Does anyone know what happenned to this blog? I had it on my links list as there was usually very interesting posts…now when you go there you just get:
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As widely reported over the past few days, Nasdaq have thrown their hat in the ring and bid for the LSE.
The value of LSE has almost doubled from the start of the year and is almost 2.5x it’s 52 week low…(which was round about the time that the AmazonBay article was first published!)
As I have said in previous posts it will be interesting to watch this play out but irrespective of exactly how the corporate future of the LSE pans out, I think the real story is the significant re-rating of exchange assets over the past year (CME, CBOT, Nymex, ICE, ISE, LSE, Euronext, Deutsche Borse, NYSE Group, Betfair, etc. etc.) and the wealth that this has created (I’ll try to dig up some numbers on this, but it is easily in the tens of billions of dollars.)
While it is easy to wonder if the current corporate and market activity surrounding exchanges is closer to the end than the beginning, I think what we have experienced over the last few months is just the first chapter in what will continue to be a dynamic and changing environment for at least the next several years. The main theme on everyone’s mind for the moment - as characterized by the LSE saga - is consolidation. Clearly this is indeed a key theme and will remain germane in all likelyhood for sometime, in my opinion there are other themes that bear keeping an eye on, especially in the medium to longer term. Some of these are: changes in the (traditional) competitive/business/pricing models, new entrants (greenfield and/or from tangetial competitors), continuing advances in technology and communications (both of exchanges and their users), and the emergence peer-to-peer market models.
Assiduous readers will have noticed (another!) break in the post stream of the Park Paradigm. Once again the snowy slopes of the Alps are to blame, as I was in no condition to think let alone blog during my annual week of ski racing (trying to maintain some youthful balance to my life.)
It’s an intense week of (FFS sanctioned) racing with 8 races (plus a mandatory timed training run on the downhill) over 6 days: 2 downhills, 2 super-g’s, 2 GS’s and 2 slaloms.
While I’m not going to frighten Thomas Grandi or any of the other skiers on the World Cup, I can say happily that for the first time in the 9 or so years I’ve been competing in these races this year was the first when I actually materially improved on my results from the previous year. I’ve stopped the ageing process! OK maybe not but still…
In any event, I can (sadly) say that no more leisure-inspired extended breaks from posting are scheduled or likely until at least late July or August and so stay tuned for a more normal resumption of service!
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A fictional and speculative look at the possible future of the global financial markets
The right side of the demand curve.
Weather hedging.
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