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On the HAT Podcast Eric Pfeiffer and C.J. Miller have the news including what the impact of tariffs on ag construction projects is, and ISDA wants to hear what you would like to see in the new Indiana state ag portal. HAT Chief Meteorologist Ryan Martin's forecast calls for more sunshine and dry conditions today before some slight rain chances in the north late tomorrow. Tuesday the corn and soybean markets saw bargain buying while the wheat market sold off. Andy Eubank has settlements and analyst Arlan Suderman provides market commentary. It's all part of the #HATPodcast, made possible by First Farmers Bank & Trust - proudly serving local farms, families, and agribusiness for 140 years. Visit them online at FFBT.com to learn more.
It may seem at times that the Idaho ag department is playing whack-a-mole with the Japanese beetle.
A new report from ISDA shows that companies all over the world use derivatives to alleviate uncertainty, transfer risk and enhance profitability. ISDA discusses the findings with BCG's Roy Choudhury. Hosted on Acast. See acast.com/privacy for more information.
Timothy Massad is currently a Senior Fellow at the Mossavar-Rahmani Center for Business and Government at Kennedy School of Government at Harvard University, an Adjunct Professor of Law at Georgetown Law School and a consultant on financial regulatory and fintech issues. Massad served as Chairman of the U.S. Commodity Futures Trading Commission from 2014-2017. Under his leadership, the agency implemented the Dodd Frank reforms of the over-the-counter swaps market and harmonized many aspects of cross-border regulation, including reaching a landmark agreement with the European Union on clearinghouse oversight. The agency also declared virtual currencies to be commodities, introduced reforms to address automated trading and strengthened cybersecurity protections. Previously, Mr. Massad served as the Assistant Secretary for Financial Stability of the U.S. Department of the Treasury. In that capacity, he oversaw the Troubled Asset Relief Program (TARP), the principal U.S. governmental response to the 2008 financial crisis. Massad was a partner in the law firm of Cravath, Swaine & Moore, LLP. His practice included corporate finance, derivatives and advising boards of directors. Massad was also one of a small group of lawyers who drafted the original ISDA standard agreements for swaps.Howell Jackson is the James S. Reid, Jr., Professor of Law at Harvard Law School. His research interests include financial regulation, consumer financial protection, securities regulation, and federal budget policy. He has served as a consultant to the United States Treasury Department, the United Nations Development Program, the World Bank, and the International Monetary Fund. He frequently consults with government agencies and congressional committees on issues related to financial regulation. From 2023 to 2024, he was a Senior Adviser to the National Economic Council. Since 2005, Professor Jackson has been a trustee of College Retirement Equities Fund (CREF). He has also served as a director of Commonwealth, a non-profit dedicated to strengthening financial opportunities for low and moderate-income consumers. At Harvard University, Professor Jackson has served as Senior Adviser to the President and Acting Dean of Harvard Law School. Before joining the Harvard Law School faculty in 1989, Professor Jackson was a law clerk for Associate Justice Thurgood Marshall and practiced law in Washington, D.C. Professor Jackson received his J.D. and M.B.A. degrees from Harvard University in 1982 and a B.A. from Brown University in 1976.Ralph Ranalli of the HKS Office of Communications and Public Affairs is the host, producer, and editor of HKS PolicyCast. A former journalist, public television producer, and entrepreneur, he holds an BA in political science from UCLA and a master's in journalism from Columbia University.Scheduling and logistical support for PolicyCast is provided by Lilian Wainaina.Design and graphics support is provided by Laura King. Web design and social media promotion support is provided by Catherine Santrock and Natalie Montaner. Editorial support is provided by Nora Delaney and Robert O'Neill .
A bane to all of Idaho's waterways and a bane to Idaho's farmers and ranchers is the quagga mussel. Thus watercraft inspection stations have opened.
A Future of Finance interview with Ciarán McGonagle, Chief Legal & Product Officer at Tokenovate.Tokenovate delivers post-trade automation for derivatives and securities finance trades. Chief Legal and Product Officer Ciarán McGonagle speaks to Future of Finance's Bob Currie about how the company is applying blockchain and smart contract technology to build a financial ecosystem that is automated, resilient and efficient.Representing a financial product as a bundle of rights and obligations governed by conditional logic, McGonagle reflects on the flexibility offered by smart contracts in managing the cash flows, transfers of ownership and other lifecycle events associated with these contracts. He explains how Tokenovate's unused transaction output (UTXO)-based model shapes the legal remedies available to asset owners in case of legal dispute or misappropriation – and how this may differ from other flavours of blockchain.Drawing on his previous experience working at ISDA, McGonagle discusses how Tokenovate is applying the common domain model (CDM) to translate standard representation of key trade terms into real-world systems and workflows. In closing, he reflects on how the company is contributing to public policy formation and potential outcomes from its representations in Washington and Brussels, its work with financial regulators and its participation at New York Climate Week. Hosted on Acast. See acast.com/privacy for more information.
The start of ISDA's 40th anniversary coincided with the appointment of a new ISDA chair, Jeroen Krens. In this episode, we hear about his plans for the association and main strategic priorities. Hosted on Acast. See acast.com/privacy for more information.
