Pier Review : EI Weekend 3062
BRICS currency bilge, tech & marketing, passenger mentality, Monte Paschi & Sheikh Hasina’s demise, rich gifts & supertax.
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 1876, the James and Younger gang botched an attempt to rob the First National Bank of Northfield, Minn. Joseph Heywood, the bank teller, was shot and killed when he refused to open the safe. The 3 Younger brothers, Cole, Bob and Jim, were captured 2 weeks later in a swamp near Madelia. 3 others were killed. Photos of all 6 were taken at the time and identified by Cole Younger, who wrote the names on the pictures. The pictures sold at auction in 1999 for $39,100. The raid was reenacted in 1948 and became a regular event in 1970.
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MACRO THOUGHTS
AzerNews
“According to the Society of Global Interbank Financial Telecommunications (SWIFT), the market share of the yuan reached 5.99 percent in June from 5.08 “
PLY: For all readers trapped in Disneyland still hearing that “it’s a small world after all” we offer a perspective amendment chorus on the basis that second is good but 5.99% is a fraction of the US 60% in transactions and 80% in global currency holdings… All together now! “It’s a dollar world after all.”
IPO-VID LIVESTREAM: NEXT TUESDAY!
SIX: The Swiss Paradigm
Guest: Bjørn Sibbern
September 10th, 2024
1700 UK, 1800 CET, 1200 EST
Bjørn Sibbern joined the Executive Board of SIX as Global Head of Exchanges in 2024, responsible for the Swiss and Spanish Exchanges, as well as digital exchange SDX.
Bjørn has broad experience managing large teams in the fields of trading, funds, post-trade, listings, IPOs, data, index business, and technology and was EVP & President of European Markets at Nasdaq, leading the Nasdaq markets and exchanges across the Nordic and Baltic regions.
Before joining Nasdaq, Bjørn Sibbern was CEO at E*TRADE Bank Denmark from 2006 to 2008.
IN BIGWORLD
From Exchange Invest 3060: August 29th:
Where Afghanistan was clearly the nadir of the Biden administration’s correlation with competence (perceived by many to be a sub-zero relationship), matters in the Middle East have not been markedly improving.
The $230 million ‘humanitarian pier’ that the Americans moored off the coast of Gaza was a centrepiece of Joe Brezhnev’s State of the Union speech in March. The project has since been mothballed after a spend so lavish arguably only ASX-CHESS replacements could rival it from the parish for spend and epic lack of successful execution.
Tricky points with the project included the platform not being built to withstand inclement weather. Who knew? …The 2.5 million square KM Mediterranean sea was apparently not compliant with perma-calm waters required for the platform to stay in situ and above the waves. Thus some sections of causeway broke off and washed up on the Frishman beach frequented by sunbathers in Tel Aviv.
Fortunately — for some — the platform did operate for some days. In the first week, 75% of the aid delivered was stolen by Palestinians on the way to a UN warehouse.
As noted in Bigworld July 1st and June 6th , it would appear the efficacy of government / military spending has drifted somewhat since D-Day in 1944.
EXCHANGE INVEST WEEKLY PODCAST
CFTC Fining Old Markets, CBOE Buys Into JapanNext, Is An NSEL Resolution Looming? Euronext’s Edisonian Mojo, 50 Years On, Celebrating Legislation Which Helped Secure A Wall Of Money For US Stocks & Bonds
BITCARNAGE
Psychopaths Distributed
Rarely have I encountered a headline I fear is more apt for crypto: Crypto Ownership Linked To ‘Dark‘ Traits Like Psychopathy: Study (Decrypt). Will I sound too much like Marc Anthony via William Shakespeare if I say “but Sam Bankman-Fried is an honourable man?”
Beyond psychopaths, a mixed week for dictators who are adopting Bitcoin in different stages. While Nicolas Maduro, the probably not as legitimate as he thinks Venezuelan President is smarting from losing his PJ to US agents who repossessed it in the Dominican Republic just as the bus driver turned leader of Venezuela was endorsing the notion of cosying up to crypto.
Maduro’s attempt to distribute domestic debate away from his stolen election followed the admission by President Bukele, something that has been plain to see ever since he announced his crypto-centric republic: El Salvador President Admits Bitcoin Adoption Has Fallen Short (Decrypt).
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Meanwhile, the consistent big winners in crypto remain the lawyers. Insolvency alone has been a bonanza as Cointelegraph notes Crypto Bankruptcies Net Law Firms $751m In Fees .
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!
The Drum
“We started off in the Ford economy with a singular choice in the market — Henry Ford made products affordable through standardization — you could have any color of a car as long as it was black. Then, we entered the Starbucks economy with 155 choices of something that was black.”
“Technology and AI will satisfy the simple cases, but they won’t eliminate creativity, interpretation, insight, and analysis — all of which marketing encompasses. Creativity will continue to thrive; it goes hand in hand with new technology as it always has since the invention of the coin.”
Pioneers Post
PLY: The microbanking revolutionary Muhammad Yunus has had a good month. He emerged as interim PM of Bangladesh after Sheikh Hasina was ousted in a coup ending her anti-Yunus pogrom of many years’ standing. (More On The Sheik Hasina Overthrow From Belingcat ).
FT
The Spectator
PLY: The hideous problem with all forms of socialism is how it always ends up in a hatred of success that leads to wealth. Thus increasingly socialist Britain has the Bolshevik Broadcasting Corporation championing taxes that just don’t work: Anti-Rich Fanatics Propose UK Copies Failed Spanish Wealth Tax — Guido Fawkes . The realpolitik is that whatever happens, there will be ways and means for the wealthiest to avoid tax which is why it remains so pointless as it essentially falls increasingly on the ‘perceived rich’ who are really middle class hard workers like the professional classes and indeed exchange employees who have to be in a specific geography. This may not be unrelated to why rich folks when asked will say they will give more to feed the blob’s endless hunger but in the breach keep their money or indeed deploy it charitably in more productive ways than government can muster.
Books worth reading:
FINANCE BOOK OF THE WEEK
“Chasing Rainbows: How the Green Agenda Defeats its Aims? ” by Tim Worstall is a work of an original and profoundly well informed mind (not averse to a touch of well justified ridicule) which in the name of a green and pleasant world reconciles Mankind to his most aspiring instincts of collective, global advancement.
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 $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.
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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