Wednesday, December 16, 2015

The response to Daesh and UK vote for Syrian airstrikes

How to respond to Deash? This question has been preying on my mind a lot since the events in Paris. Most recently the UK has voted to bomb Syria. As much as I abhor the cowardly acts of terrorists I don't feel that dropping bombs, in haste, is the right answer.

Some things that annoy me:


1. Democratic Process and debate.
In my humble opinion Westminster and democracy work best when full and frank debate is encouraged and supported by fact. I've never been a labour voter (I lean to the right based on economically sustainable principles) but I must say I whole heartedly admire Jeremy Corbyn, the current opposition leader. As he set out to do, I think he has made every endeavor to bring respectability and quality of debate back into 'the house'. On the war front, all he has asked for is the voice of reason, what difference will it make, if we start bombing people (and assets) now? I think David Cameron's response to this reasonable question with the rhetoric "We cannot let that man inflict his security-threatening, terrorist-sympathising, Britain-hating ideology on the country we love" does himself, his party and the political process a great dis-service. I don't know if i'd call it an attempt at bullying, but shouting is most certainly not informed debate.

2. Deselection hypocrisy.
I was glad the vote was a 'free' one. People could act in line with their conscience (and their electorate) rather than on pure party political lines. Government works because we elect people to represent our views - obviously we can't please all the people all the time, but ideally the majority. Some labour MPs, that voted to drop bombs, then cried that they were being bullied with the threat of de-selection. Well, if you don't want to be de-selected, vote in a manner that your constituents have empowered you for. I fear some of these people forget the station of their office is to serve and represent their constituents. I think it is farcical that they run crying to the police with talk of bullying whilst at the same time throwing incendiary devices at others. Man up and face up! In the event of any war vote I would like to see a Member (or more) of Parliament (selected at random, including the PM, that's why we have deputies) to be sent to the front to provide accurate reports of the effectiveness of any campaign. I think this would greatly help to focus the mind. 

3. We should help our NATO friends.
Absolutely! Of course all nations should do their bit. Terrorist atrocities can simply not be ignored. But sometimes a friend gives you wise counsel...not just telling you what you want to hear and recklessly charging around the corner with you. Britain is still great at many things. Apparently 60% of all high resolution reconnaissance comes from UK sorties. The UK is already in the air above Syria and doing good and valuable work. They can continue to do this...just without dropping bombs. Why doesn't the UK aspire to be a center of excellence for reconnaissance? This can still make a hugely valuable contribution to the global response to Daesh. Likewise, there is also much debate about the 70 thousand 'loosely' aligned ground troops. UK academia has plenty of understanding of the fabric that makes up the Middle East. Why not charge them with the responsibility for reporting on the alignments or 'pre-conditions' to talking between all these factions. Surely understanding them is better than bombing them. (Russia won't talk to Turkey, Turkey won't talk to the Kurds, factions won't talk to factions etc, etc.)

4. Terms of Reference.
Once their is a clear definition of what is acceptable intervention, then this intervention should be followed to conclusion. I'd like to see a clear distinction between bombing assets and bombing people. (Another thing about war that troubles me is the division of life and assets. The rank and file that make the 'Forces' what they are risk their lives. In the inevitable reconstruction process it is investors that reap the reconstruction dividend. All too often, these 2 circles do not overlap). 

5. The refugee crisis.
No one flees their home without reason. I dare say many Syrians would prefer to be 'at home' (who risks the lives of their children?) The fact that Europe is besieged with immigrants surely spells out that things are not right at home. I imagine bombs and the risk to life is one reason why people are fleeing. I don't understand how dropping more bombs alleviates the refugee crisis. I guess some will say maybe their needs to be some 'short term, regime change' pain, but to date in the Middle East we've seen nothing short term.

6. Parents.
Every soldier, every civilian and even every terrorist has a parent. That is potentially at lot of pain and anguish. Considering the human cost, i just feel there has to be a better way than greeting people with a fist.

Rant over. Back to Clearing and Settlement and the Blockchain.


