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, 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...

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Monday, August 28, 2017

Fed Chair Rejects Regulatory Roll-back

Financial Reforms Should be Refined, Not Repealed

Author: David Schwartz J.D. CPA

Federal Reserve Chairwoman Janet L. Yellen strongly defended post-crisis financial reforms, saying that new regulations have strengthened the U.S. financial markets and wholesale roll-back would be unwise. In remarks delivered at a symposium sponsored by the Fed in Jackson Hole, Wyoming Yellen made the case for the success of these reforms, summarizing indicators and research that show the improved resilience of the U.S. financial system, due, she said,...

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Tags: Reconsideration

Tuesday, August 22, 2017

Pension Funds File Sweeping Securities Lending Class Action

Allege collusion by the largest prime brokers

Author: David Schwartz J.D. CPA

Three U.S. pensions have filed a class action suit against the largest prime brokers alleging collusion to fix fees and stifle competing electronic platforms in securities finance. This suit follows the theme of other class actions involving allegations of collusion and manipulation amongst the biggest global banks in relation to LIBOR, municipal bonds, Forex, and interest rate swaps. The suit filed was filed August 16, 2017 in the US Southern District Court of New York as an anti-trust...

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Tags: securities lending

Commentary

JPMorgan Chase Tests Blockchain Use for Securities Services

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

Fintech Plans Announced to Digitize Portfolios in the Capital Markets

Meeting in Bahamas Draws Disruptors from Cryptocurrency Markets

Treasury Plans Broad Industry Role in Regulatory Policy

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

Fed Chair Rejects Regulatory Roll-back

Financial Reforms Should be Refined, Not Repealed

Pension Funds File Sweeping Securities Lending Class Action

Allege collusion by the largest prime brokers

Journal Commentaries

Keep Regulation Functional (October 2008)

The Bear Market Posse, or Counterparty Risk Management during the Recent Turmoil (Sept. 2008)

Searching for New Paradigms at BIS (July 2008)

Will Basel II Affect The Competitive Landscape? (September 2003)