Andrew Roth: And this is where the efficiency that Oi-Yee mentioned comes into play. Oi-Yee Choo: Ive spent a lot of time reflecting on why ADDX was such an interesting proposition. Combat-proven since 2010, AREOS is considered an invaluable asset for gaining and maintaining national intelligence supremacy. And issuers are getting efficiencies in pooling together a larger number of smaller investors. But ADDX is also able to offer a proposition where the securities it offerseither for issuance, trading, or custodycan be issued in a natively digital format: a native digital asset or a token. We get excited about them and so we assume they're going to solve all of our problems. Weve evolved so much. I think that these things bridge naturally. I think it's very reasonable to be skeptical of a house model, particularly coming from an asset manager that's suggesting you put most of your money into their specific funds. We then had sort of an aha moment in terms of productmarket fit when we saw this group of investors without any overlap, and then a subgroup of them had gotten very comfortable with our platform. But it will make people feel better, and I think there's value in that as well. And because of the way the ledger is written and the amount of consensus that goes into it before any transaction gets validated, it becomes harder to change the blockchain or change the ledger. Andrew Roth: Instead of just having one B2C marketplace now, it sounds like youre moving in a direction where you have multiple nodes or exchanges through your enterprise customers. the entire lifecycle of digital assets. Taking advantage on enemies, while keeping soldiers and civilians safer. If I've got a direct indexing platformlet's say I'm with Canvas over at Franklinand I've done my tweaked ESG strategy or I've done my tweaked factor-based strategy there, the value to me is not the fact that it's direct index, it's the intellectual property under the hood, and then some things that I can get away within direct indexing I can't elsewhere, like single-stock tax-loss harvesting. ", "PayPal partners with Paxos Trust Company to offer the service. Could you try to place that in the context of, say, a financial advisor's practice and how maybe in five or 10 years, perhaps it's sooner than that, tokenization will change aspects of how it is they serve clients. It says that European Investment Bank (EIB) might use it to issue a GBP tokenized bond under Luxembourg law. Transaction (KYT) and Know Your VASP (KYV) processes. Opinions expressed are as of the date of recording. Grow Commercial Banking and Asset Finance Lending Deliver an exceptional customer experience. which outlines the evolution of digital assets and the ways they are We look forward to working with more institutions to advance global learning on policies, standards, and best practices for digital asset regulation and responsible innovation. *** This is precisely how, for instance, FTX Europe works right now. This site is protected by reCAPTCHA and the Google 2020 Forbes. We're giving our votes back to investors The way it was actually written was somewhat nefarious, and it was actually designed to be unimplementable and therefore the only safe harbor asset managers had was not vote at all, which would have taken about 25% of the votes out of circulation, more in the mid-cap space. ", Paxos is the first trust company to be created in New York since the financial crisis., "Blockchain and cryptocurrency startup Paxos has raised $65 million from investors including venture capital firms RRE Ventures and Liberty City Ventures. From accounting and administration to transfer agency and ETF our global presence and commitment to quality service and risk Anutosh Banerjee: When you think about the Web3 technology stack, the tokenization of real-world assets was probably one of the first applications to achieve early productmarket fit. Germany (Deutsch) Australia (English) Singapore (English) Argentina (Espaol) Mexico (Espaol) Japan () Brazil (Portugus) China () close :; Login Contact Us. Oi-Yee Choo: A number of my early employees, some of whom were hired before me, used to reminisce about sitting in a room when there were just 15 or 20 of them. That said, it sounds very positive, but Im sure the start-up life, especially as a CEO, can obviously be stressful. developed this research. saying they plan to hold digital assets in their portfolios within Nadig: I'm not going to hold myself out as the ultimate be all, end all on crypto asset prices. Or do you think it's a red herring? A Singapore-based asset management company with multiple projects in Cambodia, working with Stobox to finance local SMEs, Greenhouse facilities, and even the construction of an innovative city from scratch. Thales launches CipherTrust Cloud Key Manager integrated with the AWS External Key Store (XKS) The idea is to get as much of that invested as possible. Our guest this week is Dave Nadig. But that's not everybody. I do think that those change the world one step at a time. I spent more than 20 years in investment banking, mostly helping companies do M&A or raise capital. I think most of the attention will focus