Cross-Asset Liquidity Strategist, CrossBorder Capital

Michael J. Howell

Cross-Asset Liquidity Strategist

Implementing Research Using Alt Data & AI

CrossBorder Capital

CrossBorder Capital is a London-based independent investment advisory firm. Founded in 1996, it exploits a gap in the investment arena by focusing on Central bank liquidity. 

It specialises in the monitoring and analysis of global liquidity flows - an important determinant of asset prices, from currencies through to bonds, equities and real estate.

CrossBorder Capital implements its investment strategy and currently manages over US$ 350m.


Macroeconomics

<ul><li>blockchain and Bitcoin are questionable new technology solutions desperately seeking a problem</li><li>Be warned, crypto-currency prices may soon collapse</li><li>Practically blockchain and Bitcoin cannot work, but more damming are the economic arguments against</li><li>Money requires informational efficiency and stable value. Bitcoin cannot deliver stable value</li><li>Need to distinguish digital ledger technology (DLT) which will empower Central Banks</li><li>Central Banks will dominate future monetary system with national e-monies, e.g. e-dollars</li><li>High street banks are the dinosaurs: wholesale money markets and specialist lenders will replace them</li><li>We explore the future through the four 'prices' of money</li><li>Conclude that gold and Central Bank Money will prove more important in the future than crypocurrencies</li></ul>

blockchain and Bitcoin are questionable new technology solutions desperately seeking a problemBe warned, crypto-currency prices may soon collapsePractically blockchain and Bitcoin cannot work, but more damming are the economic arguments againstMoney requires informational efficiency and stable value. Bitcoin cannot deliver stable valueNeed to distinguish digital ledger technology (DLT) which will empower Central BanksCentral Banks will dominate future monetary system with national e-monies, e.g. e-dollarsHigh street banks are the dinosaurs: wholesale money markets and specialist lenders will replace themWe explore the future through the four 'prices' of moneyConclude that gold and Central Bank Money will prove more important in the future than crypocurrencies

Lonely Bytes – Cryptocurrencies & The Future of Money

Research Analyst, Zenprivex

Rohit Varma

Research Analyst

Zenprivex

We are a passionate team of investors, bankers, consultants and data scientists, working to bring efficiency and transparency to the fast-growing private markets. The ZPX leadership team has considerable global experience at the cutting edge of venture investing, technology, analytics and advisory.

Through ZPX's  research arm Satoshi & Co, we will exclusively focus on providing original, thought-provoking and actionable insights in all areas pertaining to the rapidly burgeoning Crypto asset class.

Decentralizing Markets using Blockchain

Thematic (Sector/Industry)

Bitcoin transactions are not completely anonymous. The transparent nature of the bitcoin blockchain allows all the transactions associated with a single public address to be publicly viewable. If the public address can be mapped to a real-life identity, all the transactions and bitcoins held by that public address will be viewable by anyone on the blockchain. The lack of sufficient anonymity has led to the development of privacy coins such as ZCash and Monero, whose transactions can be obfuscated using novel technologies. We believe privacy to be one of the biggest issues that need to be addressed for blockchains to achieve mainstream adoption. The below article is a short two-page summary of one of leading anonymity-focused cryptocurrencies.

Bitcoin transactions are not completely anonymous. The transparent nature of the bitcoin blockchain allows all the transactions associated with a single public address to be publicly viewable. If the public address can be mapped to a real-life identity, all the transactions and bitcoins held by that public address will be viewable by anyone on the blockchain. The lack of sufficient anonymity has led to the development of privacy coins such as ZCash and Monero, whose transactions can be obfuscated using novel technologies. We believe privacy to be one of the biggest issues that need to be addressed for blockchains to achieve mainstream adoption. The below article is a short two-page summary of one of leading anonymity-focused cryptocurrencies.    

Understanding Cryptocurrencies (Z-Cash: Anonymity and Privacy)

Bitcoin is the first mainstream application of the blockchain technology. Bitcoin's growing usage as a digital currency is expected to provide low-cost transfer of money across borders in a safe and trustless manner. That said, the benefits of the blockchain technology are not just limited to transfer of value using digital payment currencies. One of such applications is Ethereum which aims to create a decentralized, open-ended computing platform that supports smart contracts and decentralized applications to be built on top of it without any downtime, censorship or fraud. Ethereum's potential to create an alternative world of web applications has resulted in its price surge by over 90x in 2017.

Bitcoin is the first mainstream application of the blockchain technology. Bitcoin's growing usage as a digital currency is expected to provide low-cost transfer of money across borders in a safe and trustless manner. That said, the benefits of the blockchain technology are not just limited to transfer of value using digital payment currencies. One of such applications is Ethereum which aims to create a decentralized, open-ended computing platform that supports smart contracts and decentralized applications to be built on top of it without any downtime, censorship or fraud. Ethereum's potential to create an alternative world of web applications has resulted in its price surge by over 90x in 2017.  

