Max Floetotto

Yesterday we received the great news that ABN AMRO Bank N.V. is in the process of acquiring HAUCK AUFHÄUSER LAMPE, one of the oldest and prominent private banks in Germany. This acquisition solidifies ABN AMRO’s position as the 3rd largest private bank in Germany. I can’t express enough how happy I am with this news. Germany is not only the largest economy in Europe, but it’s also the leader (with a landslide distance) in ETF adoption across the EU. Further strengthening the position of the bank in this country makes sense for many reasons, but most notably because it’s still a massive growth market for wealth management. The most important thing for me is that this news shows that the focus for ABN AMRO is on future growth across the EU. This is in line with our own ambitions to drive digital adoption and innovation within the ABN AMRO family. We are already available in 8 countries across the EU and Germany is already our 3rd largest market. Time to accelerate! A big congrats to the Bethmann Bank and Morgan Stanley teams for bringing this home. We at BUX couldn’t be more excited. #acquisition #wealth #germany https://lnkd.in/exFE2rNX

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🇩🇪 German banks are to call time on what was once envisaged as a home grown challenger to PayPal, giropay. 💰 German banks and Sparkassen have invested "hundreds of millions" into this first generation Pay-by-Bank player over the course of nearly a decade, but it has not been widely adopted by consumers or merchants, and according to reports from the Süddeutsche Zeitung and Finanz-Szene, its already modest share of checkout has declined further in recent months. 👋 Auf Wiedersehen, once its fully confirmed. The good news...a new generation of A2A / Pay-by-Bank players are available. https://lnkd.in/dQywbyr9

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EQUITY FOCUS - JUNE 2024❗️ Did reduced tails break the VIX ❓ By Edmund Shing and Stephan Kemper📖🖊️ Rotation incoming❗️   Key Points 👉 Feelings vs reality – it feels different, but the median Nasdaq 100 stock is up only +4% this year and the equal-weighted index gained only +4,5% YTD. This tells a more mediocre picture of Tech’s performance when compared to other assets like Copper +21%, Gold +14%, SX5E +12%, Nikkei +16% or Hang Seng +11%. 👉 The (less) magnificent 7 - Q1 was the 5th quarter in a row where, if Mag-7 contribution is taken out, the remaining 493 S&P500 constituents showed outright negative yoy% EPS growth. The group however cracked apart performance-wise as only 2 names managed to beat the market on a 3-month horizon. 👉 Beware the discount rate – while a strong US economy should benefit stocks, not all are created equal. Valuations may become an increasing concern for those hoping that the discount rate in their dividend discount model might soon recede. Rate cut expectations continue to get pushed further out. We stick to our expectation of a first – and sole - 2024 cut in September. 👉 Wind of change - Over the past quarters, US earnings strongly beat the Eurozone. This is changing, with Q1 US earnings spread vs Europe beginning to narrow. Looking at median Q1 EPS growth rates, Europe improves from -7% to 0% yoy. The shift is consistent with relative bottoming in Euro Area PMI momentum vs the US and strengthens our relative preference of European vs US equities. Enjoy this exciting read📖❗️ #bnpparibas #wealthmanagement #privatebanking #markets #economy #strategy #articles BNP Paribas Wealth Management - Private Banking

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Who will be at #digifin24 in Berlin next week? 👋🏻 Organized by the Germany Digital Association Bitkom, the Digital Finance Conference will bring the ecosystem together to discuss #FinTech and more: #Responsibility: People expect the finance sector to be socially and environmentally responsible and regulations are adapting to this. How can businesses become sustainable? And what changes are necessary to satisfy regulators, supervisors, and consumers? #Cooperation: Innovation isn't a solo journey. Collaboration is often crucial for tackling challenges and seizing new opportunities. Working together with whom and how? Should you build or buy? And how can the diverse strengths of the financial ecosystem be leveraged? Happy to share my insights on #MergersAndAcquisitions in this context. #Change: New technologies like blockchain and #AI aren't just passing trends — they're the future. They present a significant opportunity and will shape tomorrow's financial ecosystem. Will you be there, too? Let me know if you will attend the event and would like to meet up to discuss these and other topics. 