Snake River Quagga Mussel UpdateIdaho State Department of Agriculture
On May 14, 2024, a well-coordinated ambush targeted a prison convoy in France, transporting high-profile inmate Mohamed Amra. The attackers, armed with automatic weapons, executed their plan with precision, resulting in the deaths of two prison officers and serious injuries to three others. CCTV footage captured the entire incident, providing invaluable forensic evidence. After an extensive nine-month international search, authorities apprehended Amra in Romania on February 22, 2025. Following the attack, the International Security Driver Association (ISDA) conducted an in-depth analysis, utilizing video footage, images, and Google Maps data to develop a comprehensive PDF briefing document titled "Analysis of the Prison Convoy Ambush in France." This document examines the attackers' tactics, security vulnerabilities, and potential failures in secure transport operations. It also offers critical training recommendations for security drivers and protective teams. To further enhance accessibility and understanding, ISDA uploaded the PDF into Google's Notebook LM, a tool capable of generating multiple outputs, including FAQs, a study guide, a table of contents, a timeline, a briefing, and—most notably—a podcast. The Notebook LM Podcast is the first in a series of three Journals. The podcast features an AI-generated conversation between a male and female voice, discussing key insights from the PDF report.
To mark ISDA's 40th anniversary, The Swap meets two pioneers of the derivatives market, Tom Jasper and Jeffrey Golden, to discuss the emergence of derivatives and the importance of standards Hosted on Acast. See acast.com/privacy for more information.
The Idaho State Department of Agriculture (ISDA) announced the application for the 2025 Specialty Crop Block Grant is now open.
Hoosier Ag Today was first to report last week that Don Lamb will return as director of the Indiana State Department of Agriculture when Mike Braun becomes governor of Indiana next month. Lamb shares his vision for ISDA going forward and how this opportunity presented itself back in 2023. The Indiana Ag Policy Podcast is presented by the Indiana Corn Growers Association and the Indiana Soybean Alliance with support from Indiana Farm Bureau.
Sega's Saturn premiere flops, The Game Industry ditches CES for E3 & Nintendo goes for cheap VR These stories and many more on this episode of the VGNRTM! This episode we will look back at the biggest stories in and around the video game industry in July 1994. As always, we'll mostly be using magazine cover dates, and those are of course always a bit behind the actual events. Alex Smith of They Create Worlds is our cohost. Check out his podcast here: https://www.theycreateworlds.com/ and order his book here: https://www.theycreateworlds.com/book Get us on your mobile device: Android: https://www.google.com/podcasts?feed=aHR0cHM6Ly92aWRlb2dhbWVuZXdzcm9vbXRpbWVtYWNoaW5lLmxpYnN5bi5jb20vcnNz iOS: https://podcasts.apple.com/de/podcast/video-game-newsroom-time-machine And if you like what we are doing here at the podcast, don't forget to like us on your podcasting app of choice, YouTube, and/or support us on patreon! https://www.patreon.com/VGNRTM Send comments on Mastodon @videogamenewsroomtimemachine@oldbytes.space Or twitter @videogamenewsr2 Or Instagram https://www.instagram.com/vgnrtm Or https://bsky.app/profile/vgnrtm.bsky.social Or videogamenewsroomtimemachine@gmail.com Links: If you don't see all the links, find them here: https://www.patreon.com/posts/july-1994-116535754 Or check out the complete version of this month's two-parter here: https://www.patreon.com/posts/july-1994-116535754 7 Minutes in Heaven: Streets of Rage 3 Video Version: https://www.patreon.com/posts/7-minutes-in-of-116533647 https://www.mobygames.com/game/11193/streets-of-rage-3/ Corrections: June 1994 Ep - https://www.patreon.com/posts/june-1994-113403594 Ethan's fine site The History of How We Play: https://thehistoryofhowweplay.wordpress.com/ https://www.mobygames.com/group/427/dragons-lair-series-and-versions/ https://en.wikipedia.org/wiki/Entertainment_Software_Association https://en.wikipedia.org/wiki/Comics_Code_Authority Kelsey Lewin did a video on the Extertainment Bike https://www.youtube.com/watch?v=nEuAWIU89sQ The bat was called the Batter-Up Bat https://www.youtube.com/watch?v=6jt3Fa1c_zg I think Tom Kalinske is mixing memories with 1994 Summer CES https://www.youtube.com/watch?v=kc4trf57Rgg https://www.youtube.com/watch?v=sUn7cERhImY https://www.polygon.com/features/2019/6/7/18653968/e3-history-1995-sega-saturn-nintendo-64-playstation-launch https://en.wikipedia.org/wiki/Marcia_Lucas https://www.mobygames.com/game/4572/final-fantasy-ii/ https://www.mobygames.com/game/5202/final-fantasy-iii/ 1994: Japanese console sales drop dramatically JAPANESE MARKET SHARES, Consumer Electronics, July 11, 1994, Section: THIS WEEK'S NEWS, Vol. 34, No. 28 Pg. 15 Weak dollar hurts Japanese exports 95-YEN RATE DEVASTATING FOR MOST EXPORTS, Jiji Press Ticker Service, JULY 14, 1994, THURSDAY https://www.macrotrends.net/2550/dollar-yen-exchange-rate-historical-chart Convertible bonds are big in Japan Issuances of convertible bonds swell Higher Rates Hold Down Volume Of Straight Bonds, The Nikkei Weekly (Japan), July 25, 1994, Section: FINANCE; Pg. 15 Sega's long-term debt rated A3, Japan Economic Newswire, JULY 28, 1994, THURSDAY Semiconductor industry breaks mold Market Place; Are investors in semiconductor stocks living in the past?, The New York Times, July 15, 1994, Friday, Late Edition - Final, Section: Section D; ; Section D; Page 6; Column 3; Financial Desk ; Column 3; Byline: By John Markoff Trip Hawkins leaves EA NEW PCMCIA NEWSLETTER; CMP STAFF TO INTERACTIVE WEEK; EWORLD EYES LARGE ONLINE ACCOUNTS; HAWKINS LEAVES PRIOR, FIRM, Advertising Age, July 04, 1994, Section: Pg. 35 MediaVision premises searched Media Vision Bankruptcy, The New York Times, July 27, 1994, Wednesday, Late Edition - Final, Section: Section D; ; Section D; Page 20; Column 5; Financial Desk ; Column 5; https://archive.org/details/PC-Player-German-Magazine-1994-07/page/n13/mode/2up https://en.wikipedia.org/wiki/Media_Vision#Products Time Warner wants to make ads interactive TIME WARNER INTERACTS WITH MORE THAN ORLANDO DEAL WITH INTERPUBLIC GIVES AGENCY GROUP ACCESS TO VIDEOGAMES, CD-ROMS, Advertising Age, July 04, 1994, Section: Pg. 18, byline: By Scott Donaton ARTERIAL AVENGER VIDEO GAME AVAILABLE FOR COMMUNITY EVENTS/HEALTH FAIRS, PR Newswire, July 7, 1994, Thursday - 10:45 Eastern Time, Section: State and Regional News Video game offers early intervention in the fight against tobacco use; "Rex Ronan -- Experimental Surgeon" goes inside the human body to illustrate the dangers of smoking, Business Wire, July 15, 1994, Friday BATES USA SURVEY IS BULLISH ON INTERACTIVE PREDICTS $7.2 BILLION MARKET WITHIN 10 YEARS;ADS WILL SUBSIDIZE COSTS, Advertising Age, July 11, 1994, Section: Pg. 26, byline: By Scott Donaton Leagas Delaney 'Predator' commercial takes slot in World Cup computer game, Campaign, July 15, 1994, Business and Industry, Section: Pg. 31; https://www.mobygames.com/game/134894/tricky-quiky-games-die-suche-nach-den-verschollenen-seiten/ https://www.mobygames.com/game/6717/helicopter-mission/ https://www.mobygames.com/game/9244/bi-fi-roll-action-in-hollywood/ https://archive.org/details/Aktueller_Software_Markt_-_Ausgabe_1994.07/page/n7/mode/2up https://archive.org/details/Aktueller_Software_Markt_-_Ausgabe_1994.07/page/n9/mode/2up McDonald's launches first FMV ad on AOL McDonald's to Post Golden Arches Along Information Superhighway, Wall Street Journal (3 Star, Eastern (Princeton, NJ) Edition), July 21, 1994, Business and Industry, Section: Pg. B7; Vol. 224; No. 14; ISSN: 0099-9660 HBO and Warner go interactive Home Box Office and Warner Music Group join Michael Nash in forming new multimedia partnership, Business Wire, July 12, 1994, Tuesday GTE goes Interactive BITS AND PIECES, TELECOMWORLDWIRE, July 1, 1994 Jim Henson goes interactive Muppets' hand in interactivity, The Hollywood Reporter, July 21, 1994, Thursday, Byline: Scott Hettrick Time Mirror goes interactive Rose CEO of TM Multimedia, The Hollywood Reporter, July 27, 1994, Wednesday Nick Nicholas invests in VR Media Industry Visionary, Nick Nicholas, Becomes Major Investor in Zombie Inc., Business Wire, July 15, 1994, Friday https://www.mobygames.com/company/1266/zombie-studios-inc/games/ Havas and Sony join forces Alliance Havas-Sony dans l'edition electronique, Echos, July 21, 1994 Sony, Havas playing games, The Hollywood Reporter, July 22, 1994, Friday, Byline: Pia Farrell http://jolt.law.harvard.edu/articles/pdf/v12/12HarvJLTech561.pdf France expands multimedia services Media Futures: The French connection - John Ridding looks at the country's growing multimedia businesses / The world's superhighways, Financial Times (London,England), July 4, 1994, Monday, Section: Pg. 15, Byline: By JOHN RIDDING Telecom deregulation hits Japan Barrier lowered between cable-TV, phone firms, The Nikkei Weekly (Japan), July 4, 1994, Section: INDUSTRY DIGEST; Pg. 9, Byline: BY NORRI KAGEKI Staff writer IDSA and SPA try to find common ground IDSA AND SPA MEET ON RATINGS, Consumer Electronics, July 11, 1994, Section: THIS WEEK'S NEWS, Vol. 34, No. 28 Pg. 13 No Headline In Original, Consumer Electronics, July 18, 1994, Section: NOTEBOOK; Vol. 34, No. 29; Pg. 14 IDSA and SPA fail to find