AI Special #4?: EI Weekend?3168
Welcome back to the first EI Weekend of 2025. We’re kicking the year off with another laser focussed AI special.
Exchange Invest is a unique information resource combining the day’s stories in a newsletter for investors in exchanges/financial markets infrastructure.
Exchange Invest was founded by former exchange CEO and author of the first bestselling book of fintech (“Capital Market Revolution!” FT 1999) Patrick Young. Monday through Friday our daily paid subscriber email discusses the business of bourses of all kinds across the world.
On this day in 2023, Xpansiv completed the acquisition of Evolution Markets.
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PLY: Welcome to the AI world. A trillion here, a trillion there and sooner or later you’re talking about real money.
IPO-VID LIVESTREAM: NEXT WEEK?TUESDAY!
“Neurodiversity & Finance”
Guest: Sally Bridgeland
January 14th, 2025 1700 UK, 1800 CET, 1200 EST
This week we’re examining adding creativity and resilience to business, in an effort to understand neurodiversity and the importance of the connective tissue in the financial system.
Our guest is Sally Bridgeland, an actuary with extensive executive, advisory and non-executive experience across pensions and investment. A non-executive director Impax Asset Management Group plc from 2015 and Chair from 2020–2024, Sally was awarded Non-Executive Director of the Year (FTSE AIM category) at the 2023 NED Awards in London.
Amongst a fascinating portfolio, Sally serves on the boards of two insurers, Pension Insurance Corporation and RSA, and as Chair at BelleVie Care alongside being Honorary Group Captain in 601 Squadron of the Royal Auxiliary Air Force.
IN BIGWORLD
From Exchange Invest 3167: January 10th:
Justin Trudeau, simply the least capable Canadian PM in the nation’s history for once got ahead of the democratic will and resigned this week, albeit… he got Parliament prorogued for over a month just because his party is in turmoil?
In seeking to assess / understand the ‘hair boy’ premiership, we could analyse his hatred of working truckers and his economic disinterest that has left Canada with median incomes below the US states Trump now wants to incorporate Canada into.
However, I think we can simplify this discussion by comparing the wisdom of Canada’s greatest sportsman vs the discredited, outgoing PM:
1) Wayne Gretzky: “I skate to where the puck is going to be, not where it has been.”
2) Ask Trudeau and I reckon we would hear: “It’s clearly important to bear in mind the position of the puck. Given pucks are often the target of violence by off duty truckers, it’s clear this is a minority which has been poorly treated. Many people overlook the rights of pucks, especially if they identify as LGBTQ2is.
It’s vitally important that we have a full dialogue with the puck before jumping to any conclusions. We must always remain mindful of the puck’s aspirations, desires and identity. For too long pucks have been held back by the prevailing establishment views projecting that a puck’s trajectory is forward / backward, right or left. We must remove the societal pressures on the puck to conform to life on ice and work ceaselessly towards an opportunity for pucks of all identities and backgrounds to embrace a fully three dimensional pan gender multicultural democracy which allows them to live in nature without being forced to exist only on ice subject only to a life of violence and abuse from humans.”
PLY: Market Movers On Fintech?TV
Catch me on Market Movers On Fintech TV every Monday at 0920 AM for the latest insights in finance, technology, impact investing, and market trends. Fintech TV is on the web (Fintech.TV), in a multitude of airports across the USA and other channels.
EXCHANGE INVEST WEEKLY?PODCAST
ASX Xmas Shambles,?
PSE Bids for PDEX,?
Rate Sensitive ICE,
It’s a Festive Catch Up Edition, a podcast covering the parish of exchanges up to the end of 2024
BITCARNAGE
Do Kwon Extradited
After a mere year or two in Montenegro, Do Kwon’s Balkan ‘idyll’ has ended and he is in the US justice system: Do Kwon’s superseding indictment includes money laundering charge (Cointelegraph) / Terraform co-founder Do Kwon appears before US judge, pleads not guilty (Cointelegraph). Interesting that his plea is not guilty after such a long time to consider his position in Montenegro.
If you enjoyed this excerpt you may be interested to know that you can read Bitcarnage every day in Exchange Invest.
Alternatively, if you want to follow Bitcarnage?—?the daily update on happenings in the world of crypto and digital assets, then you can find Bitcarnage as a standalone on Substack.
OF INTEREST
As always, a review of interesting reading to provoke thoughts and consideration… Not sure we agree with much of it….but it’s thought-provoking!
领英推荐
Mind Matters
Raconteur
PLY: h/t Ivana Gazic for spotting this fascinating article.
Crunchbase
J’Accuse:
Nieman Lab
TechRadar
IPO-VID LIVESTREAM: NOW?ONLINE!
“Building The Dream Exchange”
Guest: Joe Cecala
January 7th, 2025 1700 UK, 1800 CET, 1200 EST
As a founder of Archipelago, Joe Cecala has considerable experience in electronic upstart markets. The platform which merged into NYSE in 2005 has been part of a varied career embracing civil rights litigation, US army reserves and in recent years authoring the Main Street Growth Act to bring SME exchanges to the USA. Joe is co founder & CEO of the Dream Exchange aiming to become the first venture exchange in the US as well as the first black-owned national market system stock exchange in U.S. history.
Book worth reading:
Finance Book Of The?Week
“20 Economics Fallacies ” by Tim Worstall is an idiosyncratic look at a number of common economic fallacies and mistakes with Tim’s unique approach.
Tim Worstall was our IPO-VID 095: What Have We Got In Reserve? guest.
Get the book here.
*Paid link, as an Amazon Associate, Exchange Invest earns from qualifying purchases.
Suggestions welcome if you would like to nominate a book for us to cover!
Our next Book of the week will be unveiled Saturday in the EI Weekend Edition.
& don’t forget if you want all the news on the bourse business sent daily to your Inbox subscribe to Exchange Invest?—?via Exchange Invest.com?—?it’s only $499 per annum to join “The Exchange of Information.
CAPITAL MARKET REVOLUTION
First published in 1999, “Capital Market Revolution!” offered a clear, concise roadmap for navigating the financial revolution fueled by technology. And 25 years later, as the world of fintech continues to evolve, the core principles laid out in the book remain surprisingly sharp
This new edition was produced to celebrate PLY ringing the NYSE Closing Bell July 5th, 2024. There are several new sections of PLY pith to add 10,000 more words of context and the original book which is remarkably prescient and elegantly dated all at once! It’s only $9.99 on Kindle, a fraction of the original price in 1999 to encourage revolutionaries with any budget!
Get the book here.
*Paid link, as an Amazon Associate, Exchange Invest earns from qualifying purchases.
IPO-VID LIVESTREAM PODCAST
After the holiday break, IPO-VID returns with a brand-new podcast episode. For episode 162, Shiloh Bates, CFA, Partner and Chief Investment Officer at Flat Rock Global, shares insights on how Collateralized Loan Obligations (CLOs) work and how they can benefit a wide range of investors. Tune in for expert commentary on market developments and the role of CLOs in today’s investment landscape.
Don’t miss this insightful conversation?—?stream the episode now!
EI Website | Spotify | Apple Podcast | Anchor
LAST WORD
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You can also check out the “Reflections From Young’s Pyramid”, it illustrates the relative value of exchanges around the world.
Or the “ICE Cost of Borrowing 2020–2022” An Interest Rate Comparison, which illustrates the end of the funny money era of QE and how interest rates have already had a major lurch up from their previous region of zero to, even negative, levels.
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