Exchange Invest Weekend: 18th June

Patrick L Young
8 min readJun 17, 2022


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.

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On this day in 1982, an early morning passer-by spotted Roberto Calvi’s body suspended from an orange rope under Blackfriars Bridge. Days earlier, Banco Ambrosiano had collapsed with debts of up to £800 million. The previous year, the bank’s CEO, Calvi had been found guilty of illegal currency transactions, but was released pending appeal.

PC Plod’s initial notion of suicide proved hugely flawed — quite who murdered the man at the epicentre of the Vatican banking scandal (“The Institute for the Works of Religion” was the leading Banca Ambrosiano shareholder), remains a mystery.

Exchange CEO Pay: The Ocean’s 11

I discussed “The Magnificent 7” of top earners amongst the world of exchanges / market structure, all with salaries above $10 million last week. Thanks for all the feedback and indeed, the coefficient of salary to market cap while an inexact measure is at least a handy snapshot to discern the relative pay to company size.

The Ocean’s 11 is not a scientific listing of the next group of CEO salaries in the world of exchanges down from the double digit millions group in “the Magnificent 7” but it is an interesting selection of participants from a series of varying market structure entities.

So please note this is not a ranking per se. Doubtless, others made more than $1 million and could qualify but it struck me as interesting to peruse the overall basis of these salaries as an illustrative snapshot of some leading bourse earners.

While his company trails in market cap terms just behind the leaders of Young’s Pyramid Tier 1 (CME, ICE, HKEX) the Refinitiv-expanded LSEG is at least not a crazed spendthrift on its top exec with David Schwimmer’s salary amounting to $7.96 million, not much more than half those of his peers (or barely a third of Terry Duffy’s $22.89 package which aroused shareholder dissent at the recent CME AGM) in Tier 1 of Young’s Pyramid of Exchanges.

The other CEOs here are predominantly running tier 2 Young’s pyramid entities with all making more than a million albeit Leila Fourie, the ‘lowest’ salaried CEO here made $1.03 million last year from JSE in South Africa.

Amongst the standout numbers are Schwimmer and DB1’s Theodor Weimer ($6.14). Albeit their pay amounts to barely 0.02% of the market cap of their companies, compared to the JSE boss who is at 0.17% alongside the TP ICAP boss Nicolas Breteau whose $2.13 million is a similar ratio to market capitalization. In the case of Nicolas Breteau, it doesn’t take low latency algo reactions to appreciate that his remuneration somewhat equates to being a reward for failure: an ongoing collapse in TP ICAP market capitalization even when there was a ‘go go’ bull market all those (circa 9 and a half) weeks ago.

By means of comparison, Flutter owns the Betfair exchange but is predominantly a gambling enterprise and their CEO is included here, Peter Jackson whose $1.15 million salary is a fraction — but 0.01% of his firm’s market cap. An interesting gap between the financial remuneration and other sectors?

It’s interesting to note that the relative to market cap salary of MarketAxess CEO Rich McVey ($5.74 m) is 0.06%, compared to the 0.1% ratio of Tradeweb’s CEO Lee Olesky who was in the Magnificent 7 rating I mentioned earlier.

One other point to ponder is how the ASX CEO is at the 0.03% salary/market cap ratio which is the equivalent of the likes of ICE and HKEX’s CEOs albeit the ASX CEO Dominic Stevens is now headed on a retirement path after the ongoing ignominious failure of the CHESS settlement upgrade programme despite his self-styling ASX as a “technology firm.”

There are lots of data points to ponder here and it’s an interesting comparison, albeit not intended to be scientific (see also my previous article for notes on the market cap / salary ratio calculations). However, it’s a fascinating series of points to ponder and indeed may provoke a water cooler moment or two. For instance, is the buccaneering dealmaker Stéphane Boujnah value for money at $3.2 million compared to his peers (I am minded to say yes… as he does deals and seems to integrate as well, if not better than, any previous Euronext management?).

As always all feedback is welcome in DM or via any other channels.

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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 too, even negative, levels.

At the least can you like this article, or leave us a comment, we welcome your feedback.




