Afleveringen
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A Future of Finance Interview with Richard Brown, Chief Technology and Product Officer at R3.
R3 celebrates its tenth anniversary this year. Richard G. Brown, R3’s Chief Technology and Product Officer, speaks to Bob Currie about the drivers for Corda’s design, how these are changing, and how far the company has fulfilled the targets that it envisaged at formation.
The discussion explores the potential for convergence of private and public blockchain ecosystems, thereby potentially making a wider range of higher-quality assets available to DeFi investors and tapping into a large pool of demand and liquidity sitting on public blockchain. But what can we say at this stage about the mechanics of building this cross-chain interoperability?
In bringing real-world assets to DeFi, we examine how to retain the simplicity and accessibility of permissionless chains while accommodating TradFi’s complex lifecycles and risk protocols.
In delivering convergence of public and private ecosystems, we address the difficulties in ensuring that financial institutions, and their regulators, are comfortable in transacting with investors or counterparties operating in a public ecosystem. What are the challenges in delivering the institutional-standard security and finality that these FIs will continue to expect?
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On 13 February 2025 BX Digital hosted a virtual seminar that addressed the question: “Token markets need liquidity: Where will they get it from?” The importance of the topic is obvious. A market in which assets can be bought and sold quickly without moving the price is bound to grow more quickly than one in which assets can be bought and sold slowly, if at all, and only by moving the price in an adverse direction. By this criterion, the cryptocurrency markets, let alone the tokenised asset markets, lack sufficient liquidity.The conventional solution is to attract more issuers and investors. Unfortunately, it is fallacious. The experience of traditional markets shows that liquidity is not generated sufficiently by buyers and sellers alone. Furthermore, liquidity must be manufactured by market-makers, lead brokers, securities dealers, inter-broker dealers, exchanges and trading venues, banks, investment banks, and principal and high frequency trading firms. Yet blockchain was invented precisely to get rid of intermediaries such as these. So the purpose of the discussion hosted by BX Digital was to test whether blockchain-based finance can indeed scale without intermediaries, whether tokenisation can make the generation of liquidity more efficient and what exchanges can do to encourage the growth of liquidity.
The seminar, held in conjunction with Future of Finance, attracted 116 registrants. They heard Lidia Kurt, CEO of BX Digital, Michael J. Cyrus, Head of Short-Term Products, Equity Finance & FX at DekaBank, Mike Reed, Head of Partnership Development for Digital Assets at Franklin Templeton, Jasmine Burgess, Chief Risk Officer at Coinbase Asset Management, and Lloyd Wahed, Founder and CEO at Members Capital Management, discuss the question from a variety of angles. The registrants contributed to the discussion by completing an on-line poll.
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Zijn er afleveringen die ontbreken?
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A Future of Finance interview with Ciarán McGonagle, Chief Legal & Product Officer at Tokenovate.
Tokenovate delivers post-trade automation for derivatives and securities finance trades. Chief Legal and Product Officer Ciarán McGonagle speaks to Future of Finance’s Bob Currie about how the company is applying blockchain and smart contract technology to build a financial ecosystem that is automated, resilient and efficient.
Representing a financial product as a bundle of rights and obligations governed by conditional logic, McGonagle reflects on the flexibility offered by smart contracts in managing the cash flows, transfers of ownership and other lifecycle events associated with these contracts. He explains how Tokenovate’s unused transaction output (UTXO)-based model shapes the legal remedies available to asset owners in case of legal dispute or misappropriation – and how this may differ from other flavours of blockchain.
Drawing on his previous experience working at ISDA, McGonagle discusses how Tokenovate is applying the common domain model (CDM) to translate standard representation of key trade terms into real-world systems and workflows. In closing, he reflects on how the company is contributing to public policy formation and potential outcomes from its representations in Washington and Brussels, its work with financial regulators and its participation at New York Climate Week.
