Скачать или смотреть What cryptocurrency "prime brokerage" might and might not mean for digital asset markets

Prime brokerage is a well-established and well-understood discipline in both the foreign exchange (FX) and the securities markets, in which buy- and sell-side traders use the reputation and balance sheet of an investment bank to trade with multiple counterparties, often on a leveraged basis. But as professional trading of the major cryptocurrencies soared in the cryptocurrency market boom of 2020-21, a growing number of service providers began to describe the services they provided to cryptocurrency traders as “prime brokerage.” Are they right to do so and, if they are, what does the advent of digital asset prime brokerage imply for the future development not just of the cryptocurrency markets but the tokenised asset markets as a whole?

What topics will be discussed?

What is the current state of cryptocurrency trading in terms of volume and value?
Have recent events in the cryptocurrency markets reduced or deterred a significant amount of activity?
What risks are created by cryptocurrency trading?
How big a problem is the short-term credit created by prime brokers?
How much longer-term leverage are cryptocurrency traders assuming?
How are cryptocurrency trading risks being mitigated and managed?
Is collateralisation being used effectively as a risk mitigant in cryptocurrency trading?
Would netting of trades and margin payments increase or decrease the risks?
Is the term “prime brokerage” being used correctly in the cryptocurrency markets?
Are cryptocurrency prime brokerage services anything more than a reflection of fragmented liquidity?
Does the emergence of cryptocurrency prime brokerage services presage the development of excessive leverage in the cryptocurrency markets?
What sort of business (exchange, platform, broker, custodian) is a suitable parent for a cryptocurrency prime brokerage business?
Is custody a good foundation for a prime brokerage service?
Are closed networks of liquidity venues and custodians a stop-gap or a permanent solution?
What problems does tokenisation or delegation of assets in custody solve?
How important is it for prime brokers to help clients avoid the costs of being fully funded?
Would regulation help or hinder cryptocurrency prime brokerage?
What form might cryptocurrency prime brokerage regulation take?
Does cryptocurrency prime brokerage need more capital and, if so, where might it come from?
Is the future of cryptocurrency prime brokerage likely to be centralised, decentralised or a hybrid of both centralisation and decentralisation?

Who is the panel?

Chris Caruso
President, Pangaea Business Solutions   / chris-caruso-7840196  

Rosario Ingargiola
CEO at Bosonic   / rmingargiola  

Anton Golub
Advisor at the Swiss Crypto Alliance   / antongolub  

Benjamin Stani
Director of Business Development at Matrixport   / benjaminstani  

Moderated by Dominic Hobson
Co-Founder at Future of Finance
  / dominic-hobson-49b8222  

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