S


In defence of Jeremy Corbyn
Naive he may be, but he’s consistent – and at least he’s thinking about the future
http://new.spectator.co.uk/2015/11/jeremy-corbyn-is-more-sensible-about-syria-than-david-cameron/

"Daesh hates being referred to by this term and what they don't like has an instinctive appeal to me."
http://i100.independent.co.uk/article/why-isis-will-hate-it-if-we-start-calling-them-daesh--bkC822p_zl

Friday, November 27, 2015

Blockchain Hype Curve, Gold, IoM...I want a Raspberry Pi not a mince one.

Where has November gone? Home straight to Xmas now and my favorite turning point, the Winter Solstice (Dec 22). I don't mind the cold...but I love watching the days grow longer.
(and hey, early evenings lend themselves to Xmas lights).

As ever the hype around FinTech rages. (see Accenture report of 14byn investment). In my slides I also include one from CB insights which shows who's jumping in when.

After looking at Bitcoin I wanted to check out other cryptocurrencies. There are 630+ of them with market caps all the way down to zero (well they use a ? on their website). I wonder, would anybody be interested in C&S coins? Worth a browse if you thought there was only one cryptocurrency: http://coinmarketcap.com/.

As promised I've also posted my slides from C&S conference:
This prompted me to update a few of the other tabs. If you notice any links not working or have other comments you'd like to make, more than happy to take them on board.

Also happy to pick up any threads if you think I've missed anything or if you'd like a more relevant explanation. Skipped MiFID this week so plan to catch up on that next week.

Have a great week-end one and all. Whatever your pleasure, enjoy your leisure!

Scott.

Blockchain


Interpreting Technology Hype
When new technologies make bold promises, how do you discern the hype from what's commercially viable? And when will such claims pay off, if at all? Gartner Hype Cycles provide a graphic representation of the maturity and adoption of technologies and applications, and how they are potentially relevant to solving real business problems and exploiting new opportunitieshttp://www.gartner.com/technology/research/methodologies/hype-cycle.jsp

Global investment in fintech ventures tripled to $12.21 billion in 2014

KYNETIX LAUNCHES BLOCKCHAIN CONSORTIUM FOR COMMODITIES MARKETS
UK-based Kynetix, a firm that deals in commodity post-trade technology platforms has launched a consortium focusing on integrating blockchain technology into commodities post-trades and mainstream financial services.

In a permissioned blockchain transactions are validated and processed by those who are already recognised by the ledger i.e. they have been authorised in advance and their identity is known. Their vote counts proportionally against everyone else’s, based on the specific rules of the ledger. 
There is much debate about whether permissioned blockchains are true blockchains. The purists believe that you cannot have a true blockchain without the bitcoin permissionless model which incentivises miners to do the verification work.
*** For Financial Services I believe it will be the 'permissioned' blockchain model that will prevail. At times I interchange this with 'consortium' blockchain (as a medium between the private and public extremes).

Global Arena Holding Comments On Nasdaq's Linq
Global Arena Holding, Inc. (the "Company") (OTC PINK: GAHC), a blockchain technology acquisition and development company, provides investors with commentary on Nasdaq's latest announcement regarding their new blockchain exchange, Nasdaq Linq.
The Company trades on the OTC Pink Sheets under the ticker symbol GAHC. The Company has been publicly traded since 2011 and holds a number of interests, including Global Elections Services, Inc., GAHI Acquisition Corp., and the Blockchain Technologies Corporation, Inc. The Company focuses on acquiring technologies, patents and companies having the ability to leverage the blockchain crypto technology.
http://www.marketwired.com/press-release/global-arena-holding-comments-on-nasdaqs-linq-otc-pink-gahc-2069756.htm
Note: GAHC has now acquired 100% of BTC, as in Blockchain Technologies Corporation (as opposed to Bitcoin!)

ASX considers blockchain for clearing and settlement

ASX AND THE PERTH MINT TO DEVELOP PRECIOUS METALS DERIVATIVES PRODUCTS
ASX proposes to distribute the new derivatives products to customers around the world using its 24-hour, globally connected network. The Perth Mint will provide physical precious metals and its world-class secure storage facilities in support of this. The first product is expected to be launched in the second half of 2016.

