Scaling bitcoin transcript request
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Content:
- CoinDesk Podcast Network
- Ergo Ecosystem: Scaling Solutions
- Tadge Dryja on Scaling Bitcoin With Utreexo
- Is the worst behind for Dalal Street?
- Morgan Stanley (MS) Q3 2021 Earnings Call Transcript
- Scaling Bitcoin workshop : Tel Aviv 2019
- SoK: Validating Bridges as a Scaling Solution for Blockchains
- Bitcoin Is Just the Beginning: How Blockchain Will Revolutionize Data Collection & Sharing
- PayPal Would Need These Two Things In Order to Issue a Stablecoin
- How Bitcoin Has Fueled Ransomware Attacks
CoinDesk Podcast Network
Categories Earnings Call Transcripts. This presentation may not be duplicated or reproduced without our consent. Thank you. Good morning, everyone. Thanks for joining us. Institutional Securities continues to gain share, it performed strongly across all regions and all three major businesses. The work we have done to integrate our businesses across the Investment Bank is clearly paying dividends. Equities are extremely strong and fixed income was stable. And we believe this is going to be an economic engine for Morgan Stanley for decades to come.
Self-directed client engagement remains elevated, U. In the quarter, we continued to broaden our reach, especially through Morgan Stanley work, where we now have in excess of 14 million unique relationships. We remain optimistic about the firms position and business outlook, but we will exercise more caution if we see a significant uptick in volatility. Throughout, we remain committed to our core values that drive our culture and ensure we do business the right way.
A final word on capital. As you know, SA-CCR, the standardized counterparty credit risk regulatory changes beginning next year for the largest banks.
It impacts the calculation of counterparty credit risk and thus risk-weighted assets. We have decided to early adopt in the fourth quarter. The pro forma impact of SA-CCR, absent further mitigation, could theoretically reduce that by approximately basis points. Of course, we have a lot of flexibility to mitigate and that work has already begun. But early adoption allows us to pick up a benefit in future SA-CCR [Phonetic] which may so offset a part of this impact over time.
Thank you, and good morning. Institutional Securities continues to power performance, with particular strength in Investment Banking and equities. Wealth Management and Investment Management each set year-to-date records. While investing for growth, our business model demonstrated operating leverage. Now to the businesses. The integrated investment bank is working seamlessly to serve our clients and to gain share. Balanced revenue supported overall results. Advisory, in particular was a standout, with a record quarterly and year-to-date performance.
Importantly, Institutional Securities is delivering remarkable operating leverage. The Americas and Europe led the year-over-year increase.
Results were supported by greater sector diversification compared to last year. The increase from the prior year was driven by strength across products. The year-over-year increase was driven by strength in non-investment grade loans, supported by the combination of the rate environment and elevated levels of event driven activity. Investment Banking pipelines remain healthy across sectors and regions and activity is expected to continue on the back of current momentum.
Financial sponsors are deploying capital and corporate clients are looking for strategic opportunities as a source for growth. Our equities business remains a global leader. Results benefited from sustained client activity throughout the quarter. Revenues in Asia were particularly strong, underscoring the importance of our diversified global footprint.
Cash and derivative revenues were both higher versus the prior year. Broad-based client engagement continued through the summer months. Prime brokerage revenues increased versus last year on higher equity market levels. Micro results remained above historical averages, but reflected lower revenues and securitized products and credit corporates compared to the prior year, which benefited from wider bid offer spreads. Macro also declined versus last year with lower revenues in both rates and foreign exchange.
Commodities was strong and revenues improved versus the prior year as North America power and gas benefited from robust client activity.
Turning to Wealth Management. Net new assets in the quarter were strong and balanced, inclusive of assets from existing clients and new clients, stock for investing events and net recruiting.
These incremental assets are reflected in total client assets, fee-based assets, net new assets and fee-based flows. The workplace channel serves as an asset acquisition funnel that will fuel our growth over time. We are excited by the momentum in the workplace. Year-to-date new stock plan participants have more than doubled. Self-directed daily average tradings were approximately , in the quarter, in line with the average level for the full year of , while moderating from the exceptionally high activity seen earlier this year, client engagement remains high.
