RULEMATCH Spot On

Stablecoins are no longer a fringe topic - or a niche to be ignored. As the future of finance takes shape and blockchain continues to open up new possibilities, the foundation of "digital cash" becomes more than a "nice to have." It is an infrastructure play.

To explain why and why Europe needs its own infrastructure for stablecoins, AllUnity CEO Alexander Hoeptner joined Ian Simpson on RULEMATCH Spot On.

They discussed Alexander's background in TradFi trading - from Euwax to Boerse Stuttgart to BitMex as well as the "single" biggest challenge for the broad implementation of stablecoins among banks today.

Show notes:

1:09 - Intro
1:51 - The advantage of a background in market infrastructure
4:53 - It's an "infrastructure play"
6:01 - The rate of change
8:35 - How the infrastructure will change in markets
8:58 - Regulatory frameworks and "protectionism"
9:59 - The starting point - a wallet
11:13 - Reluctance and barriers
11:58 - Why small margins matter to corporates
12:48 - The collateral use case
15:02 - How banks see private stablecoins
17:18 - Building AllUnity as "an infrastructure play"
18:09 - A Tier 1 jurisdiction
19:33 - Consortium collaboration
21:22 - The different layers of infrastructure
22:38 - Cross-border capital optimization as the value-add
26:05 - "Selling" the future with stablecoins
27:43 - The potential for commodities trading
29:31 - Competition from tokenized deposits?
32:26 - Interoperability based on the Twint model
34:12 - Competition from card companies
36:30 - Stablecoins on the road to tokenized assets
39:10 - Stablecoins and tokenized money market funds
42:32 - A dynamic European tokenized FX market
44:45 - "Thumbs up" to MiCA?
46:28 - Potential improvements to MiCA
48:22 - Stablecoins and agentic payments
52:24 - Looking forward to global on/off ramps

-----

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.

While some financial institutions have only recently gotten serious about crypto and digital assets, others have had a clear plan - for a long time. That is the case with asset management giant DWS.

In this edition of RULEMATCH Spot On, Global Head of Digital Products Alexander Bechtel tells Ian Simpson about the firm's 3-part strategy, its partnership with Flow Traders and Galaxy, its view on stablecoins - and perspectives for secondary markets in tokenized assets.

Show notes:

1:50 - Introducing Alex Bechtel
2:48 - The "driving forces" behind DWS's move into crypto
4:24 - A three-part strategy
7:17 - The progression from crypto to tokenized assets
9:29 - The real "winners" in the future of digital assets
11:02 - MiCA and DWS's crypto strategy
12:52 - The good thing about MiCA for stablecoins
13:46 - A German-issued Swiss stablecoin
15:44 - The end of MiCA grandfathering and the regulated market
16:53 - The "laggards" who are missing out on crypto and digital assets
17:31 - New roles for companies in the digital economy
19:02 - The future for MiCA institutions
20:06 - What traditional banks have lost
20:42 - The problem with crypto "concentration"
21:33 - The partnership behind AllUnity (Galaxy, DWS & Flow Traders)
23:49 - Dollar dominance among stablecoins - and what to do about it
26:09 - Putting EUR stablecoins on different blockchains
27:44 - The regulatory view on blockchains for stablecoins
29:41 - Potential competition from banks
31:18 - Why the word "euro stablecoin" is redundant
32:15 - Why tokenized deposits are really hard
33:55 - Disagreeing with Christine Lagarde
34:31 - The role of the central bank
36:08 - Driving forces behind tokenized money market funds
38:08 - A platform, not just a fund
40:19 - The missed potential of TMMFs
42:15 - What is still not in place for tokenized market infrastructure
43:44 - The "dirty" topic of AML for tokenized money market funds
46:45 - Use cases for TMMFs
47:57 - Intraday yield and TMMFs
48:42 - End-of-day pricing and secondary markets for TMMFs
50:32 - The changing face of capital markets
53:29 - Looking 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.


------
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.

When crypto and digital assets start to spread across capital markets, some things have to change. Others do not... For banks, hedge funds, asset managers and others, some fundamentals hold true, regardless of whether capital markets move wholly or partially on-chain.

To serve them - and change the industry in the process - Omer Suleman's Haruko brings a full suite of portfolio and risk management tooling. Long years of experience at household names like Goldman Sachs, Deutsche Bank and Citi have given him and his cofounders a view of what is needed.

As he explains on RULEMATCH Spot On with Ian Simpson, that is just one piece of the puzzle.

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.

The intersection of crypto and tokenization - and the crossover from crypto finance and traditional finance - is nowhere more clear than with the rise of stablecoins.
While a handful of USD-backed coins have dominated until now, the landscape, with MiCA regulations and institutional appetite, is now changing.
Except in Switzerland...
To better understand how banks view stablecoins, what they still struggle with and where the Swiss banking industry is quietly working to innovate, RULEMATCH Spot On host Ian Simpson sat down with Martin K. Hess, Chief Economist of the Swiss Bankers Association.

Show notes:

(00:00) Opening

(1:52) Intro

(2:54) What does SBA actually do?

(4:20) What do Swiss banks think of crypto?

(6:34) Do Swiss banks have a vision for tokenization?

(8:22) What Swiss banks really look for to do business in crypto

(9:53) The missing pieces for banks in crypto

(11:44) The need for an ecosystem

(14:01) Big banks vs small banks

(16:27) Will MiCA bring more pressure?

(17:50) Have Swiss banks taken advantage of the DLT Act?

(19:56) How Swiss banks are really planning for the future

(21:34) How Swiss banks approach MiCA activities

(23:10) Equivalence for crypto services between the EU and Switzerland

(24:43) New proposals for stablecoin regulation in Switzerland

(26:58) Defiitions of stablecoins (et al)

(28:25) Fully-backed money (stablecoins) vs fractional money

(30:22) New rules, new burdens for stablecoin issuers

(33:31) Risks for all kinds of stablecoins

(36:02) US vs Other currency-denominated stablecoins

(38:00) The danger of "two-speed" finance

(39:51) Competition's advantages

(42:47) Tokenization momentum from DTCC and others

(44:11) The "nitty-gritty" on tokenization use cases

(45:59) Policymaking around tokenized cash

(46:48) What the Swiss Bankers Assoc. would think about yield-bearing stablecoins

(48:52) Missing out on tokenized money market funds?

(51:17) The Swiss Bankers Assoc. Deposit Token PoC

(54:19) Reactions to the PoC

(56:01) CBDCs and governance in a deposit token setup

(57:23) Why do the PoC on a public blockchain

(58:27) Outlook for stablecoins in Switzerland
-----
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.

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.

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.

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 together
10:42 - The Broadridge institutional digital assets survey
17:02 - How big players like asset managers can expand their involvement in tokenized markets
21:28 - Linking digital asset market participants together
22:28 - How are wealth managers, asset managers, custodians preparing for what comes next?
25:51 - When big players like J.P. Morgan move into digital assets
26:47 - How intraday liquidity could change markets
29:04 - Unlocking new functionality with blockchain and tokens
32:49 - Democratization and increased financialization of markets
35:27 - Changing Broadridge systems to handle tokenization
37:07 - The three kinds of tokenization and the problem with tokenized stocks
40:23 - $300 billion on the tokenized repo platform of Broadridge
45:21 - 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.

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.

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.

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.