Exchange Invest Weekly Beta 8

• August 3rd, 2019

A big week as LSEG seeks to acquire Refinitiv, the TASE IPO takes place and much much more....


Exchange Invest Weekly Beta 7

• July 28th, 2019

Back to the Review of the week and lots happening around the parish as we look back to the amazing Apollo 11 mission anniversary...


There's news about Tradeweb and sellers remorse, on the Star Market in Shanghai, oodles of product and a fair few job moves plus of course Brexit and an interesting interview with Stephane Boujnah...


Exchange Invest Weekly Beta Episode 6

• July 20th, 2019

Welcome to episode 6 of the beta series of the Exchange Invest weekly.


Issues? Mea Culpa - Commodity Futures Trading Commission - I seem to have inadvertently said Corporation...d'oh! 

...but I wanted to retain the usual flow of live unscripted chat so here it is!


Everything from the major week headlines, the TASE IPO, the poor perspective of some journey with regard to Blockchain and finance plus much much more...




EI Beta 5 July 13

• July 13th, 2019

Welcome back for a fifth unscripted review of the week in bourses, the Exchange Invest weekly.


Lots happening in all manner of areas including LNG, IPOs and much much well as a few rants about the EU, some discussion of the new UK government and runners and riders in the race to become the new Governor of the Bank of England and some reflection on Deutsche Bank's launch of a second bad bank in decade and mass retrenchment etc...


A pretty packed week reviewed...


Exchange Invest Weekly Beta Episode 4

• July 7th, 2019

It was a full 5 day week despite the Independence Day holidays for the Exchange Invest newsletter and here are the highlights of the week including the Aquis purchase of NEX, some pondering outside the exchange parish on the EU's new presidents, the passing of Lee Iacocca, Arte Johnson and Christopher Booker as well as how the EU's protectionism against Switzerland's markets are faring as well as multiple job moves and indeed news from the parish of our representation at the World Soccer/football cup final...


Production notes: still in beta but closer to launch formally than ever!


Exchange Invest Weekly Beta Episode 3

• June 30th, 2019

A third weekly beta podcast.


Alas the sound input was a bit of an error on my part - sorry! - which means it may be tough for e.g. MS users to hear.


Will sort by next week (the beta test quest continues!).


For today's show, I look at Regulation, Regulation and Regulation including from CFTC, FCA, SEC, EU  / EC, Switzerland and more.


Also Botswana SE to be privatised and news from Equiduct as well as come key changes at Nasdaq... and more including exciting new futures via Richard  Sandor as Ameribor gets ready for CBOE listing.


This edition reviews the past week from June 22-29th inclusive.


Exchange Invest Weekly Beta Episode 2

• June 22nd, 2019

A second weekly review of what has happened in the week of exchanges and market structure worldwide, based on my daily subscriber newsletter Exchange Invest.


Topics in this issue include:



Various strands of Regulation including:

  • EU  / Swiss spats over protectionism
  • Brexit
  • Nasdaq's new corporate governance centre
  • Market Data Pricing


As well as deal news this week and must read articles involving a cornucopia of topics from financialisation of commodity trading through a US financial transaction tax via issues with the LTSE.


For more about Exchange Invest newsletter:

For more on the DLT Malta book:


Exchange Invest Weekly - Beta Edition

• June 9th, 2019

A test edition for EI subscribers.


Shock and D’Oh!

• May 21st, 2010

A Graeco-German Tragedy/Farce!

"As a German citizen, I wish to apologise for the stupidity of my government...The European market is likely to become utterly dysfunctional. Just as the market showed signs of stabilisation with real money starting to buy euros, the Germans have destroyed this glimmer of hope. The BaFin ban is a desperate political move by a government battling for survival. Angela Merkel needs the support of the Left so she has given in to a witch-hunt against banks and speculators."

- Hans Redeker, BNP Paribas.

The problem with governments is that no sooner do you get rid of truly incompetent political specimens than others rapidly fill the void. In this case a cross border swap has been effected. The British have got rid of 'Stockholm syndrome' Brown's NuLab and replaced it with a coalition of currently indeterminate governing ability. Meanwhile, the Trojan horse of bad government has been Angela Merkel (various other EU leaders have ruled themselves out by dint of being purely ridiculous). In the wake of making things worse through fiddling while Athens burns, she has now awoken with a panic attack to discover recent weeks weren't in fact a bad dream. They are, however, a very real world nightmare. Jeremy Warner in the London Daily Telegraph notes:

"The German financial regulator may not understand much about financial markets, but its head, Jochen Sanio, is surely smart enough to see that there is no practical way of banning short selling. Even if you succeed in blocking the most obvious way of doing it, there are a myriad of alternatives traders have to choose from that achieve the same result."

The problem with this prescription is that actually, having met Sanio, I am really not sure that behind a wall of elegantly defined hubris, he actually understood as much about financial markets as one might expect from a man in his position. Merkel has demonstrated the absolute worst of populist stupidity. When faced with a brilliant way to please the German electorate and demonstrate fiscal responsibility, she has instead succumbed to bailing out Greece, a fiscally dysfunctional state. Now, like other political folk bereft of any form of financial understanding, she has reverted to blaming the markets when the world's financiers have quite coherently sensed her incompetence as panic.

First there was Sarkozy's table banging "Shock and Awe!" (trickily not supported by the US Senate) and then Merkel came up with a second manoeuvre that could be best described as "Shock and D'oh!"

I define it as one of those, "Am I missing something here?" moments... The EU have (understandably) trumpeted the nascent successes of MifiD, an initiative which has transformed cross-border trading. Now the German Chancellor has panicked because she has lost control of her political agenda and so she starts attacking round the edges of the Mifid her government applauds! Quite reasonably the sharks are circling as her grasp on power is tenuous.

Ultimately, the history books may record that the leaders of France and Germany did more damage to the idea of European unity through their actions driven by hell-bent Euro-philia, bereft of pragmatism, perspective or practical understanding of finance. While I suspect the EU will survive, the ridiculous issue is that poor political actions have now added up to the point where the collapse of the Euro and even the EU itself are credibly on the agenda. They may still be somewhere along the 'long tail' of risk but on the agenda they are. The tragedy is that the politicians are behaving like an angry mob and their blanket criticism of pragmatic financiers is being used to try to shore up precarious government. Meanwhile pragmatic financiers are trying to protect their investors' funds against a background of dismal government and ironically the angry mob in Germany is merely requesting sensible measures of fiscal rectitude such as people taking responsibility for their own actions!

The tragedy is that the political classes have repeatedly rushed to discredit the markets' forewarning of the impending Euro-crunch that is now unravelling all around us. We are sitting on the brink of a truly major eruption, even before we get back to considering those largely forgotten Icelandic volcanoes.

Ultimately, markets do not lie. However, politicians do. Shamelessly.

Patrick L Young

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The Return of Glass Steagall

• April 7th, 2009

4.10: The great big political regulatory juggernaut show is roling along and gathering momentum...


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