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The U.S. State Department has ordered the closure of China's consulate in Houston to protect property and "private information" of Americans as reports came in last night of documents being burned in the compound's courtyard. "We urge the U.S. to immediately withdraw its erroneous decision. Otherwise China will make legitimate and necessary reactions," China's Foreign Ministry declared, as the U.S. dollar surged against the Chinese yuan, breaking the key 7 level. On Tuesday, the DOJ also accused two Chinese hackers of working for the government to steal terabytes of data, including coronavirus research, from Western companies across 11 nations. Go deeper: China may respond by closing the U.S. consulate in Wuhan. Tensions hit sentiment S&P 500 futures pulled back 0.4% overnight following the diplomatic flare-up, which adds to concerns over the deteriorating relationship between the economic superpowers. President Trump already dimmed hopes of a Phase 2 trade deal earlier this month, saying the relationship with China had been too badly damaged by COVID-19. Investors are also questioning whether Congress will reach an agreement on the next coronavirus stimulus bill before lawmakers start their summer recess, while Trump warned the pandemic will probably "get worse before it gets better." Earnings Two big names are on the radar today as earnings season kicks into high gear. Following a record number of car deliveries earlier in July, Tesla (NASDAQ:TSLA) may report a fourth straight quarterly profit, which could qualify the high-flying stock for inclusion in the S&P 500. Shares have jumped more than 50% this month alone (adding to the stock's more than 3x increase this year), as investors bet on a sudden jump in demand from passive funds that track the benchmark. Don't forget about Microsoft (NASDAQ:MSFT)! Much of the focus will continue to center around its cloud business amid recent trends towards remote work. Twitter cracks down on 'QAnon' activity "We've been clear that we will take strong enforcement action on behavior that has the potential to lead to offline harm," the company said via its Twitter Safety account. "In line with this approach, this week we are taking further action on so-called 'QAnon' activity across the service." A Twitter (NYSE:TWTR) spokesperson said more than 7,000 QAnon-related accounts were banned in recent weeks, while the platform limited the distribution of 150,000 others. According to Wikipedia, QAnon is a "far-right conspiracy theory detailing a supposed secret plot by an alleged 'deep state' against U.S. President Donald Trump and his supporters." Last year, the FBI designated QAnon as a potential domestic terror threat. Abandoning hopes While U.K. and EU negotiators began the latest round of Brexit negotiations on Monday, the two sides remain deadlocked over fishing rights, level playing field guarantees, governance of the deal and the role of the European Court of Justice. With just days to go until Boris Johnson's deadline for an outline agreement, senior sources told The Telegraph that there is now an assumption that "there won't be a deal." What would happen in that case? The U.K. would leave the bloc on December 31 by following default WTO rules and specific agreements for certain goods. The British government has also abandoned hopes of clinching a U.S. free trade deal ahead of the presidential election in November, with the novel coronavirus outbreak blamed for slow progress. Record retail trading volumes Earnings yesterday from some of the biggest publicly traded brokers have highlighted the major jump into retail trading. TD Ameritrade (NASDAQ:AMTD), which is set to be acquired by Charles Schwab (NYSE:SCHW), added a record 661K new funded retail accounts in Q2, surpassing the 608K new accounts during the first quarter. A record 3.4M daily average revenue trades were also noted, more than four times last year's levels and 62% more than the prior quarter. Interactive Brokers (NASDAQ:IBKR), which additionally beat on the top and bottom lines, said its daily average revenue trades increased 111% since the same quarter last year, while customer accounts grew to 867K. 737 MAX may not return until next year The latest timeline anticipates the FAA won't finish work to lift its March 2019 grounding order until late October or early November because the agency has decided to ask for public comments before finalizing software and hardware changes, WSJ reports. Completing pilot training and maintenance checks is expected to stretch well into December, and only then will the MAX be ready to return to commercial service. That means the jets are expected to be grounded at least as long under current Boeing (NYSE:BA) CEO David Calhoun as under his predecessor, Dennis Muilenburg, who was ousted at the end of 2019 after repeated delays in getting the plane back in the air. BA -1.3% premarket. Self-driving partnerships Ending work on autonomous commercial vehicles it began with startup Aurora in 2019, Fiat Chrysler (NYSE:FCAU) has selected Waymo as its exclusive, strategic technology partner for "Level 4" fully self-driving technology across its full product portfolio. The collaboration will start with the Ram ProMaster full-size van, though it's likely to expand given Fiat's expected merger with PSA Group into a company called Stellantis. It's been quite a run for the Alphabet (GOOG, GOOGL) unit. Waymo, considered the leader in autonomous vehicle development, inked another partnership in June with Volvo Cars (OTCPK:GELYY) to develop self-driving electric vehicles designed for ride-hailing. What else is happening... Senate committee clears Shelton, Waller for Fed positions. Apple (NASDAQ:AAPL) pledges to be 100% carbon neutral by 2030. Best Buy (NYSE:BBY) sales are rebounding as stores reopen. Tesla's (TSLA) Elon Musk qualifies for another $2.1B payday. Jamf (JAMF) prices upsized IPO above range at $26. Tuesday's Key Earnings Coca-Cola (NYSE:KO) +2.3% saying the worst is over. Lockheed Martin (NYSE:LMT) +2.6% topping estimates, raising guidance. Philip Morris (NYSE:PM) +4.2% posting better-than-feared results. Snap (NYSE:SNAP) -6.2% AH on lagging Q2 growth. Texas Instruments (NASDAQ:TXN) +1.3% AH following Q2 beats, upside outlook. United Airlines (NASDAQ:UAL) +1.2% AH expecting to lower cash burn. Today's Markets In Asia, Japan -0.6%. Hong Kong -2.3%. China +0.4%. India -0.2%. In Europe, at midday, London -0.9%. Paris -1.2%. Frankfurt -0.6%. Futures at 6:20, Dow -0.4%. S&P -0.4%. Nasdaq flat. Crude -1.3% to $41.36. Gold +0.7% to $1856.50. Bitcoin -0.7% to $9351. Ten-year Treasury Yield -2 bps to 0.59% Today's Economic Calendar 7:00 MBA Mortgage Applications 9:00 FHFA House Price Index 10:00 Existing Home Sales 10:30 EIA Petroleum Inventories 1:00 PM Results of $17B, 20-Year Bond Auction
TkeyNet: release date, a brief analysis of the system, future plans
https://preview.redd.it/ayym7cl9c1b51.png?width=700&format=png&auto=webp&s=367792bdc6acdcc670345cf1d6e12865d681b21b During the development of the project, we published 3 documents about the technology that we are developing and preparing for the market. Some decisions were changed, but the main idea and goal remained the same — effective financial management. Since the ICO boom, several years have passed, blockchain and cryptocurrencies have become synonymous and are perceived only as a means of earning money and the obvious advantages of using the technology itself in combination with others are of little interest to anyone. A user, business representatives, or some government officials associate the word “blockchain” directly with cryptocurrency or Bitcoin, without thinking about using systems built on a distributed registry in the current reality. As we mentioned above, during the development of the project, several documents were published in which we announced our technology and clearly said that we are mixing modern concepts and approaching the market from an economic and scientific point of view, borrowing the best from Bitcoin, Ethereum, DASH, and other alternative currencies. It is important to note that the concept of Bitcoin or Monero will be different from the concept of TkeyNet. These are other areas and practical application that some market participants may perceive as similar, but this is far from the case.
The idea of Bitcoin is beautiful, even if it has not yet been accepted by society as planned, but at least the idea of using Bitcoin as a means of accumulating value and storing savings has a place to be. Bitcoin actively strives for a high price mark and dominates the market by more than 50%, and this is a great result. Bitcoin set the necessary vector for many developers around the world, people were able to review the systems used and make their own decisions based on the Bitcoin core, for example, DASH or Ethereum, and users, in turn, learned about such a phenomenon as cryptocurrency. In General, what was this introduction for? That TKEY should be considered as a universal asset, without defining it as a cryptocurrency. The question may immediately arise, why is this so? It doesn’t have explicit currency properties? Bitcoin also does not have the properties of cash but is called a cryptocurrency, and the types of applications of the peer-to-peer payment system Bitcoin and TkeyNet can differ significantly from each other. https://preview.redd.it/3qfe582cc1b51.png?width=700&format=png&auto=webp&s=406f3c93314c473f9b9c9512e543fa33c6211067 The purpose of this publication is to tell you about the new features of TkeyNet, when the official transition to the new Protocol will take place, and why TKEY is a universal asset that simply needs liquidity? In General, we will talk about the clear advantages of switching to new technologies that we have been striving for so long and about your benefits of using them accordingly.
What is TkeyNet, and what are its advantages?
TkeyNet is an infrastructure that combines various solutions for users, businesses, and the public sector. Secure corporate networks, payment processors, liquidity, cross-border payments, trading tools, information security, instant exchanges, investment tools. One platform — millions of opportunities. https://preview.redd.it/bwewihsdc1b51.png?width=700&format=png&auto=webp&s=4bfc1343b46a1eb51f0b972cac509cc1893f3fa4 When creating TkeyNet, we immediately turned to e-cash protocols, concepts of electronic currencies, considered the movements of Bank international transfers, and also drew attention to the obvious complexity of these systems. Therefore, to build a high-quality architecture of TkeyNet, the team took as a basis — blockchain technology, cryptography, payment and banking system, electronic cash protocols, exchanges, stock markets, DHT, and other p2p networks. Now more than ever, businesses, users, and most financial market participants need reliable and modern systems that will meet the needs of the market. For example, a user wants to quickly send funds to another user, and they do not want to think about how the blockchain works and who the “miners” are and what they do for the network. Any of us want to open the app and click a few buttons on the screen to pay for a particular service or send money to relatives abroad and the most importantly, know that the funds will reach you quickly and with a minimum Commission. Or let’s say you came to India, you have some funds in Bitcoin, but you would like to pay for your purchases in the local currency — the Indian rupee without extra conversions. You are the owner of a payment system or Bank, and you want to receive % for conversion transactions, or banks want to create their consortium for cross-border payments. Either you are an entrepreneur and plan to open an exchange or trading platform for trading various assets, not necessarily digital, but, for example, gold and diamonds, or you are a young and purposeful startup team and want to quickly launch your Digital Bank, or you do not want to do business, and you have several million euros or dollars, you want to get % of their use. https://preview.redd.it/hkv2xcpfc1b51.png?width=626&format=png&auto=webp&s=4ae497765a2d02b66046d5a112eb0dd4f1eeb0bc TkeyNet makes these features available to all participants. As we can see with you, there are quite a lot of use cases, and it may seem that TKEY is again torn into 100500 different directions, but this is far from the case. Here, a specific and clear direction is Finance and its movement.
How TkeyNet works
Remember, we said that — “to develop the platform on a global level, it is necessary to reach a consensus between government regulation, business, and society. We understand that it is impossible to achieve 100% of this, but it is possible to create favorable conditions favorable to all parties.” How will the system work? All participants are connected to the system using TkeyNet technology that allows the financial gateway to control their transactions with increased speed, transparency, and efficiency. Independent verification servers constantly compare their transaction records. To hack the system, you will need to get access to all the devices that are logged in. https://preview.redd.it/ltwgjrhhc1b51.png?width=700&format=png&auto=webp&s=413d03504eafa2b496cf99d837b6a2a1c9ba6818 TkeyNet solutions offer a cryptographically secure, end-to-end payment flow with the immutability of transactions and redundancy of information contained in them. It is developed to meet each financial gateway’s risk, privacy, and compliance requirements. Since the software is developed to be easily integrated into the existing financial infrastructure, it minimizes any integration costs and failures, and also meets international standards (ISO, etc.).
TkeyNet can be a neutral utility for financial institutions and systems
A gateway is an organization that allows users to invest money and take money out of a pool of liquidity. The gateway accepts currency deposits from users and issues balances to the TkeyNet blockchain. TkeyNet Protocol provides a single source of truth for counterparties while maintaining the confidentiality of payment data of Bank clients. TKEY is a universal bill (digital obligation) in the distributed registry TkeyNet. Gateways install specialized software for interacting with the distributed registry and other system participants. Users, brokers, and other participants interact with the system via mobile or web interfaces. Gateways act as a link between the distributed registry, brokers, users, and other services that allow you to make quick transactions. https://preview.redd.it/igdiw4tjc1b51.png?width=700&format=png&auto=webp&s=3a25f8f6b74a0cebf2450d05a7bf7c675547e624 The participants of the system make payments between themselves by using cryptographically signed transactions denominated in digital obligation. This type of transaction uses an internal registry. In the case of working with Fiat currency and other assets, such as securities and precious metals, the registry records the amounts owed with assets presented as debt obligations. All accounts and transactions are cryptographically secure and verified algorithmically. Payments can only be authorized by the account holder, and all payments are processed automatically, without any third parties or intermediaries. The TkeyNet Protocol checks balances and accounts inside the system for transferring payments and sends payment notifications with minimal delay, which ensures fast calculations in the system. For more specialized solutions can be created by the Central gateways and the gateways just. A Central gateway is an organization that allows users to invest money and take money out of the liquidity pool. Gateway is an organization that interacts with the Central gateway. Accepts and exchanges digital liabilities for other assets, such as securities. TkeyNet globally reduces the number of different expenses and automates operational tasks, simplifies and reduces the cost of conducting monetary transactions, and improves traditional financial services. We understand that it is not easy to tell all the principles of the TkeyNet system in a single publication, especially one that deals with neither one nor two issues. Therefore, you should consider this material as a basis, a base that will help you learn the information that is related to the TkeyNet Protocol most easily after the release of TkeyNet. Moving a little away from corporate solutions, we suggest you recall some theses from our roadmap, which was published on the official website in the period from September 2018 to November 2019:
As before, you can easily and quickly send TKEY to any member of the network and TKEY will have liquidity on the exchange also, TKEY allows you to fast exchange for euros, dollars, or other currencies. https://i.redd.it/qapkdnvoc1b51.gif For the interface, the applications will display functions of digital assets 1:1 to a particular currency, for example, TKEY to RUB, TKey to EUR, or TKEY to Dirhams or TKEY to the pound and vice versa, respectively. https://preview.redd.it/0ipx86fqc1b51.png?width=700&format=png&auto=webp&s=a406e9c0f181a5d0b1ecde347511954ba61bf433 Therefore, as we said above, TKEY should not be regarded as a cryptocurrency, it is a universal unit inside the system TkeyNet, which may refer to transaction information as exchanges of obligations between banks and transaction TKEY -> TKEY between users, or to carry information about the exchange on the exchange or the exchange of digital assets or gold variations quite a lot, for most of the functions we describe in the release day TkeyNet.
