Complex change, Citi DigiMoney, Imperial College....Aussie Day and farewell Chi-X (as we knew it).
The piccie is one sent to me by my brother. It resonates with me for 2 reasons. One is the practicalities of the diagram (some versions label 'treadmill' as 'false starts', but having lived the dream(s) I think treadmill far more appropriate). The other is that it shows for transformational projects to succeed there are combinations of dependencies. I don't think management nees to be added to the mix (already covered in skills and resources) but I do think there is space for an emotional intelligence dependency. You can have skills, resources and incentives but if the people mix is wrong....it won't fly. Maybe a purist catches this under resources...but to me resources is just bandwidth. It is the synthesis that is critical.
I also attended the Citi Digital Money Symposium. I was very impressed by the pedigree of the speakers. I was also very impressed with the practical and theoretical work of Imperial College's Cryptocurrency Research and Engineering department. http://www.imperial.ac.uk/cryptocurrency
Even the BBC is covering Blockchain these days....
(Includes more coverage from IC's Prof. William Knottenbelt)
Yet another white paper out last week: this one from DTCC.
Happy, belated, Australia Day and farewell to Chi-X. The last of the constituent parts have found a new home. CXE to BATS, CXC to Nasdaq, CXA and CXJ etal to Flowers.
Have a great week all!
The impact of digital technology on investment banking
Microsoft to Offer Ethereum-Based Services on Azure
Microsoft Bets That Bitcoin-Style Blockchains Will Be Big Business
Microsoft Positions Itself as the Perfect Home for Bitcoin-Style Blockchains | MIT Technology Review
Microsoft wants financial companies to host their blockchain software inside Azure. It has recently struck partnerships with several startups working on blockchain software for banks and other big corporations.
Procedures for Eurosystem counterparties
FESE Response to ESMA on indirect clearing arrangements under EMIR and MiFIR
Belgium gets cold feet on financial transaction tax
Some other countries in the group, such as Slovenia, now appeared reluctant too and the withdrawal of two or more countries would sink the proposal, since EU rules require at least nine countries to back such a procedure.
European Bank Resolution: Making it work!
From the start of 2016, new rules for bank resolution are in place – as spelled out in the Bank Recovery and Resolution Directive (BRRD) – across the EU, and a new authority (the Single Resolution Board, or SRB) is fully operational for resolving all banks in the eurozone.
The implementation issues of the new regime are enormous. Banks need to develop recovery plans, and authorities need to create resolution plans as well as set the minimum required amount of own funds and eligible liabilities (MREL) for each bank. But given the diversity in bank structures and instruments at EU and global level, this will be a formidable challenge, above all with respect to internationally active banks.
Happy Australia Day!
Australia Day 2016: 'Epic' water slide video goes viral