Transcript
This week in the parish of bourses and market structure:
ASX pick their first female CEO.
NASDAQ acquires the ESG platform Metrio.
Elliott amongst a wave of people suing the LME.
CBOE launch a new floor. Yes, the CBOE launch a new floor, it’s not 1987 it’s 2022 and Eurex displays CCP pragmatism.
My name is Patrick L. Young.
Welcome to the bourse business weekly digest.
It’s the Exchange Invest Weekly Podcast Episode 147.
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.
We lead this week with news that Elliott Associates sues the LME for $456 million, according to the headline from Reuters. That’s a pretty staggering number and of course amounts to no less than almost twice the $250 million ‘moat’ being floated by FTX, which will allow them to apparently operate a safe version of CCP for crypto.
Nonetheless, US hedge fund Elliott Associates is suing the London Metals Exchange for $456 million for cancelling nickel trades after the chaotic trading during March that forced the London Metals Exchange to suspend its nickel market that was added to by another suing just a couple of days later and indeed we’re now to it believe 3 major litigants in this whole sorry affair.
CBOE as I trailed also at the start of the show, they’ve opened a new trading floor. “Why? Why? Why?” I hear you ask. The new trading floor is located in the Chicago Board of Trade building and takes up the 7th and 8th floors occupying more than 40,000 square feet. And once again, I say why why why a brave new digital world? Nope, I just don’t understand why we have this new trading floor opening either.
One thing which is good was the reopening in Shanghai this week, Stock Exchange staff they had their D-Day on June 6th. It wasn’t invasion, it was actually quite the opposite. They were able to return to their homes after being locked up in the Shanghai Exchange building for several weeks.
The Luxembourg Stock Exchange and the INX in GIFT City (the new financial centre in India) they’re strengthening their cooperation. While in an entirely logical move, the BME, the Swiss exchanges clearing arm is connecting itself to the Swiss Central Securities Depository aka the CSD of the parent company SIX Swiss Exchange.
The Caracas Stock Exchange, while the agony and the ecstasy it’s been over the course of the last few weeks after all of those decades of communist rule, the Caracas Stock Exchange had the ecstasy of possible value by seeing the government selling various steaks however, it’s now actually difficult to buy county...