on this issue of voting and governance. I don't know whether that answered your question at all. Linklaters partners with Architects of Life on social impact initiative to overcome stigma and empower ex-offenders in Singapore. So, I think it's going to be a really exciting couple of years for academic finance as we start wrestling what the modern bond market looks like in a world where we've got high inflation and yields available on the table. And then issuers saw that we could do that and do it reliably, consistently. And I do think that those are solvable problems. I think we're on the verge of a new version of academic finance. Provide specific products and services to you, such as portfolio management or data aggregation. ", "Paxos hopes to construct a faster and cheaper way to process stock trades. Third, when we were doing direct-to-consumer activities, we realized there was a need for education. that investors are demanding in an infrastructure for digital I dont know how that happened. This is a term that gets thrown around a lot. Oi-Yee Choo: Yes, even within that distribution. What do you think is the end game there, and could you envision a scenario where curbs are perhaps placed on these firms, or indexing more generally? See our report, I'll speak personallyI'm not sure I have a great use case for it with my portfolio. There's a dozen companies out there building either models or education systems to help advisors solve those problems, to have better conversations with their clients, that to me is what gets me excited. Also, when you build a pipeline and are trying to launch deals, it takes some months to develop, curate, originate, get approvals, and launch. to develop an entire suite of services, including execution and tokenization. Dave boasts decades of experience analyzing and writing about the investment management business both at VettaFi and before that at ETF.com. And weve been granted a traditional securities license as a recognized market operator. Leaving a traditional investment bank to join a start-up was quite fascinating. If you could, please take a minute to subscribe to and rate the podcast on Apple, Spotify, or wherever you get your podcasts. currencies beyond bitcoin (BTC) and ether (ETH). Or are there some things that you think open-end funds intrinsically do better than ETFs that will sustain the industry? It was a fund manager who started a small fund with his own investors, and it was a relatively easy package to execute. Building an encryption strategy, licensing software, providing trusted access to the cloud, or meeting compliance mandates, you can rely on Thales to secure your digital transformation. If you were to tinker with the 60/40, what would you add or adjust? I mentioned the Inelastic Market Hypothesis is one of the potential perturbators of how we think about things. I do think we will end up with some sort of change to the rules around proxy voting that hopefully at least allow asset managers to poll their investor base about what they care about. That's effectively the model I think we will end up with in the U.S. eventually. 1. The DAL (Laser Alert Detector) is the laser warning component of the Spectra defensive aids suite developed for the Rafale combat aircraft. But I don't think it's the case that there's a magical mix with bonds anymore that somehow gives you the diversification free lunch that we all learned about in business school. Nadig: Gosh, thank you so much for having me. Flight-tested for the first time in 2016, TALIOS was successfully qualified by the French defence procurement agency in 2018 for deployment by Dassault's Rafale omni-role aircraft. But that to me is the interesting stuff is how we make these things interact. That strikes me as interesting and important, and I think those are the kinds of conversations we need to have. Can you share how youre thinking about this word culture, and any principles youre living by right now to build that up? But it makes sense for an investor with a net worth of $5 million to have some allocation in hedge funds. 2022 THE BANK OF NEW YORK MELLON CORPORATION. Verify your identity, personalize the content you receive, or create and administer your account. Today, our Digital Asset Custody platform bridges digital and and integrating capabilities of leading fintechs. Even as aircraft get faster, operating terrain gets more complex, missions become more diverse, and the quantity of information gathered increases, our sensors enable pilots and command to have ever greater situational awareness on the connected battlefield. That should be the way it works. Investing in So the evolution from 20 to 50 to 100 and now 120 entails thinking about the soft and hard infrastructure you need to enforce culturehowever you define it, and I think the right term for us now is a performance culture. And what does that mean? I don't think there's a lot of impetus to make it happen. So, I think, as far as I can tell, mutual funds will remain the default case for 401(k)s. Benz: Do you think a lot of fund companies will convert their open-end funds to ETFs? needs. Read our editorial policy to learn more about our process. In