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In BigWorld

From Exchange Invest 2376: 14th, June 2022: Tuesday

Ferrari Plots Italian Plant Expansion For Electric Vehicles

BNN Bloomberg

PLY: When it comes to V12* versus 240 Volts, sorry I am a purist. Okay okay the great Commendatore was stubbornly eager to have his (super)carts pulled and not pushed whereas the mid engine was the place to balance pure performance as he later — reluctantly — agreed but #srsly, how can an electric Ferrari whistle more distinctly than the next Tesla or indeed milk float?

  • For those struggling with state of the art computing in their office today remember the original Ferrari V12 was designed by the genius Gioacchino Colombo in an era of post war shortages where he had to draw pretty much everything correctly first time due to a shortage of large paper sheets and more significantly still barely one pencil… Despite this restriction, the result was near perfection out of the box.



Season 12: Episode 04, IPO-VID Livestream 070

IPO-VID Guest: Mack Gill

Tuesday, June 21st: 800 UK, 1900 CET, 1300 EST

“Delivering New Parish Tech”

COO & Board Member of Torstone Technology, a leading global post-trade technology company for financial markets, Mack is also a Director of Yaala Labs, a next generation market infrastructure technology company. Formerly CEO at MillenniumIT, an industry-leading global capital markets software company, part of London Stock Exchange Group Mack was previously President of SunGard Technology Services.

Watch the Stream on:





Season 12: Episode 03, IPO-VID Livestream 069

IPO-VID Guest: Max Butti

Tuesday, June 14th: 800 UK, 1900 CET, 1300 EST

“Max Butti Developing Digital Asset”

At SDX Max Butti leads the equity team, dedicated to enhancing the funding process for private companies and improving the issuance, custody, and transfer of digital securities in SDX’s regulated CSD.

Prior to SDX, Max spent 7 years at LSE as head of equity derivatives markets and global account director developing key strategic group accounts.

Watch the Stream on:





Episode 52: “Puro Carbon — Nasdaq Transforming Emissions”

IPO-VID Episode 052: I was joined by Nasdaq Stockholm President, Head of European Fixed Income & ESG, Fredrik Ekström

Listen to their interesting discussion about “Puro Carbon — Nasdaq Transforming Emissions” with co-host Steve Zwick via the usual podcast sources:

Anchor Spotify

Google Podcasts

Apple Podcast

EI Weekly Podcast 148

Gensler to Payment For Order Flow: dropped dead!

Manila floor to close

Celsius freezes

The SEC have a crypto insider probe

…and the parish loses a European Great.

The Exchange Invest Weekly Podcast 148

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

Globalization’s Gut Check: World Trade Organization Gathering Offers A Test Of Free Trade System


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!

Valereum To Launch A New NFT Open Marketplace Platform


PLY: My exciting news of the week — super pumped about building this platform which will, we think, deliver a whole new approach to the NFT business.

Americans Lost Half A Trillion Dollars In Wealth In Early 2022


PLY: “Are you better off today than you were four years ago?” turned a close campaign against incumbent President Jimmy Carter into an emphatic Reagan victory in 1980…

For Russia, Trouble Could Be Brewing In Central Asia


The US Civil War proved momentous for, of all places, Central Asia. Russia tightened its grip on the region, using it to replace the cotton supply cut off from America’s slave states.

What Are Investment Daos And How Do They Work?

DAOs can have their units in tokens that are listed on a crypto exchange. The community rules are agreed upon and governance is enforced through smart contracts.

German SPD Leader Floats Autobahn Speed Limit


German SPD leader floats autobahn speed limit … isn’t working and the governing coalition, which her party leads, should consider other options.

PLY: German civilisation, tearing apart at the seams as I have noted for some time now…

Joe Biden’s Clueless Support For Ireland Weakens The West


Blockchain For Sustainable Development: The Case Of Ghana

Silicon Valley’s Horrible Bosses

The Atlantic

Last Word

Catch up Monday for Exchange Invest 2381…

The future continues in the water cooler for the bourse business…




Patrick L Young

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