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Where Finance Finds Its Future

By: Future of Finance
  • Summary

  • The New Face of Finance, Where Finance Finds Its Future. Future of Finance has one overriding goal. It is to host meetings (at the moment virtual meetings) that bring together long established members of the financial services industry (banks, brokers, asset managers, insurers, financial market infrastructures) with entrepreneurs (challenger banks, technology companies and FinTechs) and market authorities (central banks, regulators and policymakers) to explore how the financial services industry can grow faster by being more open, more innovative and more trustworthy. If you would like to get in touch about featuring on a podcast, please email wendy.gallagher@futureoffinance.biz

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    © 2021 Where Finance Finds Its Future
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Episodes
  • If Europe needs a single European CSD, who will build it?
    Feb 23 2024

    On 17 November 2023 Christine Lagarde, the President of the European Central Bank (ECB), told a conference of bankers that “a truly European capital market needs consolidated market infrastructures.”[1] European capital markets certainly lack them now. They are a quarter the size of the American capital market yet support three times as many stock exchanges, and 20 times as many post-trade financial market infrastructures. The lack of a European equivalent of the Depository Trust and Clearing Corporation (DTCC) does not reflect a lack of regulatory effort. A succession of reports and schemes – Codes of Conduct, several pan-European regulations and even an entirely new settlement system run by the ECB (T2S) – dating back nearly a quarter of a century have largely failed to accelerate the consolidation of the capital market infrastructures of Europe. The price of that failure, in a higher cost of capital, a less resilient financial system and lower rates of innovation and economic growth, is more evident than ever in the aftermath of Brexit, amid a steady closing of open markets, and ahead of looming demographic and climate crises. So who and what can meet the challenge set by Christine Lagarde? That is the subject matter of this Future of Finance webinar. For further background on the subject, see the accompanying Future of Finance article, European capital markets are inefficient, so why aren’t European CSDs doing more about it?


    What topics will be discussed?


    What are the costs of a fragmented post-trade infrastructure in Europe?

    What explains the continuing settlement inefficiencies of Europe, despite the introduction of T2S?

    What has prevented the CSDs of Europe consolidating in the past?

    Is the current ownership structure of European CSDs conducive to market-led consolidation?

    Can a single programmable platform (a sort of Ethereum for CSDs) achieve the same effects as a single European CSD?

    What part does blockchain technology have to play in improving the post-trade infrastructure of Europe?

    Is the EU Pilot Regime a flop and will the UK Digital Securities Sandbox be one too?

    Will pressure to settle on T+1 accelerate or decelerate change in European post-trade infrastructure?

    Are there helpful technical solutions (e.g., “atomic” settlement, using AI and predictive analytics help improve settlement rates) short of consolidation?

    What is the fastest way to a more efficient set of CSD services for the European capital markets – consolidation, cooperation and collaboration, regulatory intervention, market-led competition or technology?

    Who is on the panel?


    Dirk Loscher, Member of the Executive Board at Clearstream https://www.linkedin.com/in/dirk-loscher-9220b6248/


    Chris Richardson, CEO at Percival Software https://www.linkedin.com/in/chris-richardson-26842923/


    Andrea Tranquillini CEO Advisor at EDAA https://www.linkedin.com/in/andreatranquillini/


    Bill Meenaghan CEO at SSimple https://www.linkedin.com/in/billmeenaghan/


    Martin Watkins CEO at Montis Group https://www.linkedin.com/in/martinwatkins1/


    Moderator: Dominic Hobson, Co-Founder at Future of Finance https://www.linkedin.com/in/dominic-hobson-49b8222/


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    1 hr and 17 mins
  • The clue is not in the name: AsiaNext is thinking globally not regionally 
    Feb 7 2024

    A Future of Finance podcast with Neil Thomas, Chief Commercial Officer of AsiaNext.


    AsiaNext, a 24/7, Singapore-based institutional-only digital asset trading platform, opened for business in January 2024. Owned by the Swiss stock exchange (SIX) and SBI Holdings of Japan, AsiaNext emphasises its sound governance and regulatory compliance, which its owners and management believe are the keys to attracting institutional money. The new exchange has already secured two operating licences from the Monetary Authority of Singapore (MAS) and has applied for a third. But easily the most striking ambition of the new exchange is its commitment to a global strategy, in which AsiaNext will form a triad with the Swiss Digital Exchange (SDX, owned by SIX) in Zurich and Osaka Digital Exchange in Japan (where SBI is a major shareholder). To make a reality of this ambition, much depends on the behaviour of others. Technologists must create the tools to facilitate the transfer of digital assets between platforms (interoperability) and central banks must provide the trusted, on-chain fiat currency (CBDCs) to pay for them. But AsiaNext is moulded in the image of its parents and its management does not hesitate to speak of ten-year time horizons as well as the returns that are waiting to be collected on the investment in radical change. Dominic Hobson, co-founder of Future of Finance, spoke to Neil Thomas, Chief Commercial Officer of AsiaNext, about the origins, character and destiny of the first self-consciously global digital asset trading venue.


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    43 mins
  • Whither digital asset custody?
    Jan 25 2024

    This podcast will cover these regulatory developments and other issues, all of which are also raised in the second edition of Future of Finance’s Digital Asset Custody Guide (DACG2), which can be accessed here. The event will open with a presentation that draws on Future of Finance proprietary data about licences, registrations and certifications secured by digital asset custodians to illustrate the changing structure and geographical compass of the digital asset custody industry – and what it means for the service providers and their customers. This will be followed by a discussion between the online audience and a panel of experts, moderated by Future Finance Co-founder Dominic Hobson.


    What topics will be discussed?

    1. At what pace are regulated custodian banks approaching the digital asset opportunity?
    2. How important is custody to the unexpected success of Germany in tokenising and digitising issuance?
    3. How large a factor is SAB 121 in deterring the engagement of American custodian banks in digital asset custody?
    4. What does the proposed “safeguarding rule” introduced by revisions to the 1940 Investment Advisers Act mean for custodian banks?
    5. What do registrations to provide custody services tell us about the evolving structure of the industry?
    6. Why is it so hard to obtain a licence to provide custody services?
    7. Why are digital asset custodians so enthusiastic about professional certifications?
    8. Are custody markets, regulators and providers aligned on the ultimate destination?


    Panellists

    Tariq Rasheed, Partner at Reed Smith https://www.linkedin.com/in/tariq-zafar-rasheed-81b22018/

    Thilo Derenbach Head of Sales & Business Development Digital Securities Services at Clearstream https://www.linkedin.com/in/thilo-derenbach-2102031/

    Marius Lunding Smith Director Strategy and Growth at Finoa https://www.linkedin.com/in/mariuslundingsmith/

    Mark Mayerfeld Chief Revenue Officer at GK8 https://www.linkedin.com/in/mark-mayerfeld-0566874/

    Moderator: Dominic Hobson, Co-Founder of Future of Finance https://www.linkedin.com/in/dominic-hobson-49b8222/


    Hosted on Acast. See acast.com/privacy for more information.

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    1 hr and 8 mins

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