Deutsche Börse AG

Look at the CME Group alone is massive.

You got Deutsche Börse Group, you got Euroclear.

I mean, look at all.

I'm not gonna go through all these, but Paxos, uh, Circle, uh, you know, um, all of these.

There's been other examples of that where we're using our crypto native technology for partnerships with traditional markets.

And you've seen announcements from PayWord, Deutsche Börse, London Stock Exchange Group, NASDAQ.

That's more focused on the tokenized equity space.

But we see that as a growing part of the bridge role that PayWord's playing.

I mean, absolutely.

So one of the most common misconceptions among international investors is that the DAX should be more in line with German GDP, right? But when you look at companies such as SAP, Siemens, Allianz, Deutsche Telekom, Airbus or Deutsche Börse as well.

I mean, these are global champion and a significant share of the revenues come.

That's what Russell Rhoads just mentioned, right? Comes from outside Germany.

I think absent of that, though, there's certain activities that we see.

The DTCC, NYSE and NASDAQ embracing this in the US and London Stock Exchange and Deutsche Bourse and other exchanges around the world.

There's a FOMO that's now building where people are scared they're going to be left behind.

And so where that starts becomes, what do I need to do to be able to participate in the ecosystem for me and for my customers? And if you think about it, it starts with wallets and custody, right? Today, you cannot hold digital assets in an account.

Our stock exchange is worth, I think, 60, maybe 70 trillion today.

You know, Deutsche Börse, three.

You know, the FTSE at the UK, four.

The French one, three.

Our stock exchange is worth, I think, 60, maybe 70 trillion today.

You know, Deutsche Börse, three.

You know, the FTSE at the UK, four.

The French one, three.

The stock exchanges are also buying into crypto exchanges.

ICE, which owns the New York Stock Exchange, has bought into OKEx, while Deutsche Börse, the German stock exchange, has bought into Kraken.

What about the regulation landscape then? Perhaps you think development in the US has stalled after the Clarity Act, the law meant to regulate the crypto market, failed to get enough support in the US Senate.

It has not.

Our stock exchange is worth, I think, 60, maybe 70 trillion today.

You know, Deutsche Börse, three.

You know, the FTSE at UK, four.

The French one, three.

Our stock exchange is worth, I think, 60, maybe 70 trillion today.

You know, Deutsche Börse, 3%.

You know, the FTSE at the UK, four.

The French one, three.