RULEMATCH Spot On

RULEMATCH

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RULEMATCH Spot On is the only podcast focused exclusively on the institutional crypto and digital assets industry. Hosted by Ian Simpson, each episode brings in-depth conversations with people "in the know" about what banks, hedge funds, asset managers and other institutions are doing in crypto and digital assets - and how they are doing it. Official RULEMATCH Channel

MAR 2

Fund Tokenization in Focus - Daniel Coheur (Apex Group)

The potential for tokenization is massive - and that applies to the fund industry as well. When smart contracts can help streamline investor onboarding, subscriptions and more, the sky is the limit. Who has been building for this future? Apex Group, one of the world's largest and most sophisticated firms in the space. On RULEMATCH Spot On, host Ian Simpson sat down with Daniel Coheur, Global Head of Digital Assets at Apex Group (and formely co-founder of Tokeny) to dive into how the company is preparing for an on-chain future. Show notes: 00:40 - Intro 1:38 - Introduction to Apex Group 2:57 - Two sides of the coin with funds 4:03 - The main driver towards the tokenization of funds 5:37 - The specific benefits of tokenization for funds 7:38 - How a blockchain changes things for funds 10:10 - Possibilities for new instruments 11:01 - Copying the innovation of Franklin Templeton 12:41 - The different layers of tokenized funds 16:13 - The bigger picture with tokenization of funds 17:26 - Introducing asset ID and dealing with the taxonomy 19:07 - The risk of tokenized funds with SPVs 19:55 - A complete view of what tokenization is 23:06 - What the dynamic of ETFs and mutual funds means for tokenized funds 24:04 - Why secondary markets are key 27:41 - What segments are most important 29:51 - Large asset managers in the space 32:48 - Public vs private instruments 33:52 - Global considerations for tokenization at Apex 35:57 - Europe and the pilot DLT regime 36:29 - Finality and a CSD 38:09 - Use cases based on geography 39:41 - The “middle market” that wants tokenization 40:56 - The Swiss DLT law and CSDs 43:29 - Being prepared for the future 44:56 - The need for netting 46:17 - Wallet infrastructure for greater distribution 47:15 - The future of the DLT pilot regime in Europe 49:07 - The backstory of ERC-3643 56:10 - On-chain ID and ERC-3643 58:01 - Working with companies like Microsoft for ID solutions 1:02 - Looking to the future ----- ABOUT THE HOST: Ian Simpson is Director of Marketing and Communication at RULEMATCH as well as host of the RULEMATCH Spot On podcast, focused exclusively on the institutional crypto and digital assets industry. Previously he was Head of Marketing at Bitcoin Suisse and Head of Communications at the Crypto Valley Association. Ian is a veteran of the Swiss crypto and digital assets industry since 2017. His insights on the Swiss crypto and blockchain ecosystem have been featured in CoinDesk, the leader in blockchain news. ------ Disclaimer:The information contained in this podcast about RULEMATCH AG (“RULEMATCH”) and any guest company is for general informational purposes only and should not be considered exhaustive. They do not imply any elements of a contractual relationship nor any offering.

1h 4m
FEB 1

When Crypto Markets Go Direct - Thomas Restout (B2C2)

