(see page 35 of their report for full explanation).
FCA and Wheatley moves on.
I was initially surprised that Osborne was so public in not renewing Wheatley's appointment.
Then I had a quick recollection of April Fools Day last year, (Yep, it was April 1st), and Osborne's direct comments of the Insurance investigation fiasco.
I guess every lobbyist has their day....
Following on from the Wheatley story, I notice he did comment on Blockchain.
(BTW, pretty much everything else on the FCA website is about blockchain in the context of digital currencies / cryptocurrencies i.e. Bitcoin)
Apart from outlining the FCA Innovation Hub he makes a very insightful comment on start-ups: "The start-up motto is to ask for forgiveness, not permission".
What's it all about?
"With the right legal structure, you can transfer the ownership of just about any asset you want using blockchain technology. The blockchain is simply a digital way to transfer ownership of assets in a more efficient and a more effective way by the removal of third party trust and cost.
Blockchain technology has come to fame mostly in supporting cryptocurrencies but the technology is being trialled by small and large financial services companies, who want to better understand the technology and work out suitable use cases.
There is a lot of interest in blockchain technology to support capital markets and particularly the transfer of securities. E.g. Nasdaq Private Markets are publically trying to use blockchain technology.
Bitcoin blockchain functionality is not designed to scale at present and building on top of the current Bitcoin blockchain is very difficult. But others have come to market which are designed expressly for business – eg. Credits Protocol, Ripple.
Nasdaq and Chain to Partner on Blockchain Technology Initiative
Chain go as far as showing some potential applications on their site.
Then there is the Bitcoin News service (and this is no endorsement of Bitcoin news - caveat emptor!) which reports:
“I believe that [blockchain] technology has the potential to truly change the way the financial world operates, to reduce costs, reduce efficiency, reduce risks and ultimately provide better customer service, which ultimately is what financially services needs to be all about,” Masters said in the opening keynote at the American Banker’s Digital Currencies + the Blockchain conference.
This leads onto further examples of use cases.
ECSDA passes brief comment.
ESMA should consider "blockchain" and other distributed ledger technologies in conjunction with, but also separately from, virtual currencies.
There is a general perception among market players and securities infrastructures that these innovative technologies can present interesting opportunities for achieving speedy and cost-efficient securities transactions, although there are still many obstacles and limitations to overcome before they can be considered for widespread use.
Anyway, enough on blockchain for now. What I feel is lacking is suitability (there is still a lot of latency in blockchain) and application (financial services likes disruptive [cheaper] technology...but it is less keen on revolution).
Once we have the Financial Services context right, then we'll have a real 'game changer'.
More to follow....
But for now, some practicalities and comments on Blogging
When you start blogging, you actually have a variety of platforms to choose from.
I went for Googles offering (a choice made by habit rather than education).
18 of the main blog sites are listed here (and interestingly, googles blogger didn't even make the list):
In terms of distribution there is 'push' and 'pull'.
I 'push' the blog out via my personal address book and via a LinkedIn group CCP Clearing Houses: https://www.linkedin.com/grp/home?gid=2026241
I usually do this when people say "Oh, add me to your blog".
People can 'pull' the blog information by following the blogspot or opting for an RSS feed.
In 'pushing', one of the limitations of a personal email address is a restriction on the number of personal emails you can send out. For example on a gmail account, you're limited to 2,000 emails a day (and there are further sublimits to how many addressees you can have on an individual message.
In practical terms 2,000 email addresses are too many to maintain, well, for me at least, so I'm migrating my distribution across to mailchimp. Be warned! Mail boxes are wise enough to recognise mailchimp emails and lets face it, any self respecting mail filter would deposit an email full of clearing and settlement news straight to the SPAM folder. So, I won't be surprised if you find yourself seeing this email when you're periodically, optimistically, searching your Spam folder for that 'important' message!
On course the cricket is on.
After Cardiff, I worried.
After Lords, I relaxed.
After the first day at Edgbastion, I despaired.
But cricket does make me think of 'my' voice of Summer.
The Great Richie Benaud who has sadly passed away.
A great tribute here:
And for another great man who's company I always enjoyed and am grateful for;
Giulio Di Cerbo
I was looking at one politically incorrect site this week and I thought their disclaimer was a nice interpretation of diversity / political correctness.
"If these characterizations offend anyone, please be informed that they are supposed to offend everyone."
"Shoot for the moon. Even if you miss, you'll land among the stars."
-- Les Brown
“The only thing that interferes with my learning is my education.”
-- Albert Einstein
Any thoughts or feedback always welcome,
Have a great week all,