When Crypto Markets Go Direct - Thomas Restout (B2C2)

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 - Intro2:15 - Has volatility disappeared?5:06 - How are institutions "playing" the market?7:23 - Adoption and shifting attitudes in the market9:30 - How to think about OTC trading in the market today11:07 - The real reason that some firms prefer to trade OTC13:12 - How OTC trading has changed in crypto markets14:22 - Price discovery and spreads in OTC trading16:50 - How trading firms can be prepared for events like 10/10 19:07 - Volatility and an example trading scenario20:42 - The ongoing evaluation of risks in bilateral market relationships23:08 - Drilling down on settlement risk26:08 - DvP as a mitigant to settlement risk27:45 - Innovations to change up the landscape29:11 - Triparty settlement solutions as a "middle way"30:39 - Prime brokerage as an "accelerator"34:02 - Advising Jamie Dimon and JP Morgan on crypto trading39:46 - Getting ready for what comes after crypto with tokens40:17 - 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 partner46:18 - B2C2's perspective on the future of tokenized assets48:56 - Struggling to find the "real use case" of BENJI etc49:46 - Creating bigger impact with tokenized money market funds51:13 - Is B2C2 looking at M&A?54:02 - Retail and the adoption of on-chain assets55:15 - 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.