May 27
Exchange Invest Weekend: 28th May
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.
For a free trial to Exchange Invest Daily, send me a message.
On this day in 1962, the stock market had a “flash crash,” triggered by a dispute between President John F. Kennedy and the steel industry over a price increase. The Dow fell 5.7%, losing 34.95 points, its second-biggest one-day drop in history, behind only the crash of 1929. The losses were widespread, with large and small-cap stocks going down. IBM fell more than 5% in just 19 minutes. Shares of some smaller companies dropped more than 20% on the day. Trading was so furious that the NYSE ticker couldn’t keep up, and didn’t finish reporting transactions until more than two hours after the market closed.
In BigWorld
From Exchange Invest 2358: 24th, May 2022: Tuesday
Quick update on that Shanghai lockdown which is now being eased. During April car dealers in the city reported total gross sales of 0 (yes, Zero) new automobiles.
IPO-VID LIVESTREAM
NEXT WEEK TUESDAY
Season 12: Episode 01, IPO-VID Livestream 067
IPO-VID Guest: Artur Fischer
Tuesday, May 31ST: 1800 UK, 1900 CET, 1300 EST
“Bourses As Businesses — Good Or Bad?”
CEO of the Berlin Stock Exchange until November 2019, Artur Fisher has a strong background in technology. His degree in electronics specializing in High Frequency Communication led to a managing a short-wave transmitter station at the Rhein Main MAC working for the US Signal Assessment Unit and then real-time computer systems for Television Studios. That led to Artur becoming the Director managing the Frankfurt Stock Exchange trading floor delivering Products like the DAX Index.
Artur spent 12 productive years as joint CEO of the Berlin Stock Exchange, executive Chairman of Equiduct Ltd. in London and EASDAQ NV in Belgium. Artur was also an MD of the public Law office of the Berlin Senate implementing with a team of lawyers regulatory measures associated with the Stock Exchange under EU Law.
A serial board member in various jurisdictions, Artur has also featured regularly on the BBC, Bloomberg and Phoenix Hong Kong News discussing European economic affairs.
Watch the Stream on:
NOW ONLINE!
Season 11: Episode 6, IPO-VID Livestream 066
IPO-VID Guest: Keith Todd
Tuesday, May 24th: 800 UK, 1900 CET, 1300 EST
“Delivering SaaS Through TT”
Software-as-a-Service is integral to Keith Todd’s DNA. Roughly half of his 40-year career has focused on SaaS, spanning global technology businesses from publicly listed and large multinational companies to start-ups.
As TT’s CEO, Keith oversees day-to-day operations, driving the firm’s global growth strategy and execution.
Prior to TT, Keith served as CEO and remains Executive Chairman of KRM22. He was Executive Chairman and CEO of FFastFill, a global derivatives SaaS provider acquired by ION Group, as well as Executive Chairman of ION Agency Trading.
His career also includes leadership positions with Marconi Defense Group and ICL plc, among others. He was also Chairman of the UK Broadband Stakeholder Group.
Keith was awarded the CBE (Commander of the Order of the British Empire) by the Queen of England for his services to the telecommunications industry. He is a fellow of the Chartered Institute of Management Accountants (FCMA).
Watch the Stream on:
AFM: 23rd Annual Conference
Keynote address by
Patrick L. Young
Date: June 8th
Place: Danubius Hotel Regents Park
Register Here
I am delighted to be back as Keynote at the AFM conference (third time lucky I think!) in London during June.
It’s 300 Euros for the entire event, and you get PLY pith for a whole half hour plus a conference thrown in, how can you afford not to send along at least a colleague for the day to learn about emerging markets and indeed meet those exchanges which are expensive and take umpteen hours to go visit?
Guy Kawasaki On PHD!
Catch Positivity Hack Delivered 065: Beata Young in live discussion with Guy Kawasaki, Canva Chief Evangelist and one of the most prolific, influential tech and business leaders in history, this Wednesday 1st June 2022, 1900 CET!
Watch the Stream on:
IPO-VID LIVESTREAM PODCAST
Episode 49: “A New Code for Market Structure”
IPO-VID Episode 049: I was joined by NEO Exchange Co-founder, President & CEO Jos Schmitt.
