When Crypto Markets Go Direct - Thomas Restout (B2C2)

When Crypto Markets Go Direct - Thomas Restout (B2C2)

Crypto markets are in constant flux. Not only do prices change, but liquidity ebbs and flows and market participants change their approach. How are financial institutions using their balance sheet to trade today? Is there a future for OTC and CLOB trading side-by-side? How might (big) banks position themselves for a tokenized world? Host Ian Simpson sat down with B2C2 Group CEO Thomas Restout for an in-depth conversation with perspectives from one of the market's largest and most experienced market makers and OTC trading firms. Show notes: 1:18 - Intro 2:15 - Has volatility disappeared? 5:06 - How are institutions "playing" the market? 7:23 - Adoption and shifting attitudes in the market 9:30 - How to think about OTC trading in the market today 11:07 - The real reason that some firms prefer to trade OTC 13:12 - How OTC trading has changed in crypto markets 14:22 - Price discovery and spreads in OTC trading 16:50 - How trading firms can be prepared for events like 10/10 19:07 - Volatility and an example trading scenario 20:42 - The ongoing evaluation of risks in bilateral market relationships 23:08 - Drilling down on settlement risk 26:08 - DvP as a mitigant to settlement risk 27:45 - Innovations to change up the landscape 29:11 - Triparty settlement solutions as a "middle way" 30:39 - Prime brokerage as an "accelerator" 34:02 - Advising Jamie Dimon and JP Morgan on crypto trading 39:46 - Getting ready for what comes after crypto with tokens 40:17 - Do banks want to own the "rails" for payments and settlement? 43:03 - B2C2 and tokenized bank deposits (JPM Coin) 44:31 - JP Morgan as an ideal partner 46:18 - B2C2's perspective on the future of tokenized assets 48:56 - Struggling to find the "real use case" of BENJI etc 49:46 - Creating bigger impact with tokenized money market funds 51:13 - Is B2C2 looking at M&A? 54:02 - Retail and the adoption of on-chain assets 55:15 - The future belongs to...? ----- ABOUT THE HOST: Ian Simpson is Director of Marketing and Communication at RULEMATCH as well as host of the RULEMATCH Spot On podcast, focused exclusively on the institutional crypto and digital assets industry. Previously he was Head of Marketing at Bitcoin Suisse and Head of Communications at the Crypto Valley Association. Ian is a veteran of the Swiss crypto and digital assets industry since 2017. His insights on the Swiss crypto and blockchain ecosystem have been featured in CoinDesk, the leader in blockchain news. ------ Disclaimer: The information contained in this podcast about RULEMATCH AG (“RULEMATCH”) and any guest company is for general informational purposes only and should not be considered exhaustive. They do not imply any elements of a contractual relationship nor any offering.

The Road Towards Tokenization - German Sanchez (Broadridge Financial)

The largest financial institutions in the world are moving towards tokenized markets. Banks, custodians and asset managers all have plans to revolutionize financial markets. Some are faster than others... But how will it actually work? Are there some parts of the technology stack that are unsolved yet? How do we get beyond "tokenized wrappers" to true tokenized securities? Host Ian Simpson sat down with Broadridge Financial's Chief Product and Strategy Officer German Soto Sanchez to explore the results of Broadridge's recent institutional survey and discuss all this - plus the company's Tokenized Repo platform - and more. SHOW NOTES: 3:08 - Who is Broadridge Financial? 5:21 - How does Broadridge power TradFi? 6:09 - Can TradFi systems be ready for tokenization? 8:35 - Pulling the worlds of TradFi and digital assets together 10:42 - The Broadridge institutional digital assets survey 17:02 - How big players like asset managers can expand their involvement in tokenized markets 21:28 - Linking digital asset market participants together 22:28 - How are wealth managers, asset managers, custodians preparing for what comes next? 25:51 - When big players like J.P. Morgan move into digital assets 26:47 - How intraday liquidity could change markets 29:04 - Unlocking new functionality with blockchain and tokens 32:49 - Democratization and increased financialization of markets 35:27 - Changing Broadridge systems to handle tokenization 37:07 - The three kinds of tokenization and the problem with tokenized stocks 40:23 - $300 billion on the tokenized repo platform of Broadridge 45:21 - Looking to the future ----- ABOUT THE HOST: Ian Simpson is Director of Marketing and Communication at RULEMATCH as well as host of the RULEMATCH Spot On podcast, focused exclusively on the institutional crypto and digital assets industry. Previously he was Head of Marketing at Bitcoin Suisse and Head of Communications at the Crypto Valley Association. Ian is a veteran of the Swiss crypto and digital assets industry since 2017. His insights on the Swiss crypto and blockchain ecosystem have been featured in CoinDesk, the leader in blockchain news. ABOUT RULEMATCH: RULEMATCH is the premiere crypto and digital asset trading venue for financial institutions. It operates as a market operator for spot trading of the most liquid cryptocurrencies vs fiat. RULEMATCH is never a counterparty in trading. Fiat funds are held in fiduciary accounts with a state-guaranteed, AA+-rated Swiss bank and cryptocurrencies are handled on fully segregated wallets. With integrated multilateral clearing and post-trade settlement, as well as institutional-grade trading technology, RULEMATCH helps provide ultra-low latency, capital efficient trading and robust market integrity. Its offices and operations are located in Zurich – the heart of Europe. Its participant network is open to banks and securities firms only and limited to select countries. RULEMATCH is not available to US-based financial institutions. ------ Disclaimer:The information contained in this podcast about RULEMATCH AG (“RULEMATCH”) and any guest company is for general informational purposes only and should not be considered exhaustive. They do not imply any elements of a contractual relationship nor any offering.

