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The Weekend Read: Dec 4

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by Todd McDonald
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Happy Corda Day!

First things first.

Corda cake   Corda cake 2

Besides the cake, we were also gratified to see so much interest on release day. We had our first pull request merged within a few hours of release, thousands of unique visits and over 40 forks of our Github repo. For more coverage, see Euromoney, American Banker, WSJ and Fortune articles. From the Fortune piece:

“Our intention is to encourage other people in the community to contribute to it, to build on top of it, to drive its design and adoption,” said Richard Brown, R3’s chief technology officer. “We want a large number of people people downloading and using it,” he said.

“People will be surprised when they dig into the code of the technical white paper,” [Mike] Hearn told Fortune on a call. For one thing, he said, Corda is designed to be compatible with tools that programmers within large organizations are likely already familiar, such as relational databases for storing digital information and Microsoft SQL, a tool for accessing data contained therein.

We also heard from the wider internets on their views of Corda. The feedback and constructive challenging of the Corda design and implementation decisions is exactly what our team is looking for from the wider community. And of course we also got other, less constructive feedback, which I can break down into two broad categories: 1. suggestions for us to kindly lodge certain appendages and objects into various openings big and small, or 2. the equally helpful jokes about SQL databases (this is perhaps the most tired of all the “burns” we hear, and as someone who grew up with the last name McDonald, I know a tired burn when I hear one…).

We know there is a lot to wade thru in exploring Corda (56 pages for the white paper Mike? Dang). As a starter, check out Richard’s intro blog posts and Mike’s review on what lies ahead, all on our Corda blog. Even better for the TL;DR crowd, Richard has a new Corda explainer video here that wraps up in a tidy 3 minutes. Enjoy!

R3 Application Partners

There was another bit of news this week that perhaps got swept up with the Corda release. On Tuesday, we announced our partnership with Calypso Technologies to jointly develop the first post trade application on our smart contract network (a CorDapp in R3 lingo):

Calypso will be the first application partner to leverage the R3 platform, which will allow financial institutions and their technology partners to work more closely together in a safe and efficient distributed ecosystem. The platform records and manages financial agreements between counterparties, leveraging distributed ledger technology to guarantee a consistent, accurate, auditable, reportable record.

Pascal Xatart, CEO at Calypso said: “We are thrilled to be working with R3 and honored to be their first application partner. The alignment between the two firms is exceptional – our deep expertise in capital markets combined with their industry-leading distributed ledger technology will allow us to develop a range of innovative applications quickly and efficiently. Our current matching solution is only the beginning.”

We have been hard at work over the past year building out the framework of our financial-grade network. This past week we have debuted two core pieces of that framework. One is obviously our distributed ledger platform, Corda. The other is captured in the above partnership announcement: our clear intention to build and support an ecosystem of partners to help drive value for all the participants in the emerging R3 network. Our friends at Calypso are a fantastic example of such a partner, one that brings deep domain expertise, understanding of their client’s needs and shares the strategic view that the next generation of financial software and services will be driven via smart contract platforms. We could not be happier to have them as our first partner.

More Shout Outs

Congrats to the CME team on their collaboration with The Royal Mint on their tokenized gold trading platform dubbed Royal Mint Gold (RMG):

Vin Wijeratne, CFO of The Royal Mint said the addition of a blockchain-type system will mean tracking ownership in near real time and therefore some costly administration attached to this process can be dispensed with…Sandra Ro, digitisation lead at CME Group, said: “This is going to be a permissioned network. We will have all known actors and there will be a mechanism by which validators will validate the transactions…This is very much a digital gold offering as an investment product. And it happens to be that it is using a blockchain ledger to record transactions. This is a trading platform.”

Another congrats to the Hyperledger team, which announced surpassing 100 participants in the open source effort this week. I will be at the annual Member Summit in Bklyn on Wednesday and Thursday and look forward to catching up with everyone in person. For those who can’t make it, I would suggest the excellent webinar from Digital Asset’s Dan O’Prey here. But if you do make it, I promise you a freshly printed business card with our cool new logo…

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The Weekend Read: Nov 27

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by Todd McDonald

How do you write a summary of the weekly news when you are the news? I have been thinking about that for the last few days. I have mentioned in the past that one of the lessons that I took from my trading days is that everyone is talking their book, always, even if they don’t realize it (or won’t admit it). I try to guard against that in this blog, but it is inevitable to some degree. I also don’t want to pull a ‘Zuckerberg in China‘ gambit and ‘erase’ the news. So, for a selection of articles on R3 this week, click a few of these links.

