Exchange Invest Weekend Edition 2613: Leaks From Labs to Pipelines
Into the valley of capital ride the US 6000. Leaky labs & pipelines. A new defensive acronym in APAC & a curious case of shoe recycling.
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.
This weekly edition is a magazine of broader macro topics as well as including our free weekly podcast which reviews the highlights of the week in the world’s market structure.
On this day in 2015, a flash crash affected traders who were trading the US dollar, which fell more than 3% in under four minutes according to Nanex. However, most of the loss was erased in the next few minutes. It was the biggest 5 minute swing in EUR/USD for 4 years.
IN BIGWORLD
From Exchange Invest 2610: March 15th, Wednesday:
Turmoil in France as the unions throw everything at President Macron’s attempt to extend the retirement age to a giddy 64 (from 62). Once again the notion of fiscal rectitude is seen as somebody else’s problem as Paris and beyond grinds to a standstill and government debt / GDP a bit north of 110%...
President Macron is in deep trouble the French unions from the ‘reformist’ CFDP to the hard left CGT (Communists who were traditionally the largest union presence at 39 Rue Cambon back when a certain parishioner body had their offices there) are against his reforms, although the CFDP is not striking militantly, yet.
55 years ago on 22 March 1968 Daniel Cohn-Bendit helped kicked off the events that became May 1968… will the echo of ‘68 be replicated 55 years on?
IPO-VID LIVESTREAM
NEXT WEEK?TUESDAY
Season 17: Episode 03: IPO-VID Livestream 099
March 21st: 1800 UK, 1900 CET, 1300 EST
"Colin Formosa: Maltese Money & More"
Oft occupied, frequently pillaged, permanently trading with the Levant and Europe, Malta has a rich commercial history dating back 10000 years. That is reflected in its remarkable coinage.
Secretary General of the recently established Malta Numismatic Society, Colin Formosa is a Master Mariner by education and Marine pilot by profession where he shepherds ships at the busy Grand Harbour of Valletta and the Malta Freeport (which handles circa 3 million TEUs PA).
Join us for a fun discussion of banknotes, tokens, jetons, medals, seals, dies & weights related to the Maltese Islands and beyond!
Watch the stream on:
NOW ONLINE!
Season 17: Episode 02: IPO-VID Livestream 098
March 14th: 1800 UK, 1900 CET, 1300 EST
"Jennifer Ilkiw?-?ICE: Cresting The Derivatives Wave"
Jennifer Ilkiw is President of ICE Futures U.S., having previously served as ICE’s Head of Asia Pacific where she was instrumental in the 2014 acquisition of Singapore Mercantile Exchange and the subsequent development of ICE’s first exchange and clearing house in the region.
Prior to joining ICE in 2007, Ilkiw opened and managed the Asia Pacific office of NYMEX.
Watch the stream on:
IPO-VID LIVESTREAM PODCAST
In IPO-VID Episode 089: Patrick Young was joined by Abu Dhabi Global Market (ADGM) Executive Director - Markets, Simon O'Brien.
Listen and enjoy the discussion about "ADGM: Building An Island of Excellence"
Available in different podcast sources:?
EI WEEKLY?PODCAST
$7.2 Million For Eris
The FTC Still Says No To ICE Black Knight
Sesame Street does financial meltdown - and this week's letter for bust banks is “S”.
VICTORY OR?DEATH
20 years on from the first fintech bestseller “Capital Market Revolution!"... "Victory Or Death" is a must read book for anyone interested in the intersection of Blockchain, Cryptocurrency and FinTech as part of the whole future of finance.
领英推荐
PODCASTS THIS WEEK
JD Supra
In this episode of “Lawyers With Game,” host Darius Gambino and Zach Kizitaff from Saul Ewing’s Video Gaming and Esports Practice sit down with Joe Caputi, Director of Compliance at Prophet Exchange to talk about their new peer-to-peer betting platform.
BITCARNAGE
Anyway this is all a mere warm up for the story of the day, SEC?Chair Gary Gensler Op-Ed: Getting Crypto Firms To Do Their Work Within The Bounds Of The Law?(The Hill).
As Gazza G notes: “Crypto intermediaries should structure their businesses to comply with our laws governing securities exchanges, broker-dealers, and clearinghouses; they could put into place rulebooks that protect against fraud and manipulation. Crypto security issuers should file registration statements and make the required disclosures. These are the same rules that everyone else in the securities markets has played by for decades.
I find the talking point that there’s a lack of clarity in the securities laws unpersuasive. Some crypto companies might message that the laws are unclear rather than admitting that their platforms don’t have sufficient investor protection.”
If that hasn’t got you thinking it’s time to disassociate with any form of American crypto business the conclusion is crystal clear: “The fact of the matter is this: Even if Nakamoto’s identity isn’t clear, the laws are. Crypto firms should do their work within the bounds of the law, or they shouldn’t do it at all.”
Everyday we cover the ongoing turmoil of BTC, crypto et al in our daily "Bitcarnage" section of Exchange Invest, for more details on a free trial to our premium newsletter of the bourse business delivered to your Inbox daily, DM a reply to this newsletter saying "30 day trial, please."
MACRO THOUGHTS
Yahoo Finance
If confirmed by trading companies’ annual profit figures — many of which haven’t been released yet — this would reflect an increase of about 60% over the previous year, consultants at Oliver Wyman showed in the study.
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!
Visual Capitalist
PLY: It’s not so much a case of US leadership but more US excellence with an dash of afterthought we can term “rest of the world.” The American 6000 dominates the world’s market cap as the ‘capital of capital’ in NYC shows a unique appetite for risk.
Responsible Statecraft
NYMag
Bloomberg
The Spectator
Reuters
Spiked
Daily Telegraph
Unherd
PLY: Exchange Invest is not a scientific journal but we’re good at maintaining a rational brain in a crisis and thus our track record in Covid looks pretty impressive, for instance noting:
We do the same sort of analysis for exchanges, daily - I think $349 PA is a small price to pay?
Meanwhile the really tragic legacy of Covid is that the feckless, useless blob is unapologetic and even worse prepared than ever, having broadly squandered other people’s money pointlessly.
LAST WORD
…If you want to stay abreast of the world of exchanges then please Subscribe to our Daily Newsletter - free 30 day trial.
Or Subscribe to our Weekend Edition - it’s free.
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.
At the least can you like this article, or leave us a comment, we welcome your feedback.
If you enjoy our multimedia, then please Like / Subscribe to our video channel: IPO-VID In Patrick’s Opinion.
Catch up on Monday for Exchange Invest 2614...
The future continues in the water cooler of the bourse business…
-Patrick