Transcript:
This week in the parish of bourses and market structure:
News that S&P is offering concessions to get its IHS Markit deal past EU regulators comes alongside an attempt by FESE to get at least the delayed consolidated tape through Brussels behemoth.
It seems remarkable to recount even in the slightly crazy world of crypto, but it seems Coinbase went public against a background of 6000 accounts being hacked as the company was coming to market. I doubt Messrs Sue, Grabbit & Runne have had a minute sleep all weekend as they assemble a whole new raft of class action suits.
My name is Patrick L. Young.
Welcome to the bourse business weekly digest.
It’s the Exchange Invest Weekly Podcast number 115.
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 main events from the past seven days 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.
There’s a new broker joining the ring, the first new LME ring dealing member in 14 years, Sigma Broking Limited. Welcome to the last floor in the London financial centre.
Elsewhere, the ASX boss has said that damning reports missed the bigger picture, just what the bigger picture is, remains to be seen with his supposedly technology company that has had of course many technological outages.
Elsewhere, interesting moments from Morgan Stanley and Interactive Brokers, they’re facing federal scrutiny in a probe into some Venezuelan wheeling and dealing.
The new Abu Dhabi Securities Exchange floor has been inaugurated by Sheikh Khaled Bin Mohammed.
Meanwhile, over in Iran, there was a scandal, the CEO of Tehran Stock Exchange resigned amidst, well, what turned out to be cryptocurrency mining in the basement.
FESE (Federation of European Securities Exchange) their new report backs a near real time tape of stock and bond prices in the EU. Provided data quality is improved and changes in market structure are implemented. A new cost-benefit study has suggested a 15-minute delayed post-trade tape would be the optimal starting position.
Waiting more than a decade and still getting a 15-minute delay sounds like – at best – a halfway house to me. The data “dog’s dinner” comment that FESE made was valid but it still sounds like the sort of defeatism which continues to render Europe increasingly irrelevant through its own paucity ambition – and let’s not even go there when it comes to the frankly abstract concept to Brussels of execution. A real time consolidated tape is vital for the EU to be taken...