What are the advantages for companies and developers?
First of all, we strive to open the doors for all platform participants. Only through synergy and cooperation can we accelerate the pace of development of the entire system and the introduction of new technologies in the market. The platform will open doors for developers, who in turn can create technological solutions based on TkeyNet. A working environment will be created, and integration with the TkeyNet platform will be as easy as with the documented SDK or plug-ins. In the course of development, API documentation and ready-made SDKs for developers will be published. https://i.redd.it/31x1k7gsc1b51.gif This will make it easy to use and implement TkeyNet technology in various types of applications, for example, you want to create fast exchanges, we provide you with a framework, back-end, and API, and you create a front-end and launch your service, get your Commission, and are an independent project in the market. An important point is that integration into the existing infrastructure takes place while maintaining the decentralization of the TkeyNet system so that all its internal and external operations remain confidential and verified at the same time.
What are the advantages for users?
This means getting a universal tool for working with financial markets and easily converting an asset into any other asset: euro, dollars, or gold. https://preview.redd.it/ol4964huc1b51.png?width=626&format=png&auto=webp&s=7fedfc9009201cb8c392be3f214f285d003c0d95 Also, TKEY owners should clearly understand that the more the system develops and there are more participants, namely the corporate segment, projects, and partners, the company will be more stable and thus the project assets will grow stronger. The popularity of the platform and trust in it directly affects the price of assets, these are the key points of growth signs, the wider and more influential the spread of the company in various areas, the higher its performance in the market.
When will the long-awaited transition to TkeyNet take place?
What changes will be made to the products?
As you understand, everything will change, and this is for the better. At a minimum, products will become faster, lighter, safer, and more versatile. Changes and new releases will be released as soon as they are ready. In TkeySpace, the TKEY libraries will be rewritten under TkeyNet. A web version of the wallet will appear, and eventually, an application with an exchange interface will be released for quick trading and exchange of various assets, not limited to digital ones. The Tkey Messenger will be adapted for TkeyNet and will be released for previously announced platforms: iOS, Android, Linux, macOS, Windows immediately with the ability to translate directly in the messenger. We will tell you about the messenger architecture on the release day.
All changes and releases will be published and announced after the release of TkeyNet.
What is radically new in TkeyNet?
There will be funds, the Protocol will become much more universal, as well as the TKEY itself. The Protocol will also exclude the possibility of attacks that could have been in Core 1.0, also, the principles of the platform will change. We will publish all technical specifications on the day of release.
Timeline for switching to TkeyNet
The transition to TkeyNet will not take place until August 2020. We will release news and instructions for switching to TkeyNet, so we recommend that you subscribe to the newsletter immediately: https://tkeycoin.com/en/newslette.
Listing on crypto exchanges
The liquidity of the TKEY asset is urgently needed for the development of the entire TkeyNet system, so the company will provide trading platforms for TKey trading and exchange.
The introduction of technologies using digital currencies will create the fastest transition of users and the corporate market to a new level. FinTech direction makes it possible to manage finances in the most efficient and secure way, without violating the law. This system simplifies, reduces the cost of conducting monetary transactions, and actually improves traditional financial services. The solution is interesting to everyone who works with money and is used to getting maximum efficiency from it: business, investors, traders, users of banking solutions, the corporate segment, etc. When using the system, large businesses get solutions for interacting with customers online, without using specialized points. We, in turn, are open to various offers and cooperation on flexible terms. If you have any suggestions or interesting concepts, please contact us at [[email protected]](mailto:[email protected]).
Great news, people. India just lifted the ban it imposed on cryptocurrency trading in 2018, which means that it is now legal to trade cryptocurrencies in the country. There is no doubt that the cryptocurrency market has come a long way over the past two years, and the market offers a lot of opportunities. As expected, there will likely be an influx of traders from India trying to invest in the cryptocurrency market. However, there is still the need to lean towards caution, and one of the best ways to do that currently is by trading through legitimate and legal crypto exchange platforms. Here are some of the best cryptocurrency exchanges that you should consider trying out. · Binance This is one of the most popular cryptocurrency exchanges in the world, and it has also been described as the best crypto exchange in the world for quite some time. It has been around since 2017 during the cryptocurrency surge and has overcome many challenges to remain operational. Binance provides access to hundreds of cryptocurrencies, thus giving traders a good variety. · Koinex If you are the type of trader that wants to narrow down on just the major cryptocurrencies, then perhaps Koinex is the exchange for you. It offers access to major cryptocurrencies, which include Bitcoin, Litecoin, Bitcoin Cash, Ether, and Ripple. It is considered a reliable broker, although it is always a good idea to do your research not only to identify whether it is secure but also whether it suits your preferences. · OKEx This is also one of the largest cryptocurrency exchanges in the world, which means it is already off to a good start, but there is more. It has a good variety of cryptocurrencies listed on its platform, and best of all, it recently collaborated with CoinDCX, an Indian crypto trading platform. The partnership will allow Indian users to trade cryptocurrency futures. · CoinCDX This is an Indian cryptocurrency exchange that allows cryptocurrency traders from India to trade 30 cryptocurrency pairs. It is also one that has focused heavily on security so that it can ensure that traders are protected. This exchange is ideal for anyone in India that wants to try out a local platform. There are many more cryptocurrency trading platforms out there that you can try out. However, if you wish to have an easier time trading cryptocurrency, perhaps consider using TrailingCrypto. The latter is a cryptocurrency trading platform that has a user-friendly interface, and it provides access to all the tools that traders need to trade digital currencies. It also links to multiple cryptocurrency exchanges, which means that you can access those crypto exchanges within the TrailingCryto platform.
Hi, Iam from cryptocurrency trading futures and spot trading, i know a bit about analysis, ta and fa..iam new but iam not completely oblivious. I know these questions might be seem too stupid for you to answer..but hey, any help is appreciated. How does futures and options market work in India, what are the differences between both ? which do you prefer? which is the one where you can bail out of the contract by selling ? (in bitcoin the contract is perpetual and be closed at anytime)
How much capital do i need to start trading, are there size limits of lots?..is adding margin or leverage possible in futures/options?
Is zerodha an ok broker for futures/options trading?
Do the futures/options on equities have a different ticker on exchange..does it have a prefix/suffix?
The European Central Bank (ECB) doubled down on its dismissive stance on bitcoin (BTC) July 9, refusing to recognize it as currency in a Q&A session. “Bitcoin is not a currency, it rather is an asset and it is very volatile,” officials wrote quoting chief economist, Philip Lane. In May this year, a report dubbed “Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures” concluded the entire phenomenon had little impact on the traditional economy. Previously, the European Union’s reserve bank had also come out bearish on the idea of issuing a digital currency of its own, in contrast to noises now coming from China and several other states.
Cybersecurity researchers have revealed eye-opening details about a widespread Android malware campaign wherein attackers silently replaced installed legitimate apps with their malicious versions on nearly 25 million mobile phones. According to researchers at Check Point, attackers are distributing a new kind of Android malware that disguises itself as innocent-looking photo editing, adult entertainment, or gaming apps and available through widely used third-party app stores. Dubbed Agent Smith, the malware takes advantage of multiple Android vulnerabilities, such as the Janus flaw and the Man-in-the-Disk flaw, and injects malicious code into the APK files of targeted apps installed on a compromised device and then automatically re-install/updates them without the victims' knowledge or interaction. Researchers initially encountered the Agent Smith malware in early 2019, which was primarily being found targeting Android devices in India (with 15 million infected devices) and other nearby Asian countries like Pakistan, Bangladesh, Indonesia, and Nepal.
Donald J. Trump tweeted Thursday that he is “not a fan” of cryptocurrencies, saying they were “not money” and referencing their price volatility relative to the dollar in his first public comments on crypto since becoming president of the United States. In his tweets Thursday, Trump took aim at the potential for using cryptocurrencies in illegal activities, citing drug trafficking in particular. “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity,” he said.
Tyler and Cameron Winklevoss, co-founders of the New York-based crypto exchange Gemini, may soon join the Libra Association, the consortium governing Facebook’s proposed cryptocurrency. Joining Libra might be a surprise move to some, considering the Winklevoss brothers’ legendary fight over control of Facebook with its CEO Mark Zuckerberg, their former Harvard classmate. But they now want to be “frenemies” with a mutual goal of promoting mainstream crypto adoption. Plus, the twins are aiming to diversify Gemini’s token offerings by 2020. They recently applied for a broker-dealer license through the Financial Industry Regulatory Authority, which would allow Gemini to list digital securities. So far, only one crypto exchange, Coinbase, has joined the Libra Association, whose ranks also include traditional financial players such as PayPal, Visa and Mastercard and VC firms such as Union Square Ventures and Andreessen Horowitz. (Crypto custodian Xapo is also a member.)
Bitcoin (BTC) bolstered its already bullish technical setup with a move above $13,000 on Wednesday. The top cryptocurrency by market capitalization rose to $13,154 in the Asian trading hours, the highest level since June 27, according to Bitstamp data. With the move to two-week highs, BTC has recovered 85 percent of the sell-off from $13,880 to $9,614 seen in seven days to July 2.
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Predictions: 2020 The USMC will adopt Lululemon PT uniforms. The new trend in flash mob performances will be speed metal rock and mosh pits. “Duck face” will be required on all passport photos. Amtrak will open new lines and reinvent itself using popular themes. All northern lines will Polar Express trains. All southern routes will be Chattanooga Choo-Choo trains. All West Coast trains will be called Orient Express. And all other lines will be called Thomas the Tank Engine routes and will include animatronic faces on the fronts of all trains that can answer passenger questions. “This is the reality of operating in Fantasyland today,” will say the Director of the Amtrak Board.
UsToo, #ThemToo and #YouToo will be the new viral social media phenomena.