Microsoft launches cloud-based blockchain platform with Brooklyn start-up
Blockchain technology is not limited to bitcoin -- it can be used to secure and validate the exchange of any data.
One such company is Ethereum, which has built a fully programmeable blockchain. Technology giant Microsoft is using it for the blockchain platform.
The platform will be available to banks and insurance companies that are already using Microsoft's cloud-based Azure platform.

THE UK’S 25 HOTTEST NEW FINTECH STARTUPS

Bitcoin


How many crypto currencies are there? At least 623 at the last count.
Good summary of currencies and their market caps here:

Some Crypo Links to the current Top 5 (by market cap)

So, you'd like to try your hand at mining.
Which are the most profitable coins to mine?
Good summary here:

The Earliest Bitcoins....Rai stones of the Yap.

Free Bitcoins?

ISLE OF MAN TO CREATE CRYPTOCURRENCY BUSINESSES REGISTER
The Isle of Man Government's Department of Economic Development is looking to create a stand-alone register of Island-based digital currency businesses. In order to do so, they are using the protocol of a local block chain service provider, Pythia Limited.
*** Note. Pythia is the parent company of Credits.
http://www.credits.vision/

No place on the planet has welcomed digital currencies as warmly as the Isle of Man.
Rational Group, which owns the websites PokerStars and Full Tilt Poker.
Pythia, a Manx startup he founded that provides off-the-shelf software customers can use to create and run their own customized blockchains.
CoinCorner, a bitcoin exchange, on the island in 2014
TGBEX, sells physical bitcoins or—rather, as his lawyer always reminds him to clarify, lest he be classified as a foreign exchange operator—“decorative, metal novelty tokens.”
EVA Plexus, which created a protocol for storing data on the bitcoin blockchain.
Electricity is plentiful and reliable—as are the island’s ultrasecure, resilient data centers. And then there’s the island’s tax structure: no corporate tax; no capital gains or dividend taxes; and low rates of personal taxation, topping off at 20 percent

BITCOIN BANK NEXTBANK HALTS PUBLIC CROWDFUNDING PROCESS
The world’s first Bitcoin bank NextBank has confirmed that they have received $1.4 million in funding for 4% of the company from 2 venture capitalists from Europe this week. NextBank has previously received $0.95 million in private VC investment bringing the total investment capital to 2.35 million USD.
NextBank’s main goal is still to provide advanced banking services for Bitcoin and cryptocurrency clients around the world. NextBank accounts will be able to support 75+ currencies and precious metals. The modern Bitcoin bank will also offer global Debit Cards, accounts denominated in both fiat such as USD and various cryptocurrencies, SWIFT transfers, an escrow service, currency exchange, and much more.

https://nb.vu

BITCOIN TRADING PLATFORM ECOIN.EU LAUNCHES INSTANT BANK TRANSFER FOR EUROPEAN CUSTOMERS
On November 01, 2015 eCoin.eu together with Online Bank Transfer launched an instant funds deposit service for customers registered in Germany, Austria, France, Italy and Spain. Every customer from the above-mentioned countries possessing an e-Coin account can instantly transfer money from their local bank account and buy any cryptocurrency including Bitcoin.
eCoin.eu is a transparent trading service provider managed by Wallet Capital Group Inc. The company is registered in Panama under Offshore financial Operational Notice. eCoin.eu was founded in 2014.

Westpac VC invests in Bitcoin player Coinbase
In a deal that will put Westpac Banking Corp in the box seat as cryptocurrencies develop, the bank's venture capital fund, Reinventure Group, has invested in Coinbase, one of the world's pre-eminent Bitcoin companies.
In the first deal involving an Australian bank and a Bitcoin company, it is understood that Reinventure joined a $US75 million raising Coinbase conducted earlier this year, which also won support by some of the world's largest venture capital firms, the New York Stock Exchange and former Citigroup CEO Vikram Pandit.

