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Jan 28 2020 00:01
John Kiff wrote a new blog post titledKiffmeister's Fintech Daily Digest 01/27/2020

From ICOs to STOs and IEOs. What is next in the evolution of crypto fundraising? To make investors feel comfortable again, we need more than ease and accessibility, that ICOs and IEOs offer. We also need to offer IPO-grade regulation and compliance. But most startups are not able to do that. So what’s the middle ground? Well, maybe the solution is STOs, tokenized securities that comply with regulations. But for now STOs are still a hard route, that lacks liquidity and regulatory clarity. tags: Fintech IEOs STOs ICOs...

Jan 28 2020 00:01
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Jan 27 2020 00:02
John Kiff wrote a new blog post titledKiffmeister's Fintech Daily Digest 01/26/2020

Blockchain Association, Chamber of Digital Commerce support Telegram The two advocacy groups submitted amicus briefs to the court. One opposes the SEC’s lawsuit; the other asks the agency to do a better job defining digital assets. tags: Fintech CryptoAssets Telegram PaymentSystems How much can we really trust the blockchain? "If we are supposed to trust whatever is on a blockchain, then we are in trouble indeed. After all, the blockchain is only as good as the data we put on it."tags:...

Jan 27 2020 00:02
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Jan 27 2020 00:02
John Kiff wrote a new blog post titledKiffmeister's Financial Plumbing Weekly Digest

At CCPs, sovereign bonds are top IM collateral Government debt makes up the largest chunk of initial margin held by most top clearing houses, Risk Quantum analysis shows. Across 10 top clearing houses, sovereign bonds made up 48% of total held IM on average at end-September 2019. Domestic government debt made up 26% on average, and foreign 22%. LCH Ltd had 71% of IM in sovereign bonds, the most of the set, followed by CME, with 66%.tags: Plumbing Derivatives Margin ClearingEU council dials back on margin haircuts for CCP...

Jan 27 2020 00:02
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Jan 27 2020 00:02
John Kiff wrote a new blog post titledKiffmeister's Alternative Risk Transfer Weekly Digest

Longevity swap market forecast for record £25bn+ year in 2020The longevity swap market is forecast to experience record levels of activity in 2020, with availability of reinsurance capacity likely to be a key consideration for pensions looking to offload the risk of their members living longer. Willis Towers Watson says that it expects to see longevity swap volumes surpassing UK £25 billion, which would be more than double the market activity seen in 2019. 2019 saw £12 billion of longevity swaps completed, as well as £41 billion of bulk annuities.tags: Pensions ART Longevity...

Jan 27 2020 00:02
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Jan 26 2020 00:01
John Kiff wrote a new blog post titledKiffmeister's Fintech Daily Digest 01/25/2020

Bahamas Sand Dollar CBDC pilot enrollment at 1,200 participants The Central Bank of the Bahamas announced that its Sand Dollar CBDC pilot project has ‘exceeded’ its expectation of 500 participants with enrollment currently at 1,200.tags: Fintech CryptoAssets CBDCCBDC | Central Bank Digital CurrencyThe MIT Digital Currency Initiative "Redesigning Digital Money" paper considers three important features from crypto-asset design - decentralization, programmability and privacy - and assesses their applicability to a central bank digital...

Jan 26 2020 00:01
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Jan 25 2020 00:01
John Kiff wrote a new blog post titledKiffmeister's Fintech Daily Digest 01/24/2020

Japan ruling party lawmakers to float idea of issuing digital currencyA group comprised of about 70 Liberal Democratic Party lawmakers are working on a proposal for Japan to issue its own digital currency. The digital currency could be a joint initiative between the government and private companies, Norihiro Nakayama, parliamentary vice minister for foreign affairs, told Reuters.tags: Fintech CryptoAssets CBDC Bahrain Becomes Next Country to Trial Digital Currency The central bank of Bahrain is the first to pilot a new toolkit developed by the world economic forum....

Jan 25 2020 00:01
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Jan 24 2020 06:01
John Kiff wrote a new blog post titledKiffmeister's Fintech Daily Digest 01/23/2020

Impending arrival - a sequel to the survey on central bank digital currency The latest BIS survey shows that most central banks are researching CBDC and a small number looks likely to issue a CBDC very soon. Emerging market economies report stronger motivations and a higher likelihood to issue CBDC than advanced economies. tags: Fintech CryptoAssets CBDCCentral Banks Create New Framework for CBDC Deployment with World Economic ForumThe World Economic Forum and a community of over 40 central banks, international organizations, academic...

