Transcript
This week in the parish of bourses and market structure:
NASDAQ strong and steady leading the first wave of parish results from the quarter while the SEC and CFTC appear to be at war over crypto regulation.
My name is Patrick L. Young.
Welcome to the bourse business weekly digest.
It’s the Exchange Invest Weekly Podcast Episode 154.
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.
ED&F Man has given up their LME ring status amid takeover talks with Marex. That leaves the LME ring looking somewhat precarious a cause for concern as there are now only going to be 8 ring dealers in the world’s one key remaining open outcry forum.
Over in India, Chitra Ramkrishna was sent to 14-day judicial custody in the NSE phone tapping case. She was actually released from bail that morning and promptly bundled up and taken to court where she was put back into a further period of remand on the new charges. At the same time, it seems to me that “phone tapping” has amounted to telephone lines in the exchanges being recorded – which surely has been given for my entire financial market career over the course of the last several decades on the buy/sell side…and we were implementing it even on the exchange I ran 10 or 15 years ago. So why is that such a bad thing at an exchange per se? It strikes me the barrel bottom has been found in his being assiduously scraped in the NSE legal purge – perhaps there are some show trials to come but this strikes me as a great example of all that is wrong with India’s legal system where for example, the efforts to resolve the NSEL fraud have been essentially unproductive to date.
FESE, the European Federation of Securities Exchanges they’ve produced their essential reading on the 2021 year for European stock trading the European exchange report.
Meanwhile, FESE has also launched the European small and mid-cap awards alongside their partner European issuers. This is the 10th anniversary of the awards and they’ll take place in Prague in the Czech Republic as part of the European Commission’s annual SME assembly at the end of November. It’s great to see these awards returned as always and plaudits to FESE and European issuers on reaching the 10th-anniversary milestone this year. Who knows, perhaps the guest speaker from the European Commission will even come up with a new speech, especially for the occasion.
The Shanghai bourse they’ve made a rather brave proclamation they’re vowing market stability all the way through the Communist Party Congress in China, which is of course the politically significant 20th Party Congress taking place later in the year.
It was a hugely busy week for results in the parish, all the details were in Exchange Invest daily, the newsletter no person can afford to be without in capital markets and market structure. Looking at the highlights from a helicopter hike distance, Deutsche Börse