common ground 2 GAME RATING SYSTEMS, Consumer Electronics, July 25, 1994, Section: THIS WEEK'S NEWS, Vol. 34, No. 30 Competing rating systems revealed Ratings Symbols Unveiled for Computer, Video Games, The Associated Press, July 28, 1994, Thursday, AM cycle, Section: Business News, Byline: By JEANNINE AVERSA, Associated Press Writer https://legacy.3drealms.com/tech/rsac.html https://legacy.3drealms.com/tech/esrb.html Lieberman and Kohl weigh in on systems Ratings Symbols Set for Computer, Video Games, The Associated Press, July 29, 1994, Friday, PM cycle, Section: Business News, Byline: By JEANNINE AVERSA, Associated Press Writer TESTIMONY REGARDING THE VIDEO GAME RATING ACT OF 1994 SUBMITTED BY MARK TRAPHAGEN - COUNSEL SOFTWARE PUBLISHERS ASSOCIATION SOFTWARE PUBLISHERS ASSOCIATION JOINT HEARING OF THE SENATE GOVERNMENTAL AFFAIRS SUBCOMMITTEE ON REGULATION AND GOVERNMENT INFORMATION AND THE SENATE JUDICIARY SUBCOMMITTEE ON JUVENILE JUSTICE, Federal News Service, JULY 29, 1994, FRIDAY German voluntary game ratings begin https://archive.org/details/Aktueller_Software_Markt_-_Ausgabe_1994.07/page/n9/mode/2up https://usk.de/ Nintendo signs onto CESI NINTENDO SIGNS FOR CES INTERACTIVE '95, Consumer Electronics, July 4, 1994, Section: THIS WEEK'S NEWS, Vol. 34, No. 27; Pg. 13 IDSA AND SPA MEET ON RATINGS, Consumer Electronics, July 11, 1994, Section: THIS WEEK'S NEWS, Vol. 34, No. 28 Pg. 13 ISDA chooses E3 New L.A. interactive expo lines up Sony, Sega, IDSA; E3 will take on CES and VSDA next spring, The Hollywood Reporter, July 18, 1994, Monday, Byline: Scott Hettrick IDSA ENDORSES E3 SHOW, SAME DATES AS CES INTERACTIVE, Consumer Electronics, July 18, 1994, Section: THIS WEEK'S NEWS; Vol. 34, No. 29; Pg. 10 Namco consolidates coin op subsidiaries Play Meter, July 1994, pg. 14 Time Warner licenses Jaguar ATARI CORPORATION AND TIME WARNER INTERACTIVE INC. JAGUAR DEAL, PR Newswire, July 12, 1994, Tuesday - 07:53 Eastern Time, Section: Financial News, Dateline: SUNNYVALE, Calif., July 12 https://system16.com/hardware.php?id=778 Bally breaks up Play Meter, July 1994, pg. 28 Recommended Links: The History of How We Play: https://thehistoryofhowweplay.wordpress.com/ Gaming Alexandria: https://www.gamingalexandria.com/wp/ They Create Worlds: https://tcwpodcast.podbean.com/ Digital Antiquarian: https://www.filfre.net/ The Arcade Blogger: https://arcadeblogger.com/ Retro Asylum: http://retroasylum.com/category/all-posts/ Retro Game Squad: http://retrogamesquad.libsyn.com/ Playthrough Podcast: https://playthroughpod.com/ Retromags.com: https://www.retromags.com/ Games That Weren't - https://www.gamesthatwerent.com/ Sound Effects by Ethan Johnson of History of How We Play. Copyright Karl Kuras
In his weekly clinical update, Dr. Griffin informs us about the World Health Organization research and development plan to combat endemic pathogens including hepatitis C virus, RSV and dengue virus, another case of mpox in Britian, the Marburg virus outbreak in Rwanda, before reviewing the recent statistics on SARS-CoV-2 infection, the WasterwaterScan dashboard, if there is a benefit to additional COVID vaccinations after the initial series, ISDA guideline for using anti-SARS-CoV-2 monoclonal antibody therapy for prophylaxis, where to find PEMGARDA, a reminder of how and when to use steroids to treat COVID-19, if and how do severe secondary bacterial infections develop following SARS-CoV-2 infection, and if COVID-19 associates with a risk of autoimmune and autoinflammatory connective tissue disorders. Subscribe (free): Apple Podcasts, RSS, email Become a patron of TWiV! Links for this episode Is the WHO the world's NIH: endemic pathogens initiative (eBioMedicine) Another two cases of mpox in Britian (Reuters) How to stop Marburg virus (Rwanda Biomedical Centre) Marburg Virus fact sheet (Rwanda Biomedical Centre) Influenza weekly surveillance report: cliff notes (CDC FluView) RSV NETwork (CDC RSV) Respiratory virus activity (CDC Respiratory Illnesses) COVID-19 deaths (CDC) COVID-19 national and regional trends (CDC) Waste water scan for 11 pathogens (WastewaterSCan) COVID-19 variant tracker (CDC) SARS-CoV-2 genomes galore (Nextstrain) Symptom reduction after additional vaccine dose during Omicron (OFID) IDSA Guideline update for SARS-CoV-2 monoclonal antibody pemivibart pre-exposure prophylaxis (CID) Where to get pemgarda (Pemgarda) EUA for the pre-exposure prophylaxis of COVID-19 (INVIYD) Fusion center near you….if in NY (Prime Fusions) CDC Quarantine guidelines (CDC) NIH COVID-19 treatment guidelines (NIH) Infectious Disease Society guidelines for treatment and management (ID Society) Drug interaction checker (University of Liverpool) Molnupiravir safety and efficacy (JMV) Convalescent plasma recommendation