Writing
27 dispatches · since 2015
The Textbook Says Innovate Your Way Out. The Rails Say No.
Market after market, brokerage runs the same experiment with different players and gets the same result: prices collapse toward zero. Germany is running it now; in June even the Sparkassen joined the race. The usual story blames the neobrokers, but when everyone is limited to the same infrastructure, differentiation collapses to price and brand, and price on identical products has only one direction.
24-Hour Trading Is the Wrong Answer to the Right Problem
Exchanges are stretching their systems to do something they were never invented for. Current electronic trading systems were born in the analog age with trading floors, opening hours and units of paper being cleared and settled between parties.
Happy MiCAR day
MiCA's transitional period has ended across the EU. A snapshot of the newly regulated crypto-asset market, from 244 licensed firms and Germany's lead to Binance's temporary exit, and why a single European licence looks like a head start.
#25 — Capital Markets Weekly Review
European crypto firms approach the July 1, 2026 MiCA licensing deadline with only 194 of 3,000+ registered operators authorized, while traditional finance accelerates adoption of tokenized assets and 24/7 trading infrastructure. Policymakers push to mobilize trillions in private savings through capital markets union initiatives as AI deployment moves from experimental pilots to operational systems in fraud detection and compliance.
#24 — Capital Markets Weekly Review
European policymakers called this week to complete the Capital Markets Union by 2028, citing fragmentation concerns. Blockchain infrastructure attracted significant capital as financial institutions expanded tokenized asset offerings. The European Banking Federation reported a 1.4 trillion euro annual investment gap and advocated for regulatory simplification to unlock lending capacity.
#23 — Capital Markets Weekly Review
Stablecoin and digital asset regulation entered enforcement phase this week as EU and UK authorities set July deadlines for licensing compliance while debating competitive positioning against US frameworks. Financial institutions deployed blockchain infrastructure for tokenized real estate and equities alongside traditional settlement systems, while payment networks integrated stablecoin and instant settlement capabilities across borders. Banks embedded AI into core trading and operational infrastructure beyond pilot projects as embedded finance platforms consolidated market position.
#22 — Capital Markets Weekly Review
European crypto firms face a July 2026 licensing deadline under MiCA as the regulatory framework enters enforcement, while financial institutions advance blockchain infrastructure for tokenized securities settlement and stablecoin payments. Separately, EU finance ministers are coordinating to centralize capital market supervision under ESMA as part of the Capital Markets Union project.
#21 — Capital Markets Weekly Review
European and UK regulators advanced digital asset infrastructure frameworks this week, with the European Commission launching a formal review of MiCA crypto regulation and UK authorities publishing a joint tokenization blueprint for wholesale markets. Financial institutions announced workforce restructuring plans alongside AI deployment initiatives, while industry analysts reported implementation risks in AI governance.
#20 — Capital Markets Weekly Review
European crypto firms secured MiCA authorizations this week as the July 2026 compliance deadline approaches, while Wall Street expanded blockchain infrastructure for tokenized securities and stablecoins moved from crypto instruments to payment settlement rails. Traditional fixed income markets advanced pricing data infrastructure, and financial institutions confronted persistent challenges converting AI investments into operational returns.
Better Packaging, Same Plumbing
In 2026: Nasdaq tokenized securities approved in March, 23-hour trading approved in April, the DTCC announced its own tokenization platform with BlackRock and Goldman in May. The trading layer has never moved faster. The settlement layer underneath has not moved at all. Fedwire still closes for weekends. T+1 settlement still rules. CLS still settles FX in a single 5-hour daily window. The faucet is being upgraded. The plumbing was built for a closing bell that still rings. This is the gap between the trading promise and the settlement reality, and the question of who rebuilds the pipes.
#19 — Capital Markets Weekly Review
European policymakers called for deeper capital market integration this week as 3.6 trillion euros remain in German savings accounts, while tokenization infrastructure advanced with multiple cross-border settlement pilots and planned production launches. European fintech funding declined over 70% from 2021 peaks as companies focused on profitability and consolidation.
#18 — Capital Markets Weekly Review
Brussels signed the 'One Europe, One Market' roadmap—42 actions, deadline end of 2027. The ECB locked in technical standards for digital euro infrastructure with European standard setters. MiCA licensing is live, and Banking Circle just launched a multi-stablecoin settlement service. Tokenized US Treasuries hit $15 billion, up 420% in 15 months. And Qonto deployed AI agents across 600,000 SME accounts.
#17 — Capital Markets Weekly Review
July 1, 2026: get licensed or get out. That's ESMA's message to crypto firms operating in the EU. Meanwhile, Brussels is pushing its Savings and Investment Union forward, T+1 settlement is coming to Europe, and ABN AMRO just launched MiCA-compliant crypto products. The FCA is testing AI with banks, Clear Street got its MiFID II license, and France wants its own euro stablecoin.