TRUMP will open on Broadway. Taylor Swift will be named Democratic Party candidate for POTUS. Armed teachers will proliferate in rural counties and school districts across the US. So will tactical shooting schools and courses, for teachers and students. Many school districts will open and manage their own shooting ranges. Shooting teams, rifle, pistol and shotgun, precision and tactical, will become the hot new sports in rural schools. Personal bubbles will become hot new products and services. They will sell by the millions. These will be actual bubbles that people wear when they leave the sanctuary of their homes. They will come in various sizes, colors, and several ballistic and acoustic ratings. They will offer defense not only from bullets and knives, but also from antagonistic ideas, annoying co-workers, troubling truths and mean parents. Fortnite will unveil a “permanent residence” option, including sustenance, hygiene and employment options, allowing for users to never have to leave the game. Robots will replace nurses in nursing homes. A majority of residents will claim the robots are better than their “biofamilies.” The American Baptist Association will re-issue warnings to all faithful to be careful during sex, lest dancing spontaneously happen. LeBron James will hold a press conference and ask all NBA fans, “How the hell did I become the old man of basketball?” To which Michael Jordan will tweet, “Dude…” Trump will announce that each US citizen will be issued a firearm of their choice, any make, caliber or model, but with the stipulation that participants must prove that they do not already own any firearms. “We’re not adding to anyone’s collection,” Trump will say at a White House press conference. “We just need more good guys and good gals out there with the tools to engage the bad guys.” “Oh, fuck me,” most law enforcement officers will say to each other. Tactical body armor with roll over the fashion industry like a ceramic plate typhoon. Pete Buttigieg and Tulsi Gabbard will be seen leaving a hotel room early one morning after a Democratic Party debate, leading to all sorts of media questions and speculations, and to calls by the Gay and Lesbian Legitimacy Board for investigations. The American Psychiatric Association will announce that anxiety is actually a treatment for depression. A report from the Coalition of Conservative Scientists will claim that all existing species of animals, and also some plants, engage in rape, and so did the dinosaurs, and thus it is part of the natural order. “So, get over it.” Scientific American, Science News and National Geographic will all publish editorials, in response, claiming that the same can be said of homosexual behavior, documented in hundreds of other animals species, in nature. “So, you first.” Greenland will become the new Florida. Florida will become the new Atlantis. Gondoleer will become a hot new job opportunity in Miami, New Orleans and New York. The entire Sackler family will have their last name legally changed to Gonzalez. India will announce a new campaign to reform Jammu and Kashmir into the “Indian Switzerland,” complete with quaint mountain villages, lots of ski resorts and hundreds of new mountain gondolas and aerial trams. Prime Minister Modi will announce contests to select a new cheese, new beer and Hindu mountain lederhausen to support the new Jammu and Kashmir brand. The first SETI signal will be received from aliens claiming that they have Jeffrey Epstein and that they would like to return him. But, they still want to hang onto Elvis for a while longer, if that is OK. Boeing’s stock will rebound and surge after they rebrand the 737 Max to the 737 Maxine. Greta Thunberg will appear in the next X-Men movie as ClimaRage and will beat down Magneto with guilt and shame. Joe Biden will be diagnosed with Alzheimer’s, but will not pull out of the race. “Does it even matter anymore?” he will say at the press conference announcing the diagnosis. Hong Kong will go dark and become the worlds largest abandoned mall. Disney will announce its purchase of the Notre Dame Cathedral. The entertainment behemoth will claim that only it has the resources to successfully complete the renovation of the fire-damaged landmark, and the culture to maintain French history and tradition. Tours of the site will begin soon after and will be led by Snow White and Mickey Mouse. Disney will also announce that it has purchased Stonehenge, the Pyramids, Machu Picchu and the Great Wall of China, and that all these new properties will be anchors for new entertainment megahubs. Disney spokespeople will claim that only Disney has the resources to maintain these historical and cultural marvels, and at the same time better leverage their tourism revenue potentials. And they also have animated feature length movies for each site, coincidentally. A Religious Liberty bill will be signed into law reassigning all non-Christians to their new Christian denominations. Buddhists will become Baptists. Muslims will become Methodists. The Hindus will become Congregationalists. Mormons will become Presbyterians. “What about us?” the Unitarians will ask in a barely heard voice, to which the official response will be, “Go talk to the Catholics. Maybe they want you.” Pay day loans, reverse mortgages and high frequency trading will be recognized by the SEC, FTC and Justice Department as key corruptions and cancers to capitalism. Nonetheless, they will spread and proliferate like weeds. New types and styles of snake oils and shell games will join them in the disfigurement of capitalism. A growing number and majority of stores, restaurants and businesses in general will no longer accept cash, preferring credit cards and digital currency. Most panhandlers, prostitutes and drug dealers will also stop accepting cash and will instead require PayPal, Venmo or Bitcoin. Surveillance will become ubiquitous as all devices in our lives - phones, doorbells, coffeemakers, tablets, speakers, watches, TVs, thermostats, crockpots, electrical plugs, litter boxes, remote controls, dog collars, security systems, vibrators, cars, weapons, (the list is growing) etc. - will harvest data about our lives and behaviors and feed that data to “data brokers” who analyze and sell that to other corporations. In response to this growing threat, personal data security companies will emerge that will require customers to register their personal data with them and will promise to protect that data. People will fall for this. Online social influencer and personal data broker will become top paying jobs. The first inter-species hybrid human will come to light in a gene-splicing lab somewhere in China. It will be either a pigboy or a monkeygirl. Scientific and medical authorities around the world will express their outrage. Meanwhile, millions will clamor to place orders for puppyboys and kittygirls. The U.S. Department of Defense will officially begin planning strategies to weaponize the Internet. PornhubDoD.mil will be announced as the “nuclear option.” The Republican and Democratic parties will assume new nicknames, the Hatfields and McCoys. “Oh, puh-lease,” will say 89-year-old Dolly Hatfield, granddaughter of “Devil” Anse Hatfield, of Possum Holler, Kentucky, to reporters from her nursing home, “we was never as bad as all them DC politicians. They’re downright crazy. We was just a mite pissed off.” Dating apps will go the way of porn magazines as mating algorithms begin populating our phones and browsers with photos of candidates in our lane, based on various demographic variables. Amazon and Google will provide online weddings, will even provide avatars to act as bridesmaid and best-man. Digisex will trend as the new safe alternative to physical sex. The $15.5 trillion US corporate debt bubble, 74% of US GDP, will burst, throwing the US into economic chaos. Celebrations, by those who have dreamed of the event, will be short-lived when it is realized that no one’s phones work. Nancy Pelosi and Bill Maher will be the first residents to check in at a luxurious new reeducation camp outside of Fairbanks. The string of new American Gulags with be a booming new industry and will provide many jobs for patriotic Alaskans. Many US churches will begin installing security checkpoints, gun emplacements and sniper overwatch. Many schools will implement TCPs, Traffic Control Points, manned by armed security personnel, except at rural schools, where TCPs will be manned by armed teachers and parents, and in some districts, students. The PSC, Private Security Corporation, industry will surge and boom like a high school band at halftime at a Friday night football game. High school bands will begin wearing tactical body armor at Friday night halftimes. Hillary Clinton will finally reveal the location of Jimmy Hoffa’s body. “I told her not to do it!” Bill will say at her trial. Trump will get reelected and will immediately sign an executive order establishing The Department of Truth, whose mandate will be to officially and legally determine which facts are truths and which are lies. Using the term “alternative facts” will become illegal. The Democratic Party candidates for president will switch from debates to playing concerts as a band, during which each gets a solo spotlight, during which they have 5 minutes to play their instrument and riff on politics. Squabbles over who plays lead guitar and the drums will follow the band throughout their tour. Buttigieg will never stop complaining about having to play the flute. A startup company will release a new product called the Emonilometer, which will measure a person’s emotional and spiritual depth and flow. Various plans ands price points will be available. Sales will soar as customers catch on that the more you pay the deeper your flow. (Note: A “nilometer” is used to measure river depth and flow, was first used by the ancient Egyptians.) Multiple sources within the White House will claim that Trump’s favorite new phrase is “It’s good to be the king.” Sources close to Mel Brooks will claim that his favorite new phrase is, “Oy vey.” A new extinct human species will be discovered. Homo idioticus will answer a lot of burning questions regarding the human tree of evolution, and the current state of humanity. The collapse of the dairy industry, due to unmanageable costs and ratios, will lead scientists and farmer to look for other sources of milk, beyond almond and oat. New options will include shark milk, beetle milk, flamingo milk and even spider milk, for which demand will quickly out-strip supplies, due to consumers hoping for spider super powers. A joint Chinese-Israeli-SpaceX project will start building a lunar station on the moon. The station will be focused on research and mining, but also will offer “Do It On the Moon” romantic get-away packages for couples. The Labor Secretary will quip during a press conference that “retirement is for pussies.” US Space Command will begin selecting and training its first class of Space Rangers. LSD and psilocybin will be the new cure-all super-drugs, for everything from depression, addiction and dementia. Doctors and pharmacists will take to referring to these as Timothy Leary treatments. Members of the Leary family will demand a cut of the action. Coach Orgeron and LSU will replace Saban and Alabama as the defining college football program, and will set new standards in 2020 when LSU becomes the first to sign a QB right out of middle school. Other schools will soon follow. Elizabeth Warren and Bernie Sanders will make a soft porn short film together in an attempt to connect with American voters. Copyright Jeff Forker 2020
Large Enterprise Adoption of Blockchain is happening, enabled by Quant Network’s Overledger
https://medium.com/@CryptoSeq/large-enterprise-adoption-of-blockchain-is-happening-enabled-by-quant-networks-overledger-32321b650115 This is Part Two in the mini-series looking at Quant Network. You can see Part One here as well as links to other articles at the bottom of this post. Quant Network have achieved incredible levels of adoption since launching Overledger less than a year ago. Their growth strategy is to partner with multinational global organisations with huge amounts of employees to then host / implement / take Overledger to each of their own clients. So one Partnership, leads to exponentially more and is the fastest way to scale rather than trying to partner with each customer individually. This is how companies such as Oracle grew so fast and Microsoft with their Partner Network.
“These are multinational global organisations with 100,000 + employees, this is the scale that we are working towards to take Overledger to the mass market. We can’t do it one by one in each country and sign them up but we can partner with someone that has 100 customers and they can take it to all their customers as well which helps with the adoption of our technology” —Gilbert Verdian
Let’s start with arguably the biggest partnership for any Blockchain company listed on Coinmarketcap, the leading Financial Network Provider in Europe, SIA.
Provide the leading Financial Network in Europe with more than 100 Tier 1 banks connected, 44 Trading venues (including the main international stock markets in Milan, Rome, London, Frankfurt and New York) and other financial institutions covering the entire trading process from pre-trading to post-trading
process 14 Billion institutional services transactions, 7.2 billion card transactions, 3 billion payments, 51.7 billion financial transactions and carried 1,204 terabytes of data on the network
SIA in partnership with Colt and SWIFT are the only two network providers awarded a 10 year tender commissioned by the European Central Bank for the provisioning of connectivity services allowing European central and commercial banks, central depositories, automated clearing houses and other payment service providers to connect directly to Eurosystem market infrastructures through a single access interface (Eurosystem Single Market Infrastructure Gateway — ESMIG).
SIA’s SIAchain is the leading blockchain architecture in Europe connecting 570 Banks, Central Banks, Trading Venues and other Financial Institutions using R3’s Corda, Permissioned variants of Ethereum and Hyperledger Fabric.
SIA have Integrated Overledger into the leading blockchain architecture in Europe SIAchain so that all of the 570 banks, Central Banks, Trading venues etc can benefit from Blockchain Interoperability.
“Since the European launch of our private infrastructure SIAchain, we are at the forefront of innovation in blockchain technology with the aim of supporting financial markets with a high-performance and secure architecture and a clear governance model.We actively continue on our path of innovation and the achievement of a fully interoperable blockchain network is the foremost objective we want to reach with the collaboration of Quant Network and its disruptive vision on DLT”,saysDaniele Savarè, Innovation & Business Solutions Director, SIA.
So what we’ve done is instead of just announcing one client and one thing, we’re announcing that we’re working with SIA. So, SIA is the leading European payment infrastructure. And what we’re doing with SIA is interconnecting blockchain networks with SIA, and doing settlements, which are central bank settlements,with the central bank in Italy. So what Overledger is doing is we’re actually bringing blockchain and interoperability to all of SIA’s clients, which are 580 banks. So, Overledger could be rolled out to all these institutions, financial services, banks, at scale, and have interoperability to get the benefits of this.
Quant Network are working with AX Trading to bring more digital assets, securities and tokenised assets to their existing 800 institutional traders in an already live and connected FINRA and SEC regulated exchange. AX Trading is not just about trading securities but other digital assets such as Bitcoin, Ethereum and potentially even Quant in the Future.
an SEC-registered broker-dealer and Alternative Trading System (ATS) Operator. They are a member of FINRA and SIPC regulated authorities.
Have investors and sponsored brokers such as Credit Suisse, (a multinational investment Bank and Financial services company worth $27.5 billion).
AX currently have over 800 Institutional traders (these are not individuals, but corporations such as hedge funds, banks, investment banks, pension funds, insurance companies, endowment funds etc).
This is a multi-trillion dollar market with huge global enterprises, traditional exchanges and global banks are all adopting DLT at a rapid pace and going into production at scale in a matter of months
Overledger a blockchain operating system, will enable universal interoperability for regulatory-compliant security tokens and digital assets to be traded on AX ATS, a regulated secondary trading market. AX intends to integrate Overledger to help foster the evolution of traditional capital markets infrastructure to facilitate the mass implementation of regulated digital assets. With the increased market adoption of digital assets and banking “coins” such as JPMorgan Coin, AX and Quant Network are at the forefront to enable the transferability and movement of digital assets
Oracle are the second largest software company in the world, second only to Microsoft and worth $174.5 billion.
Quant Network are an Oracle Fintech Partner. Oracle are jointly going to market with Quant Network and taking Overledger directly to their 480,000 clients globally.
On the week commencing the 23rd September 2019 Quant Network and Oracle will be showcasing Overledger at the largest Financial event of the year SIBOS. SIBOS is a very exclusive financial services only event that only institutions that are connected to SWIFT can attend. The only 2 Blockchain firms attending are Quant Network and Ripple.
At Sibos 2019 Oracle is excited to feature 10 of our fintechs that have proven they are enterprise cloud ready and span a wide range of digital transformation themes including several available on Oracle’s Open Banking API ecosystem. Discover how you can accelerate your digital banking journey with a wide range of proven Oracle fintech solutions that meet the security, performance, and compliance needs for today’s Adaptive Bank —Oracle SIBOS 2019Blockchain Enables Trustworthy TransactionsThe potential uses of blockchain technologies are seemingly endless, from providing easy access to online payments to creating connected economies. But one of blockchain’s standout promises is to automate trust by providing an incorruptible platform for transactions.Quant’s Overledgeris the world’s first blockchain operating system. It’s designed to provide any network in the world with a gateway to all other blockchains, and therefore enable companies to develop new solutions by incorporating features from multiple blockchain applications. —https://blogs.oracle.com/startup/innovation-pays%3a-the-five-fintech-startups-making-money-more-interesting
Crowdz are the leading blockchain-based trade finance company
Headed by Cisco’s former global supply-chain leader
In business since 2014, with 270+ beta clients
partnered with Barclaycard, part of Barclays Bank, to integrate into their payment solutions
Recently received $5.5 million Series A Investment from Barclays Bank and BOLD Capital Partners, with additional investments coming from TFX Capital Partners, Techstars Ventures, and First Derivatives
In talks with the Korean Government about using their tech.