With the Thanksgiving holiday here in the US, I was in a reflective mood on all the things that I am thankful for this year. I am thankful to be part of a wider ecosystem that is trying hard, in many diverse ways, to find the next thing. I am thankful to work with a team that has the strongest collective resolve I have ever witnessed. I am thankful for creative Tim Swanson memes. I am thankful to work with folks like Richard, James, Mike and our whole tech/product team who are focused on building things (instead of with those focused on trying to tear things down from the sidelines of life). I am thankful to be working harder than I ever have in my life and enjoying (almost) every minute of it. On to the links.

Corda Open Source

This Wednesday, November 30 is the day for Corda open source. Richard Brown weighed in with another update/preview of what is to come:

Distributed ledger technologies will have such phenomenally powerful network effects that it is unthinkable that serious institutions would deploy base-layer ledger software that is anything other than fully and wholeheartedly open. And it’s why we’ve been committed all along to releasing Corda just as soon as we were sure it was heading in the right direction. It is and so we are.

We’re really proud of Corda and its progress to date. But, that said, Corda is far from finished. Mike Hearn will soon be publishing a “warts and all” description of quite how much work we still have to do. This is true for all other platforms in this space, of course, but I feel a particular responsibility to be transparent given the ambitions we have for Corda and the uses to which it will be put.

How to get Corda on November 30: Corda’s home will be corda.net. Head over…for links to the codebase, simple sample applications and a tutorial to get started writing your own CorDapps.

Corda is still young, but to echo what Hyperledger’s Brian Behlendorf states below, we feel it is better to open up early rather than late. Now is the time to invite contributions from outside. As the code matures further in the coming months and reaches a stable enough point where detailed code review makes sense, we’ll be looking forward to analysis and review from the industry’s leading experts. And others.

American Banker has a fantastic review of open source in DLT, highlighting both the advantages and risks to this approach. It is worth a read in full:

“Let’s say someone wishes to connect a Chain network that has digital assets running on it with a Corda contract,” [Adam] Ludwin said. “If those projects are open source and well documented, and that documentation is public, then whoever might be building the interfaces or connectors for these networks and services will have a much easier time doing so. That’s why open source is a boon for interoperability.”

[SNIP] Moreover, it is a way for engineers to give back to the engineering community.

“When external engineers can review the architecture and code, they can assess the quality of the projects companies are working on. This serves as a great recruiting tool,” said Max Levchin, CEO of the digital lending startup Affirm and a co-founder of PayPal. “When you open-source, it allows third parties to build applications on top of yours, [a process] which acts as a distribution channel for your own product.”

Ethereum Forks

As the article points out above, open source is hard. This week saw Ethereum initiate a planned fork on Tuesday, which lead to an unplanned fork a few days later, which the Ethereum community rushed to fix. This seems to have led to a bit of schadenfreude twitter style from the Bitcoin community. as they reposted this article in quite a few threads. Meanwhile, earlier in the week the head of strategy for Ethereum-based Consensys penned this article entitled What Venture Capitalists Got Wrong About Bitcoin:

Instead, the infrastructure built for bitcoin can increasingly be co-opted for use by new tokens. These new tokens don’t necessarily add any value for the venture capitalists who originally invested in bitcoin. To illustrate what is happening: Imagine if a railroad company in the 1800’s spent millions laying tracks, only to see a second (and third, and fourth) railroad come along and use the finished tracks for free, to ship more cargo in faster and safer cars.

Interesting to see the perspectives of the two sides, with some viewing all this activity as zero-sum, winner (chain) takes all…while others share our view that success in one ‘camp’ can serve as a positive multiplier across the whole space.