Pioneering Tokenized Funds - Roger Bayston (Franklin Templeton)

With nearly half a billion in assets, Franklin Templeton's pioneering tokenized money market fund - popularly known as BENJI - is clearly a success. But…how did it come about? What does the $1.6 trillion asset manager think tokenized assets will do for capital markets? And what still needs to happen for blockchain rails to go “big time” in the global world of finance? Franklin Templeton’s Head of Digital Assets Roger Bayston sat down with Ian Simpson to discuss all this and more on RULEMATCH Spot On. 1:46 - Intro 2:46 - The motivation behind FOBXX / BENJI 5:33 - Why a tokenized money market fund? 6:45 - Who is buying BENJI? 8:00 - Interest from crypto-native hedge funds 9:40 - Why tokenize when the market isn’t ready? 11:23 - Upgrading the velocity of money moving in funds 13:30 - Why the BENJI app? 15:17 - How does BENJI trading work? 18:00 - The “white-label” ecosystem of Franklin Templeton 20:50 - Who should get into tokenization as well? 21:54 - An “ideal” relationship between Franklin Templeton and Morgan Stanley 23:33 - The massive adoption of Web 3.0 wallets 24:38 - The innovation of intraday yield 25:30 - Adoption among market makers 26:49 - The real advantages of going fully “on-chain” 28:46 - The hot topic of stablecoins 29:56 - The “cold hard geopolitical fact” of US-backed stablecoins 31:22 - The holy grail of yield with stablecoins 32:19 - J.P. Morgan and Web 3.0 wallet-based organizations 34:48 - Franklin Templeton’s conviction about Web 3.0 35:02 - Coming to terms with the “financialization” of crypto 37:33 - The amazing thing about financial advisors in the US 38:07 - Financial institutions’ attitude towards tech 40:12 - What comes next for tokenization? 41:14 - CALPERS and tokenized investments 44:29 - Shifting what “is possible” for investments 45:29 - The considerations for choosing a blockchain to use 48:08 - Working with “digital nation states” 49:55 - What could come next? ----- ABOUT THE HOST: Ian Simpson is Director of Marketing and Communication at RULEMATCH as well as host of the RULEMATCH Spot On podcast, focused exclusively on the institutional crypto and digital assets industry. Previously he was Head of Marketing at Bitcoin Suisse and Head of Communications at the Crypto Valley Association. Ian is a veteran of the Swiss crypto and digital assets industry since 2017. His insights on the Swiss crypto and blockchain ecosystem have been featured in CoinDesk, the leader in blockchain news. ------ Disclaimer:The information contained in this podcast about RULEMATCH AG (“RULEMATCH”) and any guest company is for general informational purposes only and should not be considered exhaustive. They do not imply any elements of a contractual relationship nor any offering.

Setting Up for Crypto - Pedro Hubli & Michael Rausch (ZKB)