Understanding Cryptocurrencies: Ethereum - Digital Oil

We conclude five points about Global Liquidity in 2018:<ul><li> Global Liquidity will expand by around US$5 trillion net in 2018. This is still a positive rise, but it is one-third of the 2017 pace. 2017 proved a spectacular year for inflows</li><li>Threats of US Fed and ECB Reverse QE or ‘quantitative squeezing’ will be offset by net expansion of Central Bank balance sheets in EM and Japan</li><li>Reverse QE by Central Banks is not helpful, but cross-border flows pose by far the bigger threat for asset markets this year</li><li>China (27% share) is the most important economy for Global Liquidity, both directly and indirectly through its impact on the Emerging Market flows</li><li>At a 66% share of liquidity flows, the US dollar (with its surrogates) remains de facto the most important currency Worldwide. But if the Chinese Yuan is included based on China’s economic importance, it would immediately take a 26% point market share away from the US dollar. Gold would soar in price?</li></ul>

We conclude five points about Global Liquidity in 2018: Global Liquidity will expand by around US$5 trillion net in 2018. This is still a positive rise, but it is one-third of the 2017 pace. 2017 proved a spectacular year for inflowsThreats of US Fed and ECB Reverse QE or ‘quantitative squeezing’ will be offset by net expansion of Central Bank balance sheets in EM and JapanReverse QE by Central Banks is not helpful, but cross-border flows pose by far the bigger threat for asset markets this yearChina (27% share) is the most important economy for Global Liquidity, both directly and indirectly through its impact on the Emerging Market flowsAt a 66% share of liquidity flows, the US dollar (with its surrogates) remains de facto the most important currency Worldwide. But if the Chinese Yuan is included based on China’s economic importance, it would immediately take a 26% point market share away from the US dollar. Gold would soar in price?

'Quantitative Squeezing': Prospects for Global Liquidity in 2018

Public Relations and Social Media Manager, Dechert LLP

Peggy Heffner

Public Relations and Social Media Manager

Dechert is a global specialist law firm

Dechert LLP

Dechert is a global specialist law firm.
Focused on sectors with the greatest complexities, legal intricacies and highest regulatory demands, we excel in delivering practical commercial judgment and deep legal expertise for high-stakes matters.

Our work is widely recognized. We have 20 standout practices noted by Chambers Global, including global-wide rankings for arbitration, corporate investigations, anti-corruption, investment funds and life sciences. Named Antitrust Team of the Year, Chambers USA commends our “accomplished group” as “routinely sought after to handle some of the most significant litigation and transactions in the antitrust world.” 

In an increasingly challenging environment, clients look to us to serve them in ways that are faster, sharper and leaner without compromising excellence. We developed a first-of-its kind legal project management department, which uses technology, people and processes to drive efficiency and deliver value for our clients.

We are innovators. Dechert ranked #7 in the Financial Times’ Top North American Innovative Law Firms. Financial Times also recognizes us among the Top European Innovative Law Firms and highly commends World Compass, our marketing compliance service, which offers investment firms advice in more than 100 jurisdictions.

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<li>U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton weighed in on cryptocurrencies and initial coin offerings (ICOs) in a major statement.</li>
<li>Chairman Clayton explained that, while not all tokens may be securities under the federal securities laws, simply calling a token something else does not bring an offering outside the SEC’s purview.</li>
</ul>
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<li>“Key hallmarks” of tokens being securities include, in the SEC’s view, when an issuer:</li>
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<li>emphasizes the possibility for tokens to appreciate in value or</li>
<li>…</li>
</ul>
</ul>
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U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton weighed in on cryptocurrencies and initial coin offerings (ICOs) in a major statement.
Chairman Clayton explained that, while not all tokens may be securities under the federal securities laws, simply calling a token something else does not bring an offering outside the SEC’s purview.


“Key hallmarks” of tokens being securities include, in the SEC’s view, when an issuer:

emphasizes the possibility for tokens to appreciate in value or
…




SEC Chairman Issues Major Statement on Cryptocurrency and ICOs

United States

Ethereum is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called "ether", which can be transferred between accounts and used to compensate participant nodes for computations performed. "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.

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Ethereum (XETUSD CURNCY)

Lonely Bytes – Cryptocurrencies & The Future of Money

blockchain and Bitcoin are questionable new technology solutions desperately seeking a problem Be warned, crypto-currency prices may soon...

Michael J. Howell

Understanding Cryptocurrencies (Z-Cash: Anonymity and Privacy)

Bitcoin transactions are not completely anonymous. The transparent nature of the bitcoin blockchain allows all the transactions associated with a...

Rohit Varma

Understanding Cryptocurrencies: Ethereum - Digital Oil

Bitcoin is the first mainstream application of the blockchain technology. Bitcoin's growing usage as a digital currency is expected to provide...

Rohit Varma

'Quantitative Squeezing': Prospects for Global Liquidity in 2018

We conclude five points about Global Liquidity in 2018: Global Liquidity will expand by around US$5 trillion net in 2018. This is stilla positive...

Michael J. Howell

SEC Chairman Issues Major Statement on Cryptocurrency and ICOs

U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton weighed in on cryptocurrencies and initial coin offerings (ICOs) in a major...

Dechert LLP

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