Payson Johnston, President and CEO of Crowdz, a Silicon Valley trade-finance and financial-technology company, stated that, “Although Crowdz uses the Ethereum blockchain as the foundation for our Invoice Auction Exchange, we have needed a solution that allows for invoices and other documents to be transferred from one blockchain to another — for example, among Hyperledger, Corda, and EOS. With the Overledger solution from Quant Network, it is now possible to pass data among different blockchains. Crowdz looks forward to working with Quant Network to enable the true multi-blockchain environment that our customers demand.”
UKCloudX is the UK Sovereign High assurance cloud services designed for the UK’s most sensitive and mission critical systems from Defence, National Security to wider Government requirements.
AUCloud is Australia’s sovereign cloud Infrastructure-as-a-Service (IaaS) provider, exclusively focused on the Australian Government (Federal, State and Local) and Critical National Industry (CNI) communities.
AuCloud integrate Overledger onto the AUCloud platform to provide highly secure and interoperable Blockchain-as-a-Service for Australian Government and Defence and the critical national industries and supply chains that serve the nation.
Scott Wilkie, Director of AUCloud stated that Australian Government, Department of Defence and major industries are using or testing blockchain to interact with their supply chain, critical infrastructure, national record keeping and financial services. These organisations require the interoperable functionality that can only come with an operating system like Overledger and the security of the leading sovereign Australian cloud platform. Without Overledger, none of these projects or systems will be able to communicate with each other or enable cross party collaboration.Brad Bastow, CTO AUCloud (previously CTO Department of the Prime Minster & Cabinet) stated that “applying world leading blockchain technologies to enhancing the cyber security of cloud IaaS and PaaS can significantly improve the ease of adoption and reduces risks for all government users and citizens. We aim to bring the most effective and assured technologies as-a-Service and Quant Network have some of the most advanced blockchain technology in the world in this respect.”
A Cloud-based, smart-contract-as-a-service (SCaas) platform. enabling users across a variety of skill sets to implement DAPPs.
formed from a Defense Advanced Research Projects Agency (DARPA) grant in 2017 originally developed by ITAMCO and the University of Notre Dame
Awarded a grant from the Department of Energy to develop a platform for a blockchain solution for the solar energy market.
Their platform is available on Azure and are Microsoft Start Up Partners with a former Microsoft Global Exec Joining SIMBA Chain.
Some of their other partnerships include the Government Blockchain Association, Air Force Research Laboratory, Caterpillar, SAP and EY
Recently announced they are starting to develop on Quant Network’s Overledger to enable connection to all of the blockchains currently connected through Overledger and provide interoperability between them.
an AI-powered decentralized investment and financing ecosystem, which allows corporates to quickly, cheaply and safely raise funds, whether it be equity, debt or tokens.
Selected as 1 of 15 Best Early-Stage startups at Money 20/20, Europe’s Largest Finetech Conference.
Joined Kickstart Innovation, one of Europe’s largest multi-corporate accelerators.
Joined Level39 Europe’s largest Fintech Accelerator
Partnered with Holochain, Elastos and Portugal Finlab
have more than 35 years combined experience in capital markets at top investment banks (Goldman, JP Morgan, Barclays…) and more than 10 years in AI, IT and software development (Barclays, VINCI, PostNL…).
“AllianceBlock will use Overledger to leverage multiple blockchains and create multi-chains token swaps. This partnership offers the possibility to open a new set of real-world applications leveraging different features from different chains. AllianceBlock is delighted about this partnership which will help blockchain projects and SMEs wield blockchain technology very easily” said Rachid Ajaja, Co-founder of AllianceBlock.
Jiangsu Huaxin Blockchain Institute
the first state-owned research hub dedicated to exploring blockchain technology for the Chinese Ministry of Commerce with over 100 employees.
high-tech R & D institution backed by the provincial government in Jiangsu, the second highest GDP grossing province in China
Backed by parent company Beijing Huaxin Electronics Enterprise Group, a conglomerate that has incubated and invested in numerous IT and telecommunications companies
China’s official institution for blockchain development, signed an agreement to collaborate on the development of innovations like distributed computing and quantum cryptography to revolutionize the next generation of distributed ledger technology (DLT) protocols.
Managing Director of Rockefeller Capital Joins the Board of Quant Network
Rockefeller Capital Management is a leading independent financial services firm led by President & Chief Executive Officer Gregory J. Fleming, offering global family office, wealth management, asset management and strategic advisory services to ultra-high-net-worth individuals, families, institutions and corporations
Quant Network is a founding member in the European Union’s launch of the International Association for Trusted Blockchain Applications (INATBA). Other members of INATBA include Accenture, Accord Project, Alastria,Banco Santander, BBVA, Consensys, Enterprise Ethereum Alliance, Fujitsu, IOTA, Ledger, SAP, SIA, Swift, Telefonica, We.Trade and many more. INATBA is a collaboration of 26 EU countries to develop EU blockchain regulation and prepare the launch of EU-wide blockchain applications
Quant Network accepted as a company guarantor of Pay.UK, the UK’s largest payment network, alongside banks and other FinTech companies
Through this relationship, Quant Network will shape the payment ecosystem to promote competition, innovation and openness, as well as setting the strategic direction of the Payments infrastructure and adopting the New Payments Architecture (NPA).
consortium for blockchain innovation in the mobility industry. The consortium was founded by leading automakers including Renault, Ford, GM, and BMW, and now represents more than 80 percent of global auto manufacturing by volume. Other members include Bosch, IBM, Cognizant, Accenture, Consensys, IOTA, R3, VeChain, Hyperledger, Ocean Protocol and Honda (Full list can be seen here)
Overledger operating system will enable interconnectivity and interoperability of data between manufacturers, devices, transportation and autonomous vehicles
Quant Network has joined Hyperledger where more than 270 organisations are now contributing to the growth of Hyperledger’s open source distributed ledger frameworks and tools. Some of the companies involved are Accentrue, Airbus, American Express, Baidu, Cisco, Deutsche Bank, DTCC, Fujitsu, Hitachi, IBM, Intel, J.P.Morgan, SAP, BBVA, Bosch, Deloitte, Fedex, Huawei, Lenovo, NTT Data, Oracle, PWC, R3, Ripple, Samsung, We.trade, Bank of England, Enterprise Ethereum Alliance, Federal Reserve, MOBI etc. Full list of members can be seen here.
Working with the Hyperledger Quilt team to enhance Blockchain Interoperability capability for Hyperledger members
The Accord Project is the organization for the development of techno-legal standards for smart legal contracts and distributed ledger applications in the legal industry
The Project operates in collaboration with IEEE, the International Association for Contract and Commercial Management, Hyperledger, R3, Decentralized Identity Foundation, and a number of leading trade associations, industry and standards organizations, and world leading law firms.
Quant Network have joined the Accord Project and are providing the Technology with Overledger and Treaty Contracts.
As well as many being worked on and yet to be publicly announced:
Indian Multinational IT Service and consulting company with offices in 44 countries and 137,000+ employees
Among the top 20 largest publicly traded companies in India with a market cap of $18.7 Billion and revenue of $9 billion.
Customers include 250 of the Fortune 500 and 650 of the Global 2000 companies.
we are really looking at ASIA, especially around Singapore, Hong Kong and we are working with partners to go there,just yesterday we had a meeting with a $8 billion company based in the ASIA region and they want to use Overledger for their clients and they are going to help us expand to that region, once we partner with the right bigger players
Weekly Update: Bitcoin Pizza with 2gether, aXpire in India, BOMB stickers, Opacity beta... – 17 May - 23 May'19
Hiya everyone! Here’s your week at Parachute (17 May – 23 May’19): This week’s Parena had a super long finale which saw FlareOfFlame beating Ketan 3:0 to take home the spoils from a 100k PAR pot. The Parachute Shop now has a twitter handle. Check it out now! Congratulations to fellow Parachuter Rene for becoming an admin at Wysker. The latest brainstorm session with Uptrennd revolved around how blockchains will affect our way of life in the near future. Well rounded discussion sesh with some pretty cool thoughts thrown in! We also got to see another gem from Gian’s collection of antiquities. Webster’s dictionaries from 1829 and 1851: These beauts cost 2 bucks each Bitcoin Pizza Day was this week. And 2gether had an amazing bounty for its community. Buy pizza with crypto using your 2gether card and share pics. Win 75 2GB in the process. Sweet! If you face trouble while using the app or the card or just have a question or a recommendation, this feature in the app allows to shake your phone and submit your doubt/suggestion. 2gether received the Finnovating FinTech Award for being the most innovative FinTech at Uconference Madrid 2019. Another feather in 2gether’s cap that is already teeming with feathers. Yum! Remember aXpire’s guerrilla marketing campaign at Consensus 2019 from last update? As promised, here’s some more pics from it. The team gave away some neat merch to attendees. CEO Gary’s article on how blockchain is impacting the Regulation Technology market was published on Datafloq. Rohit and I also wrote an article on crypto regulations in the EU which made it to Hackernoon. The weekly 10k AXPR burn can be tracked here. aXpire top management was in India this week. Here’s a few pics from their visit. Here’s looking at you aXpire crew: The front desk looks fresh The Horizon State community maintains an online repository of AMA reverts and FAQs. Click here to have a look. Q&A from May will be added soon. Horizon State was added to the Blockchain Impact Ledger which is a registry of blockchain projects that make positive social impact. The registry is maintained by Blockchain Trust Accelerator. WandX fans, lookout for the latest update which covers technical improvements (staking architecture, updated dex code) and upcoming milestones. 300 BOMB tokens were given out as part of the BOMB sticker contest. The winning entries came from JimPanze. BOMB was also listed on Coinmarketcap this week. Woot! JimPanze’s winning sticker set The Hydro team conducted an AMA with some of the team members answering Q’s on their way to the Malta Blockchain Summit. Biz Dev head Mark Anstead presented the project onstage at the event as part of the AI Startup Pitch. The team was also at the EthNewYork conference showcasing the Molecule platform. If you attended, hope you had a chance to say hi. Switch (ESH) was listed on a new exchange (Dobi) and they marked the occasion with an airdrop and trading competition. Switch’s feature docu on John McAfee will be releasing this August. The official trailer was released this week. Plus, a timely word of caution from the team that signing up for random exchanges is risky. A few decks from Mark’s pitch on HYDRO Opacity’s OPQ token was listed on Payfair. What’s OPQ’s utility you ask? This explainer video lays out the token’s use-case and benefits. Closed beta testing of the platform started this week. Sneak peak of the beta can be found in this article. Uptrennd founder Jeff was interviewed by Crypto-Current recently. Watch it here. Like Hydro, Birdchain was also in Malta for the blockchain summit. Click here and here to listen in to their CEO and Founder. WednesdayClub is already on imToken. With their latest submission, you will soon be able to see the full WED token profile on imToken as well. The weekly airdrop post, shares a few updates on the dApp. You can now post on WednesdayClub and share across other social media channels. Nice! As already mentioned in the last update, District0x’s Meme Factory went live. A flash sale for the dankest of memes was also conducted. Have a read of the introduction article to know what the Meme Factory is all about. Cryptoslate featured the platform in their news section. For more on District0x, check out the District Weekly. The most expensive memes in the Meme Factory marketplace right now Fantom announced a partnership with Fusion this week. As part of the agreement, Fantom will be using Fusion’s interoperability solution to enable cross chain accessibility for Fantom tech. In line with their interoperability push, Fantom also entered into a collaboration with Binance Chain. Ethos announced that its Bedrock platform (which provides enterprises easy access to blockchain) will be used by its partner Voyager to provide custody solutions in tandem with Ledger. Cointelegraph covered this news as well. As part of its ongoing community engagement, Ethos had an AMA in their Telegram channel and opened up a survey for feedback on upcoming product development. Hope you had a chance to take part. Cardrates’ interview of Bounty0x CEO Angelo came out recently. They discuss on a variety of topics including a details on how bounties work and future development. Tons of technical development have been happening on the platform. For example, faster automated tracking of tweet submissions, updated landing page, Bounty0x in Enjin dApp browser etc. Read more in their company update and micro update. And with that, we close for this week at Parachute + partners. See you again soon with another update. Ciao!
