RULEMATCH Spot On

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 - Intro1:38 - Introduction to Apex Group2:57 - Two sides of the coin with funds4:03 - The main driver towards the tokenization of funds5:37 - The specific benefits of tokenization for funds7:38 - How a blockchain changes things for funds10:10 - Possibilities for new instruments11:01 - Copying the innovation of Franklin Templeton12:41 - The different layers of tokenized funds16:13 - The bigger picture with tokenization of funds17:26 - Introducing asset ID and dealing with the taxonomy19:07 - The risk of tokenized funds with SPVs19:55 - A complete view of what tokenization is23:06 - What the dynamic of ETFs and mutual funds means for tokenized funds24:04 - Why secondary markets are key27:41 - What segments are most important29:51 - Large asset managers in the space32:48 - Public vs private instruments33:52 - Global considerations for tokenization at Apex35:57 - Europe and the pilot DLT regime36:29 - Finality and a CSD38:09 - Use cases based on geography39:41 - The “middle market” that wants tokenization40:56 - The Swiss DLT law and CSDs43:29 - Being prepared for the future44:56 - The need for netting46:17 - Wallet infrastructure for greater distribution47:15 - The future of the DLT pilot regime in Europe49:07 - The backstory of ERC-364356:10 - On-chain ID and ERC-364358:01 - Working with companies like Microsoft for ID solutions1:02 - 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 - 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.

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 together10:42 - The Broadridge institutional digital assets survey17:02 - How big players like asset managers can expand their involvement in tokenized markets21:28 - Linking digital asset market participants together22:28 - How are wealth managers, asset managers, custodians preparing for what comes next?25:51 - When big players like J.P. Morgan move into digital assets26:47 - How intraday liquidity could change markets29:04 - Unlocking new functionality with blockchain and tokens32:49 - Democratization and increased financialization of markets35:27 - Changing Broadridge systems to handle tokenization37:07 - The three kinds of tokenization and the problem with tokenized stocks40:23 - $300 billion on the tokenized repo platform of Broadridge45:21 - 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 - Intro2:46 - The motivation behind FOBXX / BENJI5:33 - Why a tokenized money market fund?6:45 - Who is buying BENJI?8:00 - Interest from crypto-native hedge funds9:40 - Why tokenize when the market isn’t ready?11:23 - Upgrading the velocity of money moving in funds13:30 - Why the BENJI app?15:17 - How does BENJI trading work?18:00 - The “white-label” ecosystem of Franklin Templeton20:50 - Who should get into tokenization as well?21:54 - An “ideal” relationship between Franklin Templeton and Morgan Stanley23:33 - The massive adoption of Web 3.0 wallets24:38 - The innovation of intraday yield25:30 - Adoption among market makers26:49 - The real advantages of going fully “on-chain”28:46 - The hot topic of stablecoins29:56 - The “cold hard geopolitical fact” of US-backed stablecoins31:22 - The holy grail of yield with stablecoins32:19 - J.P. Morgan and Web 3.0 wallet-based organizations34:48 - Franklin Templeton’s conviction about Web 3.035:02 - Coming to terms with the “financialization” of crypto37:33 - The amazing thing about financial advisors in the US38:07 - Financial institutions’ attitude towards tech40:12 - What comes next for tokenization?41:14 - CALPERS and tokenized investments44:29 - Shifting what “is possible” for investments45:29 - The considerations for choosing a blockchain to use48:08 - 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 offering6;:28 - Evaluating AML, risk, trading/custody setup9:09 - Consulting the competition about custody and more10:29 - How tokenization started the ball rolling12:17 - Is it now “bitcoin AND blockchain” ?13:22 - The lifecycle of crypto at ZKB: buying BTC with a broker16:04 - The lifecycle of crypto at ZKB: booking and custody18:44 - FOMO in the market because of ZKB’s crypto offering20:49 - Best pricing for clients22:50 - “Just another asset class” ?23:46 - (Negative) surprise along the way25:24 - The average ZKB crypto investor26:54 - ZKB’s visibility in the market with crypto30:14 - Crypto, digital assets and the changing face of finance32:03 - PoCs are dead, real value reigns32:53 - The missing cash leg (stablecoins)35:33 - The missing cooperation in Switzerland37:19 - Different kinds of stablecoins38:34 - Where does tokenization take off?43:00 - ZKB and non-bankable assets44:37 - ZKB’s potential role in an on-chain finance world45:40 - What is still missing for tokenization?46:30 - The need for secondary markets50:02 - Building on Ethereum and following the trend51:30 - 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.

As the crypto and digital assets industry continues to “grow up” - a lot of hard work is being done. Some of it is known - some of it “under the radar”.And some of the most foundational work in digitizing capital markets is being supported by some of the largest TradFi trading houses in the world.In Part 2 of the episode, Chris Zuehlkle, Global Head of Cumberland, the crypto arm of DRW and RULEMATCH Spot On host Ian Simpson discussed some of the latest developments present - and future - in the crypto and digital assets space.Will OTC and lit markets continue to co-exist side by side?What will the US GENIUS and Clarity Acts mean for stablecoins and digital assets?How will tokenization among financial institutions develop? What early theses in crypto have not come true?2:16 - OTC and CLOB in Cumberland's view of market structure5:03 - The effects of regulation on the number of market participants7:27 - A story about Chris as a "market structure geek"11:00 - DeFi as the sandbox and how TradFi is "cherry-picking"12:55 - The "state of play" in tokenization14:24 - Two important steps for the industry15:18 - Reducing uncertainty with collateral tokenization17:34 Tokenization in repo markets & a $100 million example19:39 - Who will push tokenization forward?20:03 - Privacy as a "headwind" and cooperation with Canton Network21:27 - Why Chris treats US crypto regulation as his "kids"23:19 The crucial role of the Clarity Act25:26 - The chances of the SEC and CFTC working together27:42 - Interacting with regulators and giving feedback28:53 - A thought experiment with Reg-NMS and tokenized equities31:14 - A comparison of US and European crypto regulation32:49 - How Cumberland tries to stay "efficient" with regulation34:33 - The amazing things about stablecoins and being integrated into Cumberland37:03 - How the stablecoin bill (GENIUS Act) unlocks new utility37:21 - The debate about fully-backed or tokenized fractional deposits39:08 - Crypto M&A picks up41:59 - A look back 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.X: https://x.com/ian_simpson80LinkedIn: https://www.linkedin.com/in/iasimpson80/More about RULEMATCH: https://www.rulematch.com/------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.