for immunocompromised (ID Society) What to do when sick with a respiratory virus (CDC) When your healthcare provider is infected/exposed with SARS-CoV-2 (CDC) Managing healthcare staffing shortages (CDC) Steroids, dexamethasone at the right time (OFID) Anticoagulation guidelines (hematology.org) Secondary bacterial infection follows COVID-19 (Nature Communications) Daniel Griffin's evidence-based medical practices for long COVID (OFID) Autoimmune and autoinflammatory connective tissue disorders following COVID-19 (JAMA Dermatology) Letters read on TWiV 1164 Dr. Griffin's COVID treatment summary (pdf) Timestamps by Jolene. Thanks! Intro music is by Ronald Jenkees Send your questions for Dr. Griffin to daniel@microbe.tv
Welcome to Supreme Court Opinions. In this episode, you'll hear the Court's opinion in Becerra v San Carlos Apache Tribe. In this case, the court considered this issue: Must the Indian Health Service pay “contract support costs” not only to support IHS-funded activities, but also to support the tribe's expenditure of income collected from third parties? The case was decided on June 6, 2024. The Supreme Court held that the Indian Self-Determination and Education Assistance Act (ISDA) requires the Indian Health Service (IHS) to pay contract support costs for activities tribes carry out under self-determination contracts, including costs incurred when spending program income from third-party payers. Chief Justice John Roberts authored the opinion of the Court, affirming the decisions of the Ninth and Tenth Circuits. ISDA Sections 5325(a)(2) and (a)(3)(A) require the Indian Health Service (IHS) to pay “contract support costs” to tribes that take over healthcare programs the IHS previously operated. These costs cover reasonable expenses tribes incur to ensure they comply with their contracts with IHS. The tribes' contracts require them to collect and spend “program income” (like insurance payments) to carry out the healthcare programs they took over. When tribes use this program income as required and incur administrative and overhead costs as a result, those costs fit squarely within what the law defines as reimbursable “contract support costs.” The Court rejected IHS's arguments that Section 5326 prohibits paying these costs. That provision was meant to prevent IHS from paying costs related to separate contracts tribes have with other parties, which isn't the situation here. Rather, here, the contract support costs are directly attributable to and associated with the tribes' contracts with IHS, because those contracts themselves require the tribes to collect and spend the program income that generates the costs. Therefore, ISDA requires IHS to pay the contract support costs the tribes incur from spending program income as their IHS contracts demand. Justice Brett Kavanaugh authored a dissenting opinion, joined by Justices Clarence Thomas, Samuel Alito, and Amy Coney Barrett. The dissent argued that ISDA's contract support cost provisions do not extend to the costs associated with spending third-party income, emphasizing that the majority's interpretation could lead to significant financial implications and potentially disrupt the allocation of federal funds. The opinion is presented here in its entirety, but with citations omitted. If you appreciate this episode, please subscribe. Thank you. --- Support this podcast: https://podcasters.spotify.com/pod/show/scotus-opinions/support
On the HAT Podcast Eric Pfeiffer and C.J. Pfeiffer have the news including hitting the ground running for one Hoosier at the National FFA Convention and details about ISDA's agreement with the Ports of Indiana. HAT Chief Meteorologist Ryan Martin calls for pleasant conditions for two days and then moisture possibilities, and the corn, soybean and wheat markets all worked higher Tuesday. Andy Eubank has the closing numbers and market analysis from Arlan Suderman. It's all part of the #HATPodcast, made possible by First Farmers Bank & Trust - experience banking built on heart, grit, and agriculture. Visit FFBT.com to learn more or stop by your local branch to talk about your ag operation today.
The Idaho State Department of Agriculture returned to Twin Falls this October to continue treating the Snake River after detecting quagga mussels last year. Associate producer Logan Finney speaks with ISDA Director Chanel Tewalt about the eradication campaign, Idaho's multi-agency approach to managing quagga mussels, and impacts on the rest of the river.
With just weeks to go until the US election, ISDA talks to Rhod Shaw from government affairs consulting firm Alpine Group about the key policy issues and the implications for the financial sector. Hosted on Acast. See acast.com/privacy for more information.
