La'Affaire Negresco?: EI Weekend?3074
US debt, Hamas self-defeat, Daesh finance, GCC SWF the world’s new bankers, breaking out of Youtube & L’affaire Negresco.
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 2008, in response to threats from the global financial crisis and following measures taken by the United States, BaFin banned short selling on eleven German finance stocks. These were Aareal Bank, Allianz, AMB Generali, Commerzbank AG, Deutsche Bank, Deutsche B?rse, Deutsche Postbank, Hannover Re, Hypo Real Estate, MLP AG and Munich Re. The ban expired on the 31st of January 2010 and was not renewed at that time.
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MACRO THOUGHTS
IPO-VID LIVESTREAM: NEXT?TUESDAY!
“Finding Value In the New Space Economy”
Guest: Dr. Armen Papazian
September 24th, 2024
1700 UK, 1800 CET, 1200 EST
Tune in on:
Director and co-founder of the Space Value Foundation, Dr. Armen V. Papazian is a financial economist and author of two ground-breaking books on sustainable finance, The Space Value of Money and Hardwiring Sustainability into Financial Mathematics.
Armen is a former investment banker, stock exchange executive, lecturer, and consultant.
IN BIGWORLD
From Exchange Invest 3069: September 16th:
What better way to mark Japan’s “Respect for the Aged Day” today than a board game? Scrabble is ideal to keep the mind sharp at any age albeit keen players need to be aware the new official word list was published recently?—?the first update in 14 years.
There’s something for everybody on the list with “sitch” and “noobie” (short for “situation” and “person new to a job”) bound to cause controversy. After all, I thought it was “noob” or “newbie.”
“coulda” may cause a great sound tsk tsking amongst the older generation while I like “grammable” where something is suitable for social media sharing. Esport is there as is ‘avi” abbreviating avatar
PLY: Market Movers On Fintech TV
PLY is delighted to report a new regular media slot. You can catch me weekly starting 0920 EST on Monday September 23rd, chatting with Remy Blaire on Fintech TV’s blue riband breakfast show Market Movers.
Fintech TV is on the web and also in a multitude of airports across the USA and other channels. Shows are broadcast live from the floor of NYSE with PLY patched in from wherever I am in the world that day…
EXCHANGE INVEST WEEKLY?PODCAST
ASX Chairman Leaving At Last,
Euro Market Integrity Isn’t What You Think,
But Liquidity Begets Liquidity,
Lawfare means a false start for Kalshi,
& The Flash Boys Are Going Options Trading.
BITCARNAGE
Anonymous Public Support (Again!)
The hapless Caroline Ellison Asks To Seal Supporters’ Info At Sept. 24 Sentencing (Cointelegraph) as her counsel pleads for no incarceration: Caroline Ellison Shouldn’t Go To Jail After FTX Collapse, Attorneys Say (CoinDesk).
As per our past coverage EI 2786: La Ellison Did A Blamestorm Herself In Court where I noted “Ultimately it’s a plausible crescendo for the prosecution and wielding our old friend spreadsheet 7a it allowed Caroline Ellison to infer that her ex-beau, the bloke who promoted her to run his in house market maker to FTX, Alameda, was a rotter in business.
That’s rotter as in fraudster although I can see there is a decent argument to be made the rotter was also a rotten businessman.”
There is no criminal issue to being incompetent in business which can certainly be ascribed to FTX and SBF methinks but at the same time, it’s a touch tricky to entirely suggest La Ellison was without any blame in the fraudulent implosion of the market making arm she led and the FTX Group as a whole.
Over in Baku, Azerbaijan, Binance Plans Accelerated Incubation For Innovative Crypto And Finance Startups (Coinspeaker) leading to a nifty illustration at least.
Criminal Transparency?
Try not to laugh at the back…Former Mt. Gox CEO Says New Exchange Will Be “Transparent” (Coingape) as “Former Mt. Gox CEO Mark Karpeles has explained to crypto users why they can trust his new crypto exchange, EllipX, despite being at the helm when the defunct exchange went bankrupt.”
Actually, it is hard not to weep. Mr Karpeles was handed down a suspended jail term for running Mt Gox into an epic early crypto bankruptcy. How on earth can he be running a regulated exchange? The transparency is hardly the issue!
Joint Committees
Thank goodness for the wisdom of the US political classes, Congressman John Rose’s Bill Seeks To Create SEC-CFTC Joint Committee On Digital Assets (Cointelegraph)…
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.
IPO-VID LIVESTREAM: NOW?ONLINE!
“The Future of Exchange Matching Engines With Connamara Technologies”
Guests: Maureen Downs & Jim Downs
September 17th, 2024
1700 UK, 1800 CET, 1200 EST
Watch the stream on:
Maureen, co-founder and chair, is a respected capital markets veteran with broad industry experience in derivative financial instruments and financial technology, including leadership roles at brokerages, trading firms, regulatory bodies, and trade associations including Chairing the NFA.
Jim, co-founder and CEO, his vision for Connamara Technologies, Inc. revolves around the EP3 matching engine which encapsulates his extensive knowledge and experience from decades of delivering capital markets software solutions and trading on the floors of CBOE and CBOT.
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!
In her final years, Hotel Negresco owner Jeanne Augier was surrounded by all sorts of interlopers. What’s to become of her $500 million fortune?—?and one of the crown jewels of the French Riviera?
Books worth reading:
FINANCE BOOK OF THE?WEEK
“Soros on Soros: Staying Ahead of the Curve” by George Soros interweaves financial theory and personal reminiscence, political analysis and moral reflection to offer a compelling portrait of the world (and its markets). In a dialogue with Byron Wien, Soros vividly describes the genesis of his brilliant financial career and shares his views on investing and global finance, politics and the emerging world order, and the responsibility of power.
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 $375 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.
AFM Tech Day?2024
We’re excited. Exchange Invest is a sponsor of the AFM Tech Day in Amsterdam in October presented by the unique emerging markets association alongside this year’s tech partner Exberry and other key sponsors, AFEX, CQG and Trading Technologies.
Join us for a unique tech centric day in markets:
Where: W Marriott Hotel Amsterdam
When: October 9th, 2024
IPO-VID LIVESTREAM PODCAST
Join us for a special episode featuring three incredible women leaders ina. show which came live from the storied NYSE on Wall Street!
Cassandra Seier: Head of International Capital Markets, sharing insights on global IPO trends and her work with Women in Financial Markets (WIFM).
Jessica Froats: Head of Relationship Management, discussing her career at ICE, market data evolution, and building client relationships.
Meaghan Dugan: Head of Options, leading the strategy for the NYSE options team and sharing her expertise in options trading.
?? Now available from multiple different podcast?sources:
LAST WORD
…If you want to stay abreast of the world of exchanges then please Subscribe to our Daily Newsletter?—?free 7-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.
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