Capital markets are in a state of flux - because of geopolitics, macro trends - as well as technology, like crypto and blockchain.But some things remain the same - a need for effective use of capital, transparency and reducing uncertainty.Chris Zuehlkle, Global Head of Cumberland, the crypto arm of DRW, knows all about it. From the early days of DRW’s foray into crypto, Chris has been involved in building Cumberland’s digital asset business and exploring all the challenges and opportunities.In Part 1 of the episode, Chris and Ian Simpson explore:- The resiliency of crypto markets- How crypto market structures have changed in 10 years- Risk management principles related to trading and settlement- The need for tokenized collateral...and much more.1:38 - Intro and bio of Chris Zuehlke3:15 - How healthy are crypto markets today?4:56 - What would help market resiliency?5:25 - Addressing one of the biggest TradFI weakenesses6:34 - The beginning of Cumberland8:49 - Staying true to TradFi risk management best practices9:59 - The rapidly evolving market10:26 - A trading firm’s perspective on market opportunities11:43 - Curiosity with a “big boy” attitude12:44 - Being a trusted counterparty14:14 - Building robust processes in crypto markets16:20 - What is “counterparty risk” today?17:43 - Why Cumberland is a “thoughtful organization”19:16 - Making painful decisions about market opportunities21:05 - How “new entrants” could raise the standard23:41 - Has handling risk in crypto gotten easier?24:33 - The “staggered development” of the market26:22 - The state of vertical integration in crypto market players29:49 - How DRW/Cumberland thinks of trading opportunities in crypto today32:53 - Does self-interest lead to a more balanced market?33:09 - How will low-latency tech change the game going forward?36:24 - Avoiding pre-funded trading…and why38:33 - How (and when) does Cumberland settle trades?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.

Sophistication in financial markets is inevitable. In crypto markets it is just getting started. And banks - especially those with a long track record in the industry - are set to play a key role. One of these is Bank Frick, a pioneering bank from Liechtenstein who has been active in the blockchain and crypto space since 2015.In this episode of RULEMATCH Spot On, host Ian Simpson sat down with Adam Retkes, Digital Assets Analyst at Bank Frick and discussed how the bank is levelling up its services - adding sophisticated solutions for more demanding institutional clients, also with the addition of Sponsored Access to RULEMATCH.(00:45) Intro(1:28) The number of Bank Frick clients(3:02) The changing clientele and changing tech stack(5:27) How the space is becoming more professional(6:56) Getting “used to” banking-grade compliance(8:52) Bank Frick as an educator(10:36) Bringing degens into a private bank(12:09) The entrepreneurial spirit(12:45) Talking about crypto funds(14:24) The new world of algo hedge funds(15:52) TradFi old-timers seeking alpha with old tools(17:13) Continued fragmented liquidity and the global dollar(19:10) Serving hedge funds better(19:54) Announcing Sponsored Access on RULEMATCH(20:25) Explaining Sponsored Access(22:16) Capital efficiency with Sponsored Access(23:19) What is built-in leverage?(24:20) How clearing makes things easier(25:41) Low-latency as a key benefit(27:03) The old becomes new(28:27) Maintaining the same compliance and risk standards for banks(30:26) The thing about “walled gardens”(31:13) The challenge of crypto-fiat transfers and Bank Frick’s solution(32:29) A lack of correspondent banks(33:19) Bank Frick as a crypto “systemically relevant bank”(34:13) Stablecoins as the way forward(35:48) The landscape of regulated stablecoins(37:08) The role of the euro and euro-denominated stablecoins(40:31) Building walled gardens for stablecoins(42:04) Looking into the crystal ballABOUT 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.On X: https://x.com/ian_simpson80On LinkedIn: https://www.linkedin.com/in/iasimpson80/More about RULEMATCH: https://www.rulematch.com/------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 future of capital markets is being formed today. But not everything is completely new...especially when it comes to electronic trading, risk management, and data quality.Low Observable Technology (Lo:Tech) CEO and Co-Founder Tim Meggs - a veteran of TradFi markets - sat down with host Ian Simpson to discuss how his firm is helping promote "ethical market making", build advanced data services and getting set up for real high-frequency trading.(1:10) Intro(2:39) Where is the market right now?(5:18) BTC season vs altcoin season(6:53) How is institutional flow affecting the market?(8:35) The “trickle-down effect” of Bitcoin ETFs(9:12) Other sources of market liquidity(11:02) Shrinking arbitrage and low-latency opportunities(11:34) How big firms get comfortable with crypto(12:22) Focus on market making(14:54) How Lo:Tech is building for the future(15:57) Who stands to benefit?(17:58) The demand for high-quality market data(18:57) What is ethical market making?(22:11) Following best practices from TradFi?(23:48) The tech for “doing it the right way”(25:39) Raising the quality of data…and its side-effects(26:50) What had to be changed?(30:28) Getting to a state of clarity for risk management(31:49) The state of play in crypto risk systems(34:14) Shifting gears into HFT(35:56) The REAL role of an HFT(36:59) The tech “check-list” for Lo:Tech(39:32) The “bare metal” infrastructure(40:29) The new world of high-performance trading venues(42:29) The founding team of Lo:Tec (44:47) The geographical perspective on crypto(47:10) What to expect with stablecoins(49:27) Regulation - good, bad or…?(51:40) Making the agreements right(53:27) The crystal ballABOUT 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.