Listen to the fascinating discussion with the “Serial Exchange Entrepreneur” via the usual podcast sources:
Anchor Spotify Google Podcasts Apple Podcast
EI WEEKLY PODCAST
EI Weekly Podcast 145
LSEG buys MayStreet, FTX to trade US stocks, All change in Hanoi, and there’s a certain irony NSE India is the hottest stock albeit only available to trade via the OTC market.
The Exchange Invest Weekly Podcast 145
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.
Macro Thoughts
The usual Davos expenses-fest took place this week and I think it’s fair to start writing its epitaph as a relevant event (if you hadn’t already). The event remains bathed in the sort of breathtaking hypocrisy that only works when you’re an organisation as fundamentally conflicted and paid for by hypocrites as the WEF. Carl Bildt railed against the woes of the world in Project Syndicate in the accurately headlined: The Death of Davos?
Acute death signs were everywhere from the fact that the only headline grabbers were nonagenarians shilling for Vlad the Mad (the ‘perma-over-rated’ Henry Kissinger and the ‘should have stuck to hedge funds’ George Soros) while the event wrapped itself in one message “we’re all behind Ukraine” and then closed with a speech by the only world leader who seemed to turn up last week, the Russophile German Chancellor who is just as toxic an appeaser as his ‘Soviet sleeper agent’ triangulating predecessor.
Actually, though, I came away optimistic, for Davos was a hyperactive forum of micro actions involving a lot of people who don’t really matter (consultants) meeting the sorts of C-suiters who are working their way ‘woke and broke’ with an addiction to virtue signalling over profit. (NB I appreciate certain parishioners need to put in an appearance with large PLCs that list with them). Then again the absentee list from Davos was highly significant and that suggests a meeting of, at best, profoundly linear minds…
…Which is where I got optimistic. For if 2022 was really a meeting of more trend followers who are hard of ‘ex-box’ thinking, then their doom and gloom means something…
Like they may be wrong.
Everything points to a horrific economic uptick and crisis, collapse and inflation, huge sovereign risks abound etc etc but what if perhaps they’re wrong? The Davos classes never predicted anything apart from the incorrect (the whole meeting was in its early days framed around that daft manifesto of early wokery “The Limits to Growth” for instance). The only reason they are barely a decade late to DLT / crypto et al is because they completely missed pure play fintech for longer still (etc).
I don’t think this economic party goes on forever, but let’s just say this is a post-Covid blip… it could be the 1920s — 2020s analogy still has legs and thus the best is yet to come even from this curiously contorted economic cycle AKA 1922 was a ‘we’ve seen better’ but the economy got going again thereafter in the growing parts. Of course, by the mid-1920s Europe was collapsing…well I suppose that might be the bit the negativists get right.
It’s hard to be optimistic against the 24*7 wave of news foretelling economic doom as the usual media justify their expenses and everybody looks gloomy from the peaky Swiss place but maybe that’s the point. This is a herd paid for retrospective analysis by Powerpoint not predictive future forming progress.
(and Either way, I think Davos has gone way past its peak, wherever the actual mountain may lie).
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!
This Computing Expert Thinks Cryptocurrency Should ‘Die In A Fire.’ Is He Right?
Nasdaq
Argentina Pays Up To 86% More In Electronics And 59% More In Clothing Than In Brazil And Mexico
JournalTime
The Celebrity Investors Who Can’t Get Enough Of Fintech
Peer2Peer Finance News
How Are NFTs Changing The Art World? From New Platforms To Famous Buyers
South China Morning Post
How Automaker Logos Have Evolved Over The Past Century
Visual Capitalist
Not So Great Wall: How China Failed Miserably To Ban Bitcoin Mining
Bitcoinist
China’s crackdown was a hard blow, but about 9 months ago the total BTC hashrate had already started to climb back up recovering 68% to pre-ban levels as China-based miners moved to countries that were seemingly friendlier to the crypto mining activity –like Kazakhstan and the United States–, and other powerful miners increased their activity.
Capturing Carbon Credits From Grassland
Successful Farming
PLY: Fascinating stuff, h/t Ann Berg for spotting this.
Last Word
Catch up Monday for Exchange Invest 2363…
The future continues in the water cooler for the bourse business…
-Patrick