Are bitcoin and the banks worth it or a waste of time?
The bank's (CBA) Ripple experiment is a long-term play. At this stage CBA, like everyone else, does not know whether Ripple, or bitcoin for that matter, will become dominant protocols that change the orthodoxy on how payments are sent and received. It might be that cryptocurrency volume continues to wane and the hype goes nowhere. But CBA does not want to be left on the sidelines if demand for cryptocurrencies takes off. It joins a handful of other early adopters elsewhere in the world – Germany's Fidor became the first bank to integrate Ripple's protocol into its payments infrastructure, with two US banks, CBW Bank and Cross River Bank, following suit four months later.

http://www.afr.com/technology/are-bitcoin-and-the-banks-worth-it-or-a-waste-of-time-20150604-ghh9n8#ixzz3sedSeFOF

Fidor Becomes First Bank to Use Ripple Payment Protocol
San Francisco-based decentralized payment network provider Ripple Labs has announced that German Internet direct bank Fidor is now using the Ripple protocol as part of its transaction infrastructure
.
http://www.coindesk.com/fidor-becomes-first-bank-to-use-ripple-payment-protocol/


Submission to the Inquiry into Digital Currency
The Reserve Bank of Australia has prepared this Submission for the Senate Economics References Committee’s inquiry into Digital Currency. The Bank recognises that the concept of a decentralised ledger is an innovation with potentially broad applications for a modern economy, and that digital currencies represent an interesting development in the payments and financial system landscape. Accordingly, the Bank takes an interest in digital currencies and monitors developments in this area.
Bitcoin Group
Hash Power to the Final Hour

(I love the strap line)

DigitalBTC
15 Jun 2014
DigitalBTC Makes History With Australian Stock Market Debut
DigitalBTC, which began as a mining operation but also engages in bitcoin trading and is developing retail and consumer applications 

http://www.coindesk.com/digitalbtc-makes-history-australian-stock-market-debut/
29 Sep 2015
DigitalBTC Bows Out of Bitcoin Mining Race 


Regulation

Financial benchmarks: Commission welcomes agreement on new rules to prevent manipulation
The agreement will improve the governance of such benchmarks produced and used in the EU in financial instruments such as bonds, shares, futures and swaps.
The Regulation will contribute to the accuracy and integrity of benchmarks used in financial instruments and financial contracts by:
– ensuring that benchmark administrators are subject to prior authorisation and supervision depending on the type of benchmark (e.g. commodity or interest-rate benchmarks);
– improving their governance (e.g. management of conflicts of interest) and requiring greater transparency on how a benchmark is produced;
– ensuring the appropriate supervision of critical benchmarks, such as EURIBOR/LIBOR, the failure of which might create risks for market participants and for the functioning and integrity of markets.

Stuff

Raspberry Pi Rolls Out $5 Computer
Ten thousand units of the device, about the size of a money clip, were being given away free in the U.K., packaged up with the December issue of The MagPie, Raspberry Pi’s magazine, which hit newsstands Thursday.

http://blogs.wsj.com/digits/2015/11/26/raspberry-pi-rolls-out-5-computer/?mod=trending_now_1

Alibaba Brought in $1 Billion During the First 8 Minutes of China's Black Friday
On Singles Day, the company alone made more money than every American online retailer makes on the weekend after Thanksgiving.
http://www.theatlantic.com/business/archive/2015/11/singles-day-alibaba-black-friday/415431/

YouTube Music Opens After a Year in Beta
YouTube Music, a longtime work in progress, is now available to iPhone and Android phone owners.
The app is Google parent Alphabet Inc.’s second built to rival Spotify, Apple Music, Tidal, Pandora and other streaming music apps out there. But YouTube Music differentiates itself by focusing on music videos and the enthusiastic, though not always pitch-perfect, amateur recordings that YouTube is known for.
http://blogs.wsj.com/digits/2015/11/12/youtube-music-opens-after-a-year-in-beta/?mod=WSJ_TechWSJD_NeedToKnow

Unicorn is a term in the investment industry, and in particular the venture capital industry, which denotes a start-up company whose valuation has exceeded (the somewhat arbitrary) $1 billion dollars.
Full graphic of Unicorns here:
https://cbi-blog.s3.amazonaws.com/blog/wp-content/uploads/2015/10/overcrowded-unicorns-v2.png

Friday, November 20, 2015

Whats wrong with Bitcoin, MtGox, Blockchain, C&S, Innovation....viva la France.