Zürcher Kantonalbank is Switzerland’s 2nd (or 3rd…) largest bank by balance sheet. One year ago it launched a crypto service offering with much fanfare. Now in an exclusive session, RULEMATCH Spot On host Ian Simpson sat down with two of the main persons responsible for the launch of ZKB’s crypto services - Head Digital Assets Solutions Pedro Hubli and Product Manager Digital Assets Michael Rausch. They dove into the backstory of the bank’s move into crypto, how being a state-owned, AAA-rated bank influenced what (and how) ZKB implemented its offering. Plus - Pedro and Michael discussed how crypto fits into the bank’s overall view on digital assets - and what “could” be a motivating factor for the bank to get involved in stablecoins. Show notes: 2:13 - How big (and important) is Zurcher Kantonalbank? 3:31 - What does it mean to be a state-owned bank? 4:29 - The background of ZKB’s crypto offering 6;:28 - Evaluating AML, risk, trading/custody setup 9:09 - Consulting the competition about custody and more 10:29 - How tokenization started the ball rolling 12:17 - Is it now “bitcoin AND blockchain” ? 13:22 - The lifecycle of crypto at ZKB: buying BTC with a broker 16:04 - The lifecycle of crypto at ZKB: booking and custody 18:44 - FOMO in the market because of ZKB’s crypto offering 20:49 - Best pricing for clients 22:50 - “Just another asset class” ? 23:46 - (Negative) surprise along the way 25:24 - The average ZKB crypto investor 26:54 - ZKB’s visibility in the market with crypto 30:14 - Crypto, digital assets and the changing face of finance 32:03 - PoCs are dead, real value reigns 32:53 - The missing cash leg (stablecoins) 35:33 - The missing cooperation in Switzerland 37:19 - Different kinds of stablecoins 38:34 - Where does tokenization take off? 43:00 - ZKB and non-bankable assets 44:37 - ZKB’s potential role in an on-chain finance world 45:40 - What is still missing for tokenization? 46:30 - The need for secondary markets 50:02 - Building on Ethereum and following the trend 51:30 - Final advice for other banks moving into crypto ----- ABOUT THE HOST: Ian Simpson is Director of Marketing and Communication at RULEMATCH as well as host of the RULEMATCH Spot On podcast, focused exclusively on the institutional crypto and digital assets industry. Previously he was Head of Marketing at Bitcoin Suisse and Head of Communications at the Crypto Valley Association. Ian is a veteran of the Swiss crypto and digital assets industry since 2017. His insights on the Swiss crypto and blockchain ecosystem have been featured in CoinDesk, the leader in blockchain news. ------ Disclaimer:The information contained in this podcast about RULEMATCH AG (“RULEMATCH”) and any guest company is for general informational purposes only and should not be considered exhaustive. They do not imply any elements of a contractual relationship nor any offering.

Views on Digital Asset Markets - Scott Lucas (J.P. Morgan)

The largest financial institutions in the world are taking technology seriously - both as an opportunity and a risk. The same goes for the nascent crypto and digital asset industry. In conversation with Ian Simpson, J.P.Morgan Managing Director and Head Markets Digital Assets Scott Lucas discussed the tectonic plates moving in capital markets, the potential for DLT and blockchain to bring value to established market participants - and how large financial institutions are thinking about the future of markets. He also discussed the value (real and perceived) of tokenization, the potential for stablecoins, including why “competition is good” - and how settlement could and should look in digital asset markets. (00:58) - Intro (3:40) - What makes "good markets" ? (6:06) The "optimal mix" or "minimal threshold" for new markets (7:31) How J.P. Morgan looks at markets - new and old (8:48) - The minimum barrier in crypto markets (11:34) - The art of the possible and the useful (12:34) Evaluating risk factors in new markets like crypto (14:44) New technology alongside existing frameworks (15:31) J.P. Morgan's inter-day repo as an example (17:01) The high-level benefits of DLT and blockchain tech (18:18) A wider-flatter market vs narrow and centralized (19:15) If a regulator said "yes" today... (20:07) When innovation comes to the table (21:08) "Entitled" transparency (22:07) Top-down vs bottom-up "shift" (24:56) US vs Switzerland in the regulatory race (26:24) Placing the "barrier" in the right spot (28:18) The opportunity for Switzerland (29:43) Capital requirements as a "gating factor" (32:24) Financial market infrastructure for a bank like J.P. Morgan (33:29) The downside of disintermediation (34:12) Copying current capital market processes (37:06) Some things are here for a reason... (38:37) The ideal settlement model for big banks in digital assets (40:41) The meaning of stablecoins for big banks (43:53) Stablecoins in the wider capital markets (45:05) Stablecoins as a settlement mechanism (46:28) J.P.Morgan and tokenization (49:13) Mobilizing (tokenized) collateral to support margin (53:25) Different markets or one market? (55:22) Partnerships moving the market forward (57:11) What would really draw J.P. Morgan into crypto and digital assets? ----- ABOUT THE HOST: Ian Simpson is Director of Marketing and Communication at RULEMATCH as well as host of the RULEMATCH Spot On podcast, focused exclusively on the institutional crypto and digital assets industry. Previously he was Head of Marketing at Bitcoin Suisse and Head of Communications at the Crypto Valley Association. Ian is a veteran of the Swiss crypto and digital assets industry since 2017. His insights on the Swiss crypto and blockchain ecosystem have been featured in CoinDesk, the leader in blockchain news. ------ Disclaimer:The information contained in this podcast about RULEMATCH AG (“RULEMATCH”) and any guest company is for general informational purposes only and should not be considered exhaustive. They do not imply any elements of a contractual relationship nor any offering.