The strength in fee-based flows supports our view, the clients first consolidate assets under our platform and then migrate these assets to advisory. Growth in securities-based lending and mortgages drove the increase, reflecting strong client demand for new lines and increased household participation.
Prepayment amortization was negligible in the quarter, but it did impact the sequential move. For the remainder of the year, we expect NII to build sequentially on the back of loan growth at a pace slightly below the third quarter.
By year-end, clients will be able to link their self-directed accounts via single sign-on, building on our digital client experience. Moving to Investment Management. The timing of the Eaton Vance acquisition makes the prior quarter a more relevant benchmark. While asset management and related fees rose sequentially, the increase was offset by lower performance-based income and other revenue.
The redemption was approximately half of the asset managers AUM with us, and we expect the remainder of the AUM to be redeemed in the first half of , as the asset manager brings its equity trading implementation in-house. Excluding this idiosyncratic outflow, we saw a positive long-term net flows with continued demand for Parametric customized portfolios, private real estate and private credit, and sustainable strategies through both Calvert and MSIM funds.
Gains across the platform were offset by lower accrued carried interest in our Asian private equities business, primarily driven by a single underlying public investment in one of the fund. The broadening of our growing alternatives portfolio helped mitigate this overall impact.
Finally, the integration with the Eaton Vance remains on pace. We continue to invest in secular growth areas, particularly sustainability, alternatives and customization for Wealth Management platforms and clients. Turning to the balance sheet. As James mentioned, we intend to early adopt SA-CCR during the fourth quarter of this year after taking into consideration the potential benefits to certain capital metrics, such as the future SCB calculation.
This would also imply a reduction to our CET1 ratio by approximately basis points upon adoption. We have commenced mitigation efforts, which should offset some of the impact to our CET1 ratio. We continue to benefit from the diversification of our franchise. The firm is firing on all cylinders as we enter the end of the year on a strong footing. We are capturing share in Institutional Securities. Clients remain engaged and pipelines are healthy.
Importantly, we are meaningfully investing in technology across all of our businesses. Your line is now open. Hi, thanks very much. I think you guys are by far the largest distributor of alternative assets and as that space grows and as that becomes a bigger part of client portfolio, I wonder if you could help us frame, have you ever broken out either the asset level or percentage of high net worth portfolios that you have today versus where you think that can grow to?
We, I think. So it can give you some sense, rough sense from those documents. What I would say though that I had also noticed this trend. But I would definitely say that both anecdotally and it does bear out in some of the numbers that you see a slight increase towards alternatives as a composition of the portfolio.
Okay, maybe just have a quick follow-up on your SA-CCR comments because they were reasonably comprehensive, which specific assets are most impacted just so I can think through mitigation and how much of an impact it can make? Glenn, in case you confuse this is James, the essence is so different. There were models that were in place that Basel has been working on replacing, actually started in and the idea was to implemented it in , and they relate to most of the derivative contracts and the determination of where they margin and not margin, how to treat that from a risk-weighted asset perspective.
So there is a complicated formula that applies a weighting to default risk and then the NPV of future payment obligations under various contracts. Most of it is in ISG. Good morning. Thanks for taking my questions.
I like to start on the net new assets in Wealth. Sharon, I believe you flagged a — as an acquisition of a retirement business. Number one, this is basically just a team, right, of consultants that will sit within Wealth, so it could be called a large scale recruiting, is that fair?
And number two, is the idea that you guys are interested in getting more importantly and more sort of strategically, is the idea that that you guys want to get a little bit more aggressive in k DC plans in order to complement the stock plan business and enhance the workplace offering?
I think that it is a large scale team that you can consider in terms of that asset acquisition. So if you think of retirement assets and then you think of who is the actual holder of those retirement assets, and those are the participants, so through municipality, through pensions, etc.
