President Trump welcomed Russian President Vladimir Putin to Alaska with full peasantry last Friday.
The high stakes summit ended without a breakthrough.
Now Trump, who promised to end the war on day one, left with no deal.
He'll now host the Ukrainian President Zelensky on Monday in the nation's capital.
Now Zelensky traveled to Brussels to meet European Commission President Ursula von der Leyen, participated in a video call with.
Leads from the European Union to prepare for their meeting with Trump at the White House.
On Sunday, Special envoy Steve Witkoff suggested that security guarantees for Ukraine could be modeled after NATO's Article 5, where an attack on one member is considered an attack on all, though any such assurances would come from individual countries, not the alliance itself.
And on Wall Street, 8 companies listed in the US.
Last week, including 6 IPOs and 2s, 7 IPOs and 8 specs also filed initial registrations.
Miami International Holdings and Options and equities Exchange operator raised $345 million at a $2.3 billion valuation pricing above range.
Joining me to weigh in on this Monday morning is Patrick L Young, chairman and founder of Exchangeve.
Good morning, Patrick.
Thank you so much for joining.
Well, on this Monday morning, all eyes are on DC as Trump Zelensky and European leaders gather, and we will be hearing from leaders from France, Germany, Italy, Britain, Finland, and the EU and NATO are also joining forces with Zelensky to push back against Russia's attempts to dictate some peace terms.
So how do you see this playing out after the Alaska summit, Patrick?
Well, I think one of the things that's very important to bear in mind here apart from the fact that I'm on the tail end of Hurricane Erin, so apologies, ladies and gentlemen, if my my picture is a little choppy and my voice is not quite perfect.
But what we're really looking at is actually the irrelevance of the European Union.
This is now Trump and Putin.
They're the only two people that matter in the room.
Zelinsky can fly to Europe.
He can talk to everybody, but at the end of the day, the European Union hasn't stepped up.
In fact, the European Union has inadvertently.
Funding the war by buying lots of Russian gas.
So it's such a degree of hypocrisy in terms of what's going on over the weekend.
What's happening doesn't look like Trump's made a big breakthrough so far.
Putin seems to be reasonably relaxed in what's going on, but realistically, can the Russian economy continue this ongoing two year Hail Mary pass into the future?
I doubt it.
There's got to be realpolitik coming here somewhere.
Piece is coming.
Sooner or later to Ukraine, but the idea of Article 5 guidelines amongst NATO with everybody sort of decides that maybe they will actually all possibly make it.
We know the European Union has fallen apart on exactly this sort of nebulous decision making where nobody steps up to the plate ultimately, and that's what Putin is playing up for because he knows that it's only him and Trump that matters in terms of what the peace is going to be, not even Zelinsky.
And speaking of which, Patrick, do you think a trilateral meeting is likely between Trump, Putin and Zelensky?
I think it's very difficult simply because Zelinsky finds it very hard to be in the same room as Putin.
Very difficult to see where the location would be for that meeting.
I think neither party necessarily is going to gain anything from being in the same room.
So in the short to medium term, I suspect a top tier trilateral seems very implausible.
And Patrick here on Wall Street, we're keeping a close eye on what transpires this afternoon at the White House, but I do want to get your take on what we've been seeing in terms of the capital markets.
So my ex ended the week up 35% last week, driven by growing market share in US options trading.
So take us through this IPO.
Look, this is marvelous news altogether.
Here we've got a company once again, what is this?
This is the age of the exchange in broader fintech.
People love exchange type market models.
MyAs, they've got incredible technology, superb execution.
The company is what, barely little more than a decade old.
It can come to the New York Stock Exchange list and find itself with a $2.5 billion valuation.
Why not?
It's been doing great deals.
Tom Gallagher is very cleverly.
Expanded by buying things like the Bermuda Exchange.
They also bought into they bought actually the International Stock Exchange, a small marketplace in the Channel Islands in Europe, but overall they're a powerhouse.
They've gone from 0 to being the 3rd largest equity options business in the United States of America.
And as we all know, the US equity options market is rocking.
Fabulous business, very exciting, and presages many interesting listings to come both in the exchange world and elsewhere.
Yeah, and speaking of which, Patrick, last week we also had bullish as IPO as well.
So what do you make of what we're seeing in terms of listings that have happened so far and also the outlook going forward?
Look, I think there's a great outlook for listings at the moment.
A lot of people want to go to the public markets and raise money.
Hopefully the SEC is going to start tweaking the listing rules, so it's going to make it easier to get companies back on the public markets compared to what we had as a result of shenanigans from a generation ago that are long since forgotten in so many ways, Bernie Ebers and so on and so forth.
I thought it was great.
Bullish for me was the highlight of the week, not wishing to deprecate my exchange, but there we had the prodigal son.
Poe, the former president of the New York Stock Exchange, the man who actually started the modernization under the Intercontinental Exchange's ownership, Tom Farley, standing there bringing a new crypto exchange to market that he's been building over the course of the last 6-7 years.
Very, very exciting, of course we've got that follow through because we know that there are people like Kraken, Ge and have filed, although at the same time one has to say if Gemini are bringing a loss making business to market, what does that say about the overall crypto business?
Could it be in a bubble? who knows, but actually overall, the outlook is very bright for IPOs the world over.
We've had some credible IPOs recently in market structure in India and elsewhere, and actually it is a great marketplace at the moment where people are bringing new markets to the public market.
And let's face it, NICE versus NASDAQ, that's like having a Super Bowl every day in terms of what these markets are delivering in terms of value for investors, for issuers, and for the better benefit of the global economy.
Yeah, and Patrick, before we move away from IPOs, I do want to get your take on some of the companies that are actually listing on US exchanges, but they're based overseas.
So there is this competition to keep a lot of these companies on home territory, but what do you make and what are the challenges going forward?
Well, look, what we're in at the moment is the perfect storm.
The USA is whatever it is, 70% of the global market capitalization.
The best valuations are being born in America.
The London Stock Exchange looks sluggish.
A lot of exchanges in Asia have difficulty reaching the same footprint.
And now thanks to these wonderful opportunities through platforms like Blue Ocean Technologies, you can sit in Asia and trade these stocks during the course of the day in Korea, in Shenzhen, in Shanghai, in Hong Kon. or whatever just like they're being listed on the local exchange that makes a big structural difference to how this whole market is going to be going forward.
It doesn't wipe out the local advantage.
I still think look at Hong Kong, an incredible IPO timeline is coming up there.
They've got a huge queue of issues both from the Chinese mainland and Hong Kong, but obviously there's a huge attraction.
If you're a global company, why not come and be recognized on the global markets, and those are in New York.
And speaking of which, we are fast approaching the opening bell here at the New York Stock Exchange.
So Patrick, we will have to leave it there.
Thank you so much for joining us.