Daily analysis of cryptocurrencies 20191107 (Market index 54 — Neutral state)
https://preview.redd.it/py32fykyb9x31.jpg?width=700&format=pjpg&auto=webp&s=86ebd886920c4041e3806ac2071443afb059fc99 Bithumb Seeking Indian Partner For Its Blockchain PlatformProminent Korean crypto exchange, Bithumb, has plans to create a new blockchain platform, and it is currently searching for Indian partners to collaborate with. According to the major cryptocurrency trading platform’s recent announcement, Bithumb plans to develop a new blockchain platform specially designed for India and its growing number of crypto users. The project is named the Bithumb Chain, and it will be available for many Indian startups, companies, as well as the government itself. Russia: New Law Would Let Police Confiscate Bitcoin From 2021Russia is planning on creating legal statutes allowing the government to achieve the impossible: confiscation of Bitcoin (BTC).As local financial news outlet RBC reported on Nov. 7 citing sources familiar with the matter, Russia’s interior ministry will work with various state organs to draw up the plans, which could enter into law in 2021. British Parliament Establishes Blockchain Expert CommitteeThe British Parliament established a global expert committee of the inter-party blockchain group, aiming to promote blockchain development.It is reported that the committee was jointly organized by the political parties of the British Parliament to provide professional advice for the planning, development and formulation of the blockchain-related policies. JPMorgan To Release E-WalletJPMorgan Chase has just announced its intention to better integrate its service into the digital commerce world, and it is creating an easily accessible e-wallet to make this happen. The e-wallet will be attractive to those involved in the gig economy and e-commerce since payment processing fees will be negligible. https://preview.redd.it/6mlgt8ydb9x31.png?width=504&format=png&auto=webp&s=b4394a9770135dbd0abe234f76eed3cafda216d1 In the past three sessions, there was a steady decline in bitcoin below the $9,400 pivot level against the US Dollar. BTC is facing an increase in selling interest below $9,375, but it is still holding the 100 hourly simple moving average. The last swing high was near $9,440 before the price declined towards the $9,200 support area. The recent low was $9,257 and the price is currently consolidating losses. An immediate resistance on the upside is near the $9,350-$9,360 area. It coincides with the 50% Fib retracement level of the recent drop from the $9,440 high to $9,257 low. Moreover, there is a key contracting triangle pattern forming with resistance near $9,360 on the hourly chart of the BTC/USD pair. Therefore, an upside break above the $9,360 and $9,400 resistance levels could set the pace for more gains in the near term. Review previous articles:https://firstname.lastname@example.org
Encrypted project calendar（November 7, 2019）
XRP (XRP)： 07 November 2019 Swell 2019 Ripple hosts Swell from November 7th — 8th in Singapore.BTC/Bitcoin:Malta The A.I. and Blockchain summit will be held in Malta from November 7th to 8th.Waves (WAVES):07 November 2019 Joins Odyssey “#Waves is joining Odyssey… We’re kicking off on Nov. 7 at Polaris…”Komodo (KMD)and 1 other: 07 November 2019 Block Party Amsterdam Block Party Amsterdam in Amsterdam from 17:30–22:00.Horizen (ZEN):07 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.Molecular Future (MOF):07 November 2019 Encrypted Wine Party Wuzhen Encrypted Wine Party held by global blockchain media coinvoice and JRR crypto in Zhejiang.NEO (NEO):07 November 2019 Live on Telegram “Join us for Neo Live at our Telegram channel to chat with@OnTrade1! Make sure to join us at 8PM (UTC+8) on Thursday, November 7th!”Enigma (ENG):07 November 2019 Waterloo Meetup “Come meet us Thursday evening before the hack to learn about privacy, “secret contracts”, and Salad, a coin-mixing application…”Ark (ARK):07 November 2019 Slack AMA “Join the ARK Slack and ask questions — Thursday the 7th of November! This week will be about ARK Explorer & Website (Michel, 6pm UTC)…”
Encrypted project calendar（November 8, 2019）
BTC/Bitcoin:The 2nd Global Digital Mining Summit will be held in Frankfurt, Germany from October 8th to 10th.IOTX/IoTeX:IoTex (IOTX) will participate in the CES Expo on November 08TOP (TOP):08 November 2019 Mainnet Launch “So excited to announce that on November 8th, TOP Network will officially launch the mainnet…”OKB (OKB):08 November 2019 OKEx Talks — Valencia “Meet us at our next OKEx Talks in Valencia on 8 Nov with speaker Gustavo Segovia@sepu85who will look at the benefits of creatingZenon (ZNN):08 November 2019 Awareness Fund Payout “Distribution of the fund takes place every Friday until Pillars Lock-in Phase is completed.”Bytom (BTM):08 November 2019 Keep Moving Conference “Bytom “Keep MOVing” conference will be held in Wuzhen World Conference. We will invite partners, core community members and devs to…”WAX (WAXP):08 November 2019 Infinity Festival We’re at the Infinity Festival in LA this Friday, November 8th. Don’t miss Malcolm CasSelle speaking at this event on digital collectibles.
Encrypted project calendar（November 9, 2019）
CENNZ/Centrality:Centrality (CENNZ) will meet in InsurTechNZ Connect — Insurance and Blockchain on October 9th in Auckland.HTMLCOIN (HTML):09 November 2019 (or earlier) Mandatory Wallet Update Mandatory Wallet Update: there will be a soft fork on our blockchain. This update adds header signature verification on block 997,655.Harmony (ONE):09 November 2019 Indian Meetups Come & meet us in person on November 9th in our meetups in Bangalore & New Delhi!
Encrypted project calendar（November 10, 2019）
Bibox Token (BIX):10 November 2019 Bibox Summit “Bibox Summit 2019 — Maximizing Profit On Uptrend Season” from 1 PM — 5 PM (ITV) in Ho Chi Minh City.TRON (TRX):10 November 2019 AMA w/Kucoin Co-founder “Join us on Nov 10, 6:00 PM(PST) for an AMA with TOP, Co-Founder of@kucoincom, in our English Telegram group…”
Encrypted project calendar（November 11, 2019）
PAX/Paxos Standard:Paxos Standard (PAX) 2019 Singapore Financial Technology Festival will be held from November 11th to 15th, and Paxos Standard will attend the conference.Crypto.com Coin (CRO):and 3 others 11 November 2019 Capital Warm-up Party Capital Warm-up Party in Singapore.GoldCoin (GLC):11 November 2019 Reverse Bitcoin Hardfork The GoldCoin (GLC) Team will be “Reverse Hard Forking” the Bitcoin (BTC) Blockchain…”Horizen (ZEN):11 November 2019 (or earlier) Horizen Giveaway — Nodes Horizen Giveaway — Win Free Node Hosting! Entries before November 11th.SINOVATE (SIN):11 November 2019 Roadmap V3 SINOVATE (SIN) Roadmap V3 will be released with new upcoming technologies and proof of concepts!0x (ZRX):11 November 2019 0x V3 Vote Ends “The voting period will end on November 11. Learn more about all the exciting features included in v3 below.”
Encrypted project calendar（November 12, 2019）
BTC/Bitcoin:The CoinMarketCap Global Conference will be held at the Victoria Theatre in Singapore from November 12th to 13thBinance Coin (BNB)and 7 others: 12 November 2019 CMC Global Conference “The first-ever CoinMarketCap large-scale event: A one-of-a-kind blockchain / crypto experience like you’ve never experienced before.”Aion (AION)and 17 others: 12 November 2019 The Capital The Capital conference from November 12–13 in Singapore.Loom Network (LOOM):12 November 2019 Transfer Gateway Update “If you have a dapp that relies on the Transfer Gateway, follow the instructions below to make sure you’re prepared.”
Encrypted project calendar（November 13, 2019）
Fetch.ai (FET):13 November 2019 Cambridge Meetup “Join us for a@Fetch_ai#Cambridge #meetup on 13 November@pantonarms1.”Binance Coin (BNB)and 5 others: 13 November 2019 Blockchain Expo N.A. “It will bring together key industries from across the globe for two days of top-level content and discussion across 5 co-located events…”OKB (OKB):13 November 2019 Dnipro, Ukraine- Talks Join us in Dnipro as we journey through Ukraine for our OKEx Cryptour on 11 Nov.Centrality (CENNZ):13 November 2019 AMA Meetup “Ask our CEO@aaronmcdnzanything in person! Join the AMA meetup on 13 November in Singapore.”OKB (OKB):13 November 2019 OKEx Cryptotour Dnipro “OKEx Cryptour Ukraine 2019 — Dnipro” in Dnipro from 6–9 PM (EET).
Encrypted project calendar（November 14, 2019）
BTC/Bitcoin:The 2019 BlockShow Asia Summit will be held at Marina Bay Sands, Singapore from November 14th to 15th.Binance Coin (BNB):and 4 others 14 November 2019 BlockShow Asia 2019 BlockShow Asia 2019 at Marina Bay Sands Expo, Singapore from November 14–15.Basic Attention Token (BAT): 14 November 2019 London Privacy Meetup “If you’re in London on Nov. 14th, don’t miss our privacy meetup! The Brave research team, our CPO@johnnyryan, as well as@UoE_EFIHorizen (ZEN):14 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.IOTA (MIOTA):14 November 2019 Berlin Meetup From Construction to Smart City: IOTA, Maschinenraum & Thinkt Digital will explain, using concrete use cases, how to gain real value from..Dash (DASH):14 November 2019 Q3 Summary Call “Dash Core Group Q3 2019 Summary Call — Thursday, 14 November 2019”NEO (NEO):14 November 2019 NeoFest Singapore Meetup “Glad to have@Nicholas_Mertenfrom DataDash as our host for #NeoFest Singapore meetup on 14th Nov!”
Encrypted project calendar（November 15, 2019）
TRON (TRX):15 November 2019 Cross-chain Project “The #TRON cross-chain project will be available on Nov. 15th”Bluzelle (BLZ):15 November 2019 (or earlier) CURIE Release CURIE release expected by early November 2019.Zebi (ZCO):15 November 2019 ZEBI Token Swap Ends “… We will give 90 days to all the ERC 20 token holders to swap out their tokens into Zebi coins.”OKB (OKB):15 November 2019 OKEx Talks — Vilnius “Join us for a meetup on 15 Nov (Fri) for our 1st ever Talks in Vilnius, Lithuania.”
Encrypted project calendar（November 16, 2019）
Bancor (BNT): and 2 others 16 November 2019 Crypto DeFiance-Singapore “Crypto DeFiance is a new global DeFi event embracing established innovators, financial market disruptors, DApp developers…”NEM (XEM):16 November 2019 Developer’s Event “BLOCKCHAIN: Creation of Multifirma services” from 10:50 AM — 2 PM.
Encrypted project calendar（November 17, 2019）
OKB (OKB):17 November 2019 OKEx Talks — Lagos Join us on 17 Nov for another OKEx Talks, discussing the “Life of a Crypto Trader”.
Encrypted project calendar（November 18, 2019）
Maker (MKR):18 November 2019 MCD Launch “BIG changes to terminology are coming with the launch of MCD on Nov. 18th Say hello to Vaults, Dai, and Sai.”
Encrypted project calendar（November 19, 2019）
Lisk (LSK):19 November 2019 Lisk.js “We are excited to announce liskjs2019 will take place on November 19th. This all day blockchain event will include…”
Encrypted project calendar（November 20, 2019）
OKB (OKB):20 November 2019 OKEx Cryptour Odessa Ukr “Join us in Odessa as we journey through Ukraine for our OKEx Cryptour!”
Encrypted project calendar（November 21, 2019）
Cardano (ADA):and 2 others 21 November 2019 Meetup Netherlands (AMS) “This meetup is all about how to decentralize a blockchain, the problems and differences between Proof-of-Work and Proof-of-Stake…”Cappasity (CAPP):21 November 2019 Virtuality Paris 2019 “Cappasity to demonstrate its solution for the interactive shopping experience at Virtuality Paris 2019.”Horizen (ZEN):21 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.OKB (OKB):21 November 2019 OKEx Talks — Johannesburg “Join us the largest city of South Africa — Johannesburg where we will host our OKEx Talks on the 21st Nov.”IOST (IOST):22 November 2019 Singapore Workshop Join the Institute of Blockchain for their 2nd IOST technical workshop in Singapore on 22 Nov 2019. The workshop includes IOST’s key tech.OKB (OKB):22 November 2019 St. Petersberg Talks “Join us in St. Petersberg on 22 Nov as we answer your questions on Crypto Security. “
Encrypted project calendar（November 22, 2019）
IOST (IOST):22 November 2019 Singapore Workshop Join the Institute of Blockchain for their 2nd IOST technical workshop in Singapore on 22 Nov 2019. The workshop includes IOST’s key techOKB (OKB):22 November 2019 St. Petersberg Talks “Join us in St. Petersberg on 22 Nov as we answer your questions on Crypto Security. “
Encrypted project calendar（November 27, 2019）
OKB (OKB):27 November 2019 OKEx Cryptour Vinnytsia “Join us in Vinnytsia as we journey through Ukraine for our OKEx Cryptour!”Fetch.ai (FET):27 November 2019 London Meetup “Join us on 27 November@primalbasehqto hear an exciting progress report as we prepare for the launch of our #mainnet”
Encrypted project calendar（November 28, 2019）
Horizen (ZEN):28 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.
Encrypted project calendar（November 30, 2019）
Ethos (ETHOS):30 November 2019 (or earlier) Rebranding “In November, we unveil the broker token, a dynamic utility token to power our commission-free crypto trading and broker platform, Voyager.”Digitex Futures (DGTX):30 November 2019 Public Testnet Launch “…We can expect to see the world’s first zero-commission futures trading platform live on the Ethereum public testnet from 30th November.”Monero (XMR):30 November 2019 Protocol Upgrade “Preliminary information thread regarding the scheduled protocol upgrade of November 30.”Chiliz (CHZ):30 November 2019 (or earlier) Fiat to CHZ Exchanges “We will add another two fiat to $CHZ exchanges in November…”Skrumble Network (SKM):30 November 2019 (or earlier) P2P & Group Calling “P2P & Group Video Calling,” during November 2019.Aergo (AERGO):30 November 2019 (or earlier) Mainnet 2.0 Upgrade Mainnet 2.0 Protocol update by end of November.Akropolis (AKRO):30 November 2019 (or earlier) Beta Release “All functionality has been deployed to mainnet.”Nash Exchange (NEX):30 November 2019 (or earlier) Mobile Strategy Phase 2 “Phase 2 of our mobile strategy will be live soon with our wallet and portfolio app hitting stores in November!”