In his weekly clinical update, Dr. Griffin discusses Dr. Fauci's case of West Nile virus, polio vaccine campaign develops in Gaza, disease that associates with Oropouche virus, mpox: vaccines, clinical trial for mpox antiviral and the WHO strategic preparedness and response plan before reviewing the recent statistics on SARS-CoV-2 infection, how to obtain free COVID tests, EUA for updated Novavax COVID vaccine, ISDA support of and where to find PEMGARDA, breakthrough infections when administering PEMGARDA, when to use convalescent plasma, what do when healthcare workers succumb to SARS-CoV-2 infection, if nirmatrelvir/ritonavir is effective at preventing hospitalization of high risk patients, incidence of mental illness in the vaccinated and unvaccinated, the effect of amubarvimab/romlusevimab on long COVID outcome, having an evidence based approach to long COVID and how fibrin drives thromboinflammation and neuropathology in COVID-19. Subscribe (free): Apple Podcasts, Google Podcasts, RSS, email Become a patron of TWiV! Links for this episode Fauci recovering at home from West Nile Virus infection (STAT News) Gaza: poliovirus RNA in sewage water (GPEI) Bombs and polio…..cease fire, Oh my! (Guardian) The variant type 2 poliovirus in Gaza (United Nations: The Question of Palestine) 25 years polio free? (Facebook) 2 doses of nOPV2= 1.2M vaccines=640,000 children (CNN) More polio……India, two-year-old child in Tikrikilla, Meghalaya (Business Standard) Sloth fever……Oropouche virus (USA Today) Oropouche virus disease import into US (MMWR) Gabon's first case of mpox (CIDRAP) Declaration of mpox (Gabonese Republic Ministry of Health and Social Affairs) What about vaccines? (Bavarian Nordic) LC16 replicating smallpox vaccine (WHO) Historical smallpox vaccination against mpox clade II (Eurosurveillance) FDA approves Emergent Bio's smallpox vaccine for mpox (Reuters) Mpox: epidemiology and vaccinology (Emerging Infectious Disease) Tecovirimat for MPOX? (STOMP) UGH! The WHO has a strategic preparedness and response plan to contain mpox outbreak (WHO) WHO preparedness plan prepares to lunch (CIDRAP) Working blindly against new mpox isolate (Reuters) CDC monkey pox response: TRANSMISSION ? (CDC Newsroom) The mpox (Africa CDC: Centers for Disease Control and Prevention) Evidence for mpox respiratory transmission(LANCET Microbe) COVID-19 deaths (CDC) COVID-19 national and regional trends (CDC) COVID-19 variant tracker (CDC) SARS-CoV-2 genomes galore (Nextstrain) Four free COVID tests! (ASPR: Administration for Strategic Preparedness & Response) Great, more SARS-CoV-2 testing! (CIDRAP) EUA for updated Novavax COVID-19 vaccine (FDA) Infectious Disease Society guidelines for treatment and management (ID Society) IDSA suggests new preventive COVID-19 agent (IDSA) Where to get pemgarda (Pemgarda) EUA for the pre-exposure prophylaxis of COVID-19 (INVIYD) Breakthrough from pemivibart/permgarda (bioRxiv) CDC Quarantine guidelines (CDC) Early phase of SARs-CoV-2 infection (COVID.gov) NIH COVID-19 treatment guidelines (NIH) Infectious Disease Society guidelines for treatment and management (ID Society) Drug interaction checker (University of Liverpool) Effectiveness of nirmatrelvir/ritonavir preventing hospitalization of high risk patients (Current Therapeutic Research) Molnupiravir safety and efficacy (JMV) Convalescent plasma recommendation for immunocompromised (ID Society) What to do when sick with a respiratory virus (CDC) When your healthcare provider is infected/exposed with SARS-CoV-2 (CDC) Managing healthcare staffing shortages (CDC) Steroids, dexamethasone at the right time (OFID) Anticoagulation guidelines (hematology.org) COVID-19, mental illness vaccinated and unvaccinated (JAMA Psychiatry) Post acute COVID- 19 outcomes amubarvimab/romlusevimab versus placebo (eClinical Medicine) Postacute sequelae of COVID: an evidenced based approach, Dr. Daniel Griffin (OFID) Fibrin drives thromboinflammation & neuropathology in COVID-19 (Nature) Letters read on TWiV 1144 Dr. Griffin's COVID treatment summary (pdf) Timestamps by Jolene. Thanks! Intro music is by Ronald Jenkees Send your questions for Dr. Griffin to daniel@microbe.tv
O "Ulrich Responde" é uma série de vídeos em que respondo perguntas enviadas por membros do canal e seguidores onde abordo diversos tópicos relacionados à economia, finanças e investimentos Nesse formato de vídeo falamos sobre política econômica, inflação, taxas de juros, até investimentos em criptomoedas e ações, oferecendo uma análise aprofundada e bem fundamentada em cada episódio, trazendo informação para quem busca entender melhor a economia e tomar decisões financeiras mais informadas 00:00 - No episódio de hoje... 01:28 - Recessão nos EUA não vai ocorrer? 02:52 - Superpoderes dos investidores institucionais e ISDA? 05:12 - STF confisca Bitcoins, privacidade em risco? 05:58 - Dolarizar: comprar dólares ou outros investimentos? 07:04 - Brasil se tornando a Argentina? 09:02 - Redução populacional ameaça investimentos? 10:03 - França: esquerda virou o jogo, Le Pen e Macron? 13:42 - Jovens franceses e crenças de esquerda? 14:42 - Impacto da nova gestão do BC pelo Lula? 16:34 - Brasil se tornando nova Turquia? 17:33 - Desvalorização do Real: culpa do BC? Intervenção no mercado? 20:08 - Argentina: Peso estável e PIB em dólar? 21:58 - BRL inflacionário sem demanda? 22:24 - Juros altos, governo socialista reclama? 23:33 - Suíça como alternativa ao dólar? #economia #investimentos #mercadofinanceiro #recessãoEUA #investidoresinstitucionais #privacidade #dolarização #Brasil #Argentina #reduçãopopulacional #França #Macron #LePen #jovensfranceses #BancoCentral #taxadejuros #Suíça #inflação #criptomoedas #Bitcoin
In this show, we go in-depth on ISDA's Digital Regulatory Reporting (DRR) - a repository of open source, machine-executable code that will enable market participants to report faster and with higher data quality in multiple global jurisdictions and across different reporting regimes. Join our special guests Tara Kruse (Global Head of Derivatives Products & Infrastructure) and Andrew Bayley (Senior Director, DPI Data and Reporting) from ISDA and our virtual studio crew for a fast-paced discussion of the future of derivatives reporting.