Trading is deep in the DNA of Swissquote, one of Switzerland's largest digital-first banks. The forward-thinking firm was also early in the crypto market - in a big way.With Chief Sales and Marketing Officer Jan de Schepper, host Ian Simpson dove into the details of how Swissquote approaches its trading services for cryptocurrencies today - and how the bank's clients approach their investments in the space.(1:24) Welcome and intro(2:18) Why is Switzerland so good for banks in crypto?(3:15) The backstory of Swissquote's start in crypto(6:10) The building blocks of Swissquote's crypto offering(7:25) "Red lines" for a bank in crypto(8:32) The (liquidity) risk evaluation for a crypto offering(10:46) Due diligence and education on new coins(11:39) The sticky question of capital requirements for banks in crypto(12:45) Crypto as a client acquisition driver(14:46) Engaging with FINMA(15:51) Changing client appetite for coins(16:41) How Swissquote clients trade the market(18:52) Feature requests from actively trading crypto clients(20:30) Balance between coins and crypto financial products(21:49) Moving from retail to institutional(24:12) Copycat banks in crypto?(26:20) Swissquote and internal counterparty risk(29:07) Crossover between forex and crypto(30:13) Getting ready for tokenized assets(31:44) "The current technology is not so bad..."(32:41) Tokenize what...?(34:52) Global competition coming...(38:01) Is MiCA good for the industry?(38:58) Competition on fees(41:53) Looking into the crystal ballABOUT 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.

RULEMATCH Spot On - Winter Edition 2025: During the World Economic Forum in Davos, host Ian Simpson spoke to Alexandre Kech, CEO of the Global Legal Entity Identifier Foundation (GLEIF). They discussed the evolving crypto and digital asset market, the need for universal identity to enable mass adoption of tokenized assets and the collaboration needed between public and private organizations to enable interoperability between blockchains and on-chain assets.

RULEMATCH Spot On - Winter Edition 2025: In Davos, host Ian Simpson spoke to Ronit Ghose, Global Head, Future of Finance at Citi. They discussed the changes in finance with the rise of crypto and digital assets, how banks are engaging with the "future of money" and what stablecoins and tokenized assets will mean for the industry.

RULEMATCH Spot On - Winter Edition 2025: During WEF in Davos, host Ian Simpson caught up with Sanja Kon, Vice-President Europe at Circle, the leading global stablecoin provider. They discussed the growing uses of stablecoins like USDC among financial institutions, the use cases for capital markets and the key ingrediants to support stablecoin usage as a part of the tokenized asset value chain.

RULEMATCH Spot On - Winter Edition 2025: In Davos, host Ian Simpson spoke to Anatoly Crachilov, CEO and Founding Partner of Nickel Digital Asset Management, one of the industry's largest and most well-established crypto hedge fund managers. They discussed the evolving crypto and digital asset market, with perspectives from Davos - as well as how big hedge funds are operating in crypto, the evolving strategies and lingering challenges for asset managers, including counterparty risk and capital efficiency.

RULEMATCH Spot On - Winter Edition 2025: As MiCA regulations roll out in the European Union, European Commission Principal Economist Dr. Joachim Schwerin checks in with Ian Simpson in St Moritz - discussing reactions, potential global competition from other jurisdictions - plus the future of "public vs private" money, including stablecoins.

RULEMATCH Spot On - Winter Edition 2025: From the UK to Switzerland and all around, Ellipitic CEO Simone Maini shared her thoughts on where the institutional crypto market is going, what role compliance and regulation has to play - and why the industry cannot "mess up" its big moment.

RULEMATCH Spot On Winter Edition 2025 - “Transformational and fundamental” - David Newns of SIX Digital Exchange talks with Ian Simpson about how important custody and collateral management are for digital asset markets - especially for trading. And why RULEMATCH and SDX are a perfect match to combine trading and custody services of the highest order.

RULEMATH Spot On - Winter Edition 2025: Digital Asset Co-founder and Head of Network Strategy Eric Saraniecki sat down with Ian Simpson in St Moritz to discuss the current state of institutional adoption in crypto, the (continued) rise of stablecoins, the need for privacy in crypto finance and where tokenization will go...eventually.

RULEMATCH Spot On Winter Edition 2025 - B2C2 Global CEO Thomas Restout sat down with Ian Simpson in St Moritz to talk about global liquidity in crypto markets, developments in 2025 and the activities of global hedge funds and trading firms in the digital asset space.

RULEMATCH Spot On Winter Edition 2025 - “TradFi experience and rules matter” - In St Moritz, Amar Kuchinad, Global CEO of Copper spoke to Ian Simpson and shared his experience in crossing over from traditional finance to crypto finance - including what unique experience he is bringing to one of the industry’s leading crypto custody and collateral management providers.

