RULEMATCH Spot On

RULEMATCH

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RULEMATCH Spot On Podcast

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.

AUG 28

RULEMATCH Spot On - Tradition Meets Crypto

Swiss private banks are known for their long tradition of service - and in some cases their agility. Zurich-based Maerki Baumann Privatbank is an excellent example of this. As one of the first banks in Switzerland - and in Europe - to offer crypto services, it got a head-start on the industry in 2018. But how did Maerki Baumann make the decision to do crypto? How did its service offering develop and what were the keys to success for the private bank, which has been in the business for 5 years and recently launched ARCHIP, a new brand, to support its crypto service offering? CEO Dr. Stephan Zwahlen spoke to RULEMATCH Spot On host Ian Simpson about all this - and more. (1:31) Intro (2:22) The backstory of Maerki Baumann’s entry to crypto (4:01) The original client target group and offering (5:47) Evaluating the potential offering (8:25) How the “bridge” between wealth management and crypto formed (9:09) The positioning of Maerki Baumann among “crypto banks” (11:42) The generational growth of crypto asset interest (12:35) Crypto services as a growth driver for the bank (13:40) Maerki Baumann as a “startup” (15:11) Agility and partner banks as the key to growth (16:07) The alternative to size for growth (16:54) Crypto as a percentage of Maerki Baumann’s business (19:30) Setting up processes for crypto business (21:31) Building the Maerki Baumann core crypto team (23:18) The advantage of due diligence (24:15) Reducing friction for the end client (26:39) Risk management with partners (28:03) The value of partners beyond crypto (29:01) The growth of Maerki Baumann’s positioning (30:57) Widening the crypto offering (33:47) The ongoing fiat/crypto topic (35:30) Competition in the custody space - and beyond (40:37) Looking back on the growth of the Swiss crypto ecosystem (44:02) Can Switzerland keep up? (45:00) Preparing for adoption of digital assets (46:15) Final advice to other bank CEOs ----- 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.

50 min
AUG 13

RULEMATCH Spot On - Delivering on Digital (Part 2)

How do you lay the foundation for fully digital capital markets? How far has work actually come in integrating a central bank digital currency into efforts towards tokenization? And how is Switzerland pushing the industry forward in the next evolution of financial markets? In Part 2 of this RULEMATCH Spot On episode, Ian Simpson and David Newns, Head of the SIX Digital Exchange (SDX) discuss the different ways that Switzerland has played a leading role in the development of the digital assets industry globally - with the support of the Swiss National Bank and others and with close input from FINMA. Episode show notes: (1:57) - Project Helvetia and why “equivalence” is a victory for Switzerland (5:59) - The evolution of banks’ capabilities with digital assets (9:24) - How banks are opening their minds to new use cases (10:38) - Growth in number of member banks on SDX (11:50) - Banks building or offering custody services for digital assets (13:02) - Details on custody setup on SDX (14:12) - The chicken-egg topic of dealing with crypto and digital assets (16:13) - Looking at SDX’s crypto custody services and repo services (17:26) - How custody will enable crypto collateral mobilization from banks on SDX (20:49) - Why collateral and lending with digital assets is critical in capital markets (21:59) - Regulatory advancements (in Europe and Switzerland) and their implications (23:51) - The significance of USDC/EURC MiCA approval (24:42) - The challenges of DLT securities in Switzerland (27:57) - Switzerland’s “central” role in global CBDC projects (33:07) - Why Switzerland is still “winning the digital assets race” (35:34) - A “sea change” in digital assets moving things forward ----- 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.

40 min
AUG 5

RULEMATCH Spot On - Delivering on Digital (Part 1)

Digital capital market infrastructure lays a foundation for a new evolution in finance - one that combines proven parts of traditional structures and the potential of new technology like blockchain and DLT. This transition has has many layers - as well as challenges and opportunities. But what efficiencies does digital capital market infrastructure actually bring? What links remain between the “old and new” worlds - with exchanges, central securities depositories (CSD) and other elements of the ecosystem? And how do changing regulations and technological innovations promise to alter the landscape overtime? In Part 1 of this RULEMATCH Spot On episode, Ian Simpson speaks to David Newns, Head of the SIX Digital Exchange (SDX) for an in-depth discussion of SDX’s development and operations, perspectives on the current state of digital assets and SDX’s place in the wider world of digital capital markets. (1:31) - What is SDX exactly? (2:50) - Equal regulation as the foundation of SDX (6:30) - How Switzerland (and SDX) have benefited from crypto (11:05) - The advantages of regulation (12:35) - The why and how of dual asset listings (17:44) - Why bonds and how successful they are on SDX (20:05) - Digital bonds in financial products (22:50) - (Digital) securities equivalence and why it’s useful (25:38) - Digital central bank money - the missing component (25:59) - Why capital markets need riskless digital money (30:37) - The key considerations for building a blockchain-based capital market infrastructure (36:17) - Moving forward towards “digital supremacy” (36:50) - Intermediated (dematerialized) securities in the digital assets space - and why Switzerland is good at them (39:45) - Central securities depositories (CSD) on the blockchain and collateral mobilization (42:54) - “Borrowing” DeFi use cases for regulated financial services (43:52) - Privacy, settlement finality and other considerations for use of a private blockchain (50:44) - The use cases for instantaneous (precision) settlement and its potential downsides (55:07) - Details on the trading and settlement processes of SDX (58:29) - (No) needs for a Central Counterparty Clearing House (CCP) 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.