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On 4 December 2024 Future of Finance hosted a one-day event at the offices of AON in London. Entitled Digital asset custody: What do asset managers and asset owners need to know about digital asset custody and custodians?, the event attracted 160 registrants from asset managers, banks, custodian banks, digital asset custodians, exchanges, financial market infrastructures, insurers, investment consultants, law firms, regulators and technology vendors. This is an account of what they and the panellists contributed to the seven sessions that day, both live and in the multiple-choice questionnaire they completed in advance, the results of which are also published here.
The panellists for this discussion were Laurent Kssis, Board Member and Strategic Advisor to Issuance.Swiss AG; Philip Rage, Director of Strategic Initiatives at Soter Insure; Tariq Rasheed, a Partner at Reed Smith; Jeet Singh, Partner and EMEA Blockchain Leader at EY; and, as moderator, Ed Pugh, Development Director, Fintech and Digital Assets, at Aon.
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On 4 December 2024 Future of Finance hosted a one-day event at the offices of AON in London. Entitled Digital asset custody: What do asset managers and asset owners need to know about digital asset custody and custodians?, the event attracted 160 registrants from asset managers, banks, custodian banks, digital asset custodians, exchanges, financial market infrastructures, insurers, investment consultants, law firms, regulators and technology vendors. This is an account of what they and the panellists contributed to the seven sessions that day, both live and in the multiple-choice questionnaire they completed in advance, the results of which are also published here.
The panellists for this discussion were Glenn Morgan, Senior Vice President and Digital Asset Practice Leader at Aon; Anya Nova, Director of Sales, Europe at GK8 Custody; Donald Brouwer, Vice President of Business Development at Dfns; and Tom Pikett, Director and Digital Assets Product Manager at BNY.
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On 4 December 2024 Future of Finance hosted a one-day event at the offices of AON in London. Entitled Digital asset custody: What do asset managers and asset owners need to know about digital asset custody and custodians?, the event attracted 160 registrants from asset managers, banks, custodian banks, digital asset custodians, exchanges, financial market infrastructures, insurers, investment consultants, law firms, regulators and technology vendors. This is an account of what they and the panellists contributed to the seven sessions that day, both live and in the multiple-choice questionnaire they completed in advance, the results of which are also published here.
The panellists for this discussion were James Pollock, EMEA Sales Director at Digital Asset; Kara Kennedy, Head of Digital Asset Product at J.P. Morgan Securities Services; Jürgen Hofbauer, Global Head of Strategic Partnerships at Taurus SA; Adam Groom, Head of Revenue and Exchanges EMEA at Copper; Thilo Derenbach, Head of Sales and Business Development, Digital Securities Services, at Clearstream; and, as moderator, Monica Summerville, Head of Capital Markets Technology Research at Celent.
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On 4 December 2024 Future of Finance hosted a one-day event at the offices of AON in London. Entitled Digital asset custody: What do asset managers and asset owners need to know about digital asset custody and custodians?, the event attracted 160 registrants from asset managers, banks, custodian banks, digital asset custodians, exchanges, financial market infrastructures, insurers, investment consultants, law firms, regulators and technology vendors. This is an account of what they and the panellists contributed to the seven sessions that day, both live and in the multiple-choice questionnaire they completed in advance, the results of which are also published here.
The panellists for this discussion were John Siena, Associate General Counsel and Co-Head of Regulatory Strategy at Brown Brothers Harriman (BBH); Monica Gogna, Partner and Head of the Financial Institutions Law Group at EY; Romin Dabir, partner at Reed Smith; and Yvonne Deane Harte, Director for Secondary Markets and Post Trade policy at UK Finance.
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On 4 December 2024 Future of Finance hosted a one-day event at the offices of AON in London. Entitled Digital asset custody: What do asset managers and asset owners need to know about digital asset custody and custodians?, the event attracted 160 registrants from asset managers, banks, custodian banks, digital asset custodians, exchanges, financial market infrastructures, insurers, investment consultants, law firms, regulators and technology vendors. This is an account of what they and the panellists contributed to the seven sessions that day, both live and in the multiple-choice questionnaire they completed in advance, the results of which are also published here.