Offering innovative financial products based on crypto assets may sound exciting - but it isn’t easy. Especially for banks. What kind of structuring is needed? How is trading executed? What kind of risks are involved - and how can you control those risks? These are the kinds of questions that faced Vontobel, one of Switzerland’s earliest banks to offer crypto structured products. In the final 2024 episode of RULEMATCH Spot On, Vontobel Head Blockchain Solutions Florian Marty shares a “behind-the-scenes look at how the bank dealt with these topics in the past. He also shares a first-hand look at how Vontobel is evolving its offering to grow and expand in the future… (00:55) Intro (2:03) The backstory of Vontobel's entry into crypto (3:39) Built "in-house" tech (5:23) What was "under the hood" of the first crypto tracker certificate? (7:25) Why plugging into "exchanges" was tough... (8:30) Vontobel's expertise in structured products (9:56) The complexities of offering structured products (11:45) The tough thing about sketchy counterparties... (12:40) The "complexity" of pre-funded crypto trading (13:05) Vontobel's joint-venture for future crypto products (14:15) The evolution of crypto products at Vontobel (16:00) Changing investor appetite for crypto products (17:31) The effect of other (new) crypto products (19:16) Two minds and two profiles of crypto investors (21:40) Balancing the needs/wants of private banking and investment banking (22:50) Looking at Europe and MiCAR (24:39) The challenge of a fragmented regulatory landscape (26:00) Is the financialization of crypto good or bad? (27:21) The prospects for a borrowing/lending market for crypto (31:37) Will there be "regulated DeFi?" (34:10) Learnings from a first attempt at a tokenized structured product (36:49) Why a lack of proper exchanges is a problem (37:32) Does it take a "big boy" like BlackRock to push adoption? (39:02) What are clients asking for? (41:33) Looking into the crystal ball ----- 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.

For financial institutions, there is only one way to do crypto - by the rules. Whether it is custody of crypto assets, asset management, wealth management - or simple trading, banks and securities firms have to follow the 'narrow path' to provide the highest level of certainty and security for their clients. This is top of mind for regulated companies like tradias - a spin-off of Bankhaus Scheich in Germany - which recently received a BaFin license for its crypto trading operations. In this episode of RULEMATCH Spot On, host Ian Simpson sat down with tradias founder Christopher Beck. They discussed the sometimes difficult path to getting a license, the state of liquidity in crypto spot markets plus implications of upcoming MiCAR rules and the challenges (and opportunities) in crypto market making. Episode show notes: (2:42) The best of times for banks moving into crypto? (4:10) The risk for banks to not be in crypto (4:49) The mind-shift of banks in the crypto asset class (5:59) Keeping the best of TradFi in the crypto industry (8:44) Processes for managing risk in crypto markets (9:20) The “big picture” for tradias (11:01) The “sweet spot” for tradias’s business (11:48) Determining what institutions want in crypto (14:20) “Why a license for crypto?” (16:10) Considerations when going for a license (16:35) Thinking about MiCAR… (20:25) The outlook for stablecoins in Europe (22:37) MiCAR as an “iron curtain”? (23:47) The difference in mindset between European and US banks (29:58) Technical challenges for banks moving into crypto (32:00) Looking for robustness in crypto trading infrastructure (33:48) Dealing with crypto capital requirements for banks (35:30) Hurdles to true crypto borrowing/lending (39:33) Thinking like a new hedge fund manager in crypto (41:10) Is Europe a target for crypto hedge funds? (43:58) The space for new fund strategies (44:54) Looking ahead… 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.

As one of the few banks in the world - if not the only one - Julius Baer offers its clients the opportunity to invest in crypto assets with the support of a full-fledged research department and CIO House View. That positions one of Switzerland’s largest banks as a global leader in the institutional digital assets industry. After the US presidential elections and with rapid market developments, RULEMATCH Spot On host Ian Simpson sat down with Julius Baer Associate Director and Next Gen Research Analyst Manuel Villegas to take a closer look at how digital asset research works at Julius Baer and how the bank is thinking about the asset class. Along the way, Ian and Manuel discussed the implications of Donald Trump’s election, the market developments after crypto spot ETFs in the US and what all the numbers might mean for the next evolution of the market. Episode show notes (1:57) - Why and how Julius Baer started with crypto (3:08) Narrowing down the “token world” for investments (5:51) A pragmatic approach to evaluating crypto asset maturity (7:23) The “oft-repeated” institutional entry to crypto (9:45) How hedge funds/trading firms are “playing the crypto ETF game” (11:08) How people like DRW got into crypto early (12:40) Market effects of the US spot Bitcoin ETFs (16:14) Are geopolitics having a greater effect on crypto now? (20:20) Weighing up the most important factors in crypto research (22:55) Tracking global price discovery (25:08) The big topic in the room: US elections (31: 45) The possible implication of a Strategic Bitcoin Reserve in the US (35:10) Potential geopolitical competition for BTC between governments (37:20) The strategic geopolitical implications of USD-based stablecoins (39:25) USD vs EUR-based stablecoins (40:50) How Switzerland helped Julius Baer (45:25) Matt Levine’s classification of BTC (48:30) Watching out for: miner equity outperformance (49:47) Why liquidity is still top of mind 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.

