Exchange Invest 2404 Weekend Edition: On Germany’s Malaise & More

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.

This weekly edition is a magazine of broader macro topics as well as including our free weekly podcast which reviews the highlights of the week in the world’s market structure.

In BigWorld

From Exchange Invest 2400: 12th, July 2022: Tuesday

The Telegraph notes:

“UK banks generated $55.1bn (£46bn) in pre-tax profits last year as big lenders benefited from an economic bounce back from Covid, a private equity deal-making boom and a soaring housing market.

British lenders managed to narrowly beat their counterparts in France on profits for the first time since before the EU referendum, according to The Banker’s Top 1000 World Banks ranking. UK banks collectively made more profits than any other European country.”

#Despite Brexit, clearly.

Meanwhile in Europe…

(From Exchange Invest 2401: 13th, July 2022: Wednesday)

Where Lenin had a thing with agitprop, alas the same cannot be said of the oft-photographed giant Euro symbol sitting outside the former ECB HQ in Frankfurt. Costing 250K Euros PA to maintain the Ottmar Hörl 14 metre structure is now for sale having proven a magnet for vandalism

Sign of the times, or symbol of Europe’s future?

…In other news, the USD crunched through Euro parity yesterday…



Season 13: Episode 01, IPO-VID Livestream 073

Guest: James Fok

Tuesday, July 19th: 1800 UK, 1900 CET, 1300 EST

“James Fok On Financial Cold War”

James Fok is a veteran financial and strategic advisor to corporations and governments who served as a senior executive at HKEX from 2012 until 2021, during a period of rapid internationalisation in China’s capital markets. While there, he played a major role in a number of landmark financial markets initiatives, including the launch of the Shanghai-Hong Kong Stock Connect programme (2014), Bond Connect (2017) and the Hong Kong market’s Listing Reforms (2018). Prior to HKEX, Fok worked as an investment banker in both Europe and Asia, specialising in the financial services sector.

Fok is author of the book Financial Cold War and has written and spoken extensively about market structure issues and the intersection between geopolitics and international finance.

Watch the Stream on:





Season 12: Episode 06, IPO-VID Livestream 072

Guest: John Kim

Tuesday, July 12th: 1800 UK, 1900 CET, 1300 EST

“John Kim, CBDC & The Future of Money”

John Kim is co-founder, chief strategy officer & general counsel of Movmint, the world’s first retail CBDC in production. In 2020, John — a former partner at Norton Rose Fulbright’s Global Fintech Group — led the team that won the prestigious Central Bank Publication Advisor Of The Year Award for Fintech and Digital Projects. In addition to his role at digital Fiat Works, John teaches at the University of British Columbia School of Law.

Watch the Stream on:





Episode 56: “Big Thinking On Inflation”

In IPO-VID Episode 056: I was joined by Horizon Kinetics Managing Director, Alan Swimmer and Portfolio Manager, James Davolos.

Listen to our fascinating discussion about “Big Thinking On Inflation.”

Anchor Spotify Google Podcasts Apple Podcast Amazon


Hong Kong Exchanges planning a carbon market while EEX is endeavouring to add more data transparency to hydrogen.

Miami Exchanges wins patent WhiteWash.

Zagreb increases its Macedonian stake.

…and in the daily newsletter of the bourse business, it’s time for Buck Rogers, we’re in the 25th century of our daily newsletter.

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.

Available worldwide.

Macro Thoughts

From Exchange Invest 2399: 11th, July 2022: Monday

An epic tweet from Holger Zschaepitz of Die Welt makes for super sanguine reading and a damning indictment of my ongoing concern that Germany is doing Britain’s 1970s thing 50 years later…

If you look at the total market capitalization of the German stock market it has hit an all time low of 1.97% of global market capitalization. Zschaepitz goes on to note: “Only 1 German comp, Linde, is among global Top100 when measured by mkt cap. 2nd largest comp SAP #110, 3rd largest Deutsche Telekom #123, 4th largest Siemens #127.”

NB I don’t think — despite their foibles — that the fault here lies with DB1. This is the end result of Germany being bereft of meaningful government during the abject failure of the Merkel regime to address any of Germany’s looming — and now increasingly centre stage — challenges. Readers may also ponder the innovation deficit at the heart of the EU’s precautionary principle.

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!

Historic Cascade Of Defaults Is Coming For Emerging Markets


The Mysterious Chinese Beauty Caught Smuggling Drugs To The US

South China Morning Post

Will Investors Be Crushed By Looming Cryptocurrency Regulation?


Hong Kong Is Transformed From Asia’s Financial Hub To Xi’s ‘Wallet’ — Nikkei Asia

Nikkei Asia

Ukraine Unveils McKinsey Programme For Nation-Builders


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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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Patrick L Young

Patrick L Young


Entrepreneur, Investor, Author. #Exchanges #Fintech #Startups #Motorsport Emerging Markets. CoFounder @Exchange_Invest @HanzaTrade @MissionToRun @YMarkets