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
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