Regulators have looked for ways to make the US Treasury market more efficient, competitive and resilient. What's been achieved and what else is needed? ISDA talks to Michelle Neal at the Federal Reserve Bank of New York. Hosted on Acast. See acast.com/privacy for more information.
On the HAT Podcast C.J. Miller and Sabrina Halvorson have the news including ISDA's Don Lamb back from South Korea and it's not just Purdue basketball final four week. It's also Purdue Ag Week on campus. HAT Chief Meteorologist Ryan Martin says the moisture isn't finished but the heaviest of it is, and Tuesday grains and oilseeds again sold off. Andy Eubank has the final numbers and Karl Setzer has market commentary on the #HATPodcast.
Tom welcomes back Lawrence Lepard of Equity Management Associates back to the show. Larry discuses the current inflation outlook and compares it to the 1970s, noting the current driving forces are different but "rhyme" with the past. Expectations play a significant role in inflation, with people believing prices will rise. The International Swaps and Deals Association (ISDA) has written to the Federal Reserve Board suggesting that the market for treasuries is becoming less liquid, which could be problematic. The ISDA recommends eliminating the Supplementary Leverage Ratio (SLR), allowing banks to buy more treasuries without repercussions and potentially monetizing federal deficits. This move would increase money supply growth, currency dilution, and demand for sound money investments. Mr. Lepard believes that the US federal budget deficit will continue to rise, with the current administration accelerating fiscal irresponsibility. He predicts that sound money assets like gold and Bitcoin will increase in value, with gold potentially reaching $3,000 per ounce by year-end. The Federal Reserve is balancing three mandates, but its emergency powers have led to increased leverage and complex trades. The federal government's debt is not sustainable, and when investors take notice, it could lead to a sharp repricing of bonds with significant consequences for the economy. Lepard is optimistic about a return to sound money standards post-hyperinflation but sees no signs of this happening soon. He believes that gold can go as high as $10,000 per ounce and encourages investors to allocate a good portion of their assets in things the government can't print. The current market conditions provide an opportunity for investors to consider selling stocks and buying gold as protection against economic uncertainty and stock market volatility. Time Stamp References0:00 - Introduction0:36 - Inflation Outlook8:06 - Fed & Expectations10:08 - Infinite Q.E. Endgame12:02 - Crossing The Rubicon20:50 - End of the BTFP26:03 - Fed is Trapped32:30 - Bananna Republics & Cans36:47 - Currency Failure List48:30 - Market Tops & Liquidity53:49 - Hard Asset Mkt. Sizes58:08 - Commodities & Risks1:04:07 - Investor Time Horizon1:08:22 - Inflation Vs. Returns1:10:50 - Wrap Up Talking Points From This Episode Contrasting inflation today with that of the 1970s. A possible method being discussed to deploy additional stealth easing via the banking system. The importance of having sound money when markets are near all-time highs to mitigate risk. Guest Links:Newsletter: http://eepurl.com/gOf1dTWebsite: http://www.ema2.comTwitter: https://twitter.com/LawrenceLepardBitcoin Speech: https://www.youtube.com/watch?v=czdPJpRa9KI Lawrence W. Lepard is the Founder and Managing Partner of Equity Management Associates. He has spent his entire 38-year career as an investor, principally focusing on venture capital opportunities. Before co-founding EMA, Mr. Lepard spent 13 years at Geocapital Partners, in Fort Lee, NJ. There he was one of two Managing General Partners and was responsible for several venture capital funds. Before Geocapital, Mr. Lepard spent seven years at Summit Partners in Boston and California, where he was a General Partner at Summit I and Summit II. Mr. Lepard received his BA in Economics from Colgate University, and he received an MBA with Academic Distinction from Harvard Business School.
On the HAT Podcast Eric Pfeiffer and C.J. Miller have the news including Indiana as a great home to ag bioscience companies and catching up with ISDA director Don Lamb after his trip to Cuba. HAT Chief Meteorologist Ryan Martin has a rainy day on tap in Indiana, and Thursday corn and soybean markets posted strong gains before today's USDA WASDE update. Andy Eubank has settlements and Mike Silver has market analysis on the #HATPodcast made possible by First Farmers Bank & Trust - experience banking built on heart, grit, and agriculture. Visit FFBT.com to learn more or stop by your local branch to talk about your ag operation today.
On the HAT Podcast Eric Pfeiffer and C.J. Miller have the news including Indiana as a great home to ag bioscience companies and catching up with ISDA director Don Lamb after his trip to Cuba. HAT Chief Meteorologist Ryan Martin has a rainy day on tap in Indiana, and Thursday corn and soybean markets posted strong gains before today's USDA WASDE update. Andy Eubank has settlements and Mike Silver has market analysis on the #HATPodcast made possible by First Farmers Bank & Trust - experience banking built on heart, grit, and agriculture. Visit FFBT.com to learn more or stop by your local branch to talk about your ag operation today.
