Transcript:
This week in the parish of bourses and market structure:
Latency Lust Bites National Stock Exchange of India on some Valentine’s Day while NASDAQ’s reshuffling their IT sales management in the week NYSE appears to be going full NFT.
My name is Patrick L. Young.
Welcome to the bourse business weekly digest.
It’s the Exchange Invest Weekly Podcast Episode 132.
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.
The new New York Stock Exchange President Lynn Martin has noted that the iconic trading floor on Wall Street is not going away. At the same time modernity rules within the New York Stock Exchange itself, they filed a trademark application for their NFT marketplace. That comes in a week when we actually saw the platform which sold an NFT of Jack Dorsey’s first tweet for $2.9 million, named Cent, which had 150,000 users on revenue “in the millions” decided to halt transactions because people were selling tokens of content that didn’t belong to them. The CEO said the issue of fake and illegal content exists across the industry.
And indeed this week the South China Morning Post brought us a story when noting that China’s board Wukong had been accused of copying the Bored Ape Yacht Club.
One exchange closure this week, the Indian Commodity Exchange (ICEX) is shutting its doors and applied to be delisted with the Securities and Exchange Board of India the regulator, SEBI. They had a busy week. In fact, SEBI rather knocked a hole in the wall of the National Stock Exchange of India’s upcoming IPO plans as they reverted with substantial penalties against the bourse itself (o new products for six months is perhaps not overly gruesome, but the messaging is ugly for the former poster child of the market). And indeed remember, they are planning an IPO imminently.
Ravi Narain, one of their former CEOs has retired so we won’t presumably be seeing him returning for Sebi permission after his ban ends. But Chitra Ramkrishna, also a former NSE CEO looks to be career toast in the financial market. As to Anand Subramanian, who was a leading figure ultimately COO of the NSE he may yet occupy a curious footnote in parish history (as the story went in a 190-pages order issued late on Friday, the capital market regulators stated that the previous experience of Subramanian “was not relevant to the position for which he was appointed” and