Encrypted project calendar（November 31, 2019）
Wanchain (WAN):31 December 2019 (or earlier) Wanchain 4.0 Release Wanchain 4.0, which introduces private chains integration and multi-coin wallet, released in Dec 2019.QuarkChain (QKC):31 December 2019 (or earlier) Token Testnet Release Testnet for Multi-Native-Token and New Consensuses.
Troy Trade V1.0 has completed 90% of the overall development, and 50% of the background management system has been developed. The project have entered the integration testing phase.
TROY launched a 1,500,000 TROY Bounty campaign, attracted 20,000+ people newly joined in the community. Stay tuned with our official Twitter or the official telegraph group.
TROY has recently been recorded in the world-leading blockchain information platform —ICO Drops.
TROY has completed a total of 6 AMAs in several countries: India, Vietnam, South Korea, and Europe, and 1 video interview and 1 Korean off-line private roadshow. The media coverage of TROY includes world-famous media such Yahoo, Bitcoin.com, CryptoBriefing and The Business Times, in the recent two weeks, which reaches cumulatively more than 500,000 people around the world.
Development Progress In the past two weeks, Troy Trade’s R&D progress has entered a very critical stage, the core functions of the project have been developed. Following this phase, with the main process of the project completed, and overall function development V1.0 completed 90%, the project enters the integration testing phase, specific task and targets are as follows: 1.Completed the accounts system modules and the coordination of the relevant modules. 2.Completed the development of token-to-token trading subsystem, wallet subsystem, user center subsystem, etc., and optimized the relevant module processes and functions according to product planning. 3.The system has entered the stage of integration test, the simulation between modules has been basically completed, and the core process of the system has been tested.
Completed 50% of development of the back stage management system and reach the complete of the core management functions.
TROY Korean Private Roadshows On September 21, 2019, TROY team has conducted a private road show in South Korea. TROY co-founder Kira Sun shared his view and vision on of the project and development status of TROY project with the participants in Korea. The team has also answered many questions form passionate community members at the meet-up. About TROY Troy Trade, derived from Troy Network, is a global prime broker specialized in crypto asset trading. We provide crypto brokerage services for institutional-grade capital and professional traders with revolutionary trading products. Contact Us Telegram: https://t.me/TroyTrade_Official Twitter: https://twitter.com/troytrade Official website: https://troytrade.com BD mailbox: [[email protected]](mailto:[email protected]com)
Wild West to crypto best: how compliance separates cowboys from champions
At the heart of early cryptocurrency was the ideal that cross-border transactions could exist outside the system, untraceable and pseudonymous. That’s about to change. The Financial Action Task Force (FATF) is one of the most powerful standards-setting bodies on the planet, and as reported by Bloomberg, is due to recommend the most important regulatory change ever to hit the cryptocurrency industry. There’s a new sheriff in town for crypto. The FATF wants regulators to instil recognisable user data at the heart of all new rules on cryptocurrency trading and transactions. The imposition of this so-called ‘travel rule’ represents a trying time for the industry. Blockchains are not, on the whole, designed to register this kind of on-chain identifying information. Some would argue that forcing old-tech rules onto crypto will decrease transparency, not improve it. But whether the rule comes to fruition or not in its current form is a moot point. The outcome is the same: major players will be forced into closer collaboration with regulators and with one another. And as we know, fully-regulated businesses can attract better, more secure funding from more sophisticated investors. Kay Why See From Malaysia to San Marino, Switzerland to Wyoming, forward-thinking states and nations are writing laws to pull digital asset exchanges into their day-to-day oversight. Reputable and regulated exchanges – just as in the mainstream equity world – require investors to identify themselves if they want to buy crypto-assets. This is because modern money transfer laws all require some level of Know Your Customer (KYC) process to identify where money has come from, and where is it going. Even Shapeshift, once the darling of the anonymity crowd, has had to fall in line. CEO, Erik Vorhees, announcing the layoff of a third of its workforce, admitted that failing to prepare to share user data for KYC had devastated the company financially. Those that can prove they will work with the system, not against it, will be allowed to reap the rewards. As proof, the world’s largest digital asset exchanges will sit down with global policymakers in Japan later this month for a crucial meeting to determine how the FATF proposal will affect the industry. The meeting, which coincides with the G20 summit in Osaka, will count exchanges like Coinbase, Kraken, Huobi and the Goldman Sachs-backed, Circle among its numbers. As digital asset professionals we need to be in close contact with regulators, putting forward our case and making sure the benefits of what we bring to the table are heard. Facebook creates crypto buzz Facebook’s Libra cryptocurrency has ignited mainstream interest in the space once again. Technical details of the project have now been shared in a 29-page whitepaper, borrowing from Bitcoin and Ethereum to power a new global currency. And regulation was there from the beginning. Libra, Bitcoin and Ethereum putting crypto on the map. It’s no accident that Mark Zuckerberg went to the Commodity Futures Trading Commission (CFTC) to talk about how his in-house crypto would work, long before it ever came to market. The cynicism and suspicion that once characterised regulatory approaches to crypto assets is on the way out, too. In fact, the CFTC, which oversees the US derivatives and futures market, has grown much fonder of blockchain. Officials even suggested in a June 2019 speech to the Italian securities regulator, CONSOB, that blockchain-based records could have helped to prevent the 2008 financial crisis. Outgoing chairman J. Christopher Giancarlo said: “Imagine if regulators could have viewed a real-time distributed ledger […]to recognise anomalies in market-wide trade activity and diverging counterparty exposures indicating heightened risk of bank failure?” He added: “What a difference it would have made a decade ago if blockchain technology on a private distributed ledger accessible to regulators had been the informational foundation of Wall Street’s derivatives exposures. At a minimum, it would certainly have allowed for far faster, better-informed, and more calibrated regulatory intervention instead of the disorganised response that unfortunately ensued.” Fintech firms should not be afraid of regulators. Quite the opposite: close collaboration is key. The right conversations at the right time can transform your prospects and bring funding to the table. Inside, not outside At one time cryptocurrency was content to exist outside the financial mainstream. Its anonymity made it a pariah, its volatility a joke, a bogeyman to scare financial advisers and bring them out in a sweat late at night. But this scrappy outsider is changing its ways. The market is maturing. It was unthinkable 10 years ago that Bitcoin could become a stalwart of the financial system. But here we are. What was once underground is now mainstream. Perhaps related is the fact that the US Security and Exchange Commission’s Office of Compliance Inspections and Examinations has ramped up investigations by 10% year-on year and marked out digital asset broker-dealers, exchanges and traders for special attention in its 2019 priorities list. Where once large investors saw only risk in digital assets, they now see opportunity. These are pension funds and hedge funds, those whose job it is to allocate assets for millionaires and billionaires, and who control the future purchasing power of entire populations. Dow’s Marketwatch explains how institutional investors are now bullish on crypto, backed by record highs in the Bitcoin futures market. When the owner of the New York Stock Exchange launched digital asset exchange Bakkt in 2018, the veil was lifted and the idea that cryptocurrency would be relegated to a mere sideshow ended. Bakkt will begin testing its Bitcoin futures and custody in July 2019. Interdealer broker, ICAP, is entering Bitcoin derivatives, too. This $568 million-a-year revenue business looks after trades for investment banks and large asset managers. Speaking to Bloomberg, the joint head of digital asset markets Duncan Trenholme admitted: “Every institution is on an educational journey. Many are exploring how tokens can legitimately be traded or stored and I’d expect more projects to hit the market over the next year or two.” Note that key word. Legitimately. Within the rules. The question we face is not whether regulation is necessary for digital assets, but how digital asset businesses can best work with regulators. Looking forward Securing the correct licence can transform the value of fintech assets. Working within the system and fulfilling compliance obligations is costly, sure. In fact, regulatory costs for financial institutions could double in the next decade. But financial regulators can open massive markets for the best fintech products. Some economies, like South Korea, have recognised the industry’s huge potential but aspects of regulation like cryptocurrency taxation still exist in a legal grey area. Others, like India, are moving to follow a shadow banking ban for cryptocurrency firms with an incredible 10-year jail sentence for trading in digital assets. Large Indian crypto-exchanges like Zebpay and Coinome, have been forced to shut their doors in such a harsh and uncertain regulatory environment. At the same time, one of India’s largest and most powerful tech lobbies is trying to make the case to the central bank for legalisation and regulation. These conversations are vital. Maxim Bederov One example we should all watch closely is that of Switzerland’s SIX exchange. It became the first in the world to debut an exchange traded product for cryptocurrency. Now, the Amun Crypto Basket, tracking the prices of Bitcoin and Ethereum, sits happily alongside exchange-traded products (ETPs) for gold, oil, silver and other traditional commodities. Amun had a keen eye for regulatory standards and is reaping the rewards. It should come as no surprise that the most recent ETPs listed on SIX are all by Amun. Single-asset funds for Ripple and Ethereum arrived in 2019, for example. By contrast the last new traditional commodity ETPs debuted way back in 2013. This is fintech working at its best, disrupting the market with the regulator’s backing, attracting institutions and setting the new standard for investment. By Maxim Bederov * More Details Here
Ariel Ling, COO of BitMax.io (BTMX.com) Exchange, Shared Insights of Crypto Industry (Part III)
Ariel Ling, as the co-founder and COO of BitMax.io (BTMX.com), was invited to the interview by Fred Schebesta, the CEO of Crypto Finder (Finder.com). Ariel has 18-year progressive executive experience in strategic planning, business development, budgeting and financial analysis risk management, regulatory program implementation, and process improvement for operational efficiency. She has an in-depth understanding of capital market products (stocks, fixed income, foreign exchange) in financial services and the development of international banking strategic trends (M&A, market structure, regulatory reforms and their impact). Her lustrous career on Wall Street made this interview a popular link on YouTube. (Link: https://www.youtube.com/watch?v=WBYK-w2uxWc) F: Okay. Let’s go back and talk about BitMax in terms of markets. What markets do you mainly trade with geographically? Because you have the sites in Korean, English and Chinese. Where is your focus from a market perspective? A: When you have those three languages, it almost tells those must be my top three. The reason why we have an office in Beijing is to gear towards the Asian, Pacific Asian type of market. So most people think our users are Chinese. Actually, no. If you look at our user base from a community of fan respective, within 4 month after launch, we’ve got 35,000 members and the number is growing every single day. But out of 35,000 community users, actually, 1/3, even more than 1/3 are from English channels. For example, the English telegram is one of the biggest. We also have WeChat channel. So when you ask where the trading volume comes from, I would say 40–50 percent predominantly from Chinese speaking countries, which means China, Hong Kong, Taiwan, and some of our equity investors are based there. And then when you’re looking at the development of the neighbor countries, Japan and Korea, especially Korea, are very active. So when I look at the second tranches, depending on which month, it’s either Korea or sometimes the South East countries that are very active too. And for Korean, it’s very interesting because I’ve done several conferences there too. Korean market is quite mature, the same thing with Japanese market. If you look at the adoption of Bitcoin, there’s a tight regulation, but people are used to trading. And they even have Bitcoin ATM in Japan. F: When I was ordering the equivalent of Uber when I was in Korea, it was like Credit card, Cash, and Bitcoin. A: Oh my god yes! F: It’s awesome! A: Exactly. I actually met couple of projects that are trying to optimize the payment channels, e-payment channels, or this kind of payment channel that includes crypto. So it’s interesting that they are very mature in terms of adoption acceptance. And also from the understanding of trading, Korea also has very large transaction mining exchanges. So when you go to Coinmarketcap, looking at the reported volume, you will see Bithumb is like №1 in ranking, because they have a pretty significant transaction mining as well. And in last couple of days, if you went to Coinmarketcap, you would see us, BitMax.io, moving up to №2, sometimes №3, 5, 10. That was when the Korean market was very vibrant and they are used to trading. So that’s number two market for us. And the next you will be surprised. We actually have very substantial group of users coming from Europe. Because last month, speaking of the volume, when I looked up at a daily report of trading analytics, where a lot of decisions are based on, I