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Best of both worlds - MADE IN GERMANY 🇩🇪 Combining KfWs AAA status in a regulated environment with ⚙technological progress led to its first blockchain-based digital bond. The transaction will be issued in form of a crypto security in accordance with the German Electronic Securities Act (eWpG) Digitalisation of the financial industry plays a crucial role in the international competitiveness of the European financial market. For LBBW it is, hence, a tremendous opportunity to support Germany’s largest promotional bank in the development of the market for digital securities in Germany and #europe In max 4 years from now, we will look back at this transaction and realise this was groundbreaking. Launch is expected towards end-June with the goal of giving as many interested investors as possible time to getting technology-ready #teamLBBW is strongly committed to innovation in support of the capital markets union #cmu and the use of digital central bank currencies in 🇪🇺 Tim Armbruster Petra Wehlert Tim Meirer Jörg Graupner Sven Wabbels Bert Staufenbiel Jürgen Köstner Vanessa Wiese Andrea Nickolaizig Dirk Kipp Daniel Wrobel Urs Adam Friederike Sofie Burckhardt David Scherrer Jonas Jung Jan Krüger Stephan A. Paxmann Association of German Pfandbrief Banks SWIAT Dr. Timo Reinschmidt European Central Bank

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Tomorrow migrates from Solaris to FinTech lemon.markets. German FinTech lemon.markets is entering the Brokerage-as-a-Service segment with its first banking partner, sustainable banking provider Tomorrow, moving across from Solaris. Tomorrow is migrating its securities offering from Solaris Bank to lemon.markets, which will cover the entire investment value chain for Tomorrow as of August. In addition to concluding all new securities transactions, the collaboration also includes migrating the securities accounts of existing Tomorrow customers. Inas Nureldin, co-founder co-CEO of Tomorrow, says: "We are very excited about the partnership with lemon.markets in which we see great potential for the further expansion of our investment offering. With this collaboration, we are also simplifying our investment setup by consolidating our services: Instead of working with three partners as before, lemon.markets covers all services for us." Tomorrow is currently offering 'Tomorrow Better Future Stocks', a sustainable investment fund in line with the Paris Agreement. Source: https://lnkd.in/eFXyu3mU #banking #partner #partnership #bankingindustry #bankingtech #fintech #financialtechnology #financialservices

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🔔 Enhancing Cross-Border Payments: FSB's New Recommendations 🔔 📅 16 July 2024 | Basel, Switzerland The Financial Stability Board (FSB) has launched a public consultation on key recommendations aimed at improving the efficiency and consistency of cross-border payments. These proposals target reducing frictions in data flows and harmonizing the regulatory landscape for both bank and non-bank payment service providers (PSPs). ✅Key Highlights:    📌Addressing Data Frictions: 💡        📈The FSB's recommendations focus on aligning data frameworks to improve the cost, speed, transparency, and accessibility of cross-border payments while ensuring safety and privacy.        📈Proposed establishment of a cross-sectoral forum to foster collaboration on data issues.    📌Level Playing Field for PSPs: ⚖️        📈Advancements in technology have diversified the cross-border payments landscape, necessitating updated regulatory and supervisory frameworks.        📈Recommendations aim to harmonize the treatment of banks and non-bank PSPs, reducing regulatory arbitrage and promoting a consistent approach.    📌Public Consultation: 🗣️        The FSB invites comments on these proposals by 9 September 2024, emphasizing the importance of private-sector participation. ✅Context: 📈The G20 has prioritized the enhancement of cross-border payments, targeting faster, cheaper, and more transparent transactions. The FSB's initiatives align with this goal, building on the 2020 Roadmap and recent endorsements by G20 Finance Ministers and Central Bank Governors. ✅Next Steps: 📈Stakeholders are encouraged to provide feedback to shape the final recommendations, ensuring they meet the global objectives of improved cross-border payment systems. 📧 For more details or to submit comments, contact the FSB at press@fsb.org. #CrossBorderPayments #FSB #FinancialStability #Regulation #FinTech #Banking #G20 #DataPrivacy #PaymentInnovation #GlobalEconomy Stay informed on the latest in financial regulation and innovation by following our updates.

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Classical AT-1 instruments, despite being listed on the stock exchange, typically exhibit low liquidity on the secondary market and are mostly held as buy-and-hold investments. During turbulent market phases, even this already limited liquidity can evaporate, leading to significant price fluctuations. Investors cannot be fully protected from the credit risks of bank AT-1 instruments nor isolated from liquidity risks in market stress scenarios. What ACM Alpstein Capital Management AG’s fund structure is offering, however, is not only a deeply diversified credit risk proposition of German regional banks but also a sensible approach to liquidity provisions in case of redemption requests.