Crypto markets are in constant flux. Not only do prices change, but liquidity ebbs and flows and market participants change their approach.How are financial institutions using their balance sheet to trade today? Is there a future for OTC and CLOB trading side-by-side? How might (big) banks position themselves for a tokenized world?Host Ian Simpson sat down with B2C2 Group CEO Thomas Restout for an in-depth conversation with perspectives from one of the market's largest and most experienced market makers and OTC trading firms.Show notes: 1:18 - Intro 2:15 - Has volatility disappeared? 5:06 - How are institutions "playing" the market? 7:23 - Adoption and shifting attitudes in the market 9:30 - How to think about OTC trading in the market today 11:07 - The real reason that some firms prefer to trade OTC 13:12 - How OTC trading has changed in crypto markets 14:22 - Price discovery and spreads in OTC trading 16:50 - How trading firms can be prepared for events like 10/10 19:07 - Volatility and an example trading scenario 20:42 - The ongoing evaluation of risks in bilateral market relationships 23:08 - Drilling down on settlement risk 26:08 - DvP as a mitigant to settlement risk 27:45 - Innovations to change up the landscape 29:11 - Triparty settlement solutions as a "middle way" 30:39 - Prime brokerage as an "accelerator" 34:02 - Advising Jamie Dimon and JP Morgan on crypto trading 39:46 - Getting ready for what comes after crypto with tokens 40:17 - Do banks want to own the "rails" for payments and settlement? 43:03 - B2C2 and tokenized bank deposits (JPM Coin) 44:31 - JP Morgan as an ideal partner 46:18 - B2C2's perspective on the future of tokenized assets 48:56 - Struggling to find the "real use case" of BENJI etc 49:46 - Creating bigger impact with tokenized money market funds 51:13 - Is B2C2 looking at M&A? 54:02 - Retail and the adoption of on-chain assets 55:15 - The future belongs to...?-----ABOUT THE HOST: Ian Simpson is Director of Marketing and Communication at RULEMATCH as well as host of the RULEMATCH Spot On podcast, focused exclusively on the institutional crypto and digital assets industry. Previously he was Head of Marketing at Bitcoin Suisse and Head of Communications at the Crypto Valley Association. Ian is a veteran of the Swiss crypto and digital assets industry since 2017. His insights on the Swiss crypto and blockchain ecosystem have been featured in CoinDesk, the leader in blockchain news.------Disclaimer: The information contained in this podcast about RULEMATCH AG (“RULEMATCH”) and any guest company is for general informational purposes only and should not be considered exhaustive. They do not imply any elements of a contractual relationship nor any offering.

58 min
JAN 14

The Road Towards Tokenization - German Sanchez (Broadridge Financial)

The largest financial institutions in the world are moving towards tokenized markets. Banks, custodians and asset managers all have plans to revolutionize financial markets. Some are faster than others...But how will it actually work? Are there some parts of the technology stack that are unsolved yet? How do we get beyond "tokenized wrappers" to true tokenized securities?Host Ian Simpson sat down with Broadridge Financial's Chief Product and Strategy Officer German Soto Sanchez to explore the results of Broadridge's recent institutional survey and discuss all this - plus the company's Tokenized Repo platform - and more. SHOW NOTES:3:08 - Who is Broadridge Financial?5:21 - How does Broadridge power TradFi?6:09 - Can TradFi systems be ready for tokenization?8:35 - Pulling the worlds of TradFi and digital assets together10:42 - The Broadridge institutional digital assets survey17:02 - How big players like asset managers can expand their involvement in tokenized markets21:28 - Linking digital asset market participants together22:28 - How are wealth managers, asset managers, custodians preparing for what comes next?25:51 - When big players like J.P. Morgan move into digital assets26:47 - How intraday liquidity could change markets29:04 - Unlocking new functionality with blockchain and tokens32:49 - Democratization and increased financialization of markets35:27 - Changing Broadridge systems to handle tokenization37:07 - The three kinds of tokenization and the problem with tokenized stocks40:23 - $300 billion on the tokenized repo platform of Broadridge45:21 - Looking to the future -----ABOUT THE HOST: Ian Simpson is Director of Marketing and Communication at RULEMATCH as well as host of the RULEMATCH Spot On podcast, focused exclusively on the institutional crypto and digital assets industry. Previously he was Head of Marketing at Bitcoin Suisse and Head of Communications at the Crypto Valley Association. Ian is a veteran of the Swiss crypto and digital assets industry since 2017. His insights on the Swiss crypto and blockchain ecosystem have been featured in CoinDesk, the leader in blockchain news.ABOUT RULEMATCH: RULEMATCH is the premiere crypto and digital asset trading venue for financial institutions. It operates as a market operator for spot trading of the most liquid cryptocurrencies vs fiat. RULEMATCH is never a counterparty in trading. Fiat funds are held in fiduciary accounts with a state-guaranteed, AA+-rated Swiss bank and cryptocurrencies are handled on fully segregated wallets. With integrated multilateral clearing and post-trade settlement, as well as institutional-grade trading technology, RULEMATCH helps provide ultra-low latency, capital efficient trading and robust market integrity. Its offices and operations are located in Zurich – the heart of Europe. Its participant network is open to banks and securities firms only and limited to select countries. RULEMATCH is not available to US-based financial institutions. ------Disclaimer:The information contained in this podcast about RULEMATCH AG (“RULEMATCH”) and any guest company is for general informational purposes only and should not be considered exhaustive. They do not imply any elements of a contractual relationship nor any offering.

