Afleveringen
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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 OâBrien, 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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Zijn er afleveringen die ontbreken?
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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 ânativeâ rather than âasset-backedâ (or "digital twinâ) 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 â 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; JĂžrgen 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 â 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 â global brokers, local brokers, clearing houses, securities depositories, payments banks, custodian banks and so on â 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 â they include Genstar, Carlyle and Mubadala â 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 âdata companyâ and a ânew era market infrastructure.â
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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 âgenerational disruptive forceâ 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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A Future of Finance interview with JĂŒrgen Schaaf, an economic adviser to the European Central Bank (ECB).
After Bitcoin first appeared in 2009 extravagant claims were made for its benefits. It would replace fiat currency as the money used by consumers in day-to-day transactions. Bitcoin would hold its value in a way that no fiat currency, being issued by central banks and intermediated by commercial banks, will ever manage. The centralised institutions profiting from the prevailing system of finance would all be disintermediated, giving way to a series of decentralised peer-to-peer networks that had no need of formal structures of trust or explicit measures to protect personal privacy. 15 years on, Bitcoin is a US$1.25 trillion speculative asset, which has proved spectacularly its uselessness as form of money and a means of disintermediation. Yet Bitcoin has remained surprisingly immune to searching criticism, in large part because its cheerleaders in social media and elsewhere have drowned out or ridiculed dissenting voices, and waged a successful (if ironic) campaign to turn Bitcoin into a respectable asset worthy of the attention of regulated banks and savings institutions. The success of these efforts in driving the value of Bitcoin upwards at a compound annual rate of 172 per cent since 2011 has not only made some of those voices extremely rich but made it hard for critics to build a sustained as well as coherent critique of the cryptocurrency. But since he published, in November 2022, âBitcoinâs last stand,â the first of several papers questioning the economic rationale of Bitcoin, JĂŒrgen Schaaf, an economic adviser to the European Central Bank (ECB), has developed exactly that. He spoke to Future of Finance Co-founder Dominic Hobson.
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The securities and the fund markets need to be digitally transformed. The profits of the asset and wealth management industries are being squeezed by shrinking fees and rising costs. Tokenisation of both funds and the underlying securities can, properly construed, solve the problem. Unfortunately, the overwhelming majority of tokenisations of securities and funds are more like securitisations than tokenisations. Like mortgage-backed securities, they are asset-backed. Which means they are not truly digital assets at all but mere derivatives of assets which continue to exist in their traditional form, whether that is physical (as with real estate or precious metals) or digital (an oft-cited paradox is that most securities and funds exist only as digital entries in computer systems already). As a result, the medley of intermediary institutions that has developed over decades to support the traditional funds and securities industries remains undisturbed as well. This is, of course, the attraction of asset-backed tokenisation. It threatens no incumbent business with disintermediation and requires minimal changes to the existing corpus of securities and fund markets laws and regulations. But it is also the problem, because it changes next to nothing. According to SIFMA, the revenues of the global investment banking industry alone took an average of US$92.4 billion a year out of the capital markets between 2018 and 2022. But the exchanges that list securities, the brokers that execute trades on exchanges, the custodians that safekeep securities, the fund accountants that value securities, the transfer agents that maintain registers of holders of securities, the central counterparty clearing houses (CCPs) that intermediate and net trades and the central securities depositories (CSDs) that settle trades all have to be paid as well. So it is not surprising that tokenisation of securities and funds is not taking off â it has yet to be tried seriously. This webinar will explore what true tokenisation is, what it can do for the buy-side and what it might do to as well as for the sell-side, and how to make it happen.
What topics will be discussed?
What is the difference between asset-backed and genuine tokenisation?
What explains the current preference for asset-backed tokenisation?
What new products and services does genuine tokenisation make possible?
In what ways does genuine tokenisation threaten current intermediaries?
What new opportunities does genuine tokenisation create for current intermediaries?
Are asset managers, issuers, investors and regulators supportive of change?
Do securities and fund laws and regulations have to change to accommodate genuine tokenisation?
Does genuine tokenisation require fiat currency in digital form?