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📢 The #Eurosystem completed yesterday the first experiment in using new technologies for the settlement of wholesale transactions in central bank money (#wCBDC). ➡ 16 private companies have been onboarded and will conduct #trials (real central bank money) and #experiments (mock settlement) over the next six months on the 3 Eurosystem #interoperability-type solutions proposed for central bank money settlement of wholesale financial transactions recorded on #DLT platforms. ➡ The first experiment, carried by Oesterreichische Nationalbank, covered the #tokenisation and simulated #DvP settlement of government bonds in a secondary market transaction against central bank money. https://lnkd.in/dyBMmJ9s

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Commerzbank AG partners with Tenity to launch sustainable finance Accelerator #Commerzbank has joined forces with startup incubator #Tenity to launch a joint innovation accelerator dedicated to sustainable finance. This groundbreaking program aims to foster proof-of-concepts and collaborations between startups and Commerzbank business units, promoting innovative products in areas such as biodiversity, real estate, and supplier management. The initiative is spearheaded by Commerzbank, under the guidance of Bettina Storck, Head of Group Sustainability Management. The accelerator program will be managed in collaboration with Tenity, a renowned startup incubator known for driving innovation in the fintech sector. Kai Werner, Managing Director of neosfer, Commerzbank's early-stage investor and innovation unit, also plays a pivotal role in this venture. Commerzbank's venture arm, CommerzVentures, is providing the financial muscle behind this initiative. Known for its focus on sustainability and green tech firms, CommerzVentures has already made significant investments in climate-related startups, which are thriving despite the wider downturn in fintech funding. This accelerator program is set to run from September to October 2024, culminating in a demo day at the neosfer Impact Festival on October 30, 2024, in Frankfurt. The program will provide startups with the opportunity to collaborate directly with Commerzbank business units, developing innovative solutions that address critical sustainability challenges. Bettina Storck emphasized the importance of continuous development and innovation in the sustainable transformation of the financial sector. She stated, "The sustainable transformation of the financial sector is dependent on continuous development and regular innovation. We are convinced that the Joint Innovation Accelerator will generate precisely these innovations and further advance our commitment to sustainability." Kai Werner added, "Sustainable solutions are becoming increasingly important in the financial sector. They are a key lever when it comes to the sustainable transformation of our economy. This makes it all the more important to identify new business models in this area and test them under the best possible conditions." Want to stay up to date with the market? Here my newsletter: - Linkedin: https://t.ly/s541W   - Substack: https://lnkd.in/dzfGJzmW

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#D7 goes #Blockchain! Congratulations to the project teams in all three organisations (DZ BANK AG, DekaBank Deutsche Girozentrale and Clearstream) for the successful trial use-case executions! This lays the foundation of the #D7 DLT proposition as a complement to its existing digitization capabilities for real-world securities. #D7 Leader in Digital Financial Markets

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Yesterday the Financial Times reported on the transformation progress in our Private Bank. Intensely managing costs to become more profitable is an important part of the story. Deutsche’s private bank cuts spending on external consultants by 70% The entire article can be read here (behind paywall) http://deu.ba/60474AWdT #privatebanking #wealthmanagement

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🤝 Finastra partners with LGT Financial Services to provide instant payment services in Austria and Liechtenstein 🌎 Finastra, a global provider of financial software applications and marketplaces, announced it has been selected by LGT to implement instant payment services in Austria and Liechtenstein, with plans to expand to other markets. 🗣 “Many institutions need to urgently assess whether their current payment processing environment can support the expected increase in volumes and the need to operate 24/7,” said Neil Macro, Vice President, Managing Director – EMEA mid-markets, Payments at Finastra. 📖 Read the news by following the link in the comments section below ⬇️ #Finastra #EU #Austria #Liechtenstein #instantpayment