49 min
10/06/2025

Pioneering Tokenized Funds - Roger Bayston (Franklin Templeton)

With nearly half a billion in assets, Franklin Templeton's pioneering tokenized money market fund - popularly known as BENJI - is clearly a success. But…how did it come about? What does the $1.6 trillion asset manager think tokenized assets will do for capital markets? And what still needs to happen for blockchain rails to go “big time” in the global world of finance? Franklin Templeton’s Head of Digital Assets Roger Bayston sat down with Ian Simpson to discuss all this and more on RULEMATCH Spot On. 1:46 - Intro 2:46 - The motivation behind FOBXX / BENJI 5:33 - Why a tokenized money market fund? 6:45 - Who is buying BENJI? 8:00 - Interest from crypto-native hedge funds 9:40 - Why tokenize when the market isn’t ready? 11:23 - Upgrading the velocity of money moving in funds 13:30 - Why the BENJI app? 15:17 - How does BENJI trading work? 18:00 - The “white-label” ecosystem of Franklin Templeton 20:50 - Who should get into tokenization as well? 21:54 - An “ideal” relationship between Franklin Templeton and Morgan Stanley 23:33 - The massive adoption of Web 3.0 wallets 24:38 - The innovation of intraday yield 25:30 - Adoption among market makers 26:49 - The real advantages of going fully “on-chain” 28:46 - The hot topic of stablecoins 29:56 - The “cold hard geopolitical fact” of US-backed stablecoins 31:22 - The holy grail of yield with stablecoins 32:19 - J.P. Morgan and Web 3.0 wallet-based organizations 34:48 - Franklin Templeton’s conviction about Web 3.0 35:02 - Coming to terms with the “financialization” of crypto 37:33 - The amazing thing about financial advisors in the US 38:07 - Financial institutions’ attitude towards tech 40:12 - What comes next for tokenization? 41:14 - CALPERS and tokenized investments 44:29 - Shifting what “is possible” for investments 45:29 - The considerations for choosing a blockchain to use 48:08 - Working with “digital nation states” 49:55 - What could come next?-----ABOUT THE HOST: Ian Simpson is Director of Marketing and Communication at RULEMATCH as well as host of the RULEMATCH Spot On podcast, focused exclusively on the institutional crypto and digital assets industry. Previously he was Head of Marketing at Bitcoin Suisse and Head of Communications at the Crypto Valley Association. Ian is a veteran of the Swiss crypto and digital assets industry since 2017. His insights on the Swiss crypto and blockchain ecosystem have been featured in CoinDesk, the leader in blockchain news.------Disclaimer:The information contained in this podcast about RULEMATCH AG (“RULEMATCH”) and any guest company is for general informational purposes only and should not be considered exhaustive. They do not imply any elements of a contractual relationship nor any offering.