The panellists for this discussion were Angie Walker, Global Head of Banking and Capital Markets at Chainlink; Anoosh Arevshatian, Group Chief Risk Officer at Zodia Custody; Keith O’Callaghan, Managing Partner at Archax Capital Limited; Qian Jian, Director, Digital Assets Strategy, SWIFT; and Dr Robert Barnes, co-CEO at BPX Digital Securities Exchange.
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A Future of Finance interview with Sanjeev Birari, Co-Founder and CBO of Zoniqx.
Zoniqx, the California based pioneer of tokenisation platforms as a service, believes artificial intelligence compliance and interoperability are the keys to scaling the transformation of real world assets into digital assets. Dominic Hobson, Co-Founder and Editorial Director at Future of Finance interviewed Sanjeev Birari, Co-Founder and Chief Business Officer of Zoniqx to explain more, please watch, listen and read the interview below.
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On 15 October 2024 Future of Finance hosted a one-day event at the offices of AON in London. Entitled Tokenisation of securities and funds is going to happen. How will you and your organisation survive it?, the event attracted 200 registrants from banks, asset managers, brokers, central banks, financial market infrastructures and FinTechs. This is an account of what they contributed to the six panels that day, as well as what they learned from the panellists and each other.
This episode is a summary of Panel 6, titled What tokenisation will enable the financial markets to deliver tomorrow which they cannot provide today.
The Panellists were Breige Tinnelly, Head of Market Development at Archax; Gary O’Brien, Head of Bank and Broker Segment Strategy, Securities Services at BNP Paribas Securities Services; and Ralf Kubli, blockchain investor and board member at the Casper Association.
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On 15 October 2024 Future of Finance hosted a one-day event at the offices of AON in London. Entitled Tokenisation of securities and funds is going to happen. How will you and your organisation survive it?, the event attracted 200 registrants from banks, asset managers, brokers, central banks, financial market infrastructures and FinTechs. This is an account of what they contributed to the six panels that day, as well as what they learned from the panellists and each other.
This episode is a summary of Panel 5, titled "Why the benefits of tokenisation depend on the issuance of “native” rather than “asset-backed” (or "digital twin”) digital assets".
The Panellists taking part were Anthony Woolley, Head of Business Development and Marketing at Ownera; Emma Lovett, Credit Lead for the Markets Distributed Ledger Technology team at J.P. Morgan; Ian Hunt, independent authority and adviser on buy-side business processes and technology; Vic Arulchandran, Director and Head of Digital Product and Market Design at Deutsche Börse| Clearstream; and Stephen McConville, Head of Structuring at Hedgehog Invest.
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On 15 October 2024 Future of Finance hosted a one-day event at the offices of AON in London. Entitled Tokenisation of securities and funds is going to happen. How will you and your organisation survive it?, the event attracted 200 registrants from banks, asset managers, brokers, central banks, financial market infrastructures and FinTechs. This is an account of what they contributed to the six panels that day, as well as what they learned from the panellists and each other.
This episode is a summary of Panel 4, titled "How a common platform or unified ledger could unleash network effects in the token markets".
The Panellists taking part were Ami Ben-David, Founder and CEO of Ownera; Austen Appleby, Senior Product Manager – Interoperability at R3; Edward Glyn, Managing Director and Head of Global Markets at Calastone; Emma Landriault, Vice President, Incubation and Architecture at J.P. Morgan Onyx Coin Systems; Jørgen Ouaknine, Global Head of Innovation and Digital Assets at Euroclear; and Lisa McClory, Digital Technologies Lead at D2 Legal Technology.
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On 15 October 2024 Future of Finance hosted a one-day event at the offices of AON in London. Entitled Tokenisation of securities and funds is going to happen. How will you and your organisation survive it?, the event attracted 200 registrants from banks, asset managers, brokers, central banks, financial market infrastructures and FinTechs. This is an account of what they contributed to the six panels that day, as well as what they learned from the panellists and each other.
This episode is a summary of Panel 3, titled "Reasons other than lack of digital money that explain why tokenised securities and funds have failed to scale".