found we actually had five percent of total volume from UK, Russian and France last. And right now, we are listing a very significant project from India. And suddenly we see a lot of India users trading. So it is very diversified. It is not what people thought that only Chinese users are trading on the platform. It’s almost like 1/3 or 2/5 from Chinese speaking countries, then 1/3 from other part of the Asian, and then there’s the big chunk from Europe. F: I guess that the Chinese government is relatively hostile to cryptocurrency or relatively. So what’s your approach as an exchange dealing with the Chinese market and particularly China itself and people in mainland China. A: First of all, I have to say this is only speaking on a personal view. When it comes down to government, what I look at or what my team look at, it is not by one particular government. I don’t particularly think hostile is the right word. It really comes down just like US — when the government takes a look at a new financial asset, their view is always about what it is, and how I can regulate it, as simple as that. So, each government is at a different stage in terms of defining the requirement, understanding what it is, and defining how to regulate. So, I would think that certain countries are way ahead of certain countries, like Japan, let’s just look at it. They’ve already made the rules , everything you have to register. You want to be the exchange, you have to go for license. Everything has to go through all the checklist. There are very stringent requirement but there is requirement. So, for other countries such as China, US is the same where we are still waiting for either SEC or CFCT to issue the final guidance in terms of what this is and how they are going to regulate. So I think a lot of perception are really coming from a lack of clarity. At the end of day, any financial institution must work with the government, because it’s intricacy in terms of global economy and a country economy, especially from financial institutional perspective. For digital asset, I like to use the word digital asset versus cryptocurrency, because digital asset, whether its Bitcoin or ERC 20, should be really reviewed as asset class — how you define it? what is the boundary? And how does the government feel comfortable that 1) from an investor perspective, people hold it as asset to increase value; 2), from trading perspective, whether there is proper guidance or proper protection against any manipulation. This is what we all have to wait for each part of the government. And I do know for example, UK FCA, is also contemplating what is the regulation, what is the requirement. I think that they’re trying to come out soon. And Singapore has something similar. So every single country is at the different path to get to defining what it is. F: And you see that coming from China as well? A: Like I said, I don’t really have any detail. Like I said, I am just from an outside view knowing how long it took them to open their financial market. When I was working for American banks, it was also a journey to get the foreign bank established in the mainland China. That is the journey I think the government is working through in terms of what is critical for them. F: Let’s talk about broader-based adoption in terms of the evolution of the crypto market. Obviously Wall Street has its view on crypto. What do you think would be the big steps for crypto to take to evolve to be more mainstream and institutional friendly. A: I think I have answered part of your question. When you look at it as part of my business planning for this venture, for any business plan, you need to look at the current state. So for the current state of digital asset, the premise is that right now the digital asset as an industry is tiny. The entire trading volume for cryptocurrency is 20 to 30 billion a day. You know how much it trades in US equity cash market? It’s 400–600 billion. The difference is because of institutional investors exactly as you said. What prevents institutional investors coming to this industry? It’s fragmented. Everything is pretty much on its own. You’ve got exchanges taking on different roles. They are brokers; they are the wallet management; they are the custodian. They are doing everything. And there are very different shapes of exchanges. You’ve got blockchain people, and you’ve got the banks. It’s very fragmented. Nobody knows what is really the transparency. And all the institutional players, they are looking at what is the government’s view on this, what is my biggest risk to get into this. So a lot of them is really about transparency. But the word, crypto, is a bit more connotation from a not so positive perspective. Institutional investors, they don’t see transparency from a market structure perspective. F: Right. A: My team and I, we came from a very much Wall Street background. When you look at the Wall Street, they were not pretty in 1980s, like the Wolf of Wall Street. But over the last 20–30 years, with all the different regulations and market structures reforms, you will see it becomes very structured. So typically, there are three different roles. First, the broker dealer, which basically handles the client relationship: there’s retail, there’s financial institution, and there’s blockchain. And second, what does the exchange do? The exchange does really just trading, order matching and listing. And third, there’s another component in equity world, I mean, in every single country there’s clearing house. What the clearing house does is when you buy a stock, they verify for you. It’s the same; they are very independent. When you guy the bitcoin, there is an address. It’s transparent. But the clearing house is making sure that here’s your money, here’s your digital asset; you make the trade, you settle the trade. Clean and clear. And these three components are basically how every single security market operates in every single country. And then when you look at what is the ancillary support structure, you’ve got the KYC — to addresses all the AML risk — All the governments are also worried about AML, terrorist funding and stuff like that. So the second part is the custody. Who holds the asset? If the exchange holds the asset, how do you make sure they don’t have any fungibility moving around. So the custody component for regulatory market is very important. F: I think a big news right now is Fidelity has come out and launched their own custodian service. They are a fairly large institution. A: Exactly, they are the largest money managers in the world. F: How do you think that will help clarify this custody piece? Do you think this is a good thing? A: I think this is actually good development for the market when you look at the structure just like I pointed out. You have to have a custody for digital asset trading to prove the value of the asset in an independent and control location. Another huge custody institution in US as you know is State Street. They have to have proper books and records, a proper control mechanism to demonstrate. This is actually a very healthy development, meaning the market is getting matured. And each of their utility functions is actually having strong support from someone so successful as Fidelity. I think this is a very healthy development, because from regulatogovernment perspective, you need those utility check-and- balances making sure the market is transparent, the trading is fair; asset is protected, and investors are protected. That’s what it is about. F: And TokenSoft as well has just launched a custody service for security tokens. It has a cold storage custody platform for security tokens, and I think this is part of your wallet management. A: Yep.
USD (DXY) up 0.00%, EUR up 0.18%, GBP down 0.11%, JPY up 0.01%, CNY Onshore down 0.41%, CNH Offshore down 0.42%, AUD down 0.40%
VIX down 1.22% to 9.75
Gold up 0.06% to $1,283.60
Silver up 0.08% to $16.84
Copper up 0.43% to $294.20
WTI Crude up 1.15% to $52.74
Brent Crude up 0.90% to $58.42
Natural Gas down 0.07% to $3.06
Corn down 0.35% to $3.53/bu
Wheat down 0.11% to $4.61/bu
Bitcoin up 2.42% to $4,255.00
Treasuries 2yr yields are up ~1.2bps at 1.483%, 10yr yields are up ~3.6bps at 2.346% and 30yr yields are up ~3.3bps at 2.896%
Japan 10yr yields 0.057%, up ~2.8bps on the day
France 10yr yields 0.792%, up ~3.3bps on the day
Italy 10yr yields 2.153%, up ~1.6bps on the day
Spain 10yr yields 1.634%, up ~0.8bps on the day
Germany 10yr yields 0.501%, up ~3.7bps on the day
What’s happening this morning? There wasn’t any major news out overnight (once again). Most of the financial media is discussing themes and trends that have been present for weeks – reflation sustainability, inflation firming, central bank tightening schedules, expansionary fiscal policies (US, Germany, Japan, etc.), US politics (prospect of tax passage, etc.), etc. A lot of the commentary seems to have a skeptical tone with regards to the weeks-long reflation moves and this doubt continues to act as kindling for the recent market shifts (positioning and sentiment are playing a role too, esp. as we head into the final days of the month and quarter – recall many had prepared for the SPX to trade poorly in H2:Aug but the opposite happened and the index is now up ~3.7% from its 8/21 low. This has undoubtedly spurred some chasing along the way). As far as Thurs morning trading, things are relatively subdued this morning. Asia’s major indices saw mixed price action – TPX +0.71%, NKY +0.47%, Hang Seng -0.8%, SHCOMP -0.17%, Taiwan TAIEX -0.29%, Korea KOSPI +0.02%, Australia +0.11%, and India +0.1%. There weren’t many huge themes in Asia although the USD rally is creating some anxiety (the DXY surged Mon-Wed and is flattish so far Thurs). Tech stocks in Taiwan were mixed-to-down small. Europe’s major equity indices are flat-to-up small. Banks remain the big upside standouts (both in Europe and the US) as this group more than any other encapsulates the global reflation sentiments (banks, tech, industrials are outperforming in Europe this morning while basic resources, retail, and utilities lag. H&M is one of the weakest stocks in Europe on back of earnings while the USD strength is hitting basic resources). The Treasury weakness continues as 10yr yields rise a further ~3-4bp so far Thurs morning (10yr yields are higher throughout Europe too). US S&P futures are flat-to-down small.
Calendar of events for Thurs 9/28 – the focus will be on German inflation for Sept (8amET), the BOE “20 Years On” conf. in London (at which Carney will speak), US Q2 data revisions (8:30amET), US advance goods trade balance for Aug (8:30amET), Fed speakers (George, Fischer, Bostic), Gary Cohn’s interview on CNBC’s Squawk Box (during the 8amET hour), Paul Ryan’s interview on CNBC’s Squawk Box, Brady’s comments on tax reform, analyst meetings (AEE and AFL), and earnings (ACN, BBRY, CAG, MKC, MTN, and RAD pre-open and KBH and SGH after the close).
Calendar of events for Fri 9/29 – the focus will be on the China Caixin manufacturing PMI for Sept (Thurs night/Fri morning), the German jobs data for Sept (3:55amET), Eurozone CPI for Sept (5amET), US personal income/spending for Aug (8:30amET), the US PCE for Aug (8:30amET), the Chicago PMI for Sept (9:45amET), the final Michigan Confidence numbers for Sept (10amET), Fed speakers (Harker), and analyst meetings (CMP).
Calendar going forward – there aren’t many major scheduled events on the calendar until CQ3 earnings (the week of 10/16 is the first busy one of the season) aside from a few eco numbers (including the US Aug PCE Fri 9/29 and the US Sept jobs report Fri 10/6). The market largely appreciates that tax will be a CQ1:18 event and thus isn’t looking for anything substantive on that front over the coming months. The next big monetary policy events include the ECB (10/26), BOE (11/2), and anything on the Fed staffing front (i.e. when does Thy God-Emperor Trump make a decision on Yellen?).
Top Headlines for Thursday
US politics – there wasn’t anything incremental overnight but a ton of postmortem articles were published on the events this week (tax unveil, Alabama run-off, Corker retirement, healthcare failure, etc.). The tone of most of these articles is cautious with regards to the outlook for the GOP and the party’s agenda – “Alabama defeat weakens and isolates Thy God-Emperor Trump as his problems grow” (http://wapo.st/2xDxquK), “Bannon focused on repeating Alabama, challenging incumbent Republicans across the country” (http://politi.co/2ybnL1C), “Political disruption helps fuel GOP’s woes” (http://on.wsj.com/2wYIYH4), “Tues was a disastrous day for the whole GOP” (http://on.wsj.com/2fsuf0C), “GOP pitches deep tax cuts, w/few details on paying for them” (http://wapo.st/2yuPgPV), “ Thy God-Emperor Trump/GOP tax plan omits details on who pays” (http://politi.co/2yvcKEH), “ Thy God-Emperor Trump and his congressional allies are about to make the trajectory of debt even worse” (http://on.wsj.com/2fsuTLB), etc.
Sen. Bob Corker says tax reform will make healthcare look like ‘a piece of cake’ – The Hill http://bit.ly/2wlgLus
Healthcare/ACA – insurers decide to stay in the ACA exchanges for ’18 despite fears of broad exits – WSJ http://on.wsj.com/2yIx4D8.
TWTR more effective than FB in disrupting US election - there is evidence that Twitter may have been used even more extensively than Facebook in the Russian influence campaign last year – NYT http://nyti.ms/2yuUTgW
Internet execs (from FB, GOOGL, and TWTR) have been asked to testify before Congress in the coming weeks – Reuters http://reut.rs/2fTffK4
Thy God-Emperor Trump’s pick to head the DOJ’s antitrust division gets approved by the Senate – Bloomberg https://bloom.bg/2yttKeo
All about reflation and rotation: what happened on Wed. US stocks saw solid gains overall on Wed but the bigger story was ongoing rotation as the SPX’s ~40bp advance was somewhat overshadowed by the ~2% ramp in the R2K, the ~1.6% climb in the BKX, the 75- 130bp decline in both staples and utilities, the 7bp increase in 10yr yields, and the ~50bp DXY advance. The latest phase of the reflation trade kicked off back on 9/11 and is now in its 3rd week, encouraged along the way by firmer global inflation readings (China, India, UK, US, etc.), hawkish central banks actions/rhetoric (FOMC, BOC, BOE, etc.), and pro-growth policies in the US (the GOP tax blueprint). Thus it isn’t that stocks rallied solely in response to the Republican tax unveil but instead that blueprint helped to exacerbate existing reflation tendencies. Most of the big sectoral moves comported w/the reflation playbook as small caps and financials (esp. banks/brokers) did very well while staples, REITs, utilities, and telecoms lagged. Tech was something of an outlier – normally super-cap tech would lag during big reflation trades but that wasn’t necessarily the case on Wed.