First thoughts to the French and all those touched by the dreadful events there. Although I'm not a soccer aficionado I could not help but be positively moved by the goodwill of the France v England match. Humanity can be so strong in the face of terrorism.

This week I was at Clearing and Settlement World. Good to catch up with may familiar faces and some new ones too. I spoke on Bitcoin. (I'll put the slides up on this site under the blockchain tab).

I started blogging for a variety of reasons. One of them was that blogging on an article would force me to have an internal discipline to formulate an opinion on what I read. We're all bombarded with news but I wanted to force myself to digest and comprehend more than the vanilla message of corporate communications.

And so to Blockchain and Bitcoin. I felt I was just regurgitating links. So, I've been immersing myself into Bitcoin to better understand the rise of the blockchain. And I have some conclusions on Bitcoin that give me some context to shape my opinions (of course I reserve the right to change my opinions as new information comes to light or indeed as and when I'm corrected). Hence a lot of background articles in this blog post.

Bitcoin gets a bad rap. Black market money like Silk Road and trading scandals like MtGox.  So what? Hard or fiat currency has always been used for crime (at least from what I gather from the movies). Why is digital currency any different? We're all familiar with trading scandals. Nick Leason is vermin...that does not mean Barings and derivatives are bad. I like Bitcoin (BTC).

Bitcoin has got problems.
1. Bitcoin relies on a code base. Those people that maintain and support that code base are not economically aligned with the success of bitcoin. At best, the great work of Bitcoin is supported by the Bitcoin Foundation (much the same as Wikipedia).
2. Bitcoin is slow. Not only is it slow, it is positively lethargic. Bitcoin relies on new blocks being validated every 10 minutes.
3. Bitcoin is expensive. Bitcoin ain't going to fix our micro transaction problems. (When I say expensive I do so in the context of transaction fees).
4. Bitcoin is not green. I think it is an environmental nightmare. There are various estimates, but one conservative academic paper I read put the consumption of electricity of Bitcoin miners on a par with the daily power consumption of Ireland (i.e. the country, not just a small island).

None of this is new and consensus is that the Blockchain, the Bitcoin enabling technology is the way to harness all that is good in Bitcoin. So we can focus on the commercial applications of the blockchain.
...and there is a funny thing. The blockchain is all about a open, publically shared ledger (OK, you can have a private ledger, personally I think we'll end up with consortium ledgers where regulators have a lens to see all activity). And then you go to all these web sites to try and get underneath the mechanics of the technology application and all I can say is details are scarce. I used to moan about Central Market Infrastructure transparency of pricing but at least you could down load their rulebooks and circulars.

Whatever your pleasure, go about it this weekend unreservedly but respectfully. (I went to see a couple of emerging live bands last night).

Via la France.


Blockchain


Economist article on blockchain.
* Note if you're not a subscriber it may want you to register.
The article is good, but I would say generalist. Nothing revolutionary here.
http://www.economist.com/news/briefing/21677228-technology-behind-bitcoin-lets-people-who-do-not-know-or-trust-each-other-build-dependable?frsc=dg%7Ca

Mt. Gox and Ripple Founder Jed McCaleb Unveils Project 'Stellar'
McCaleb is the original founder of defunct Japanese bitcoin exchange Mt. Gox and a co-founder of digital currency-focused payment network Ripple Labs.http://www.coindesk.com/mt-gox-ripple-founder-jed-mccaleb-unveils-project-stellar/

SpectroCoin.com (http://spectrocoin.com) users in London are able to spend bitcoins at a number of restaurants and coffee shops around London. This can be done due to SpectroCoin integration to a WoraPay platform.

MtGox.
Timeline of history / events.

...and a nice Bitcoin timeline of events.