The Panellists taking part were Jochen Metzger, Global Head of Markets at NowCM Group and CEO at NowCM Finance; Muneeb Shah, Head of Digital Assets Technology consulting at EY UK; Kushal Balluck, Senior Manager, Digital Securities Sandbox and Post Trade Innovation at the Bank of England; Soren Mortensen, Director, Global Financial Markets, at IBM; and Valérie Gilles Chief Commercial Officer and Partner at IZNES.
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On 15 October 2024 Future of Finance hosted a one-day event at the offices of AON in London. Entitled Tokenisation of securities and funds is going to happen. How will you and your organisation survive it?, the event attracted 200 registrants from banks, asset managers, brokers, central banks, financial market infrastructures and FinTechs. This is an account of what they contributed to the six panels that day, as well as what they learned from the panellists and each other.
This episode is a summary of Panel 2, titled "Can securities and funds token markets can grow without genuine digital money on-chain?".
The Panellists taking part were Damien Fontanille, Head of Business Development at Société Générale-FORGE; Jason Webb, Director of Web 3 at SS&C Technologies; Ben Brophy, Head of Blockchain at Fidelity International; and Daniel Coheur, Co-founder and Chief Commercial Officer (CCO) of Tokeny.
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On 15 October 2024 Future of Finance hosted a one-day event at the offices of AON in London. Entitled Tokenisation of securities and funds is going to happen. How will you and your organisation survive it?, the event attracted 200 registrants from banks, asset managers, brokers, central banks, financial market infrastructures and FinTechs. This is an account of what they contributed to the six panels that day, as well as what they learned from the panellists and each other.
This episode is a summary of Panel 1, titled "Why are the tokenised securities and fund markets failing to scale?".
The Panellists taking part were Stefano Dalavalle, Head of Product – Digital Assets at R3; Sean Mullins, Senior Vice President - Digital Assets and Financial Markets at Northern Trust Corporation; Stephen Whyman, Head of Debt Capital Markets, EMEA at Fidelity International Ltd (FIL); Sara Hall, Partner at Walkers; and Natasha Benson, COO/CFO at Ownera.
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A Future of Finance Fire Chat 'How the obstacles to scalable tokenisation are being cleared', with special guests Andreas Rufflin of BX Digital and Benedikt Schuppli of Obligate.
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The major traditional exchanges have adapted well to the migration of transactional activity to other trading platforms, notably by developing their data and post-trade revenues, so it is surprising that they remain indifferent to tokenisation. With some notable exceptions, traditional stock exchanges have shown little interest in the revolutionary potential of issuing, trading and servicing tokens. Explanations for this indifference vary. Some say the existing markets (especially equity trading) are already so efficient that tokenisation is unnecessary. The fact that exchanges which have invested in tokenisation have yet to earn a return, and are now making economies, is not encouraging. If tokenisation ever does take off, add some larger exchanges, they could simply acquire the successful platforms. The long lists of intermediaries that stand between issuers and investors – global brokers, local brokers, clearing houses, securities depositories, payments banks, custodian banks and so on – also have limited incentives to encourage the emergence of peer-to-peer exchanges. So even the leading traditional stock exchange groups are focusing on a narrow range of token opportunities, such as cryptocurrencies and privately managed assets, and leaving potential lavish operational cost savings and new product earnings untouched. Dominic Hobson, co-founder of Future of Finance, moderated a discussion of about traditional stock exchanges and tokenisation with Marco Kessler, business head of digital securities at six Digital Exchange SDX, Hirander Misra, chairman and CEO of GMEX Group, Ricardo Correia, a partner in the financial services practice at Bain and Company, Benedikt Schuppli, co-founder and CBDO at Obligate and Miryusup Abdullaev, managing director of the Deutsche Börse Digital Exchange (DBDX).
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A Future of Finance Interview with Apex Group founder and CEO Peter Hughes and Head of Digital Assets Bruce Jackson.
