Daniel Jaeggi, President & Co-Founder, Mercuria
Ian Taylor, President & Chief Executive Officer, Vitol Group of Companies
Torbjörn Törnqvist, Chief Executive Officer, Gunvor
Moderator: Marcel van Poecke - Chairman, AtlasInvest
In the oil price downturn of the last two years, the major oil trading houses have shown a remarkable ability to adapt and do quite well in an environment that has been extremely challenging for others in the oil business. In addition, with the retreat of most banks from physical commodity trading following the financial crisis, the importance and influence of these trading houses has increased significantly, along with their trading volumes. In this session of the Oil & Money 2016 conference, the heads of three of the largest oil trading companies explain their approach and elucidate how oil trading is changing and where oil markets are headed. Questions that will be addressed include:
• What is the explanation for the recent remarkable success of oil trading?
• How does the future competitive environment look?
• What is the outlook for oil prices and market rebalancing?
• Is Opec or Saudi Arabia likely to return to the role of managing oil markets?
• How is financial regulation impacting the oil trading world?
• What are the biggest risks and wildcards facing your companies?
There are 3 major pitfalls with reaching consensus around the outcome of an event.
These fully specified, manipulation resistant, and publicly verifiable events form a necessary foundation for sound prediction markets. Without this foundation, prediction markets are subject to confusion, manipulation, and abuse. Though sometimes tricky, many prediction events exist that satisfy all of the criteria listed above. As the world moves forward into the realm of decentralized prediction markets, it will be important to keep in mind the pitfalls associated with many naive prediction events.
Sia , by Nebulous Inc., is a blockchain-based decentralized cloud storage platform.
Capital Markets Blockchains Are Finally Getting Go-Live Dates.
Assembled in New York this week, a handful were even confident enough to give firm timetables for production. For those tired of blue-sky talk, it was refreshing to hear large-scale financial infrastructure projects discussed openly and frankly, in clear terms of where they are and when we can expect to see things going live.
Underscoring the seriousness of the undertaking, ASX recently produced an 87-page progress report. Roll-out is targeted for late 2020 or early 2021.
In the weeds.
The enormity of such a project may not be obvious to those unfamiliar with the creaky plumbing of the capital markets.
At the completion of phase one, DTCC will have nodes set up internally for every firm that it knows will run one, plus some general nodes that will take care of supporting the transactions and processing for the firms that do not wish to support a node of their own.
For this project, DTCC has taken a multi-vendor approach. Ethereum-inspired startup Axoni is providing the technology, with IBM helping to manage the project, and R3 providing best practice guidance on areas like selecting the right data models.
Luxembourg is the largest fund management hub outside of the U.S. The jurisdiction holds many trillions of dollars worth of assets under management.
The KPMG-led project includes banks like BNP Paribas, Credit Agricole and others, as well as over 400 asset managers. The technology used is ethereum-based Quorum, the popular open-source project run by JP Morgan.