The shady history of Mark Karples
http://www.dailytech.com/Bitcoin+King+Mt+Gox+CEO+Mark+Karpels+History+of+Arrests+Firings/article34442.htm

Some of Karples initial online dialogue after taking over at MtGox.
https://bitcointalk.org/index.php?topic=4187.0

MtGox Business Plan
http://www.scribd.com/doc/209535200/Business-Plan-MtGox-2014-2017#download

Mt. Gox and Ripple Founder Jed McCaleb Unveils Project 'Stellar'
and


Some great stats and graphs here:
https://blockchain.info/charts/transaction-fees


General News

Coal is dead? No one told ChinaThis one from real world mining.
http://www.mining.com/coal-is-dead-no-one-told-china/

Bitcoin Group Makes Third Attempt to IPO in Australia
http://www.coindesk.com/bitcoin-group-makes-third-attempt-to-ipo-in-australia/http://www.bitcoingroup.com.au/
http://www.bitcoingroup.com.au/wp-content/uploads/2015/09/BCG_prospectus.pdf

Bankchain Gold Trading
https://bankchain.com/allocated-gold-trading



Conferences


Clearing and Settlement World comes around again.
17th -18th Nov.
I'm delighted to be presenting Bitcoin / Blockchain.
http://clearingsettlement.wbresearch.com/speakers

Platforms

ICE agrees $650m Trayport acquisition
initial clients, which include Chain.com, the San Francisco-based blockchain API company that partnered with Nasdaq to develop the platform, ChangeTip, a Bitcoin company specializing in micro-payments, and PeerNova a blockchain-inspired ledger and database companyhttp://www.forbes.com/sites/laurashin/2015/10/27/nasdaq-unveils-blockchain-enabled-platform-linq-announces-6-inaugural-clients/

...The first participants will include: Chain.com, ChangeTip, PeerNova, Synack, Tango and Vera....
....Nasdaq recently announced it will undertake an effort to manage proxy voting via blockchain technology in Estonia, as its next proof-of-concept for the company's blockchain initiative....
http://www.nasdaq.com/press-release/nasdaq-announces-inaugural-clients-for-initial-blockchainenabled-platform-nasdaq-linq-20151027-00986#ixzz3s3N6a163

https://chain.com/
https://www.changetip.com/
http://peernova.com/
https://www.synack.com/
http://www.tango.me/
https://www.vera.com/

Stuff

Dyson on innovation.
“Creativity should be thought of as a dialogue. You have to have a problem before you can have the game-changing riposte.”(otherwise referred to as the "problem phase” of innovation).
Personally I subscribe to the 3 phase model of innovation:
1. Tinkering and refining Day to Day processes; (run the bank)
2. Thoughtful restructure or re-engineering of processes; (change the bank) and
3. Implementation and adoption of disruptive technologies.
https://www.linkedin.com/pulse/please-more-brainstorm-sessions-how-innovation-really-matthew-syed?trk=hp-feed-article-title-hpm

Clever advice on how to use your settings
https://www.linkedin.com/pulse/describe-your-career-six-words-less-bruce-kasanoff


Emotional Intelligence

I'm a big believer in EI. This article, due to the bullet points, is interesting, but I don't think it totally nails the topic, hence it doesn't inspire me to buy the book they're promoting.
https://www.linkedin.com/pulse/importance-being-genuine-dr-travis-bradberry?trk=prof-post


Stuff.
A wonderful crowd sourcing success story
Radical Bee Hive Rakes in $4.8 Million


Pythagoras' Theorem: .....................................24 words.
Lord's Prayer: ................................................66 words.
Archimedes' Principle: .....................................67 words.
Ten Commandments: ................................... 179 words.
Gettysburg Address: ......................................286 words.
US Declaration of Independence: ..................1,300 words.
US Constitution with all 27 Amendments: .......7,818 words.
EU Regulations on the Sale of CABBAGES:.....26,911 words.
(source: Mum)

The tree that is beside the running water is fresher and gives more fruit.
Saint Teresa of Avila


“The harder the choice, the less important it is”
Fredkin's paradox


Friday, October 9, 2015

Solent swim, John Lothian in London and a Symphony ABC...RWC

Please note the following with this posting.

1.    The Isle of Wight swim: please give me a heads up if you’re aware of anyone with MND.

2.    The forthcoming John Lothian education event in London. Free registration and spots available at: http://www.marketswikieducation.com/ewiki/index.php/London_2015

3.    Do enjoy the Rugby World Cup, whoever your team.





Well, after much preparation, conditions did not lend themselves to the Isle of Wight crossing going ahead.
I always knew health and safety was a risk...and so it was.

