Transcript:
This Week in the parish of bourses and market structure:
Australia threatens Chess Nationalisation, Xav-SPAC a go-go, and its business as usual at TP ICAP as another set of results prove very disappointing indeed.
My name is Patrick L Young,
Welcome to the bourse business weekly digest.
It's the Exchange Invest Weekly Podcast Episode 094.
Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the week in 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.
This was the week where the CEO of the self-styled technology company ASX, Dominic Stevens tried to demonstrate with some moving averages that his technology outages are declining. The Reserve Bank of Australia hit back through the budget mechanism with a sting in the tail of the Finance Minister’s annual address.
It amounts to an enormous warning shot across the bows of the self-styled technology company, noting that when it comes to:
“ASX (and other financial market operators) - the Reserve Bank will get new powers to take control of settlement and clearing mechanisms if financial market operators fail.”
However, the target ASX will doubtless feel an acute element of pressure these days, even though in their own eyes and seasonally adjusted or otherwise smooth by moving averages, the ASX’s technology stack is a personification of perfection, well, at least according to ASX
Will the new ASX Chairman Damien Roche realize his monopoly has been explicitly threatened?
Of course, this doesn't go far enough in allowing Australia to develop its financial center internationally in the way competition would enable, but it's a deft warning shot from the central bank via the tentacles of the Federal Treasurer.
Meanwhile, on the other side of the world, the XAV-SPAC is a gogo, with one of those SPAC-generic names that sound like it makes fortune cookies for Chinese restaurants. The world Quantum Growth Acquisition Corporation: filed its Form S-1 late on a Friday night.
In essence, the SPAC concept is made for Xavier Rolet’s c.v. as an investment banker turned excellent acquisitive dealmaker. The $300 million targeted probably doesn't place some in the exchange business, but peripherally in FinTech, as it ought to give significant clout.
Credit Suisse is managing the deal. And the key to this SPAC is not merely in the star power of proven dealmaker Rolet (past aces include,...
