Transcript:
This Week in the parish of bourses and market structure:
Nicholas Aguzin brings a gaucho wave to Hong Kong Exchanges while as predicted - David Craig exits Refinitiv under a cloud.
My name is Patrick L Young,
Welcome to the bourse business weekly digest.
It's the Exchange Invest Weekly Podcast Episode 096.
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.
The big celebration this week in the parish - other than 30 years of the Zagreb Stock Exchange, congratulations to Croatia - was the 125th anniversary of the Dow Jones Industrial Average. Happy birthday to the world's most famous stock index.
Meanwhile, the inevitable or at least inevitable if you are reading Exchange Invest... came to happen at the London Stock Exchange Group this week as Refinitiv Chief Executive David Craig was ousted from his long-standing position, which in balance sheet terms amounted to running the former Reuters financial somewhat into the ground.
The question was always: “Why bother bringing somebody with a track record of hopeless ineptitude into the newly merged entity anyway?”
That was surely a first predictor that LSEG may not have had a coherent idea of their acquisition strategy.
In Exchange Invest daily Episode 2034, I asked:
“The key question is sure, how many weeks do David Craig et all have in the Refinitiv C-suite?
And the answer was: For David Craig, precisely one month for the hapless (but golden parachutes) in DC as issue 2034 of Exchange Invest was published April 26th, one month to the day before his departure was announced.
As I went on to note last month: “It was hard to justify their presence in the Refinitiv C-suite in the first place, as the Paternoster Square C-suite looks likely to jettison bodies in a ‘sauve qui peut’ management panic stroke/shakeup.”
Thus, in reality, the title of CEO at Refinitiv was actually shorthand for “first merger full guy” and hey presto, as predicted, David Craig gets an unjustified fat payout and departs.
At least we've already seen the...