RegTech (cont.) and LegalTech

This week saw the big finale of R3’s initial global regulatory tour, culminating in Eltville am Rhein, where our very own Charley Cooper spoke to the Deutsche Bundesbank’s Central Banking conference devoted exclusively to blockchain technology. For those curious about the participants, see this link. Here is Charley’s report:

The conference lasted for four days and covered a wide range of topics, with my remarks focused on the importance of public/private collaboration as a driver of technology innovation in the highly regulated financial services industry. In the lead up to that event, Isabelle Corbett and I barnstormed through four other countries in seven days, meeting one-on-one with Swiss and Nordic regulators as part of our relentless efforts to involve government agencies and oversight bodies in our work from the outset. A huge thanks to Credit Suisse, UBS, Danske Bank, Nordea, and OP Financial for helping us navigate their home turf. R3 representatives have now met with regulators in almost all of our member jurisdictions, including central banks, securities and derivatives overseers, consumer protection agencies, law enforcement, tax authorities, NGOs, trade associations and legislators. It feels good to be home.

Risk Magazine posted a very thoughtful piece as a follow up to R3’s Smart Contract Template Summit (it is even worth the pain of signing up for a free trial!). Our partners at Norton Rose Fulbright announced the publication of our joint white paper on the legality and enforcability of smart contracts. You can request a copy of the paper here or members can contact R3 directly.

Announcements

Swift announced this week that they would become more open and vocal about their exploration into DLT, which is very welcome news. They also announced some details on their latest POC.

Damien Vanderveken, head of R&D at Swift Labs, says: “Swift has been targeted in the press as a legacy incumbent that will be doomed by DLT. But we believe Swift can leverage its unique set of capabilities to deliver a distinctive DLT platform offer for the community.”

Congrats to our friends at the JP Morgan Blockchain Center of Excellence for their open sourcing of Quorum, which you can access here. This is yet another example that the above American Banker article highlighted of the growing acceptance of open source within finance, and the advantages that even the world’s biggest banks see in an open source approach. We look forward to exploring Quorum more during the upcoming Hyperledger events in December.

And finally, we are very happy to welcome China’s Minsheng Bank to the R3 consortium, as another member in our growing network China and North East Asia.

The Weekend Read: Oct 23

Corda Open Source: Coming Soon

We were pleased to announce this week our intention to open source our distributed ledger technology Corda by the end of November:

R3 says it hopes its platform will become the industry standard, although its intention is indeed for firms to build products on top of it.

“We want other banks and other parties to innovate with products that sit on top of the platform, but we don’t want everyone to create their own platform … because we’ll end up with lots of islands that can’t talk to each other,” R3’s chief engineer, James Carlyle, told Reuters. “If we have one platform with lots of products on top, then we get something that’s more like the internet, where we still get innovation but we can still communicate with each other.”

Corda’s code will be contributed on Nov. 30 to the Hyperledger project – a cross-industry project led by the non-profit Linux Foundation to advance blockchain technology by coming up with common standards.

Our technology team has been hard at work on Corda for many months and we are excited to see the reaction and feedback of the wider community, both for financial and non-financial applications. You can also expect to hear more publicly from Richard Gendal Brown, James Carlyle, Mike Hearn and the whole R3 tech team. To celebrate, I have included a gallery of our tech leadership team as rendered by Cointelegraph’s slightly creepy animation:

We and our partner institutions are committed to an open technology strategy, but this strategy is a means to achieve commercial benefits for both our customers and the end clients of financial institutions. Our CEO David Rutter laid out parts of this vision in this post on Tabb Forum:

By enabling the industry to move from duplicated and inconsistent isolated systems of record held at each firm and to cloud-based systems with shared data, business logic and processing, blockchain-inspired technology will facilitate mutualized and consistent middle- and back-office systems that assure that one firm’s view is identical to its counterparts’ view. Moving to the cloud will allow firms to start decommissioning expensive elements of their bespoke infrastructure, break down silos and significantly reduce costs.

Distributed and shared ledger technology protects privacy, replacing many human processes with software; enhances security due to its distributed nature and the use of advanced cryptography; and allows the industry to reduce the costs caused by redundant and non-proprietary processes and shared services.  

The application of this technology to finance holds the key to releasing banks and other financial institutions from the technological binds in which they find themselves after years of unstructured investment in multiple generations of expensive legacy middle- and back-office technology.

Announcements

We were also happy to publicly announce our recent collaboration with Ripple via our Lab and Research Center. The team at Ripple was a pleasure to work with during the trial that included 12 of our member banks:

“The exercise we did with R3 is to show to a group of banks in a controlled environment how XRP can be used by financial institutions to rebalance their liquidity positions all over the world,” said Nilesh Dusane, vice president for client relations at Ripple in an interview with Reuters.

