Transcript
This week in the parish of bourses and market structure:
MICA is born: the European Union have created crypto regulation
ICE CDS, their CCP is moving to the USA
…and Hong Kong Exchanges make a great Connect leap forward as the LSEG loses another senior staffer.
My name is Patrick L. Young.
Welcome to the bourse business weekly digest.
It’s the Exchange Invest Weekly Podcast Episode 151.
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 from 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.
SEBI has been back in slamming and fining once again, the NSE ‘dark fibre’ case part of the “Holy Hoax” fiasco saw Chitra Ramkrishna, the NSE itself and 16 others found guilty in the plethora of cases pertaining to this ongoing fiasco.
Overall, we published a note this week on the “Holy Hoax” fines: they now total over $7 million. You can read that on LinkedIn Medium, and of course, days earlier, you could read it in the Exchange Invest newsletter!
Over in Hong Kong, they’ve had some excellent news. True, there might be issues in terms of the number of IPOs right now, but in the wake of a visit from Premier Xi, the great news is that the exchange is live working ETF Connect and… coming soon… perhaps the most exciting of them all they’re going to have Swap Connect joining the yield curves of China and Hong Kong.
Seismic news as well from ICE (Intercontinental Exchange): will cease CDS clearing in London in March 2023. They announced that ahead of the Independence Day weekend. It’s nothing like the false attributions of Paul Revere’s pithy shouts, “the English are coming” rather it’s more like “Take your CCP before Brussels makes another kamikaze move”.
Top marks on this to the consistently excellent Huw Jones of Reuters who scooped this story in March.
The European Union: that may have a degree of spurned spouse joy at pushing a line of CDS clearing ex-London, but in the end, Europe is the loser here and this ought to be a serious shot across the bows of all – including that stubborn and hyper-ambitious Commissioner McGuinness: the parish is a global market and Europe just isn’t the place people want to be forced to do business.
New markets this week, the Hindustan Power Exchange, they’ve got final Sebi approval to start operations while Kenya is in a partnership to set up its first carbon exchange. AirCarbon Exchange is going to be joining the Nairobi Financial Centre and the Nairobi Stock Exchange to create the first carbon offset exchange in the country. Excellent move for ACX on that one and also great news from the Nairobi Financial Centre.
Deals news this week, well Fonterra, NZX and EEX have confirmed their GDT (Global Dairy Trade) strategic partnership: excellent deals all around. Elsewhere Land Bank are leaving their acquisition bid for the bond trading platform PDEX in the Philippines up to the incoming President Ferdinand “BongBong” Marcos.
Crypto exchange FTX – they’ve been rescuing just about everything that’s going recently the latest is a $640 million deal that they’re going to be acquiring BlockFi. That led to an excellent headline and ZeroHedge: Does Sam Bankman-Fried Own Everything Now that was their recap of las...
