RULEMATCH Spot On

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…

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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.

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

(6:24) - Managing operations for ETPs in a global

(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

(37:05) - Settlement, pre-funding and Delivery vs.

(40:27) - The question of an Ether ETF

(45:41) - Education is (still) key

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Ian Simpson LinkedIn

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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.