In the cross-border test, banks used the XRP currency to form part of the liquidity needed in nostro accounts, instead of the actual currencies needed for the payment. Ripple’s XRP can be converted into traditional currencies.

The trial demonstrated that Ripple’s technology could enable banks to make markets for fiat currencies such as dollars and euros using XRP and then complete authenticated payments in real time without multiple “nostro” accounts.

The pace of work, and collaboration, continues across the industry. Axoni and eight other firms announced a successful trial of post-trade processing of equity swaps. And Visa and Chain announced Visa B2B Connect, a blockchain powered payments network.

Links

Quick hits of interesting reads:

I asked Tim Swanson for a run down on this week’s “Internet of Toasters” DDoS attack:

Imagine you’re a hacker. And imagine you want to wreak havoc on telecommunications infrastructure. And then imagine you have access to thousands, nay millions, of insecure internet-connected devices that can be zombified into a massive, coordinated army of bandwidth consuming drones. That’s basically what happened this past week when the Mirai botnet was unleashed on Dyn DNS, a company that maintains important network infrastructure in the US. Everyday equipment such as DVRs and surveillance cameras that are becoming commonplace in homes across the country, were hacked and turned into a cog that snowballed into one of the largest distributed denial-of-service (DDoS) attacks ever recorded. In its path were many information portals including Reddit, Twitter and Amazon.

While the series of tubes has (momentarily) recovered, this illustrates the risks and vulnerabilities that the “internet of things” exposes to not just individusssal homes and businesses but to the public at large.

Further reading:

The Weekend Read: Sept 18

Chris Khan (R3), Roman Dahl (Nordea), David Rutter (R3) at our recent European Members' Conference

Chris Khan (R3), Roman Dahl (Nordea), David Rutter (R3) at our recent European Members’ Conference

R3 Recap

I just got back from a very full and rewarding week in our London office, highlighted by our third Members’ Conference on Tuesday. Many thanks to all the participants, as we had 44 institutions represented, including talks by 11 different members and topped off by two live demos. Perhaps most impressive was the energy carried over from the Monday night cocktails all the way thru to the end of Tuesday’s session…

One of the day’s presenters and R3 colleague Ian Grigg filed this short post on Corda and our introductory white paper. The post reviews two big considerations/requirements that drove the Corda design work: privacy (you need it!) and consensus:

The reason for [proof-of-work] was that we cannot trust the sybil element of an open access system – necessary to ensure the fabled censorship resistance. But in the institutional market, they know how to trust each other. They’ve been doing that for 100s of years. Literally – with letters of credit, trade finance, introductions, short term loans and interconnects, relationships.

[SNIP] Without proof of work, and without the public blockchain, we are really talking about a completely different animal to Bitcoin. And that’s what Corda is – a redesign from the base requirements of the institutions.

A good companion read is the recent public disclosure of the GS patent filing for FX on a blockchain, as the main themes are extremely consistent w Corda’s core requirement set:

Essentially, Goldman wants to merge the benefits of blockchain technology—speed and efficiency—with other technologies that offer privacy, security, and compliance with regulatory guidelines. For example, Goldman’s version of the blockchain would allow for private transactions only visible on a need-to-know basis; permit regulators to access the database; and adhere to anti-money laundering regulation and Know Your Customer laws, which require that banks confirm the identity of their customers.

Tim Grant makes mental note to pack shorts next time

Tim Grant makes mental note to pack shorts next time

And a sartorial shout out to our Stafford Lowe for keeping it real Bermuda style (and boos to the staff photographer for not capturing the full glory of the Bermuda shorts!) in this feature on Bermuda Reinsurers + blockchains.

Banks Bruised and Battered

McKinsey released a report on the state of banking and, well, it aint pretty:

Firing people won’t be enough to save the world’s biggest banks from technological and regulatory changes that have reshaped the industry — whole businesses must go, according to McKinsey & Co. Almost every bank will have to quash aspirations to be all things to all customers so that they can eliminate fixed costs, the consulting company said Wednesday in a report titled “Time for Tough Choices and Bold Actions.” Only three to five global full-service banks will survive, McKinsey said.

Meanwhile, the FT stood for (F)in(T)ech this week as there was a barrage of articles, but effectively helped the FT cover all bases by both deflating and inflating the fintech bubble: Cyber attacks raise questions about blockchain security and Banks find blockchain hard to put into practice and UK regulators are the most fintech friendly and Fintech start-ups put banks under pressure.