The Apex Group has grown from an idea in the minds of two people in Bermuda just over 20 years ago to a global fund administration business employing 13,000 people across 112 offices around the world to look after assets under administration worth more than US$1 trillion. Such rapid expansion by acquisition was made possible by the support of major private equity investors – they include Genstar, Carlyle and Mubadala – but Apex is more than a classic roll-up story. The firm has retained its original bias to alternative strategies, but has moved far beyond fund accounting, transfer agency and management company services to embrace capital introductions, depositary and custody services and an Environmental, Social and Governance (ESG) ratings and advisory service. But what really distinguishes Apex from other fund administrators is its embrace of new technologies in general and blockchain technologies in particular. It has not only supported several tokenised fund issues but invested in a tokenisation engine (the Luxembourg-based Tokeny) and in the London-based FundAdminChain (which began as a fund tokenisation platform but morphed into an automated investor due diligence checking and on-boarding service). No other fund administrator has shown a comparable level of material commitment to a tokenised future for the funds industry. As Dominic Hobson, Co-founder of Future of Finance, found out when he spoke to Apex Group founder and CEO Peter Hughes and Head of Digital Assets Bruce Jackson, the enthusiasm of the senior management for tokenisation is not about intellectual curiosity but long-term survival and success.
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A Future of Finance interview with Robert Koller, co-founder and CEO at NowCM, and Jochen Metzger, Global Head of Markets at NowCM.
The bond and money markets have emerged, for different reasons, as early targets for transformation through the application of blockchain technology. Although the illiquidity of the corporate bond markets in particular is a tempting target for blockchains and tokenisers, several new ventures have aimed instead to improve the notoriously under-digitalised primary market issuance process. A number, despite the materiality of the opportunity, have failed already. But survival is not the only risen why the stealthier rise of NowCM is of interest. The reasons behind its steady success so far include a focus on solving primary market inefficiencies with accurate data rather than process-transforming technology; a commitment to an open rather than a closed network that attracts other specialist service providers and facilitates unthreatening partnerships with both established debt market networks and other start-ups; a recognition that it is wiser to work with the incumbent sell-side intermediaries rather than against them, not least because the buy-side continues to want them to be involved; a preference for conventional technologies that minimise the cost and complexity of connecting users and delivering services; and, lastly, a number of astute acquisitions that have secured solid revenues as well as valuable technology and useful client relationships. Dominic Hobson, co-founder of the Future of Finance, spoke to Robert Koller, co-founder and CEO at NowCOM, and Jochen Metzger, formerly a senior official at the Bundesbank who is now Global Head of Markets at NowCM, about the origins, products, strategy and growth plans of a business that describes itself as both a “data company” and a ”new era market infrastructure.”
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A Future of Finance interview with Nadine Chakar at DTCC.
With the acquisition in October 2023 of Securrency, a FinTech that specialises in the development of blockchain technology for regulated financial institutions, the Depository Trust and Clearing Corporation (DTCC) signalled the end of the experimental phase of its engagement with digital assets. That phase dated back to at least December 2015, when DTCC joined the Linux Foundation Hyperledger project. That was quickly followed by participation in the US$60 million Series A fundraising by Digital Asset Holdings in January 2016, and publication the same month of a white paper on blockchain that warned of the potential “generational disruptive force” of blockchain. DTCC has maintained its interest in blockchain ever since, notably via the launch in November 2021 of DSM, an infrastructure to support the tokenisation of privately managed assets. But the Securrency acquisition gives the clearing and settlement infrastructure the tools it needs to move beyond narrow asset classes and Proofs of Concept (PoCs) and Pilot Tests and actually build an open tokenisation infrastructure for the whole of the American capital markets: a blockchain platform, a tokenisation engine, a smart contract engine, a digital asset custody service, programmable token capabilities, off-chain storage of ledger data and digital identity information, and a set of tools to ensure assets remain compliant as they travel across the digital asset eco-system. The Securrency acquisition also brought to DTCC Nadine Chakar, a senior and experienced securities services executive with an attested appetite for innovation who had joined the firm as CEO only nine months earlier from State Street, where she was Head of Digital. Her appointment as Global Head of DTCC Digital Assets is a boost for those who believe that the key to unlocking the potential of tokenised assets is open infrastructure. To find out if those hopes are justified, read, listen or watch Future of Finance Co-founder Dominic Hobson interviewing Nadine Chakar.
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