fact, over the summer, you wrote, I'd be shockedand these are your words"I'd be shocked if we don't see at least some trial balloons floating in the next year on severely limiting or altering how asset managers vote proxies. What kind of trial balloons do you foresee, and net do you think they will be a positive for investors? I'm curious, knowing a lot of innovations don't pan out, what's the framework you've applied in trying to separate game-changers from what might be run-of-the-mill tweaks or what frankly look to be just kind of dumb ideas? And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data. In late 2021 it executed itsexperiments with the Banque de Franceusing a wholesale central bank digital currency (CBDC) to settle digital bond transactions. Organizations must review their protection and key management provided by each cloud service provider. My favorite advisor tech company I've talked to in the last two years does one incredibly tiny little thing. There's lots of what-ifs you could do. In a way, it's unsurprising because bond funds have been losers as rates have risen. And investors were very excited about it because they dont typically have the opportunity to buy a world-class hedge fund at $50,000 ticket sizes. Nadig: It's a question of what they can. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. Meanwhile,bonds and fixed incomeare one of the most popular asset classes for tokenization. It'd be great. Ptak: George Castady is our engineer for the podcast and Kari Greczek produces the show notes each week. And so, I'm extraordinarily reluctant to lean into academic financemost of that's actually based on post-war analysis that we then tried to implement in the 80s and 90s. Benz: For nonfuturists like me and Jeff, and I would guess a lot of our listeners, too, what or who do you recommend we pay attention to in order to stay more current but without being pulled down rabbit holes or being left hopelessly confused about some of these things? Effectively, when we trade stocks and bonds now, we are trading a kind of token. Oi-Yee sat down to discuss ADDXs mission to democratize investing and create a performance-based culture as well as recent efforts to expand ADDXs customer base to financial enterprises. And is this now the full thrust of ADDX? So, I really dug in with, What do you do with that "extra money" that the market gives you? And it turns out they do some pretty awesome stuff. That is the stated intent of both Ted Cruz and Bernie Sanders. Dont Kill the 60/40 Portfolio: Vanguard Consultant, by Bernice Napach, thinkadvisor.com, Aug. 3, 2021. And it represents a share in a pool of actual Tesla stock, which is held in a brokerage account in Germany somewhere. Banks need a very wide range of operational capabilities, and if we can eliminate those pain points, it provides a great base level for the wealth managers to start selling, positioning, or advising clients on these products for their portfolios. Andrew Roth: You had to go through a few agreements with the Monetary Authority of Singapore to make it private permission, which means you still go through the compliance checks around AML, KYC, and so on to allow entities to transact on ADDX, right? Thales can help secure your cloud migration. It shows weve built teams to reach a certain sort of critical mass for stability, but it is creating a different paradigm. Benz: Wanted to switch over to discuss asset allocation. Take advantage of Even the way we think about the U.S. stock market, that is itself a regulatory construct. When I started two and a half years ago, we were around 50 people. That all blows up and has to be reimagined. It sounds incredibly tiny. On top of that, youre able to issue carbon credits. So, I do think that that attention is not going to go anywhere. Engaging with Leading Fintechs to Help Forge the Industrys Future. The second wave were investors who werent as clued in to the private markets and were trying to understand them. I saw what the technology could do, solving a need in a market in which the rich had a very well-developed tool set to enhance and optimize their portfolios but the mass affluent did not. There will always be people on the other side of these trades, and there should be. Benz: Maybe to bring this into concrete terms, can you give us an example of a financial innovation that you think is going to be really important to investors and advisors in the future, yet where you're finding it hard to sell them on it? Oi-Yee Choo: I look forward to that. In June 2022, we sponsored a global survey of institutional asset The theme of WITS 2022 is Embracing Digital Asset Disruption in the Digital Economy value will be allowed to flow freely within the metaverse through tokenization of tangible and intangible assets. So, there's lots of weird unintended consequences. That sounds boring. These are quite critical questions. management to launch new products. Anutosh Banerjee: ADDX is running on Ethereum as their blockchain. And in certain cases, like ADDX, its offering an internal operational efficiency. Can you walk through that next iteration of ESG that perhaps you envision taking shape? Who