Across the wide, global landscape of crypto markets, financial institutions often face challenges in connecting to venues, managing liquidity and coordinating order flows. To tackle this challenge they often to turn to order management systems providers like Talos. But as the industry gets more sophisticated and complex, the scope of services offered has to keep up as well. As it develops to keep up with demand, Talos and its Co-founder/CEO Anton Katz have collected unique insights on needs and preferences of financial institutions who are expanding their operations. In this episode of RULEMATCH Spot On, host Ian Simpson discussed the state of liquidity in crypto, the developing institutional crypto space as well as Talos’s expanding feature set with a view towards new business opportunities and the coming world of tokenization. Episode show notes: (1:16) Intro (2:16) A Talos perspective on crypto liquidity fragmentation (4:26) Anton’s view on the future of fragmentation (4:55) The incentive to split off liquidity (6:09) Where Talos stands at the entrance to a fragmented market (6:56) The most common question from Talos clients (7:46) How smaller (and bigger) players are trying to take advantage (9:19) Fragmentation of the stablecoin space (10:58) The urge to use stablecoins for settlement and other use cases (13:38) The main trend among stablecoins (14:03) “Old-fashioned” stablecoins for the risk-averse (14:38) Top considerations for choosing a venue (16:45) Order types as a key point (17:09) KYC or KYV for venues (18:18) The consideration of post-trade options for choosing a venue (19:16) Risk as a sizing function (19:54) Why people forget about counterparty risk (20:51) Comparing market models in crypto (23:04) Possibilities for M&A among trading venues (24:22) How Talos’s focus is changing over time (25:34) Connectivity moving towards “plug and play” (27:15) How latency is changing the game (28:31) Differences in alpha (29:15) Why TCA is becoming so important (29:51) Evaluating market needs over time (31:13) Why liquidity providers also need TCA (31:52) Progression in TCA tooling and wash trading detection (35:10) Fragmentation among settlement models (36:56) How prime brokers are helping out (37:28) “One-click settlement” (39:43) Demand for various settlement models (40:59) Tools to handle the flood after ETF approvals (41:20) Talos’s tools with traditional asset classes (43:13) Diving into PBs (44:49) Rivalry between PBs and exchanges (47:12) An opportunity for banks as prime brokers (49:10) Will regulation change the venue landscape? (52:40) The shadow of MiCAR (55:19) Working with clients on compliance regulation (55:45) Remembering the advantages of regulation (56:20) Peering into the future with tokenization (58:29) Fireblocks and Talos with broad network “distribution” (1:00:24) Looking into the crystal ball with stablecoins and lending/borrowing 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. Neither Talos Global, Inc. nor any of its affiliates is an investment advisor or broker/dealer. This does not constitute an offer to buy or sell, or a promotion or recommendation of, any digital asset, security, derivative, commodity, financial instrument or product or trading strategy. This is not intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

With more and more financial institutions offering crypto and digital asset services, the need for sophisticated tech to handle crypto is more important than ever. But it goes (far) beyond simple custody… Fireblocks SVP of Coporate Development Adam Levine spoke to Ian Simpson about the expanding role of tech providers in coordinating crypto market infrastructure - connecting liquidity and enabling banks and financial institutions to do bigger and better things in the growing digital assets market. Episode show notes: (1:02) Intro to Adam and Fireblocks (2:15) Is Fireblocks still "just a tech provider"? (4:01) How tech and Fireblocks is developing as the market remains fragmented (6:12) The "layer on top" that institutions demand from crypto market infrastructure (9:00) A difference of attitude and approach between US and European banks (10:36) Why American banks are the least advanced (10:53) The good thing about Europe (12:45) Outsourcing vs "build-your-own" for crypto custody among banks (14:50) Why there is a greater opportunity for banks in Europe to compete (15:10) SDX Web3 custody as a prime example of Fireblocks tech in Switzerland (15:35) What happens when companies "play at being a bank" with custody? (16:55) Why vertical integrated offerings will disappear (18:15) How off-venue custody is evolving (19:20) Why MPC tech supports sophisticated custody setups (20:57) The legal considerations to new custody setups (22:05) Adam's history at CLS and the "unsexy" topic of settlement (24:05) Why Fireblock's off-exchange solution is exciting (25:02) How DvP or PvP mitigates settlement risk (26:02) Will regulation and settlement considerations "localize" crypto markets? (27:34) What could force the creation of a "crypto CLS" (29:16) The progressivism of the UAE (30:05) Top-down vs bottom-up drivers (like BlackRock) (30:33) More technical feature requirements that institutions are looking for (31:49) How soon will "pre-funded" trading go away? (33:18) Is there FOMO among financial institutions? (34:35) A closer look at Fireblocks's work in tokenization (37:58) The details on tokenization possibilities (39:12) Global impilcations of token templates (40:47) Trading for new tokens created through Fireblocks (42:20) Advising on tokens (43:02) More about the Fireblocks Trust Company (43:41) Who to count on in the "tokenization race" (44:32) What to look out for in the collateral management space 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 relationship between banks and crypto has been complicated over the years. It has also evolved significantly since the first days of the industry. Along the way, Switzerland has been a leader in crypto banking - unrivalled around the world. One reason for that is crypto native banks like Sygnum Bank, which received its banking license in 2019. As Head of Trading, Dominc Lohberger has been involved in building the banks offering - and in particular the trading systems and processes that are needed to fulfil the stringent requirements of regulators. In this episode of RULEMATCH Spot On, Dominic and host Ian Simpson walk through the backstory of Sygnum’s operations, the challenges of the fragmented crypto market and discuss what new approaches are being developed - both at Sygnum and in the wider industry. 1:12 Intro 1:59 Where institutions are looking for opportunities in crypto markets 3:55 Navigating the liquidity maze in crypto 5:44 Why market makers are key 7:21 Where Sygnum sits in the crypto/traditional finance world 8:25 How the product shelf grows 10:25 Balancing retail and institutional considerations 12:24 The boring things that banks and institutions really care about 13:40 The non-existent transaction cost reporting in crypto 15:20 Putting the puzzle pieces together for a financial institution in crypto 17:40 The really tricky thing about capital requirements for banks in crypto 20:02 Is there any standardization coming? 24:10 Who is driving off-exchange custody setups? 25:30 Is finding a quick fix for institutional requirements a good thing? 26:05 How the overall market structure will morph and change 27:05 How post-trade settlement went missing - until now 28:14 The complex scene of settlement across venues 30:25 Building settlement batches in Sygnum Connect 31: 30 Tying in traditional security settlement to crypto flows 32:20 Leaning towards prime brokerage? 33:33 The unavoidable topic of regulation 36:08 Business and operational balance across regions 36:58 Will liquidity in the EU be cut off? 38:30 Dealing with stablecoin trading under MiCAR 40:24 The special considerations for stablecoin popularity 42:20 What to look out for in the next 6-9 months 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. Sygnum disclaimer: https://www.sygnum.com/disclaimer/