#16 — Capital Markets Weekly Review
Brussels is already planning MiCA 2.0—the current crypto regulation will need revision by 2027. Tokenized assets keep spreading: HSBC brought tokenized deposits to the US, Legal & General put £50 billion of liquidity funds on-chain, and South Korea is piloting tokenized government bonds. The ECB wants competitiveness through harmonization, not deregulation, and called for finally completing the banking union. Stablecoins are being wired into institutional payment rails, though Fed research shows most still sit idle in crypto markets. The UK set its crypto regime timeline: consultation now, authorization gateway September 2026, full rules October 2027.
#15 — Capital Markets Weekly Review
ClearBank got the first major MiCA license in the Netherlands. The FDIC proposed stablecoin reserve rules, Canada published Bill C-15 with a 2027 timeline, and 42% of CFOs now say they'd use stablecoins for payments. The ECB clarified its digital euro strategy, the Fed proposed cross-border access to FedNow, and MIT found that AI can't legally give fiduciary advice. Murex and Quant are embedding tokenized assets into legacy trading systems, and the IMF warned that tokenization's speed might outpace crisis management.
#14 — Capital Markets Weekly Review
Swift's blockchain ledger goes live in 2026 with real transactions. S&P tokenized its Treasury index on Canton, Circle launched cirBTC to compete with BitGo, and Nium built a platform for stablecoin-linked payment cards. CySEC's chairman says MiCA reshaped the EU crypto market—though compliance is proving harder than expected. Intuit's AI agents hit 85% repeat usage across 3 million customers, and survey data shows AI spending hasn't triggered layoffs in financial services. Brussels opened a consultation on building a secondary market for private equity exits, with input due by April 2026.
#13 — Capital Markets Weekly Review
Brussels set October 2027 for Europe's T+1 transition. The ECB warned that without tokenized central bank money, Europe risks losing monetary sovereignty to private stablecoins. Nasdaq got SEC approval to trade tokenized securities alongside traditional shares, and U.S. banking regulators confirmed tokenized assets get the same capital treatment. DZ Bank and KfW issued Germany's first fully on-chain bond under the Electronic Securities Act. The European Commission proposed a master directive to integrate fragmented EU capital markets.
#12 — Capital Markets Weekly Review
The SEC approved Nasdaq's tokenized securities pilot—same order book, same prices as traditional stocks. Brussels proposed EU Inc., a 48-hour digital company framework to replace 27 national registration systems. The Eurosystem published its Appia roadmap for tokenized finance, with a full blueprint due 2028. NSCC is moving to 24×5 operations by mid-2026, and the EU's capital markets reform package—over 1,000 pages—is advancing toward a summer 2026 deadline.
Investors Don't Want a Better Disc
You can stream any song ever recorded from your phone. You cannot buy a stock on a Sunday evening. A generation that starts investing at 19 expects capital markets to work like everything else on their phone — instant, global, always-on. The industry is responding with extended hours, faster settlement, tokenization, and fractional shares. All real improvements. All bolted onto electronic architecture designed before the internet existed. History has a pattern for this: DVD → Blu-ray → streaming. Capital markets are in their Blu-ray moment. The question is who builds the streaming version?
How Digital Dollars Are Quietly Reshaping US Government Finance
China just reduced its US Treasury holdings by over $500 billion from peak levels, but the US government has found an unexpected new source of demand—93 million stablecoin users worldwide who may not even realize they're helping finance American debt.
Digital Transformation: The Missing Piece in Europe's Capital Markets Strategy
Following Bloomberg's report on Europe's IPO drought, it's clear that Europe's capital markets are losing global relevance (now only 8% of global IPO volume). Regulatory harmonization alone won't solve this - we need digital infrastructure that unifies fragmented markets, enables 24/7 trading, and reduces costs. The good news? With MiCAR, we can build this digital future today without waiting for perfect regulatory alignment. At Digital Marks, we're creating the technology to make European markets competitive again.
Quantum Computing in 2025
Quantum computing has emerged as a revolutionary paradigm, fundamentally altering the way we understand and approach computations. At its core, quantum computing harnesses the unique principles governing quantum mechanics to transcend the limitations of classical computing. This artcile dives into the essential concepts that define quantum computing, drawing comparisons with classical systems, and highlights the state of quantum technology as of 2025.
Towards a digital capital markets union
My thoughts and also our solution to the insightful keynote speech given by Mr. piero cipollone on the state of Europe's public capital markets and the missing technological solutions.
Natively Digital > Digitized
Successful digital transformation is never a 1:1 conversion but a new way of using holistic digital-first thinking to achieve a better outcome.
Quo Vadis FinTech?
Thoughts about the status quo of FinTech and where it is going.
Organization-Market-Fit
Thoughts about "Organization-Market-Fit".
Email is still so 1990
Every day I use email, I always ask myself the question when there will be an “email 2.0″. The ineffectiveness of them is huge, and although many cool tools have popped up that fill a small gap in ad hoc communication (Slack), but it doesn’t solve the whole problem.