Exchange Invest Weekend 2880: When Hugo Met Karl
Chavez-Marx, The World At War. Why Miami? NY bosses tell all as they flee. Abu Dhabi hip hub for billionaires & a shocking Korean murder.
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 L Young. Monday through Friday our daily paid subscriber email discusses the business of bourses of all kinds across the world.
On this day in 1997, the US stock market initiated new "circuit breakers." The first stop would kick in after a 350-point drop in the DJ industrial average.
IN BIGWORLD
From Exchange Invest 2875: Monday, January 29th:
25 years on from the original Euro launch - it is worth remembering it was a digital currency only for the first years of its life, without a blockchain and yet, it worked…
Anyway, a few things worth saying here so first up, the fascinating point about the Euro is lots of people proclaim its magnificent ubiquity but…
When we look at SWIFT payments by currency in 2023, the data shows the US way ahead with 47.08% and the Euro less than half this at 22.95%.
Okay, that sounds encouraging but then the dear old GB Pound comes in third with 7.15% usage for SWIFT payments. Given the 20 nations of the Eurozone which includes France, Germany, Italy and Spain… doesn't it seem a bit puny (even before we factor in the states/statelets using the Euro like Kosovo) that the Euro is only slightly more than 3X the amount of payments from the GBP?
From Exchange Invest 2876: Monday, January 30th:
Following on the Euro currency project discussion yesterday, the stark reality is how dire the European economy has behaved in the century to date. Oh and fair point, the UK is not doing much better but then again given the execrable quality of government, this is unsurprising.
I often note the terrifying stat of the past 15 years: US economy +82%, EU +6%.
Looking in a bit more depth, it's clear the Euro currency has done nothing to help promote the wealth through cross border trading in the unit which was much hyped during the run up to its launch. From the Telegraph: "Analysis by the European Centre for International Political Economy has found that GDP per capita in 14 EU member states, which collectively represent 89% of EU GDP, was lower in 2021 than when the euro was launched.
France and Germany were as rich as the 36th and the 31st US states in 2000, but 21 years later, French GDP per capita was lower than the 48th poorest US state, Arkansas, while German GDP per capita had fallen to become no more prosperous than the 38th US state, Oklahoma."
IPO-VID LIVESTREAM
NEXT WEEK TUESDAY:
IPO-VID Livestream 131: Season 22: Episode 05
Tuesday, February 06th: 1700 UK, 1800 CET, 1200 EST
"From the Floor To The Future with Brad Schaeffer"
Polyglot commodities trader, musician, author & widely read columnist on a range of topics everywhere from The Hill to the Wall Street Journal, Brad Schaeffer has just published his third book: "LIFE IN THE PITS: My Time As A Trader On The Rough-And-Tumble Exchange Floors", recounting Brad's time as clerk then trader in the mosh pit of the commodities trading floors in Chicago and New York.
NOW ONLINE!
IPO-VID Livestream 130: Season 22: Episode 04
Tuesday, January 30th: 1700 UK, 1800 CET, 1200 EST
IPO-VID Annual Review — 2023 in Revolution, Part 2
Join us for our annual review of the year with content from:
Christopher Sturgess, Eamonn Butler, Yra Harris, Scott Shellady, Hamish McRae, Susan Gidel, Rainer Zitelmann, Mark Wheatley, Andreas Schweitzer , Andrea Corcoran, Rod Blondin, John Ensley, Ann Berg, Richard Sandor, Lucas Schmeddes, Johan Norberg, Stephen Donofrio and Steve Zwick
Discussing their thoughts on where the “Capital Market Revolution!” goes next, beginning the 25th anniversary year of the original book’s publication!
IPO-VID LIVESTREAM PODCAST
In the IPO-VID podcast episode #127, Patrick L Young delves into the first part of the IPO-VID 2023 highlights, spotlighting the capital market revolution. Take a nostalgic journey down memory lane with the dynamic guests of IPO-VID who added vibrant hues to the entire spectrum of 2023.
Tune in for a nostalgic journey through the unforgettable moments of IPO-VID 2023.
Now available from multiple different podcast sources:
EI Website
Spotify
Google Podcasts
Apple Podcast
EI WEEKLY PODCAST
Magna Carta For Markets? MicroConnect Release Their Magnificent MAP
Tadawul Rescues DME
NYSE Pulls Back From Its Land Grab
Gary Gensler Succeeds In Getting T Bonds Onto CCP Clearing
And IMX Is Cleared By The CFTC To Become DCM17 And Build The World's First Health Futures Exchange
AFM 26th ANNUAL CONFERENCE
I thoroughly enjoyed a wide ranging keynote speech at the 26th AFM conference in Bangkok Thailand, discussing “25 Years of Capital Market Revolution!” Email me if your organisation is ready for a dose of the past but above more tantalising glimpses of our parish fintech future.
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.
*Paid link, as an Amazon Associate, Exchange Invest earns from qualifying purchases.
FINANCE BOOK OF THE WEEK
In response to reader’s queries, we have added a book of the week column to the EI weekend edition - interesting books pertaining to exchanges and markets, investment et al.
- Anybody can sign up for EI Weekend for free at ExchangeInvest.com incidentally.
This week’s book was written by Carmen M. Reinhart and Kenneth S. Rogoff. A breakthrough study that exposes centuries of financial missteps, This Time Is Different: Eight Centuries of Financial Folly presents a comprehensive look at the varieties of financial crises, covering through eight astonishing centuries of government defaults, banking panics, and inflationary spikes…
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.”
BITCARNAGE
Fightback?
Crypto Lender Nexo Seeks $3 Bln In Damages From Bulgaria Over Aborted Investigation (Reuters) is a lumpy first fightback to the crypto market structure day as Yahoo Finance notes Binance Case Again Testing Extent Of SEC's Power Over Crypto while Mt. Gox Confirms Addresses For BTC Repayment Plan (Yahoo Finance).
On Nexo, that’s a staggering sum, more than 3.5% of Bulgarian GDP after a huge raid reported on January 13, 2023 (EI 2558: January 13th, 2023).
Following on from the Trumpy ones remarks to the same end: Robert F. Kennedy Jr Pledges To End US Efforts To Move Toward CBDC (CoinTelegraph) at the same time as COIN has been passing the lucre around in an election year and hey presto: 18 US Senators Now ‘Stand With Crypto’ — Coinbase Lobby Group (CoinTelegraph).
Not so much a sting in the tail but something leaving behind a heady whiff - and for once not of pure criminality but it is clearly a touch of hype: Inside The Perfume DAO That's Creating A 'Scent Of The Metaverse' NFT (Decrypt) - “London-based fragrance house Rook Perfumes is shepherding an NFT-based DAO that's creating a scent for the digital world.”
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.
MACRO THOUGHTS
From Stagnation To Innovation
CapX
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 World At War ( 1973): Free Download, Borrow, And Streaming
Archive
PLY: H/T John Greenan for spotting this now being freely available and indeed here’s a reference story on the whole magnificent series: The Genius Of The World At War - UnHerd. The best box set outside the remit of Netflix et al…
A New York City Finance CEO Explains Why His Company And All Of Its Staff Relocated To Miami
Yahoo Finance
What Hugo Chávez Failed To Understand About Karl Marx
The Spectator
Abu Dhabi Is The World's Newest Wealth Haven For Billionaires
Bloomberg Tax
The Murder That Shocked South Korea
The Manila Times
LAST WORD
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The future continues in the water cooler of the bourse business…
- Patrick