So an extension of the strategy and a continuation of the concept of the funnel. I mean, my key takeaway on because this is a very important topic broadly.
My key takeaway on it is we used to have a very monolithic model for asset gathering. You had existing clients who maybe brought new money to you from other institutions or accumulated wealth, they also spent well. So that would go up and down.
Ergo Ecosystem: Scaling Solutions
We had to do it. After 12 years and 3,,x appreciation, we kick off Season 8 with the best investment of all-time and our biggest episode ever: Bitcoin. If you love Acquired and want more, join our LP Community for access to over 50 LP-only episodes, monthly Zoom calls, and live access for big events like emergency pods and book club discussions with authors. We can't wait to see you there. Join here.
Tadge Dryja on Scaling Bitcoin With Utreexo
Hi, so I wanted to cover Nomics and our data and why we're different. We found that most price aggregators and most market data services are failing in a number of ways that I think we've solved for and I wanted to cover that first. A little bit about the company: we are an API first product company, so out of everything that we do our API comes first. We built the API before we built anything else. If you do go to Nomics that entire website was built with our API so anything you see on the website we have available but we also have a lot of data available that is not on our website. So I think perhaps the way to start this out is by talking about data and data quality. So, our service and most of what we do is based around raw trade data, right. So, for the majority of the exchanges that we have data from we have literally every trade on every trading pair on that exchange. So, we have essentially the entire trading history of that exchange and from those trades we construct candles and from those candles we construct tickers.
Is the worst behind for Dalal Street?
Adam Back. Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you — we really appreciate it! Disclaimer: The transcript that follows has been generated using artificial intelligence.
Morgan Stanley (MS) Q3 2021 Earnings Call Transcript
The 22 projects will compete for guaranteed investment offers for Monthly Stars and final Top Players categories. BSC will release new projects every two weeks, and the competition will surely be stiff, as have all MVB programs. For a full list of the projects, check the official BSC Announcement. Check out the DeFi Direct Linktree for all the access links! Saylor opened the stream touching on the fact that there are not many safe havens to store capital considering the USD inflation.
Scaling Bitcoin workshop : Tel Aviv 2019
The Chair: Good morning. Today is the tenth meeting regarding our special study on digital currency, including the potential relationships, threats and advantages of these electronic forms of exchange. The committee has received presentations from government departments and agencies as well as academics in the fields of economic and monetary history and cryptography. Yesterday, we heard from two other payment companies, Visa and MasterCard. Today, the committee returns to witnesses directly involved with one of the digital currencies, namely bitcoin. Located in Montreal, the Bitcoin Embassy is a non-profit organization that seeks to accelerate and facilitate the adoption of bitcoin. Hoegner specializes in legal issues related to the regulation of virtual currencies and is co-authoring with Jillian Friedman — someone I will introduce in a moment — a chapter on this subject in a forthcoming book.
SoK: Validating Bridges as a Scaling Solution for Blockchains
Skip to main content by Spotify. Sign in Get started. Uncommon Core. By Uncommon Core.
Bitcoin Is Just the Beginning: How Blockchain Will Revolutionize Data Collection & Sharing
Please enjoy this transcript of my interview with Naval Ravikant naval. Naval is the co-founder and chairman of AngelList. He is an angel investor and has invested in more than companies, including many mega-successes, such as Twitter, Uber, Notion, Opendoor, Postmates, and Wish. You can subscribe to Naval , his podcast on wealth and happiness, on Apple Podcasts , Spotify , Overcast , or wherever you get your podcasts. You can also find his blog at nav. Transcripts may contain a few typos.
PayPal Would Need These Two Things In Order to Issue a Stablecoin
Can be May or November, or anything in between if non-consensus but still affects network node-local improvements like RPC change are excluded. Never too early to start! Please post:. Miner enforced tokens, non-fungible tokens, and BCH isolation. Brings first-class, best-in-the-industry tokens to BCH and a step towards smart contracts and covenants.
How Bitcoin Has Fueled Ransomware Attacks
Nifty 17, Policy Bazaar Market Watch.
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