Saturday, January 25, 2014

Wells Fargo Presents Virtual Currency: Viability, Compliance, & Direction

From a Wells Fargo announcement:
Please join us for a discussion on the rapidly emerging field of virtual currency. Our panel of experts will weigh in on market trends, investment opportunities, compliance imperatives, and interoperability with traditional fiat currencies. What industries will be disrupted? Which will be enhanced? Particular attention will be given to regulatory compliance, risk management, and policy frameworks. The event format will allow each panelist 10-15 minutes of presentation time. Audience Q&A to follow. 
Jim Richards, EVP, BSA Officer and Director of Financial Crimes Risk Management, Wells Fargo Bank, NA
Margo Tank, Partner, Buckley Sandler
Albert Wenger, Partner, Union Square Ventures
Jeremy Allaire, Founder, Chairman & CEO, Circle Internet
Seetha Ramachandran, Deputy Chief, Asset Forfeiture & Money Laundering Section, U.S. Department of Justice - Criminal Division
Fred Ehrsam, Co-founder, Coinbase
Tuesday, January 28, 2014
6:00 p.m. — 7:00 p.m. Registration/social
7:00 p.m. — 9:00 p.m. Presentation
Union Square Ventures Conference Room
915 Broadway, 19th Floor
New York, NY 10010
Please R.S.V.P. by January 25 to Aznaur Midov at (650) 855-6622 Due to space restrictions, we will be capping registration to 60 total!

(ht Felix Bronstein)


  1. Bank Of America Caught Frontrunning Clients

    What is this newly promoted product, and why is there demand for it? This is what the CME had to say about the benefits of "DIRPs" (even though the technical acronyms is DSFs):

    Capital efficient way to access interest rate swap exposure
    Flexible execution via CME Globex, Block trades, EFRPs and Open Outcry
    Allows participants to trade in an OTC manner:
    Ability to block calendar spreads
    Lower block thresholds and longer reporting times
    No block surcharges

    But, as in the case of CDS, and all other novel products, the main reason for DIRPs is simple: an even lower margin requirement compared to Interest Rate Swaps and Treasury Futures (margined together), allowing one to express a position, or better, manipulate the market in Interest Rate products, using the least amount of margin (initial capital) possible.

    In other words, while Reuters is focused on the Fannie and Freddie frontrunning angle, it appears the frontrunning activity spread substantially to involve the entire Treasury curve as well!

  2. Traditional Fiat Currency!!! LOL!!!!! Ah, yes, the proud tradition of funny money.
    Until the Ron Paul campaigns, you NEVER heard Mainstream flacks use THAT term.
    And they say we lost.