Economic data/monetary policy update for Thurs 9/28. It was a pretty slow morning of news on this front. GfK consumer confidence in Germany for Oct softened slightly (it came in at 10.8 vs. the St 11). Some of the regional inflation numbers in Germany for Sept showed firming M/M (the full German inflation number will hit at 8amET). Eurozone confidence numbers for Sept came in relatively solid this morning (http://bit.ly/2fB5gMz). The New Zealand rate decision was largely as expected (http://bit.ly/2fsBZQb). o Fed’s Rosengren called for “regular and gradual” rate hikes as disinflationary pressures appear temporary while labor markets continue to tighten – Bloomberg https://bloom.bg/2xD4Tpa
North Korea tensions/challenges – North Korean provocations could increase in Oct, Chinese exports of food to NK spike, US to rotate strategic military assets into South Korea. o North Korea is likely to engage in more provocative behavior in Oct to coincide w/the founding of the North Korean community party and China’s Communist Party Congress. South Korea’s national security adviser Chung Eui-yong said he expected Pyongyang to act around Oct. 10 and 18 – Reuters http://reut.rs/2k6dgX1 o US strategic assets to be rotated into South Korea – the will send “strategic” military assets to South Korea on a more regular basis to better deter North Korea – Washington Post http://wapo.st/2yIoLHu o China’s agricultural exports to North Korea spiked in Jul and Aug; the increase in food shipments shows the resilience of ties between the two countries – WSJ http://on.wsj.com/2xHTq9F
Japan election outcome grows cloudier as Party of Hope gathers strength - the biggest opposition Democratic Party on Thurs said it would step aside to let its candidates run under the Party of Hope banner – Reuters http://reut.rs/2fsHYVk
Brexit negotiations – there are signs of a thawing in the EU-UK Brexit negotiation process as the EU makes a small concession – Bloomberg http://bit.ly/2wYsLlj
Company-specific news update for Thurs morning 9/28 – there are a few items in focus this morning including Toshiba/Bain, H&M, EFX, HAIN, and more. o Toshiba – a deal is (finally) signed – Toshiba struck a formal deal to sell its memory unit to a Bain-led group for $17.7B. The Bain consortium includes AAPL, Dell, STX, Hoya, and Hynix. The two sides hope to close the transaction by Mar. WSJ. http://on.wsj.com/2wYGopc o STX announces details on its participation in the Toshiba deal; STX has committed to provide up to $1.25 billion in financing to support the acquisition. Seagate expects to enter into a long-term NAND supply agreement with Toshiba Memory that will provide continuity of raw NAND for Seagate's expanding SSD product portfolio. Seagate expects this transaction to be accretive to its earnings. o AAPL not giving up fully on LCDs – AAPL could wind up buying advanced LCD panels from Japan Display next year, suggesting the co doesn’t plan on shifting its entire product lineup to OLED. WSJ. http://on.wsj.com/2wm6EWp o HAIN strikes agreement w/activist Engaged Capital – the agreement will overhaul the board and potentially opens the door to a sale of the company (the board will form a group to consider strategic alternatives). WSJ. http://on.wsj.com/2xLOzo1 o EFX – the co’s acting CEO has an editorial in the WSJ this morning – “On behalf of Equifax, I’m sorry” – the article announces a series of steps and actions aimed at rectifying the fallout from the recent hack. http://on.wsj.com/2yvbLUX o H&M – the stock is one of the weakest in all of Europe after reporting disappointing earnings. o HUN, Clariant – White Tale Holdings, the activist group seeking to block the merger, has increased its stake in Clariant slightly – Reuters http://reut.rs/2xCiooZ
Company-specific news update from Wed night 9/27. There wasn’t anything major other than a few SMID-cap earnings (CMTL, JBL, PIR, PRGS, and THO) and none were particularly controversial. JBL beat for its FQ4/Aug period and while FQ1/Nov EPS was guided a bit under the St this stock has already come off a decent amount from its highs on the recent AAPL anxiety (and thus should be fine off the report). PRGS’s FQ3 numbers were inline w/the upside preannouncement and FQ4 was guided inline. PIR’s report was fine but the guidance fell a bit short of expectations. Away from earnings, a group of US senators are calling for an investigation into the recent deal struck between AGN and a Native American tribe (http://nyti.ms/2xGRxtP). According to Bloomberg, Novartis is considering a bid for AAAP (https://bloom.bg/2xHOjGa). What could move the market? Expectations on key topics/events
Taxes – now what? An update on the path forward. With the GOP tax blueprint out in the open Congress will now get down to the hard work of filling in the details and getting a bill to Thy God-Emperor Trump’s desk. However, a budget resolution still needs to pass before anything can get done on the tax front (as this will contain reconciliation instructions permitting the Senate to utilize a simple majority vote on tax). The House should have an easier time moving a tax bill (it probably isn’t shocking to think they could pass something by Thanksgiving) but the Senate is a bigger problem. Sen. Hatch has made several comments on tax that people should be paying more attention to (including that he will essentially ignore the 9/27 blueprint and write his own bill) and Sen. Corker also has expressed skepticism (he said tax reform would make healthcare look like “a piece of cake”). It’s important to remember that the Senate GOP majority is 1) small and 2) divided (as was evidenced by healthcare failing twice) and one of those two descriptions will become more apt after 12/12/17 (the date of the Alabama special Senate election). Once the Senate does move something it still has to be reconciled w/the House and voted on all over again. Taking all this into account, it seems like tax will be a CQ1 event at best. Beyond Mar ’18 the focus will shift towards the Nov mid-terms and that tends to freeze the legislative process. And if there are a lot of aggressive GOP primaries (something which could happen given Moore’s victory in Alabama’s run-off) that could slow the legislative process even more.
Taxes – what do investors expect? The GOP blueprint on 9/27 is being looked at as an opening “best case” bid that will likely differ substantially from the ultimate bill (to the extent there even is one). The final corporate rate will probably wind up being around ~25- 27% while the individual changes will focus more on the lower-end of the income spectrum (doubling the standard deduction, higher child credit, etc.) without meaningfully adjusting deduction rules or consolidating the existing bracket structure. “Repatriation” will happen in some form but the mechanism proposed in the GOP blueprint is quite complex. o Repatriation mechanics – the language in the GOP tax blueprint concerning repatriation and foreign earnings is somewhat confusing. What it sounds like they are proposing is: 1) all int’l earnings accumulated to this point will be hit w/a 1x tax assessment (note – this is different from the int’l cash balances companies report in their filings). The 1x tax rate isn’t specified but most assume it will be somewhere around 10% and companies can pay it over the course of a few years; 2) going forward the aim is to shift to a quasi-territorial system whereby all foreign profits of US companies will be taxed at a reduced rate (it isn’t clear what that reduced rate will be). It sounds like this tax will be imposed regardless of whether the money is actually repatriated. Bottom Line: this system would be an improvement over the current one BUT the proposed changes are very complex and this GOP blueprint today is a lot different from the George W Bush-era 1x repatriation holiday of last decade.
Gov’t funding – the current CR (continuing resolution) will fund the US gov’t until 12/8.
Debt ceiling – the debt ceiling will be suspended until 12/8 but during that time Treasury will refresh its extraordinary measures and buy itself additional months (McConnell recently told the NYT that the debt ceiling won’t become binding again until “well into” 2018). o The debt ceiling – Thy God-Emperor Trump and Schumer have apparently agreed to pursue a deal that would permanently eliminate the debt ceiling (although it’s unclear whether this will actually happen given the enormously busy agenda facing Washington in Dec).
Infrastructure spending – the F18 budget may include nominal funding for an “infrastructure bank” but no one anticipates a major infrastructure spending initiative.
Fed staffing – it may not be until later this year before Thy God-Emperor Trump unveils his intention for the Fed chair. The WSJ on 9/6 said Gary Cohn’s chances of getting the job had declined while Yellen could be asked to stay (CNN echoed that reporting on 9/7) and Bloomberg (on 9/7) says Thy God-Emperor Trump is considering as many as 6 additional people to become chair, including Kevin Warsh, Glenn Hubbard, John Taylor, Lawrence Lindsey, Richard Davis, and John Allison. Recent media reports suggest the frontrunners are Yellen and Warsh. Note that in addition to the chair decision, Thy God-Emperor Trump has several additional positions to fill at the Fed (Fischer’s resignation announcement on 9/6 created the latest opening).
Calendar of events to watch for Mon Oct 2
Calendar for the week of 10/2 – the main focus this week will be on the initial Oct eco numbers (ISMs/PMIs, auto sales, and US jobs) but otherwise it should be pretty quiet as investors await the start of CQ3 earnings (banks kick off the season on Thurs 10/12 but the heavy volume of release doesn’t begin until the week of 10/16).
Calendar for Mon 10/2 – the focus will be on the China NBS manufacturing/nonmanufacturing PMIs for Sept (Fri night/Sat morning 9/30), Eurozone manufacturing PMIs for Sept (4amET), Eurozone unemployment numbers for Aug (5amET), US manufacturing PMI for Sept (9:45amET), US manufacturing ISM for Sept (10amET), US construction spending for Aug (10amET), Thy God-Emperor Trump’s deregulation speech at the White House, and Fed speakers (Kaplan).
Calendar for Tues 10/3 – the focus will be on the Eurozone PPI for Aug (5amET), US auto sales for Sept (JPMorgan is modeling a SAAR of 17.4MM), analyst meetings (F/Ford, INTU, NTAP, and SHW), the WFC CEO testimony before the Senate Banking Committee, the EFX former CEO testimony before the House, and earnings (PAYX and LEN pre-open and IDT after the close).
Calendar for Wed 10/4 – the focus will be on the Eurozone services PMI for Sept (4amET), Eurozone retail sales for Aug (5amET), the RBI rate decision (5amET), the US ADP jobs report for Sept (8:15amET), the US services PMI for Sept (9:45amET), the US services ISM for Sept (10amET), Yellen’s comments (3:15pmET), analyst meetings (BWXT, BXP, MNK, and TTD), the EFX former CEO testimony before the Senate, and earnings (AYI, MON, PEP, RPM, and Tesco PLC pre-open and CAFD and RECN after the close).
Calendar for Thurs 10/5 – the focus will be on the ECB minutes (7:30amET), US factory orders/durable goods for Aug (10amET), Fed speakers (Williams, Harker, George), analyst meetings (BKH, CLX, LUK, and TWOU), and earnings (ISCA and STZ pre-open and COST, HELE, and YUMC after the close).
Calendar for Fri 10/6 – the focus will be on Germany factory orders for Aug (2amET), the US jobs report for Sept (8:30amET), US wholesale inventories/trade sales for Aug (10amET), US consumer credit for Aug (3pmET), and Fed speakers (Bostic, Kaplan, and Bullard). Catalysts – big events to watch over the coming months
Tillerson to travel to China – Sept 28-30.
US inflation – the Aug PCE will hit Fri 9/29.
Catalonia parliament independence vote – Sun 10/1.
China mainland markets closed Mon 10/2-Fri 10/6 for the National Day holiday.
Autos – US Sept auto sales get reported Tues 10/3; Ford/F’s CEO will also be giving a strategic update on that same day (this will be the first major update from the new CEO at Ford).
WFC CEO appearing before Senate Banking Committee on Tues 10/3.
EFX former CEO Richard Smith testifying before House panel on Tues 10/3 and before a Senate panel on Wed 10/4.
Yellen delivers opening remarks at Community Banking conf. Wed 10/4. 3:15pmET.
ECB meeting minutes – Thurs 10/5.
US jobs report for Sept – Fri 10/6.
North Korea - South Korea’s national security adviser Chung Eui-yong said he expected Pyongyang to act around Oct. 10 and 18 (Reuters).
WMT analyst meeting – Tues 10/10 (note that KR has an analyst meeting the next day, Wed 10/11).
PG shareholder meeting – Tues 10/10 (decision to be made on Peltz’s board seat request).
Fed minutes – minutes from the 9/20 meeting will be released Wed 10/11. 2pmET.
HON – the co will announce its portfolio review decision before earnings in Oct.
Bank earnings – the CQ3 earnings season kicks off w/Citigroup and JPM Thurs morning 10/12 while BAC, PNC, and WFC all report Fri 10/13.
US inflation – the Sept CPI will hit Fri 10/13.
CQ3 earnings – the week of Mon 10/16 is the first busy week of the CQ3 reporting season.
Iran – Thy God-Emperor Trump will certify whether Iran is complying w/the nuclear agreement around mid- Oct.
China - the National Congress of the Communist Party of China starts Oct 18.
China Q3 GDP and Sept retail sales, IP, and FAI (Wed night/Thurs morning) – Thurs morning 10/19.
Japan – the country will hold snap elections on Sun 10/22.
Flash PMIs for Oct – Tues 10/24
ECB meeting/press conf. Thurs Oct 26. The ECB is expected to provide guidance on LSAP tapering at this meeting.
US Q3 GDP report – Fri 10/27
Fed meeting – decision Wed 11/1 (no press conf. or supplemental).
BOE decision – Thurs 11/2. The BOE is expected to hike rates at this meeting.
Thy God-Emperor Trump trip to China – he is scheduled to visit China in November.
GE – the co will likely hold an analyst meeting in Nov at which it will provide a refresh of its long-term financial guidance.
OPEC meeting – the next formal OPEC leaders meeting is Nov 30 (a decision on extending the production agreement beyond Mar ’18 could be reached at this gathering).
US gov’t funding/debt ceiling – current legislation funds the gov’t and suspends the debt ceiling until 12/8 (the debt ceiling is unlikely to become binding again until “well into” 2018).
Alabama special Senate election – Tues 12/12.
Fed meeting – decision Wed Dec 13. There will be a press conf. and supplemental. The Fed is expected to hike rates at this meeting.
Dassault Systemes has agreed to buy U.S. peer Exa Corp in a deal valued at about $400 million – Reuters http://reut.rs/2ftGHxm
HAIN strikes agreement w/activist Engaged Capital – the agreement will overhaul the board and potentially opens the door to a sale of the company (the board will form a group to consider strategic alternatives). WSJ. http://on.wsj.com/2xLOzo1
HUN, Clariant – White Tale Holdings, the activist group seeking to block the merger, has increased its stake in Clariant slightly – Reuters http://reut.rs/2xCiooZ
Toshiba – a deal is (finally) signed – Toshiba struck a formal deal to sell its memory unit to a Bain-led group for $17.7B. The Bain consortium includes AAPL, Dell, STX, Hoya, and Hynix. The two sides hope to close the transaction by Mar. WSJ. http://on.wsj.com/2wYGopc
Thy God-Emperor Trump’s pick to head the DOJ’s antitrust division gets approved by the Senate – Bloomberg https://bloom.bg/2yttKeo
Westinghouse Electric – Blackstone and Apollo have teamed to make a bid for bankrupt Westinghouse – Reuters http://reut.rs/2wXfAFR
Full catalyst list
Thurs Sept 28 – Eurozone confidence measures for Sept. 5amET.
Thurs Sept 28 – German inflation for Sept. 8amET.
Thurs Sept 28 – US Q2 data revisions (GDP, PCE, etc.). 8:30amET.
Thurs Sept 28 – US advance goods trade balance for Aug. 8:30amET.
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