52 min
09/15/2025

Setting Up for Crypto - Pedro Hubli & Michael Rausch (ZKB)

Zürcher Kantonalbank is Switzerland’s 2nd (or 3rd…) largest bank by balance sheet. One year ago it launched a crypto service offering with much fanfare. Now in an exclusive session, RULEMATCH Spot On host Ian Simpson sat down with two of the main persons responsible for the launch of ZKB’s crypto services - Head Digital Assets Solutions Pedro Hubli and Product Manager Digital Assets Michael Rausch. They dove into the backstory of the bank’s move into crypto, how being a state-owned, AAA-rated bank influenced what (and how) ZKB implemented its offering. Plus - Pedro and Michael discussed how crypto fits into the bank’s overall view on digital assets - and what “could” be a motivating factor for the bank to get involved in stablecoins. Show notes: 2:13 - How big (and important) is Zurcher Kantonalbank? 3:31 - What does it mean to be a state-owned bank? 4:29 - The background of ZKB’s crypto offering 6;:28 - Evaluating AML, risk, trading/custody setup 9:09 - Consulting the competition about custody and more 10:29 - How tokenization started the ball rolling 12:17 - Is it now “bitcoin AND blockchain” ? 13:22 - The lifecycle of crypto at ZKB: buying BTC with a broker 16:04 - The lifecycle of crypto at ZKB: booking and custody 18:44 - FOMO in the market because of ZKB’s crypto offering 20:49 - Best pricing for clients 22:50 - “Just another asset class” ? 23:46 - (Negative) surprise along the way 25:24 - The average ZKB crypto investor 26:54 - ZKB’s visibility in the market with crypto 30:14 - Crypto, digital assets and the changing face of finance 32:03 - PoCs are dead, real value reigns 32:53 - The missing cash leg (stablecoins) 35:33 - The missing cooperation in Switzerland 37:19 - Different kinds of stablecoins 38:34 - Where does tokenization take off? 43:00 - ZKB and non-bankable assets 44:37 - ZKB’s potential role in an on-chain finance world 45:40 - What is still missing for tokenization? 46:30 - The need for secondary markets 50:02 - Building on Ethereum and following the trend 51:30 - Final advice for other banks moving into crypto ----- ABOUT THE HOST: Ian Simpson is Director of Marketing and Communication at RULEMATCH as well as host of the RULEMATCH Spot On podcast, focused exclusively on the institutional crypto and digital assets industry. Previously he was Head of Marketing at Bitcoin Suisse and Head of Communications at the Crypto Valley Association. Ian is a veteran of the Swiss crypto and digital assets industry since 2017. His insights on the Swiss crypto and blockchain ecosystem have been featured in CoinDesk, the leader in blockchain news.------Disclaimer:The information contained in this podcast about RULEMATCH AG (“RULEMATCH”) and any guest company is for general informational purposes only and should not be considered exhaustive. They do not imply any elements of a contractual relationship nor any offering.

54 min
08/26/2025

Views on Digital Asset Markets - Scott Lucas (J.P. Morgan)