Jan 24 2020 06:01
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Jan 23 2020 00:01
John Kiff wrote a new blog post titledKiffmeister's Fintech Daily Digest 01/22/2020

Vodafone Is the Latest Big Company to Quit Facebook-Founded Libra AssociationVodafone is no longer part of the Libra consortium. Vodafone will dedicate resources previously intended for Libra to its well-established and successful digital payment service M-Pesa, which the company plans to expand beyond the six African nations currently served.tags: Fintech CryptoAssets Stablecoins Facebook MobileMoney Plumbing LIBOR The Outcomes and Findings of Project Inthanon-LionRock and the Next Steps Hong Kong and Thailand’s central banks have stepped...

Jan 23 2020 00:01
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Jan 22 2020 12:01
John Kiff wrote a new blog post titledKiffmeister's Fintech Daily Digest 01/21/2020

Central Bank group to assess potential cases for central bank digital currencies The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Sveriges Riksbank and the Swiss National Bank, together with the Bank for International Settlements (BIS), have created a group to share experiences as they assess the potential cases for central bank digital currency (CBDC) in their home jurisdictions.tags: Fintech CBDC CryptoAssets Posted from Diigo. The rest of my favorite links are here.

Jan 22 2020 12:01
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Jan 21 2020 12:01
John Kiff wrote a new blog post titledKiffmeister's Fintech Daily Digest 01/20/2020

CME Open Interest for Bitcoin Futures Up 100% Since Start of 2020 Open interest in bitcoin futures listed on the Chicago Mercantile Exchange (CME) have doubled in the first few days of the year, as noted by data analytics firm Skew. tags: Fintech CryptoAssets Bitcoin Derivatives Futures What Could XRP Price Be if Courts Decide it’s a Commodity? If the Commodities Futures Trading Commission (CFTC) appointed "commodity" status to XRP some see its price exploding to extraordinary levels.tags:...

Jan 21 2020 12:01
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Jan 21 2020 12:01
John Kiff wrote a new blog post titledKiffmeister's Financial Plumbing Weekly Digest

Bank of England threatens to use 'tools' to scrap Libor The Bank of England warned on Thursday that it could force banks and insurers to hold more capital or use other “supervisory tools” as market momentum for ditching the tarnished Libor interest rate benchmark shows signs of flagging.tags: Plumbing LIBOR Inside top CCPs’ default funds Among the top 10 CCPs, cash deposited at central banks made up 33% of default funds on average at end-September 2019. This doesn’t tell the whole story, though, as Ice Clear Europe, Ice Clear US and...

Jan 21 2020 12:01
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Jan 21 2020 12:01
John Kiff wrote a new blog post titledKiffmeister's Alternative Risk Transfer Weekly Digest

World Economic Forum eyes risk sharing with catastrophe bonds: Davos 2020In advance of the WEF’s Davos 2020 meeting, United Nations representative Mark Lowcock, the Undersecretary-General for Humanitarian Affairs and Emergency Relief Coordinator, at the UN Office for the Coordination of Humanitarian Affairs (UN OCHA), raised catastrophe bonds and risk transfer to private or capital market investors as a key route towards sharing (transferring) risks.tags: CAT ILS ART When Pension Schemes Need Us, We Are There The 2019 pension de-risking market in the United Kingdom...

Jan 21 2020 12:01
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Jan 19 2020 00:01
John Kiff wrote a new blog post titledKiffmeister's Fintech Daily Digest 01/18/2020

Binance Launches 1:1 Conversion Function for Selected Stablecoins Into BUSD Binance has launched a function allowing users to instantly convert from other stablecoins into BUSD. The ratio to convert PAX, USDC and TUSD into BUSD will be set at 1:1 with zero fees. The ratio to convert USDT into BUSD will vary based on the current market price. tags: Fintech Stablecoins CryptoAssets The revenge of Canada — crypto exchanges are put under securities regulation How pissed off is Canada about the collapse of the Quadriga...