The topic of MiCAR - the European Union's Markets in Crypto Assets Regulation - is top of mind for crypto asset service providers (CASPs) not just in Europe, but also around the world. The implications of MiCAR for the current crypto market and its potential to shape institutional involvement in the space are wide-ranging and far-reaching. In this episode of RULEMATCH Spot On, host Ian Simpson spoke to Dr. Joachim Schwerin, Principal Economist at the European Commission and a contributor to the drafting and writing of MiCAR. Together they discuss MiCAR's background, implications for stablecoins, liquidity, bank and broker operations and much more.   Episode show notes: 00:55 Intro and Dr. Schwerin’s background in drafting MiCAR 2:52 How big a deal is MiCAR (really)? 4:32 The second part of MiCAR’s development 6:52 The danger in global convergence of rules 7:48 The true scope and scale of MiCAR 9:30 How MiCAR reverses the “burden of proof” onto regulators 10:45 The need for a liberalization of financial markets with MiCAR 11:28 How will MiCAR change the crypto market in 5 years? 13:45 How the crypto community should consider regulation 14:19 Traditional financial regulation for crypto is “dead” 15:40 MiCAR: horizontal or vertical? 16:10 The real things to look for in 5 years 17:10 Bottom-up innovation needs new forms of regulation 17:45 MiCAR as a desire to target specific market players 19:02 Creating a “radical place that is driven by experimentation” 19:12 Why educating “the right” way is important 20:06 The influence of MiCAR on regulation in other places 22:40 Why competition goes beyond just company vs company 23:49 MiCAR in the context of industrial policy 24:40 MiCAR and GDPR as EU exports 25:56 GDPR as the first crypto regulation 28:20 Specific implications of MiCAR for: best execution 32:07 The ongoing discussions around best execution 33:43 Specific implications of MiCAR: liquidity 34:50 The political reality around stablecoins 35:20 Competitiveness, the dollar’s decline and Europe’s imperative 36:26 “Deal with it” 37:30 Analyzing the “protectionist” view of MiCAR 39:26 How global crypto players will adapt to MiCAR 41:05 Stablecoins as a passing phenomenon 41:59 “MiCA prohibits nothing…” 42:34 Specific implications of MiCAR: tokens deemed securities 46:44 The potential for tokenized assets in Europe 50:10 A curious case of private crypto tech 51:21 Jealous of Switzerland 54:01 Thoughts on Switzerland’s DLT law and MICAR 2.0 56:38 NFTs and MiCAR 58:40 NFTs in the financial domain 1:01:10 The “unexplainably” strict rules around reverse solicitation 1:04:50 The pace of 2nd-level standards publication from ESMA 1:05:44 Is the tail wagging the dog? 1:07:25 The unhealthy focus on a few standards 1:08:59 The number of CASPs in the pipeline for MiCAR 1:10:33 How long will it take for MiCAR to “populate” across European countries? 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. 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.

He used to be a rocket scientist in South Africa, but now James Kilroe and his co-founder Geoffrey van Ryneveld run Tendex, a market neutral crypto hedge fund with a focus on medium- and high-frequency trading strategies. Spot On host Ian Simpson and James discussed the background of Tendex's activities in niche crypto markets and its transition to more sophisticated strategies. Along the way, James explained what he thinks of the "financialization" of crypto, the weaknesses with current market infrastructure, market making strategies from TradFi and crypto and how they overlap. (1:05) Intro to a rocket scientist crypto hedge fund manager (3:32) The "financialization" of the crypto market (6:39) The elements coming together for market maturity (7:18) The backstory of Tendex (8:12) Early arbitrage opportunities (8:55) The simple beauty of the crypto market in the early days (10:38) The missing puzzle pieces at the beginning (11:50) From Python script to advance trading venues (12:16) Home-built tech is still the best (14:07) Getting around the fragmentation of unstandardized tech (15:35) Challenges and opportunities of being a market neutral fund in volatile crypto markets (17:22) Overcoming the "flat and the crab" with unique market-making trading strategies (18:19) How Tendex turns tens of millions 10x per day (19:05) Plugging in "slow" strategies to the cutting-edge tech stack (19:40) The decision to go after the biggest, most liquid markets (20:22) The leveling of the market and "time-based" strategies (21:18) Where is the "basis trade" going? (22:18) Why faster venues like RULEMATCH will make a difference (22:28) Why a price discovery venue is needed in Europe (23:18) Cloud-based tech vs bare-metal infra (24:15) The curious thing about latency in crypto trading (25:26) The need for deterministic venues (26:00) What happens when "flows" flow off AWS (26:55) How risk management gets forgotten (27:45) Two lessons from FTX (30:17) How FTX highlighted exchanges playing "bank" (32:02) Handling data and the tech (35:32) The crossover between TradFi and crypto market making approaches (37:44) Trying to determine true price in crypto (38:22) A TradFi strategy that isn't "here yet" (40:31) Post-trade settlement enhancing the role of a prime broker (41:55) How the PB market is changing (42:15) The tricky thing about custodians (43:36) The diverse array of custodial service providers for institutions (46:59) Prime brokers face off against exchanges (49:24) How Tendex is set up with crypto service providers (52:11) Sitting at the heart of Europe (52:25) Understanding crypto investor sentiment and attitudes (55:35) Looking out for stablecoins and digital identity 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.