That said, it takes nothing away from the frustration.
I geddit: The Harbour Master has to have his (/her) say, as after all there is a shipping channel to cross; The RNLI have to have their say, as they're on the water on standby; and The Organisers and support crew have to have their say, because they want to host an event of good repute and be able to adequately support the swimmers.
As a participant, you hear the logic but you do feel there is no voice calling out to say, well maybe we could try this, or that. (I did suggest entering the water up-current and making a final call on the channel crossing once we were actually at the shipping lane, which is a good 40mins into the swim, allowing time for the weather to break).
Then what about fund raising? What do you say to people that sponsor you...for an event you don't do?
Anyway, rant over (and I do see the selfishness of this).
I'm just grateful to have the luxury of the opportunity to take up the challenge.

There were 2 reasons I chose to take up the Solent challenge.
My mother had initially sewn the seed in 2013. A friend of hers, Ian Pratt, had been diagnosed with MND and the swim was being done in his honour.
Her logic: She likes Ian and I like swimming.

But the real catalyst was when, after returning from another stint in Australia, I bumped into a long standing industry colleague, Dave Setters (ex FOW) at an FIA event. It was when he explained the immobility in his arms was a result of MND that my resolve was set. I wanted to do something to acknowledge the bravery that Dave displayed.
and

We’re lucky to have choices, even if they are not always easy ones...but we have choices.
My heart goes out to those who don’t have choices, like those with MND.

The image with this weeks blog is Dave and I with the Isle of Wight in the background.
Not prepared to settle down, Dave has…
… just started to investigate with the MND Association as to the possibility of setting up a City Network for MND with the goal of raising awareness and funds. I'm therefore interested in finding out through my contacts, if they know of anyone in the City who has been "touched" by MND in some way. That is people who have it, like myself, and are still relatively healthy or people that are caring for or have cared for or who know friends, family and colleagues with it.

If you think that you know someone whose life has been touched by MND, please do let me know and I’ll pass your details onto Dave.

Events & John Lothian

I have been a long term fan of John Lothian News, indeed, an important news feed for me, for many of my blog musings.

The team there also do a tremendous amount of good work in terms of educating both new and old on what is happening in our markets. E.g.http://www.marketswiki.com/mwiki/Main_Page

Occasionally, they come to visit London with the intent of spreading the good word. This event in October is free to register / attend. It is ideal for those who are new to the industry and looking for a better understanding and some insights.
Do feel free to pass this link:


Blockchain and Disruptive Technology

Whose doing what?
I’m pulling together a matrix of all the providers and vendors in the space.
My objective is to end up with a sample of ‘real’ use cases (supported by web sites with tangible content).
This is one starting point.

Ripple Labs
Ripple Unveils Next-Generation System for Digital Transaction Consensus

Basically Ripple have published a White Paper: The Ripple Protocol Consensus Algorithm (RPCA) which takes a new look at getting around the burdensome proof-of-work.

The goal of the RPCA is to make it possible for a globally disconnected network to agree without relying on proof-of-work infrastructure.
Each server in the Ripple network is tasked with voting on a new batch of candidate transactions during rounds that take place every few seconds. Transactions agreed upon by the network are confirmed and made permanent once the round closes.
This approach is different from bitcoin’s, for which several confirmations by the mining network are often needed before bitcoins can be used or re-spent. Election node systems have been utilized in other block chain applications in the past, including projects like darkcoin that mix transactions through a network of master nodes.
Full paper available here:

Symphony

Google Alphabet is to participate in a new round of funding for bank-backed messaging platform Symphony, valuing the startup at $650 million.

The financial institutions partnering to establish this new communication ecosystem include BofA Merrill Lynch, BNY Mellon, BlackRock, Citadel, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, Jefferies, JPMorgan, Maverick, Morgan Stanley, Nomura and Wells Fargo.