RegTech (cont.)

The Bank of England released their Consultation Paper on a potential new RTGS. This includes mention of Central Bank Digital Currency (CBDC) on page 18 and distributed ledgers on page 42. Lazy pull quotes below!

The Bank does not propose to extend direct participation in the new RTGS service to non-financial corporates or households in the United Kingdom. This is for two reasons: (a) Such a change in access would raise fundamental questions about the nature of banking, the shape of the financial system and the role of the central bank that need to be researched over a longer timeframe. (b) Attempting to accommodate a dramatic extension of access would create very material technological and security challenges for RTGS that would have significant implications for the cost and timeframe for renewing the system and would fundamentally alter the resilience and operational availability requirements of the service.

[SNIP] The research conducted so far in the Bank and elsewhere shows that asset transfer and gross settlement can successfully operate on a distributed ledger, and demonstrates many of the features of network resilience in a small-scale application. In its current state, however, this work has also highlighted that the technology is not sufficiently mature to provide the exceptionally high levels of robustness required for RTGS settlement. Further work is required to address privacy and system scalability in particular, and these and other topics suggested by this initial work will drive the Bank’s future research programme on this technology.

A bit of cold water, but one that is balanced by continued research and engagement in the space. Speaking of engagement, Hong Kong joins the party of fintech accelerators supported and hosted by government authorities, much like the FCA in England and MAS in Singapore. And ISO has approved the proposal by Standards Australia to lead an international tech committee “to build a uniform approach to the technology.”

Announcements

Congrats to our friends at Ripple for closing their latest round of funding and for the expansion of their partner financial institutions:

“Our mission is to make cross-border payments truly efficient for banks and their customers, and in doing so, lay the foundation for an Internet of Value where the world moves money as easily as information,” said Ripple CEO & co-founder Chris Larsen, “We’re thrilled to have these world-class investors joining forces with us to help make this vision a reality.”

And ICYMI, Hyperledger’s Executive Director Brian Behlendorf published an introduction to the new vision of the Hyperledger Project as An “Umbrella” for Open Source Blockchain & Smart Contract Technologies:

Perhaps most importantly, we can directly address what many have observed as a major challenge with the existing open source blockchain efforts – tremendous levels of tribalism amongst developers. While invigorating, it can also make sharing code between efforts, or talking about common challenges and how to meet them, notoriously difficult. This is true even when the payoff would be less duplicated code and more eyes looking for security holes and other issues.  Multiply that rivalry with the effects of holding fungible currency whose value can be tied directly to the software in question, or open source project brands tightly associated with commercial brands in which developers own equity, and incompatible copyright license paradigms, and working together can be nearly impossible.

At Hyperledger we believe we can provide an answer to this.  Let’s bring these different implementation efforts within the same “home”, with a consistent approach to intellectual property, community collaboration standards, overall branding (“Hyperledger ____”) and an encouragement to either work together or usefully differentiate.  If we do this, it will remove barriers to collaboration, encourage developers to find opportunities to work on common code, and address the potential for confusion and wasted duplication of efforts without requiring a top-down single architecture or personality to dominate.

The Weekend Read: September 11

Sharing the blockchain pixie dust

Sharing the blockchain pixie dust

1. Talking Down the Hype

Bloomberg and Accenture lead this week’s edition with pieces that try to (somewhat) gently deflate the blockchain hype bubble. First up, Bloomberg columnists compare the lightly funded optimism of blockchains with the harsh reality of Europe’s massive and expensive Target2 overhaul:

Take one recent example of wholesale technological change: The very un-glamorous Target2 Securities pan-European settlement platform. (Next time, call it a blockchain, guys.) It was designed in 2006 as a way to improve efficiency, cut costs and reduce complexity for settling cross-border trades in Europe. A decade and 2 billion euros later (divided between the ECB and the financial industry) it’s still not fully rolled out. Official forecasts say the system will begin paying for itself in 2024 — two years, remember, after blockchain will have supposedly also started to save the industry billions.

So a real-world example, then, that it takes 20 years for a new, efficient 2 billion-euro post-trade system with full central-bank backing to start recouping its cost. It would be a miracle if blockchain could repeat this feat in a fraction of the time without similar backing or funding. To match such ambitious expectations would surely require some seriously large-scale resources — which, despite the hype, bank-friendly blockchain technology has yet to attract.

