Transcript:
This week in the parish of bourses and market structure:
A week of blunders, ASX tech fails again, LME struggles to get Nickel trading coherently while the US SEC’s response to the war in Ukraine appears to be becoming the Securities and Environment Commission.
My name is Patrick L. Young.
Welcome to the bourse business weekly digest.
It’s the Exchange Invest Weekly Podcast Episode Number 137.
Good day ladies and gentlemen, this is a very brief reduction of highlights from amongst the key headlines this past week in market structure. All the analysis of the 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 London Metal Exchange Nickel Mayhem,” that was how the South China Post described us frankly we reached the GUBU zone this week with LME alas, things that looked like a fiasco topped with shambles alas as the market simply couldn’t get to grips with pricing coherently for several days. The embattled boss of the LME Matthew Chamberlain was saying the banking business bears some responsibility for the conditions that led to a massive short squeeze that broke the nickel market.
It’s a point where perhaps LME can begin to push for a form of Dodd Frank reshuffling of the legendarily opaque metals markets, can they achieve a movement towards light and transparency?
Elsewhere, it never rains, but it’s pores, one has to feel sympathy with the LME. They have no plans to shut out Russian metals despite concerns amongst user committees. The difficulty being of course, that banning the metals from the LME may be unlawful if no actual sanctions against producers are put in place.
The good folks of Intercontinental Exchange are not facing the same sort of worries. They have launched a multi-faceted global brand advertising campaign. The ad had a premier ahead of the brilliant ICE Energy breakfast last week at Boca Raton, and the image is clearly one of an Intercontinental Exchange, which is fast, focused and innovative as all parties “Make the Connection”.
The Moscow Stock Exchange has had various limited reopenings for business, it’s anything but businesses usual as the Sydney Morning Herald noted during the course of this week while over in India, some might say there’s been some welcome perspective this week, such as articles in Mint newspapers saying NSE: An agent to Separate The Wheat From The Chaff. Welcome perspective or is it a case of lifeboats being launched to rescue brand NSE ahead of what many are still clinging to as the possibility that it might finally IPO onto its own market during the course of this year.
Brexit news: the Bank of England