the heck knows what could happen? I was just reading an article on how the manager of Team Mercedes described their culture as one where making mistakes is OK to prevent the blame game and things getting toxic. With a bigger team, its a little bit harder, but in the earlier days we used to say, We need to have a hypothesis, design around it, and then see if it works or not. And I deliberately used the word hypothesis so people wouldnt feel like they failed if they made the wrong decision. Thanks for joining, and I look forward to talking again. And we know that in the equity side of things all the time. If you look at the giant quiltMichael Kitces has a great chart on this with like every advisor tech company out there90% of those companies don't touch the portfolio. Could you share how your career evolved and how it shaped the problem you wanted to solve with ADDX? Im looking forward to seeing ADDX Advantages progress and how you grow the B2C part of the business. This website uses cookies to improve your experience while you navigate through the website. I don't think it would have happened. The way the 40 Act is written, in my interpretation, it actually requires legislation, not just regulation, to change this. Nadig: Certainly, people want to. Thats the simplest problem that ADDX is trying to solve: democratizing alternative asset investing for the mass affluent. You hit productmarket fit, youre raising more money, andfrom what Ive readyoure using this last round to scale. A large bank would generally deem this an unsuitable risk for the average sophisticated investor, even a mass affluent one. The DeFiChain Foundation owns all DeFiChain (DFI) trademarks and domains. A little bit of folk-rock indie stuff going on, but actually, he comes from more of a mobi electronica angle. So I dont even think about disruption in that sense. It's like when you take apart a typewriter and you lay out all the little pieces on a piece of paper and you take a really beautiful picture of it. So, I really do think it ends up beingnot to be a cop out hereit's a bit of a personal decision. Nadig: I think we're at a crossroads is the short answer. I think there's $15 trillion in them sitting right now. It could be as simple as a single corporate account or as complex as an enterprise sub-account structure. If you compare what ADDX offers its customers with a traditional financial services intermediary, theyre able to run with only a handful of client-service operations personnel because the chain is fully digitized from issuance through custody. And the smart contracts automate a lot of the operational processes that a traditional intermediary would normally run. And when we did the first deal, we felt we proved the technology. And, generally speaking, the people delivering the P&L would get very excited about our product, but we knew we had to design the right fit for institutions across the different stakeholders. And in fact, other companies and countries have other ways of doing that kind of common ownership. I don't know. Overwhelmingly, institutional investors are looking for I think that's obvious what they're trying to do. I think what's going on in blockchain bond issuance is fascinating. Cadence bond offering and tokenization for FAT Brands; Sila banking and ACH payments infrastructure-as-a-service; Kratos commodity trading and trade finance platform that connects and enables commodity traders to trade and source capital from lenders directly online; Taurus issues tokenized securities; Asset tokenization But opting out of some of these cookies may have an effect on your browsing experience. I think it's trying to do too many things at once. Benz: Can you discuss what you see is the key imperatives for direct indexing, the key advantages? Tokenization opens up opportunities for fixed-income issuance, including faster processing and improved operational performance, said Asif Sherani, Managing Director, Head of DCM Syndicate, EMEA. But this is the world we live in. Nadig: Let me do that in reverse order. In June 2022, we sponsored a global survey of institutional asset managers, asset owners and hedge funds that was conducted by Celent. The imagery is superimposed over the pilot's normal vision to improve situational awareness, make approaches and landing safer in poor visibility conditions, and increase platform operational availability. I don't happen to be currently. Ptak: I wanted to go back. Mutual funds go back to the 1400s and they've pretty much been getting cheaper and simpler and easier to access ever since. digital asset services. The new-generation pod has been delivered to French forces and is now fully combat ready. Dimensionals Conversion of Mutual Funds Into ETFs Pays Off, by Beagan Wilcox Volz, ft.com, July 14, 2022. It delivers unmatched image quality, including colour imagery, and disruptive capabilities such as Permanent Vision and embedded artificial intelligence to provide combat aircraft pilots and ground forces with reliable situational awareness in real time. Andrew Roth: So, investors get access to interesting opportunities and investments. 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