Liquidity in markets is always key. What assets get traded (and price) is often dependent on how deep liquidity across the market.   In crypto it is no different. Keyrock CEO and Co-founder Kevin de Patoul joined RULEMATCH Spot On to talk about liquidity and its development - along with the influence of different market models, the ongoing challenge for high frequency traders, as well as current (and future) bottlenecks in the growth of trading firms and market makers like Keyrock.   (00:41) Intro (1:44) State of global liquidity (3:03) The actual location of liquidity - geographically and spot vs options (4:42) Breakdown of Keyrock’s business pillars (6:12) The driving factors behind the founding of Keyrock (6:40) Crypto as a proof-of-concept (7:17) Where Keyrock got started - market making as a service provider (8:53) Comparing crypto vs TradFi market making (10:55) Why crypto’s retail history has hindered “the tech” (12:54) Getting to more standardization and technical excellence (14:18) How large orders from the world’s largest trading firms move through the crypto market (16:07) Crypto ETFs as a sign of liquid markets (16:52) Preparing for US Bitcoin ETFs (17:50) Weekday vs weekend liquidity in crypto (19:53) Stablecoins as a buffer (20:14) State of play in crypto market models (22:38) The fantastic speed of innovation in crypto (23:44) Re-setting global capital markets (24:14) “Pattern match” for TradFi players coming into crypto (25:35) Why OTC? (26:42) Non-existent best execution in crypto (28:05) Standardization in trade settlement (29:07) Waiting on Trade Cost Analysis (30:14) TCA and transparency through regulation (31:15) Adapting and implementing regulation in the light of technology (32:30) Keyrock’s preparation for regulation developments (34:48) Different plans for different scenarios (35:25) The global (and regional) implications of crypto regulation (37:42) Implications of MiCA for liquidity in crypto markets (39:06) Paths to the reconvergence of liquidity and better capital efficiency (40:04) Scary MiCA? (41:18) Leading crypto countries in Europe (42:00) Why Switzerland for Keyrock? (43:11) Keyrock’s HFT ambitions (45:03) The dominance of engineering (45:18) Pushing the pedal on acceleration (and regulation) (46:35) The last question ------ 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.

Swiss private banks are known for their long tradition of service - and in some cases their agility. Zurich-based Maerki Baumann Privatbank is an excellent example of this. As one of the first banks in Switzerland - and in Europe - to offer crypto services, it got a head-start on the industry in 2018. But how did Maerki Baumann make the decision to do crypto? How did its service offering develop and what were the keys to success for the private bank, which has been in the business for 5 years and recently launched ARCHIP, a new brand, to support its crypto service offering? CEO Dr. Stephan Zwahlen spoke to RULEMATCH Spot On host Ian Simpson about all this - and more. (1:31) Intro (2:22) The backstory of Maerki Baumann’s entry to crypto (4:01) The original client target group and offering (5:47) Evaluating the potential offering (8:25) How the “bridge” between wealth management and crypto formed (9:09) The positioning of Maerki Baumann among “crypto banks” (11:42) The generational growth of crypto asset interest (12:35) Crypto services as a growth driver for the bank (13:40) Maerki Baumann as a “startup” (15:11) Agility and partner banks as the key to growth (16:07) The alternative to size for growth (16:54) Crypto as a percentage of Maerki Baumann’s business (19:30) Setting up processes for crypto business (21:31) Building the Maerki Baumann core crypto team (23:18) The advantage of due diligence (24:15) Reducing friction for the end client (26:39) Risk management with partners (28:03) The value of partners beyond crypto (29:01) The growth of Maerki Baumann’s positioning (30:57) Widening the crypto offering (33:47) The ongoing fiat/crypto topic (35:30) Competition in the custody space - and beyond (40:37) Looking back on the growth of the Swiss crypto ecosystem (44:02) Can Switzerland keep up? (45:00) Preparing for adoption of digital assets (46:15) Final advice to other bank CEOs ----- 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.

How do you lay the foundation for fully digital capital markets? How far has work actually come in integrating a central bank digital currency into efforts towards tokenization? And how is Switzerland pushing the industry forward in the next evolution of financial markets? In Part 2 of this RULEMATCH Spot On episode, Ian Simpson and David Newns, Head of the SIX Digital Exchange (SDX) discuss the different ways that Switzerland has played a leading role in the development of the digital assets industry globally - with the support of the Swiss National Bank and others and with close input from FINMA. Episode show notes: (1:57) - Project Helvetia and why “equivalence” is a victory for Switzerland (5:59) - The evolution of banks’ capabilities with digital assets (9:24) - How banks are opening their minds to new use cases (10:38) - Growth in number of member banks on SDX (11:50) - Banks building or offering custody services for digital assets (13:02) - Details on custody setup on SDX (14:12) - The chicken-egg topic of dealing with crypto and digital assets (16:13) - Looking at SDX’s crypto custody services and repo services (17:26) - How custody will enable crypto collateral mobilization from banks on SDX (20:49) - Why collateral and lending with digital assets is critical in capital markets (21:59) - Regulatory advancements (in Europe and Switzerland) and their implications (23:51) - The significance of USDC/EURC MiCA approval (24:42) - The challenges of DLT securities in Switzerland (27:57) - Switzerland’s “central” role in global CBDC projects (33:07) - Why Switzerland is still “winning the digital assets race” (35:34) - A “sea change” in digital assets moving things forward ----- 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.

