Friday, September 28, 2018

Disrupters Fail to Move Needle with Securities Lending Solutions

Bank of England hosts DLT vendors for industry review

Author: Ed Blount

The Bank of England's Securities Lending Committee took up the question of distributed ledger technologies (DLT) in its September 24 meeting. Three vendors were invited to present their concepts to the group of nearly two dozen UK bankers and their regulators. The presentations and the Committee members' reactions were summarized in the minutes of the meeting. Each vendor approached the market from a different perspective, using a different aspect of DLT. Members found some value in the proposed solutions, yet were generally disappointed in the market impact of the innovative approaches.

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Saturday, May 19, 2018

JPMorgan Chase Tests Blockchain Use for Securities Services

Prototype to consider benefits of shared ledgers, as well as challenges

Author: Ed Blount

On May 16, 2018, JPMorgan Chase unveiled Dromaius, its prototype of a shared ledger for capital market services, at Coindesk’s Consensus 2018 conference. The prototype is designed to test the use of the Ethereum blockchain technology in supporting a coordinated posting by multiple entities to a single encrypted securities bookkeeping system. JPMC executive director Christine Moy said that, “We think the technology has the potential to be transformative.”

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Monday, March 5, 2018

Fintech Plans Announced to Digitize Portfolios in the Capital Markets

Meeting in Bahamas Draws Disruptors from Cryptocurrency Markets

Author: Ed Blount

More than 1,200 dealmakers brought their ardor and business plans to sold-out Polycon18, a giant-sized version of television’s Shark Tank which convened at the Bahamas’ Bal Mar Grand Hyatt Hotel from February 28th to March 3rd, 2018. Attending investors were shown project offerings, as well as conference materials that cited U.S. Senate testimony by SEC chair, Jay Clayton, to the effect that initial coin offerings (ICOs) of securities tokens would indeed be considered securities:

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Wednesday, November 22, 2017

Funds enlist Vendors to Hike the Stakes in $50 billion Class Action vs Dealers

First Impressions of amended complaint shows counsel got advice from data vendors.

Author: Ed Blount

A putative class action suit filed in August 2017 alleges that U.S. investment banks and broker-dealer units of global banks conspired to restrain competition in the domestic stock lending markets. (Read our review here.) The fact that a Connecticut hedge fund and Los Angeles County’s pension system have joined the suit is the development that has captured the media headlines. However, the risk to banks’ profits is the real story here.

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Wednesday, October 25, 2017

Treasury Plans Broad Industry Role in Regulatory Policy

Financial firms to be more involved in "America First" rule-making

Author: Ed Blount

Following up on the publication of its first banking policy report in June, the U.S. Treasury released two more reports on Capital Markets and Asset Management. From the tone of all the reports, it’s clear that Treasury intends to lead the regulatory agencies of the executive branch into a new era of consultative rule-making, with the industry taking a more active role than it has over the last several years. It’s also clear that the Treasury will move to reverse the impact of the Dodd-Frank Act, not only through an attempt at legislative repeal, but initially by unwinding the cocoon of new regulations that the Act imposed on financial firms.

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