Transcript:
This week in the parish of bourses and market structure:
“Exchange-traded derivatives are not Weapons of Mass Destruction,” says the boss of the National Stock Exchange of India. Tadawul has a 50 IPO pipeline and the CME Group they’re launching 20 year US Treasury bonds.
My name is Patrick L. Young.
Welcome to the bourse business weekly digest.
It’s the Exchange Invest Weekly Podcast Episode 127.
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 many events of 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.
Kazakhstan had a bit of a kerfuffle this week, revolutionaries in the streets, all seem to be somewhat on hold by the middle of the week. However, nevertheless, that didn’t stop there being a several-day hiatus in the exchange business. The Kazakhstan Exchange case had resumed that currency trading as of Wednesday the 12th of January as the situation in Almaty stabilized.
Meanwhile, in the Middle East Saudi’s Tadawul (which had a successful IPO itself only a month or so ago) it has some 50 applications for IPOs filed and in the pipeline. Over in the UK, exchanges and clients are heading for a clash over UK market data. The UK’s FCA (Financial regulator) is concerned about competition in wholesale data markets. The banks have been caught in their natural position of “max whinge” leading the often worryingly erotic UK regulatory authorities to investigate. Perhaps they might actually address regulatory impediments, which preclude new entrants as much as any alleged crime on the current providers, let alone perish the thought we could ever see a mature discussion about the shyster-like multi-basis point hogging customer charges of the financial institutions themselves?
NASDAQ – they’ve partnered with TRIBE Freedom Foundation to support survivors of financial crime. The Philippine bourse had just announced it was going back to full working hours. As a result of Omicron (the COVID variant), they’re cutting their trading sessions for a fortnight from January the 14th to January the 31st.
The SAT (Securities Appellate Tribunal in India) quashed a six-crore rupee ($810,000 or nearly). A fine was quashed on NSE (National Stock Exchange of India) ruling that SEBI was beyond their mandate in fining the NSE for investing in other enterprises. Meanwhile, arrest warrant news – Belgium they have issued an international arrest warrant against the Libyan investment authorities Chairman. According to the Belgian magazine “De Tijd” the arrest warrant issued against Ali Mahmoud was aimed to investigate lost interest in the Libyan Investment Authorities billions at Euroclear. Seems like somebody may have been dipping into the dividends over the course of several years, allegedly. The Belgian government released interest worth some 15 billion euros, which were later transferred to foreign accounts in London and Bahrain according to the allegations. The concern is of course, that if the changes are proven, then the Belgian government and Euroclear itself may be liable.
Over in Korea, the Seoul Bourse KRX – they’re going to be providing capital market information in English. “Bring it on”, we say.
Results this week: no actual Parish firms, the somewhat controversial spread betting and CFD brokerage house, Plus500, house revenues jumped to a record of $718 million during 20...