Digital capital market infrastructure lays a foundation for a new evolution in finance - one that combines proven parts of traditional structures and the potential of new technology like blockchain and DLT. This transition has has many layers - as well as challenges and opportunities. But what efficiencies does digital capital market infrastructure actually bring? What links remain between the “old and new” worlds - with exchanges, central securities depositories (CSD) and other elements of the ecosystem? And how do changing regulations and technological innovations promise to alter the landscape overtime? In Part 1 of this RULEMATCH Spot On episode, Ian Simpson speaks to David Newns, Head of the SIX Digital Exchange (SDX) for an in-depth discussion of SDX’s development and operations, perspectives on the current state of digital assets and SDX’s place in the wider world of digital capital markets. (1:31) - What is SDX exactly? (2:50) - Equal regulation as the foundation of SDX (6:30) - How Switzerland (and SDX) have benefited from crypto (11:05) - The advantages of regulation (12:35) - The why and how of dual asset listings (17:44) - Why bonds and how successful they are on SDX (20:05) - Digital bonds in financial products (22:50) - (Digital) securities equivalence and why it’s useful (25:38) - Digital central bank money - the missing component (25:59) - Why capital markets need riskless digital money (30:37) - The key considerations for building a blockchain-based capital market infrastructure (36:17) - Moving forward towards “digital supremacy” (36:50) - Intermediated (dematerialized) securities in the digital assets space - and why Switzerland is good at them (39:45) - Central securities depositories (CSD) on the blockchain and collateral mobilization (42:54) - “Borrowing” DeFi use cases for regulated financial services (43:52) - Privacy, settlement finality and other considerations for use of a private blockchain (50:44) - The use cases for instantaneous (precision) settlement and its potential downsides (55:07) - Details on the trading and settlement processes of SDX (58:29) - (No) needs for a Central Counterparty Clearing House (CCP) 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.

Consistent liquidity in crypto markets has never been more important than now. With the shift away from purely retail-driven buying and selling, market makers take on an even more essential role. But as new financial products with crypto underlyings come to market - and market structures and trading models evolve, how the dynamics change? Will RFQ models and CLOBs exist in parallel? How will opening and closing times in TradFi influence market movements? RULEMATCH Spot On host Ian Simpson welcomes Flow Traders Global Head of Digital Assets Michael Lie to the podcast to discuss all this - and more. (:47) - Intro and crypto history at Flow Traders (4:59) - Understanding market making (6:35) - Crypto and TradFi market making compared (7:40) - Evaluating the risks and opportunities in a new market like crypto (10:05) - Mitigating counterparty credit risk with exchanges (14:42) - Adapting to a lack of post-trade settlement and low latency infrastructure in crypto markets (19:17) - HFT activity in crypto - past and future (20:45) - How Flow Traders makes a market across different crypto market models (25:50) - Transparency for institutional players in crypto markets (27:42) - Advantages of post-trade over atomic settlement (30:13) - The particulars of price discovery in crypto (31:49) -Regulation and the development of spreads in crypto markets (34:39) - MiCA, stablecoins and the euro stablecoin project of Flow Traders (43:09) - A look back at spot BTC ETF launch in the US (46:25) - Thoughts on an ETH ETF --- Michael Lie LinkedIn ⁠RULEMATCH LinkedIn ⁠ ⁠RULEMATCH X ⁠ ⁠Ian Simpson LinkedIn⁠ ⁠Ian Simpson X⁠ 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.

Banks who have built a business in crypto and digital assets want to do it “by the rules.” But what does that mean exactly? What are the major considerations and how are regulatory considerations evolving? In this episode, RULEMATCH Spot On hosts Cornelia Stengel, a partner at Kellerhals Carrard for an in-depth discussion on legal and regulatory topics from AML and capital requirements to stablecoin classifications and more. (1:55) - Intro and “the big question” about regulation (5:54) - How banks are thinking (and deciding) about legal and regulatory topics with crypto (13:28) - Keeping up with regulations (16:02) - Following BlackRock’s example and tips for banks to “get ahead” with crypto and digital assets (18:17) - When AML rules are top of mind and technology-agnostic (or not) (22:27) - Treatment of crypto vs cash transactions (23:52) - Focus on the Travel Rule and tainted coins (25:55) - Dealing with custody in the framework of banking law - and its side-effects (30:04) - The burden of the balance sheet and risk-weighting for crypto (33:42) - What other jurisdictions are saying about risk-weighting of crypto assets (34:34) - Deep dive on token classifications and the laws they trigger (38:31) - Understanding asset tokens (42:29) - How financial institutions are preparing for tokenization (43:30) - The alignment of Swiss token classifications with MiCAR and other rules (46:41) - The (special) treatment of stablecoins in Switzerland (49:42) - How attractive is Switzerland (still) for doing business in crypto and digital assets? (50:54) - Looking for maturity with CBDCs Cornelia Stengel LinkedIn RULEMATCH LinkedIn ⁠ ⁠RULEMATCH X ⁠ ⁠Ian Simpson LinkedIn⁠ ⁠Ian Simpson X⁠ 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 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 Follow on social media: Wilhelm Roth LinkedIn RULEMATCH LinkedIn  RULEMATCH X  Ian Simpson LinkedIn Ian Simpson X 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.

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… --- Michael Higgins LinkedIn RULEMATCH LinkedIn  RULEMATCH X  Ian Simpson LinkedIn Ian Simpson X 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 ETFs (6:24) - Managing operations for ETPs in a global crypto market (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 tokenization) (37:05) - Settlement, pre-funding and Delivery vs. Payment (40:27) - The question of an Ether ETF (45:41) - Education is (still) key --- Follow on social media: Isabell Moessler LinkedIn RULEMATCH LinkedIn  RULEMATCH X  Ian Simpson LinkedIn Ian Simpson X 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.