Jan 19 2020 00:01
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Jan 18 2020 00:02
John Kiff wrote a new blog post titledKiffmeister's Fintech Daily Digest 01/17/2020

Ripple Says "XRP's Utility as a Currency Threatened" by the Securities Class ActionWhile the price of the digital asset according to some industry commentators is looking ready for a bullish move, on the regulatory front, there is no knowing if the digital is a security or commodity. On January 15, Chief District Judge Phyllis Hamilton of the Northern District of California heard Ripple’s motion to dismiss. And now the fate of the Ripple and nearly $10 billion XRP market is in her hands.tags: CryptoAssets Regulation Fintech Ripple AltCoinsLibra Association forms...

Jan 18 2020 00:02
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Jan 17 2020 00:01
John Kiff wrote a new blog post titledKiffmeister's Fintech Daily Digest 01/16/2020

Digital money: Implications for emerging market and developing economies Proposals for global stablecoins have put a welcome spotlight on deficiencies in financial inclusion and cross-border payments and remittances to emerging market and developing economies. This column, part of the Vox debate on digital currencies, argues however that stablecoin initiatives are no panacea. Moreover, they pose particular development, macroeconomic and cross-border challenges for emerging market and developing economies. It remains to be seen whether stablecoins can offer a decisive comparative...

Jan 17 2020 00:01
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Jan 17 2020 00:01
John Kiff wrote a new blog post titledKiffmeister's Fintech Daily Digest 01/15/2020

Bitwise Withdraws Bitcoin ETF Application With the SEC Bitwise Asset Management has withdrawn its application with the US SEC for its proposed bitcoin exchange-traded fund. The San Francisco firm requested the withdrawal in a filing posted with the SEC on Tuesday, while NYSE Arca – the ETF's sponsor – has also withdrawn the associated 19b-4 filing for the fund.tags: Bitcoin CryptoAssets Fintech ETFs SEC warns investors about initial exchange offerings IEOs are similar to ICOs in that they offer digital tokens that...

Jan 17 2020 00:01
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Jan 15 2020 00:01
John Kiff wrote a new blog post titledKiffmeister's Fintech Daily Digest 01/14/2020

SEC Warns Crypto Investors of Initial Exchange Offerings in New Note The U.S. Securities and Exchange Commission published a new warning against initial exchange offerings (IEOs). According to the notice, IEOs are similar to initial coin offerings (ICOs), many of which the agency has been investigating as unregistered securities offerings over the past several years. While IEO providers may claim their sales are different from ICOs, they may still violate federal securities laws, the SEC said. As such, the agency warned investors to "be cautious" if they are considering...

Jan 15 2020 00:01
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Jan 14 2020 12:01
John Kiff wrote a new blog post titledKiffmeister's Fintech Daily Digest 01/13/2020

ISDA, Clifford Chance, R3 and the Singapore Academy of Law have published a new whitepaper that provides analysis on the legal issues relating to the use of smart derivatives contracts on distributed ledger technology (DLT).

tags: SmartContracts Blockchain Fintech CryptoAssets

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Jan 14 2020 12:01
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Jan 14 2020 12:01
John Kiff wrote a new blog post titledKiffmeister's Fintech Daily Digest 01/12/2020

Money's Past is Fintech's Future: Wildcat Crypto, the Digital Dollar, and Citizen Central Banking As central banks worldwide upgrade their payments systems, the Fed will begin issuing a ‘digital dollar’ that leaves no licit function for what I call ‘wildcat crypto.’ But the imminent change heralds far more than a shakeout in ‘fintech.’ It will also make possible a new era of what I call ‘Citizen Central Banking.’ The Fed will administer a national system of what I call ‘Citizen Accounts.’ tags: Fintech CryptoAssets CBDC...

Jan 14 2020 12:01
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Jan 14 2020 12:01
John Kiff wrote a new blog post titledKiffmeister's Financial Plumbing Weekly Digest

Small, speculative clearing members – are they worth the risk? The model is an extension of the earlier framework the duo has developed. The clearing member’s exposure to the CCP is constituted chiefly by the risk of default of another member and the cost of funding of margin and contributions to the default fund. The authors model them using existing methodologies for credit valuation adjustments and margin valuation adjustments.tags: Plumbing Derivatives Clearing ESMA: further action needed on fees for credit ratings and Trade...

Jan 14 2020 12:01
 

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