60 min
JUL 24

RULEMATCH Spot On - Making a Market

Consistent liquidity in crypto markets has never been more important than now. With the shift away from purely retail-driven buying and selling, market makers take on an even more essential role. But as new financial products with crypto underlyings come to market - and market structures and trading models evolve, how the dynamics change? Will RFQ models and CLOBs exist in parallel? How will opening and closing times in TradFi influence market movements? RULEMATCH Spot On host Ian Simpson welcomes Flow Traders Global Head of Digital Assets Michael Lie to the podcast to discuss all this - and more. (:47) - Intro and crypto history at Flow Traders (4:59) - Understanding market making (6:35) - Crypto and TradFi market making compared (7:40) - Evaluating the risks and opportunities in a new market like crypto (10:05) - Mitigating counterparty credit risk with exchanges (14:42) - Adapting to a lack of post-trade settlement and low latency infrastructure in crypto markets (19:17) - HFT activity in crypto - past and future (20:45) - How Flow Traders makes a market across different crypto market models (25:50) - Transparency for institutional players in crypto markets (27:42) - Advantages of post-trade over atomic settlement (30:13) - The particulars of price discovery in crypto (31:49) -Regulation and the development of spreads in crypto markets (34:39) - MiCA, stablecoins and the euro stablecoin project of Flow Traders (43:09) - A look back at spot BTC ETF launch in the US (46:25) - Thoughts on an ETH ETF --- Michael Lie LinkedIn ⁠RULEMATCH LinkedIn ⁠ ⁠RULEMATCH X ⁠ ⁠Ian Simpson LinkedIn⁠ ⁠Ian Simpson X⁠ 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.

48 min
JUL 16

RULEMATCH Spot On - Building by the Rules

Banks who have built a business in crypto and digital assets want to do it “by the rules.” But what does that mean exactly? What are the major considerations and how are regulatory considerations evolving? In this episode, RULEMATCH Spot On hosts Cornelia Stengel, a partner at Kellerhals Carrard for an in-depth discussion on legal and regulatory topics from AML and capital requirements to stablecoin classifications and more. (1:55) - Intro and “the big question” about regulation (5:54) - How banks are thinking (and deciding) about legal and regulatory topics with crypto (13:28) - Keeping up with regulations (16:02) - Following BlackRock’s example and tips for banks to “get ahead” with crypto and digital assets (18:17) - When AML rules are top of mind and technology-agnostic (or not) (22:27) - Treatment of crypto vs cash transactions (23:52) - Focus on the Travel Rule and tainted coins (25:55) - Dealing with custody in the framework of banking law - and its side-effects (30:04) - The burden of the balance sheet and risk-weighting for crypto (33:42) - What other jurisdictions are saying about risk-weighting of crypto assets (34:34) - Deep dive on token classifications and the laws they trigger (38:31) - Understanding asset tokens (42:29) - How financial institutions are preparing for tokenization (43:30) - The alignment of Swiss token classifications with MiCAR and other rules (46:41) - The (special) treatment of stablecoins in Switzerland (49:42) - How attractive is Switzerland (still) for doing business in crypto and digital assets? (50:54) - Looking for maturity with CBDCs Cornelia Stengel LinkedIn RULEMATCH LinkedIn ⁠ ⁠RULEMATCH X ⁠ ⁠Ian Simpson LinkedIn⁠ ⁠Ian Simpson X⁠ 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.

55 min
JUL 8

RULEMATCH Spot On - The Long Hedge

Crypto hedge funds and asset managers have seen rapid change over the last few years. With changing market structure and more institutional investors, come more possibilities for advanced strategies to take advantage of market trends. But how will prime brokerage and a new emphasis on low-latency infrastructure change the game even more? And how will well-established crypto hedge funds adapt their approach to these realities - also on the regulatory front. In this episode, RULEMATCH Spot On hosts Wilhelm Roth, founder and CEO of Coinmerce Capital (formerly Icoinic Capital) - a Netherlands-based asset manager with multiple crypto asset funds. Wilhelm is a founding member of the Digital Assets Steering Committee of the Alternative Investment Management Association and a Research Fellow at the Digital Euro Association. (0:59) - Intro and a look down memory lane (3:16) - Asset management strategies for crypto (5:38) - Building a diversified crypto fund strategy at Coinmerce Capital (8:55) - Moving from retail to institutional market structure (11:52) - Why pushing education of regulators was/is key (13:56) - The “proper segmentation” of crypto market players (16:06) - The weak points - including latency - of the current market landscape (17:38) - The critical need for clearing houses and “proper custodians” (18:36) - The link between capital efficiency and partnering with technically capable venues (20:52) - Working together, part 1: Dealing with banking partners (”Fees are too damn high.”) (24:34) - Working together, part 2: How prime brokers speak the “right language” (26:12) - How does the crypto PB space expand beyond one dominant player? (27:29) - Competition among venues - and what will be the edge (28:04) - Dealing (transparently) with counterparty risk - FTX case in point (31:22) - Uncompromising due diligence and transparency (35:12) - Why responsibility is key for institutional adoption (39:31) - What could change in fee structures (43:24) - What horizontal market infrastructure specialization (and compliance) might do to fees (45:14) - The multi-facets of the Swiss/Dutch crypto connection (49:11) - The heritage and advantage of Dutch trading firms (50:20) - The implications of MiCAR for a European fund manager (52:16) - No regulatory iron curtain over the EU (55:04) - Looking out for dark pools Follow on social media: Wilhelm Roth LinkedIn RULEMATCH LinkedIn RULEMATCH X Ian Simpson LinkedIn Ian Simpson X 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.