What's the difference between Google and Alphabet?
Most of Alphabet's staff still work for Google, which remains the corporate home of Android, YouTube, Google Apps, Google Maps and Google Ads, as well as the eponymous search engine that started it all. Another seven companies have been established as Alphabet subsidiaries. These are Calico, Google Life Sciences, Nest Labs, Google Fiber, Google X, Google Ventures and Google Capital.
and some good (cynical) comments at the foot of this article.

Banking

£400 million – to be spent on RBS and NatWest branches refurbishments this year, with 16 a week expected at the programme’s peak
2% – of payments and transfers by HSBC customers are now done in a branch

The Bank of England on Cash (and the future of)

..Despite the advancements in technology, cash continues to offer a unique set of attributes as a medium of exchange that sets it apart from the alternatives. The Bank commissioned 2014 survey found that people like cash because it is:
·         Fast and convenient;
·         Universally accepted;
·         Helpful for budget management;..
·         provides immediate final settlement at no visible to the consumer;
·         with no reliance on technology and central infrastructure; and
·         is entirely anonymous, enabling transfers of value without any record being kept.

Bank of England quarterly bulletin update on OTC Clearing.
Over-the-counter (OTC) derivatives markets have grown significantly over recent decades. These markets facilitate the hedging of risk, but they can also give rise to complex exposures within the financial system. These include the greater use of central counterparties (CCPs) to ‘centrally clear’ transactions, managing risk within the system. The concentration of risk within CCPs does however highlight other challenges, including the need for supervisory co-operation internationally. Authorities are working to address these issues.

The Forum
The Bank will hold an Open Forum on 11 November in the Guildhall.  To map a positive future for financial markets, the event will bring together policymakers, financial market participants and users, academics, media representatives and wider society. 
Public registration is now open.  The online portal will be available until 23 October, with attendance determined shortly thereafter by a ballot.

Bank of England will announce the results of the UK stress tests on 1st Dec 2015.

The Basel Committee on Banking Supervision has today published a report on the regulatory consistency of risk-weighted assets (RWAs) for counterparty credit risk. This study is a part of its wider Regulatory Consistency Assessment Programme (RCAP), which is intended to ensure consistent implementation of the Basel III framework.

Foreign Exchange Benchmarks: Report on progress in implementing the September 2014 recommendations

In 2014 the FSB published recommendations for reforms to foreign exchange (FX) benchmarks. The recommendations responded to concerns raised about the integrity of FX benchmarks stemming particularly from the incentives for potential market malpractice linked to the structure of trading around the benchmark fixings. This report draws on assessments of progress made by the main foreign exchange committees, as well as by central banks in other large FX centres, to meet the 2014 recommendations. 

SANTANDER'S BOTIN CALLS FOR LEVEL PLAYING FIELD WITH NEW TECH RIVALS
Santander Group chair Ana Botin has called for a level playing field between banks and the raft of new tech firms looking to muscle their way into the financial services industry.
Although hailing the fact that digital has enabled Santander to have a 47% cost-income ratio, she stressed that "we have 13,000 branches and we believe very much in that personal contact.”

BRITISH INFLUENCE: EU AUDIT
This paper discusses the EU’s finances with particular reference to two complaints frequently made about the European Union’s finances: that the European Court of Auditors each year ‘refuses to sign off the accounts’; and that the EU budget is subject to high levels of fraud.
By Jove….these are some jolly senior experts…eh wot!
Full paper here:

ICE names William Hague as incoming chairman of European unit
"Our markets will benefit from Mr. Hague's private and public sector expertise as we seek to continue to grow by serving our customers in new ways," Jeffrey Sprecher, chief executive officer of ICE, said in a statement.

Iress expands in UK with acqusitions of Proquote and Pulse
Proquote, an LSE portfolio company since 2003, operates the Retail Service Provider network that offers retail trading in the United Kingdom. The acquisition by Iress also includes LSEHub, a FIX order routing business which provides trade order connectivity between institutional investors and brokers.
In announcing the sale, the LSE says that Proquote is "not central to its strategy" for the enlarged Information Services Division.

Stuff:
Amazing, Aust has another PM.

That’s 5PMs in as many years.

A tale of blood letting here:
Australia: Coup capital of the democratic world

Rugby World Cup: England exit prompts ticket resale bonanza