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𝐓𝐡𝐞 𝐫𝐞𝐬𝐮𝐫𝐠𝐞𝐧𝐜𝐞 𝐨𝐟 𝐩𝐫𝐨𝐛𝐥𝐞𝐦 𝐥𝐨𝐚𝐧 𝐦𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭: The global economic landscape is changing, grappling with economic difficulties! For banks, this translates into a growing cohort of customers requiring special attention! ➤➤➤ Consequently, efficient 𝐩𝐫𝐨𝐛𝐥𝐞𝐦 𝐥𝐨𝐚𝐧 𝐦𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐢𝐬 𝐛𝐞𝐜𝐨𝐦𝐢𝐧𝐠 𝐚 𝐜𝐫𝐢𝐭𝐢𝐜𝐚𝐥 𝐜𝐨𝐧𝐜𝐞𝐫𝐧 𝐟𝐨𝐫 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐢𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐢𝐨𝐧𝐬. Delve into our latest article by Bastian Walkhoff and Steffen Ziegenhagen, CFA to find out: 🔍 Challenges facing banks 🔍 Strategies for effectively managing problem loans Don't miss these essential insights! https://lnkd.in/dQFivqbm #economictrends #loanmanagemnt #bankingindustry #banking #financialmanagement #problemloans #bankinghub #zebconsulting zeb consulting

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Last week, as part of the ECB Trials, DekaBank Deutsche Girozentrale and Bankhaus Metzler successfully settled a bond transaction using central bank money. Deka was the issuer and registrar (eWpG), while Metzler was investor. The crypto security was delivered via the SWIAT platform, while the corresponding payment was made in central bank money, effectively achieving a Delivery-vs-Payment (DvP) across two separate ledgers. This sequence diagram outlines the general process flow when both sides have the corresponding automation components installed. In the first three steps, the issuer and the investor agree in SWIAT on what needs to be settled (U2A* steps). Following this, automation takes over to execute the delivery (A2A** steps). Each participant will have an automation component installed, known as the Bundesbank Trigger Chain Synchronizer. This component is capable of settling the DvP transaction between SWIAT and the Bundesbank Trigger Chain by utilizing the HTLC (Hashed TimeLock Contract) protocol. The nice things about the HTLC protocol is that it does not require a trusted third party to act as a transaction coordinator, allowing for greater flexibility in transactions between counterparties. The counterparties themselves can execute the DvP, with the complexity of the protocol being encapsulated in the automation component. U2A* = User-to-API via a WebApp A2A** = API-To-API automation #blockchain #dvp #cbdc #payments 

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One to watch: #wero / #EPI has launched 🇩🇪 - noting that few pan-European payment projects succeed. Some of the raw ingredients are there though: ✅ Own your own infra (#iDEAL 🇳🇱 and Payconiq International 🇱🇺) ✅ Start with person-to-person (#P2P) to build a brand and trust (cf. M-PESA Africa 🇰🇪 , Swish 🇸🇪 etc.) But embedding the #wallet within existing bank apps, rather than launch a new app? That strikes me as a costly mistake: ❌ No strategic control over service evolution (cf. #PayM 🇬🇧 🪦) ❌ Your new brand is secondary, if visible at all (cf. #MasterPass 🌎 🪦 ) Which is why I like the approach taken by (and so have invested in) TABBx and their app https://TABBit.uk - an open-loop, free-to-use service for P2P payments using #OpenBanking - in line with conclusion 5 of the Future of Payments Review by Joe Garner. Bottom line: they own their brand, it works with every bank, and you don't have to sign up to the TABBit app to pay someone back (no friction to use and adoption) #fintech #payments #startup #angel #venturecapital #request2pay #R2P #Account2Account #A2A https://lnkd.in/eYs2ZpYv

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Programmability ≠ Smart Contract. Private permissioned blockchains are just a fancy reinvention of the wheel. Bottom line: they do not fundamentally change the payments business. The true fact is that JPMorgan knows their de facto global liquidity provider role is under risk. Are you a corporate customer? Focus on stablecoins and don't waste your money on service architectures that have been obsolete since inception. Do not get confuse large corporate like Siemens have the treasury scale to request whatever they want to transactional banks. However tier 2 tier 3 and tier 4 corporate customers should not looks at this as an example to follow. Rather they should focus on stablecoins to enable global liquidity democratization and compete at scale with the large players. Once global access to liquidity it is enables on top of public blockchains you will be able to decide which programmability DeFi provider better suits you as opposed to keep using defacto transactional infrastructure like JPMCoin and SWIFT and global defacto liquidity providers like JPMorgan or Citibank.

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