57 min
JUN 24

RULEMATCH Spot On - Time for Prime

True prime brokerage in crypto and digital asset markets has been a missing piece of the puzzle. Now that the largest trading firms in the world are looking to do business in the space, the need for cross-asset margining, reduced credit risk and broad market access - as well as highly-regulated, secure partners to support this - is more important than ever. In this episode, RULEMATCH Spot On hosts Michael Higgins, Global Head of Business Development at Hidden Road Partners. Michael has extensive experience in trading and financial markets and served as Vice President at FXCM Pro and Managing Partner at Coronam ec Limited before joining Hidden Road Partners in 2019. ( 00:41) - Intro and the personal backstory with Hidden Road Partners (4:55) - Understanding (real) prime brokerage in crypto (6:33) - The issues with vertical vs horizontal market participation (7:18) - A prime broker’s actual role (9:20) - Clients - the largest trading firms in the world (10:05) - How crypto markets will improve with prime brokerage (12:28) - Current demand for major crypto assets and dollars (13:51) - Counterparty risk and conflicts of interest (15:26) - Dealing with risk at Hidden Road Partners (16:50) - Development of tri-party, off-exchange solutions (19:00) - Standardization with clearing/settlement and ISDA as an example (19:59) - The sticky question of settlement’s future in crypto (23:14) - The “mish-mash barrier” to institutional adoption (24:16) - The speed of change in crypto market structure (26:33) - Advantages and disadvantages of liquidity fragmentation in crypto (29:54) - The growth of CLOBs and other market models - and TCA coming to crypto (31:49) - The (future) dynamics of futures vs. spot in crypto (35:30) - Hidden Road Partners admission to the CME (38:16) - Why “regulatory-first” is important (41:08) - What to look out for… --- Michael Higgins LinkedIn RULEMATCH LinkedIn RULEMATCH X Ian Simpson LinkedIn Ian Simpson X 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
JUN 13

RULEMATCH Spot On - Exchange Power Play

One of the biggest developments in the institutional crypto and digital assets space has been the launch of exchange-traded products for investors. The recent launch of spot Bitcoin ETFs in the US was a milestone hailed around the world. But how do operations work for exchange-traded products (ETPs) and exchange-traded funds (ETFs) - and what is the difference? What changes to crypto markets can be linked to the the growth of these products? In this episode, RULEMATCH Spot On hosts Isabella Moessler, Global Head of Distribution at 21Shares, a leader in the crypto ETP/ETF space. Isabell has extensive experience in the financial industry from Goldman Sachs, iShares, ETF Securities and Euronext. (00:58) - Intro and the view of a finance veteran (3:03) - Explaining the difference between ETPs and ETFs (6:24) - Managing operations for ETPs in a global crypto market (9:05) - How a new ETP is born (12:13) - The reason for Switzerland (14:09) - All about spot Bitcoin ETFs in the US (18:59) - Market integrity and US Bitcoin ETFs (21:37) - The implications of a fragmented crypto market (23:29) - The evolution beyond retail (25:40) - “Centralization” of custody for ETPs and ETFs (29:57) - Potential for lending markets (31:56) - 2nd generation ETPs and ETFs (with tokenization) (37:05) - Settlement, pre-funding and Delivery vs. Payment (40:27) - The question of an Ether ETF (45:41) - Education is (still) key --- Follow on social media: Isabell Moessler LinkedIn RULEMATCH LinkedIn RULEMATCH X Ian Simpson LinkedIn Ian Simpson X 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.

51 min
JUN 6

Introducing RULEMATCH Spot On

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, global perspectives and practical insights from leading institutions that are active crypto markets. Follow RULEMATCH X LinkedIn Website Follow Ian Simpson X LinkedIn

1 min

JUN 6

Introducing RULEMATCH Spot On

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, global perspectives and practical insights from leading institutions that are active crypto markets. Follow RULEMATCH X LinkedIn Website Follow Ian Simpson X LinkedIn

Jun 6

•

1 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.

Creator

RULEMATCH
Years Active

2K
Episodes

9
Rating

Clean
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© RULEMATCH
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RULEMATCH Spot On