked an incredible day the South Sea bubble anniversary met Coinbase. Wednesday 14th of April marks a day when the world of finance has changed in 1720, it was the day when the South Sea company first sold stock to the public. On that day, 2 million pounds worth of stock was offered at 300 pounds per share, the issue sold out within an hour.
Sales were especially brisk thanks to investors only needing to pay a 20% deposit with the remainder due in instalments over 16 months. The only problem lying ahead was that the South Sea bubble burst before the stock was fully paid up. In the wake of that bubble bursting, fortunes were lost, politicians were amongst the many disgraced and the British economy suffered a colossal tumble.
Wednesday, April 14 2021 may equally have marked an incredible turning point in the world. The only question is precisely what that turning point was?
Building on the South Sea Bubble anniversary some who read the runes are suggesting the omens were not propitious. This theory gained further currency as news emerged from the USA that the ghastly Bernie Madoff had died in US custody while serving 150 years for fraud.
However, the news media frenzy of April 14 2021 has focused on the NASDAQ listing of a remarkable compa...