This has been our opinion (from a much more optimistic perspective, of course) from the beginning, and one that is inevitable as things shift from pure innovation labs to business lines. In a similar vein, Accenture had this post in the NY Times that cautions about the challenges of blockchain immutability in a regulatory climate that increasingly tries to enforce a “right to be forgotten”:

The financial services industry needs to face the question of how to balance the appeal of pristine accounting with the demands of the real world, where some things simply need to be struck from the records.

This challenge is coming to light with new data privacy rules like the European Union’s general data protection regulation, which will add new consumer data privacy and ownership rights over the next two years. These rules will not just affect Europe; they will have a far-reaching impact on global companies, and not least on the back offices of major financial institutions.

[SNIP] One thing is clear: If the financial services industry is to embrace a new technology, it cannot be one in which mischief and mistakes are immutable and fraudsters can defend their actions on spurious ideological grounds. Even the smartest contracts can be susceptible to human error, and even the cleverest I.T. architectures will be hit by events that need to be undone.

On some levels the above concern makes sense, but at least in the capital markets perspective, I struggle to see how immutability creates issues, especially in ledger networks with clear governance. Using a simple markets “fat finger” example, the common and correct practice for unwinding trade errors is not to “strike them from the record” but instead to enter an equal and opposite counter-trade. Cancelling records of trades or obligations would quickly lead to that person looking for their next place of gainful employment.

2. Friends and Blockchain

Many thanks to our partners at BNP for inviting me to the kickoff of their Americas Innovation Zone and their “Bizhackathon” event, which was covered here and here. Our panel discussion and Q+A was very engaging and focused more on the challenges and opportunities highlighted in the above article, namely the positive friction that is starting to result as innovation and business reality start to intersect in the PoC-Pilot-Production journey.

Big ups as well to Gadi and the Wave team, which announced, in collaboration with Barclays, a successful use of a blockchain to digitize a part of the mountain of documentation needed in today’s global trade. And Thomson Reuters, another R3 partner, kicked off a weekend-long “HackETHon” in London to explore a few very important themes, such as secure smart contracts and the challenge of exposing trust-minimized distributed ledgers to “the great unwashed” of the external world of data.

3. Open Source

Hyperledger’s Executive Director Brian Behlendorf recent interview in Bitcoin Magazine lays out the Project’s vision to support the various communities emerging across the distributed ledger spectrum in an open way:

“Permissioned chains do not solve all the interesting problems out there,” he commented. “I think Bitcoin, Ethereum, and other cryptocurrency and distributed application platforms have a long, bright future. Specific currencies may come and go, but the problems they solve are real and worth solving and there are incredibly active user and developer communities around each. I think we’ll also find over time that there are many shades of grey between ‘permissioned’ and ‘unpermissioned’ and I’d love to explore that whole spectrum with projects at Hyperledger.

[SNIP] “We’ll have many public chains and technologies (I think Zcash looks really cool, technically) and many, many private chains, because there are many different kinds of communities and use cases, and expecting one chain to meet them all is unrealistic. We should be asking ourselves how we maximize the amount of re-use and code-sharing between the software driving all those chains. That’s what we’re hoping to help with at Hyperledger.”

We are excited to work with the team at the Linux Foundation as they expand the distributed ledger communities and help prove the model of open source in financial markets. It certainly seems like the right side of history, as the data points of “big bad banks” going all Linus increases (see this article on Goldman Sachs).

4. R3 and Exchanges

And finally, we are very excited to announce the addition of BM&F Bovespa as our third member in Brazil and our first exchange (the largest in South America). The Brazilian market is fascinating, as much of its infrastructure is years ahead of markets like the US. Brazilian markets have had to survive the crucible of hyperinflation and market instability time and again, and their market structure has been built in response to that. Fabio Dutra, Client and Business Development Managing Director at BM&F BOVESPA, says it well here: “We believe that strong collaboration with our customers, regulators and vendors is crucial to futureproof financial and capital markets. Innovation with appropriate regulatory oversight is paramount to making the Brazilian markets even more efficient and reliable. Shared ledger technology may play an important role here.”

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My thoughts are with those whose lives were impacted on this day 15 years ago. The years pass but the events that day will not be forgotten.