What technologies will underpin the future of digital asset issuance, trading and servicing?
Who or what will make change happen?
Who is on the panel?
Rajeev Tummala, Head of Digital and Data at HSBC Securities Services
Stefano Dallavalle, Head of Product, Digital Assets at R3
Ami Ben-David, Founder and CEO at Ownera
Ralf Kubli, Board Member at Casper Association
Moderated by Dominic Hobson, Co-Founder at Future of Finance
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Tata Consultancy Services (TCS) has built a formidable presence in the global securities services industry over the 35 years that have elapsed since it signed a contract to build a computer system for the Swiss central securities depository (CSD) back in 1989. Today, TCS owns a dominant share of the CSD technology market, and its TCS Bancs system is widely used by the custodian banks that are the gatekeepers to the CSDs as well. But the company has now moved far beyond the sale of software licences to provide both IT and full operational outsourcing services. Diligenta, its life and pensions outsourcing service in the United Kingdom, now looks after two in five British holders of pension plans and life assurance policies. A business which provides software products, Cloud-based technology and data hosting and processing and end-to-end operational support is not well-described as either a software vendor or a technology consultant, and certainly not as a data vendor, but its combination of businesses does look well-designed to exploit the age of blockchain. Blockchain, after all, is an Internet computing technology that can in theory digitise anything and everything into an executable data object. Accordingly, it can provide a solid foundation for financial markets as well as payments, supply chains, corporate networks, social networks, digital identities, artificial intelligence (AI) and the virtual realities of the Metaverse. Which is why TCS has also developed blockchain capabilities that enable companies to issue, trade, safekeep and service tokenised assets, and move those assets on and off and between blockchain networks. Future of Finance Co-founder Dominic Hobson asked Vivekanand Ramgopal, President, BFSI Products & Platforms, how TCS helps its clients maintain the balance between the need to service existing business, the urge to innovate and the fear of transformation.
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A Future of Finance interview with Tony Mclaughlin, Emerging Payments and Business Development at Citi
The Regulated Liability Network (RLN) embodies an idea of the future of money that, unlike most conceptual novelties in the field, has become more voguish rather than less since it was first unveiled in a white paper of November 2022. In fact, the RLN can lay claim to have pioneered an approach to scaling the tokenisation of assets that has captured the interest of supranationals and central banks. The white paper may have coincided with the International Monetary Fund (IMF) advancing the idea of an âX-C platformâ but it appeared months before the Bank for International Settlements (BIS) outlined its notion of a âunified ledgerâ or âsingle programmable platformâ and the Monetary Authority of Singapore (MAS) announced it was working with four banks on Global Layer One (GL1), an open digital infrastructure to host tokenised financial assets and applications. But it would be a mistake to label the RLN as avant-garde. It is based in a sound understanding of the classic theory of computation and aims unashamedly to preserve fiat currencies and their twin variants of commercial and central bank money as the foundations of the financial systems of the future. Its design for a common settlement infrastructure for tokenised money also bears an uncanny resemblance to the way payments are settled today, in terms of intermediation as well as technique. Which is why RLN might just be adopted widely once banks understand its design. Dominic Hobson, co-founder of Future of Finance, spoke to Tony McLaughlin, Managing Director, Emerging Payments and Business Development at Citi Treasury and Trade Solutions, and one of the 11 industry leaders that contributed to the development of the original idea of the RLN.
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Part 4/4
A Future of Finance interview with Gilbert Verdian, CEO of Quant
Incumbent financial institutions did initially retard progress towards large and liquid digital asset markets, by investing in a discovery process rather than commercial opportunities, but appreciation of the cost savings and the revenue and profit gains available from investing in and trading digital assets is now widespread, as the enthusiasm for spot Bitcoin ETFs showed.The criticism that most tokenisations so far have limited benefits because they are asset-backed rather than digitally native under-estimates the value of bundling and unbundling tokenised assets into new instruments and fails to recognise that tokenisation has yet to impact the global bond and equity markets in a significant way at all.Asset managers are in a powerful position to drive progress towards tokenisation because they have much to gain from reduced costs of investment and increased diversification of returns, and the downward pressure they are experiencing on ad valorem fees mean they also have strong incentives to push the investment banks to offer them alternatives.Policymakers and regulators are also in a powerful position to encourage adoption of tokenised assets by working with the private sector to devise legal and regulatory regimes that encourage the issuance of digital assets and attract institutional investors to purchase them, creating a virtuous circle that catalyses the growth of digital assets everywhere.Hosted on Acast. See acast.com/privacy for more information.
