Transcript
This week in the parish of bourses and market structure:
Binance bets big
David Goone is forming an ICE tribute band at tZero (and why on earth not?)
Les Male quits DGCX
Math Nerds love BMLL
…and FTX buys Embed
My name is Patrick L. Young.
Welcome to the bourse business weekly digest.
It’s the Exchange Invest Weekly Podcast Episode 149.
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.
Hong Kong Exchange celebrated its 22nd Anniversary of its listing in Hong Kong and the reopening of the Hong Kong Exchange Connect Hall following an extensive refurbishment programme. As it turned 22 CEO Nicolas Aguzin was saying Hong Kong Exchanges must learn from tech firms to deliver new products and services at low cost. HKEX are considering opening offices in New York and London as they take the battle for IPO fundraising to North America and Europe, while also planning to offer more A-share derivatives and financial products. Exciting times for HKEX as hopefully, the COVID problems are being overcome in the special administrative region of China.
Slightly further afield from where we’re talking today in Valetta, Malta down under in fact the new Australian Stock Exchange chief is a ‘big supporter’ of CHESS Plan A (thats CHESS Plan A, the several 100 million dollar seemingly open pit project of sunken technology funding) I suppose that marks the end of that honeymoon. Let a million discredited “technology company” memes bloom, I suppose. Tragically, it looks as if we might have to catch up with ASX in another 4 years to see if they’ve got to grips with the 21st century after being remarkably coherent towards the end of the last millennium.
NASDAQ they’ve stepped into the green debate. They’re urging the SEC not to move ahead with climate disclosure plans. There are too many overlapping rules about carbon greenwashing that seem to be adding to corporate complexity and company frustration. To quote a NASDAQ letter reviewed by Bloomberg News.
NASDAQ stated: “We are concerned that the proposal would impose additional complexity, costs and burdens on issuers, suppliers, and ultimately, investors and thereby undermine the commission’s core goals”.
Nobody wants to be ant-Gaia but there is a point where the burden on companies and the plethora of conflicting regimes becomes a problem. The other key point is that there may be a reason for this to be established in due course but it isn’t the remit of the SEC so far as my understanding of things go. That over-reach is a crucial failure of the Gensler SEC. There is also that point that actually private capital has proven more of a solution to the problem than the dull clunking fist of government and its interventionist for the sake of its agencies.
