Transcript:
This week in the parish of bourses and market structure:
New Zealand Exchange making liquid expansions, they’re successfully raising money after reporting an excellent deal to buy a third of the dairy auction platform GDT while Tradeweb’s founder and CEO Lee Olesky will be chairman alone from next January, as Billy Hult becomes CEO.
ICE strategy guru David Goone to head tZero and NSE struggles to regain the narrative that has now spiralled into parody while in other news, which is surely comedy, the London Stock Exchange Groups PRs have won awards – for PR!
My name is Patrick L. Young.
Welcome to the bourse business weekly digest.
It’s the Exchange Invest Weekly Podcast Episode 133.
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 longest awaited parish IPO – a saga lasting a decade and more of almost mythical enormous proportions this IPO, it now looks to be further delayed as the National Stock Exchange of India (NSE) farago moves from co-lo via guruto all manner of accusations of payola and more. It’s increasingly difficult to see how the NSE can rapidly recover to get to market soon, even though management will claim they cleaned house years ago when the previous team moved on.
Here’s a brief review of the past week’s high drama or was it a low farce?
The tax authorities raided Chitra Ramkrishna’s home amongst others following on from the low latency lust yogi fines by SEBI. That has piqued a lot of political interest and clearly the Ministry of Finances is now very interested in what has been happening. Whether this is the “very interested” of nothing doin’ akin to NSEL or actually go into your mind to doing something or possibly even doing much remains to be seen. Perhaps the appending of “flight risk” status to all the parties involved suggests this investigation is now in a higher gear and clearly not resolved post-Sebi resolution. Quite why we can’t have the same level of interest in resolving the NSEL fiasco escapes me.
The NSE itself is eager to note it has hugely overhauled procedures in the 6 years since Chitra Ramkrishna exited and presumably to occur spiritual guru virtually with her. Then again, lauding her out the door and allowing her laptop to be destroyed suggests a certain lax attitude that may yet come back to haunt the once poster child of Indian bourses.
Tempting as it is to seek the last word on the mystic guru affair that has gripped the parish…things have an odd way of continuing the dialogue in this AAA grade tabloid cum Netflix fodder. Albeit how the latter can cast somebody that nobo...