The largest financial institutions in the world are taking technology seriously - both as an opportunity and a risk. The same goes for the nascent crypto and digital asset industry. In conversation with Ian Simpson, J.P.Morgan Managing Director and Head Markets Digital Assets Scott Lucas discussed the tectonic plates moving in capital markets, the potential for DLT and blockchain to bring value to established market participants - and how large financial institutions are thinking about the future of markets. He also discussed the value (real and perceived) of tokenization, the potential for stablecoins, including why “competition is good” - and how settlement could and should look in digital asset markets. (00:58) - Intro (3:40) - What makes "good markets" ? (6:06) The "optimal mix" or "minimal threshold" for new markets (7:31) How J.P. Morgan looks at markets - new and old (8:48) - The minimum barrier in crypto markets (11:34) - The art of the possible and the useful (12:34) Evaluating risk factors in new markets like crypto (14:44) New technology alongside existing frameworks (15:31) J.P. Morgan's inter-day repo as an example (17:01) The high-level benefits of DLT and blockchain tech (18:18) A wider-flatter market vs narrow and centralized (19:15) If a regulator said "yes" today... (20:07) When innovation comes to the table (21:08) "Entitled" transparency (22:07) Top-down vs bottom-up "shift" (24:56) US vs Switzerland in the regulatory race (26:24) Placing the "barrier" in the right spot (28:18) The opportunity for Switzerland (29:43) Capital requirements as a "gating factor" (32:24) Financial market infrastructure for a bank like J.P. Morgan (33:29) The downside of disintermediation (34:12) Copying current capital market processes (37:06) Some things are here for a reason... (38:37) The ideal settlement model for big banks in digital assets (40:41) The meaning of stablecoins for big banks (43:53) Stablecoins in the wider capital markets (45:05) Stablecoins as a settlement mechanism (46:28) J.P.Morgan and tokenization (49:13) Mobilizing (tokenized) collateral to support margin (53:25) Different markets or one market? (55:22) Partnerships moving the market forward (57:11) What would really draw J.P. Morgan into crypto and digital assets? ----- ABOUT THE HOST: Ian Simpson is Director of Marketing and Communication at RULEMATCH as well as host of the RULEMATCH Spot On podcast, focused exclusively on the institutional crypto and digital assets industry. Previously he was Head of Marketing at Bitcoin Suisse and Head of Communications at the Crypto Valley Association. Ian is a veteran of the Swiss crypto and digital assets industry since 2017. His insights on the Swiss crypto and blockchain ecosystem have been featured in CoinDesk, the leader in blockchain news. ------ Disclaimer:The information contained in this podcast about RULEMATCH AG (“RULEMATCH”) and any guest company is for general informational purposes only and should not be considered exhaustive. They do not imply any elements of a contractual relationship nor any offering.

1 hr
07/27/2025

Crypto Market Structures - Part 2 of Chris Zuehlke (DRW/Cumberland)

As the crypto and digital assets industry continues to “grow up” - a lot of hard work is being done. Some of it is known - some of it “under the radar”. And some of the most foundational work in digitizing capital markets is being supported by some of the largest TradFi trading houses in the world. In Part 2 of the episode, Chris Zuehlkle, Global Head of Cumberland, the crypto arm of DRW and RULEMATCH Spot On host Ian Simpson discussed some of the latest developments present - and future - in the crypto and digital assets space. Will OTC and lit markets continue to co-exist side by side? What will the US GENIUS and Clarity Acts mean for stablecoins and digital assets? How will tokenization among financial institutions develop? What early theses in crypto have not come true? 2:16 - OTC and CLOB in Cumberland's view of market structure 5:03 - The effects of regulation on the number of market participants 7:27 - A story about Chris as a "market structure geek" 11:00 - DeFi as the sandbox and how TradFi is "cherry-picking" 12:55 - The "state of play" in tokenization 14:24 - Two important steps for the industry 15:18 - Reducing uncertainty with collateral tokenization 17:34 Tokenization in repo markets & a $100 million example 19:39 - Who will push tokenization forward? 20:03 - Privacy as a "headwind" and cooperation with Canton Network 21:27 - Why Chris treats US crypto regulation as his "kids" 23:19 The crucial role of the Clarity Act 25:26 - The chances of the SEC and CFTC working together 27:42 - Interacting with regulators and giving feedback 28:53 - A thought experiment with Reg-NMS and tokenized equities 31:14 - A comparison of US and European crypto regulation 32:49 - How Cumberland tries to stay "efficient" with regulation 34:33 - The amazing things about stablecoins and being integrated into Cumberland 37:03 - How the stablecoin bill (GENIUS Act) unlocks new utility 37:21 - The debate about fully-backed or tokenized fractional deposits 39:08 - Crypto M&A picks up 41:59 - A look back into the crystal ball ----- ABOUT THE HOST: Ian Simpson is Director of Marketing and Communication at RULEMATCH as well as host of the RULEMATCH Spot On podcast, focused exclusively on the institutional crypto and digital assets industry. Previously he was Head of Marketing at Bitcoin Suisse and Head of Communications at the Crypto Valley Association. Ian is a veteran of the Swiss crypto and digital assets industry since 2017. His insights on the Swiss crypto and blockchain ecosystem have been featured in CoinDesk, the leader in blockchain news. X: https://x.com/ian_simpson80LinkedIn: https://www.linkedin.com/in/iasimpson80/ More about RULEMATCH: https://www.rulematch.com/ ------ Disclaimer:The information contained in this podcast about RULEMATCH AG (“RULEMATCH”) and any guest company is for general informational purposes only and should not be considered exhaustive. They do not imply any elements of a contractual relationship nor any offering.