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Part 3/4
A Future of Finance interview with Gilbert Verdian, CEO of Quant
Inter-operability between blockchain networks, and between blockchain networks and traditional financial markets, is essential to overcome the isolation of digital asset and traditional asset markets and so fuel their liquidity and growth, and the digital finance system must be designed and built from the outset with inter-operability at its core. Proprietary solutions to the inter-operability problem cannot build inter-operability into the new digital finance system from the outset, so institutions in the private and the public sectors must work together to co-design and then co-build standardised infrastructures that enable tokens to be ported seamlessly between networks at the local, regional and global levels. The financial market infrastructures that serve traditional assets at the pre-trade, trade and post-trade levels cannot be replaced overnight but must be integrated into the new digital financial market infrastructures, where they will persist only until the cost of maintaining them exceeds the costs of investing in the more efficient and service-rich digital alternatives. A unified ledger, or single programmable platform, of the kind outlined by the Bank for International Settlements (BIS), the International Monetary Fund (IMF) and the Regulated Liability Network (RLN), will develop in layers as standardised national and regional platforms are built through private-public collaboration and start to inter-operate on a global scale.Hosted on Acast. See acast.com/privacy for more information.
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A Future of Finance interview with Yuval Rooz, co-founder and CEO of Digital Asset, and Eric Saraniecki, co-founder and head of strategic initiatives at Digital Asset.
In October this year, Digital Asset will celebrate the tenth anniversary of its foundation. Under the flamboyant leadership of Blythe Masters, who was CEO from 2015 to 2018, no start-up did more to promote the potential impact of blockchain technology on the capital markets. Over the five years that have passed since she stepped down, Digital Asset has transformed itself from a pioneer of institutional-grade blockchain technology for financial market infrastructures into a provider of tools for building the smart contracts that enable assets to be tokenised, and a sponsor of the public but permissioned Canton Network blockchain network. Above all, it survived unscathed the cancellation of the flagship ASX contract, won in January 2016, to rebuild the post-trade infrastructure of the Australian stock exchange. Though the current strategy can be portrayed as a pivot away from the grand visions of 2016, the company has remained remarkably consistent in its (eponymous) belief that one day all assets will be digital, and that blockchain will provide a secure technological foundation for a network of networks that will encompass tokenised securities, funds, private equity, real estate, privately managed assets, commodities, rights and royalties, and collectibles. Dominic Hobson, co-founder of Future of Finance, spoke to Yuval Rooz, co-founder and CEO of Digital Asset, and Eric Saraniecki, co-founder and head of strategic initiatives at Digital Asset, about the history of the company, its products, the use-cases it has found and exploited, the thinking and the strategy behind the Canton Network, and the challenges the digital asset industry has still to overcome.
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Part 2/2
A Future of Finance interview with Gilbert Verdian, CEO of Quant
Settlement of digital assets without fiat currency being available on blockchain networks is problematic, and central bank digital currencies (CBDCs) remain a distant prospect, but commercial banks are increasingly excited by the efficiency savings and service enhancements made possible by the programmability of digital money, including tokenised deposits.
Claims that money is already digital ignore the fact that payments require push-and-pull exchanges of data to complete transactions, whereas truly digital forms of money enable the sequence of actions that complete a transaction, such as financial crime checks and the availability of money in an account, to be programmed into the digital money itself.
Cryptocurrency will continue to exist as a speculative investment, though institutional investors will favour regulated cryptocurrencies and cryptocurrency investment vehicles such as the spot Bitcoin Exchange Traded Funds recently authorised in the United States, and the regulated variety of cryptocurrencies can be expected to drive out the unregulated varieties.Hosted on Acast. See acast.com/privacy for more information.
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