44 min
07/14/2025

Crypto Market Structures - Part 1 of Chris Zuehlke (DRW/Cumberland)

Capital markets are in a state of flux - because of geopolitics, macro trends - as well as technology, like crypto and blockchain. But some things remain the same - a need for effective use of capital, transparency and reducing uncertainty. Chris Zuehlkle, Global Head of Cumberland, the crypto arm of DRW, knows all about it. From the early days of DRW’s foray into crypto, Chris has been involved in building Cumberland’s digital asset business and exploring all the challenges and opportunities. In Part 1 of the episode, Chris and Ian Simpson explore: - The resiliency of crypto markets- How crypto market structures have changed in 10 years - Risk management principles related to trading and settlement - The need for tokenized collateral ...and much more. 1:38 - Intro and bio of Chris Zuehlke 3:15 - How healthy are crypto markets today? 4:56 - What would help market resiliency? 5:25 - Addressing one of the biggest TradFI weakenesses 6:34 - The beginning of Cumberland 8:49 - Staying true to TradFi risk management best practices 9:59 - The rapidly evolving market 10:26 - A trading firm’s perspective on market opportunities 11:43 - Curiosity with a “big boy” attitude 12:44 - Being a trusted counterparty 14:14 - Building robust processes in crypto markets 16:20 - What is “counterparty risk” today? 17:43 - Why Cumberland is a “thoughtful organization” 19:16 - Making painful decisions about market opportunities 21:05 - How “new entrants” could raise the standard 23:41 - Has handling risk in crypto gotten easier? 24:33 - The “staggered development” of the market 26:22 - The state of vertical integration in crypto market players 29:49 - How DRW/Cumberland thinks of trading opportunities in crypto today 32:53 - Does self-interest lead to a more balanced market? 33:09 - How will low-latency tech change the game going forward? 36:24 - Avoiding pre-funded trading…and why 38:33 - How (and when) does Cumberland settle trades? ABOUT THE HOST: Ian Simpson is Director of Marketing and Communication at RULEMATCH as well as host of the RULEMATCH Spot On podcast, focused exclusively on the institutional crypto and digital assets industry. Previously he was Head of Marketing at Bitcoin Suisse and Head of Communications at the Crypto Valley Association. Ian is a veteran of the Swiss crypto and digital assets industry since 2017. His insights on the Swiss crypto and blockchain ecosystem have been featured in CoinDesk, the leader in blockchain news. ------ Disclaimer:The information contained in this podcast about RULEMATCH AG (“RULEMATCH”) and any guest company is for general informational purposes only and should not be considered exhaustive. They do not imply any elements of a contractual relationship nor any offering.

41 min

RULEMATCH Spot On is the only podcast focused exclusively on the institutional crypto and digital assets industry. Hosted by Ian Simpson, each episode brings in-depth conversations with people "in the know" about what banks, hedge funds, asset managers and other institutions are doing in crypto and digital assets - and how they are doing it. Official RULEMATCH Channel

Creator

RULEMATCH
Years Active

2024 - 2026
Episodes

38
Rating

Clean
Copyright

© RULEMATCH
Show Website

RULEMATCH Spot On