Drop 1: Visa web3 loyalty pilot Drop 2: Nigerian CB approves stablecoin Drop 3: Derivatives body ISDA updates guidance for tokenized collateral And more: SNEK, memecoin on Cardano, launches its first play to earn game Solana Foundation announces Superteam in Brazil Etherscan, Ethereum's major block explorer, acquires Solscan, its equivalent on Solana Bunge invests 4MUSD on AgroToken RosenBridge launches lite version of its bridge between Cardano and Ergo, with 5 assets Proof of Search report 2024 points to a recovery in the web3 jobs market Ready Player One authors prepare a metaverse about the movie HKMA launches stablecoin consultation Berkshire Hathaway Specialty Insurance adopts Corda for multinational business Adhara will develop Spain''s CBDC infrastructure Contact: BlockDrops Podcast Instagram.com/blockdropspodcast Twitter.com/blockdropspod Twitter.com/0xmauricio blockdrops.lens English content at https://bi.11fs.com LinkedIn Newsletter --- Send in a voice message: https://podcasters.spotify.com/pod/show/blockdropspodcast/message
Drop 1: Visa Fidelidade web3 Drop 2: BC da Nigeria aprova stablecoins Drop 3: ISDA atualiza recomendações para garantias tokenizadas E muito mais: SNEK, memecoin na Cardano, lança primeiro jogo play to earn Solana Foundation anuncia Superteam no Brasil Etherscan, principal ferramenta de block explorer em Ethereum, adquire Solscan, o equivalente da rede Solana Bunge investe 4MUSD na AgroToken RosenBridge lança versão lite de bridge entre Cardano e Ergo, com 5 ativos O relatório Proof of Search 2024 aponta pra uma recuperação só mercado de trabalho Autores de Ready Player One preparam metaverso do filme HKMA lança consulta pública sobre stablecoins Berkshire Hathaway Specialty Insurance adota Corda para operações internacionais Adhara ganha contrato para desenvolvimento da infra de CBDC na Espanha Contact: BlockDrops Podcast Instagram.com/blockdropspodcast Twitter.com/blockdropspod Twitter.com/0xmauricio blockdrops.lens English content at https://bi.11fs.com LinkedIn Newsletter --- Send in a voice message: https://podcasters.spotify.com/pod/show/blockdropspodcast/message
From the final farewell of LIBOR to release of the long-awaited US capital proposals, several key issues have dominated derivatives markets in 2023. ISDA's Scott O'Malia and Eric Litvack look back on the year. Hosted on Acast. See acast.com/privacy for more information.
Key pieces of EU financial market regulation have been reviewed, resulting in several key changes. What will this mean for derivatives market participants? ISDA speaks to ESMA executive director Natasha Cazenave. Hosted on Acast. See acast.com/privacy for more information.
Following the announcement of the Financial Institutions (Resolution) (Contractual Recognition of Suspension of Termination Rights—Banking Sector) Rules, all counterparties with existing non-Hong Kong law financial contracts embedded with an early termination right must ensure they are compliant with these rules before the regulatory deadline of February 2024 - by adhering to the Hong Kong Jurisdictional Module found on the ISDA website, signing an Omnibus Amendment Agreement or bilaterally amending their contracts.Listen as Navin Desor, Head of Legal, Markets and Securities Services, HSBC, Asia-Pacific and Deborah Hajasi, Head of Markets Regulatory Change, HSBC, Asia-Pacific take a look with Michael Small, Project Manager, Transformation, Markets and Securities Services, HSBC, at the ‘what', ‘why', ‘when', ‘who', 'how' and ‘what-if' of the Stay Rules. Hosted on Acast. See acast.com/privacy for more information.
In this episode of the podcast, our FINOS COO, Jane Gavronsky sits down with Adrian Dale of ISLA and David Shone of ISDA to discuss the associations contribution and backing of the FINOS CDM, Common Domain Model to the FINOS open source community. CDM: https://cdm.finos.org/ On GitHub: https://github.com/finos/common-domain-model Adrian Dale, Head of Regulation & Markets, ISLA - https://www.linkedin.com/in/adrian-dale-27942314/ David Shone, Director of Product - Data & Digital, ISDA - https://www.linkedin.com/in/david-shone/ Jane Gavronsky, COO, FINOS - https://www.linkedin.com/in/janegavronsky/ NYC November 1 - Open Source in Finance Forum: https://events.linuxfoundation.org/open-source-finance-forum-new-york/ 2022 State of Open Source in Financial Services Download: https://www.finos.org/state-of-open-source-in-financial-services-2022 All Links on Current Newsletter Here: https://www.finos.org/newsletter - more show notes to come A huge thank you to all our sponsors for Open Source in Finance Forum New York https://events.linuxfoundation.org/open-source-finance-forum-new-york/that will take place this November 1st at the New York Marriott Marquis This event wouldn't be possible without our sponsors. A special thank you to our Leader sponsors: Databricks, where you can unify all your data, analytics, and AI on one platform. And Red Hat - Open to change—yesterday, today, and tomorrow. And our Contributor and Community sponsors: Adaptive/Aeron, Connectifi, Discover, Enterprise DB, FinOps Foundation, Fujitsu, instaclustr, Major League Hacking, mend.io, Open Mainframe Project, OpenJS Foundation, OpenLogic by Perforce, Orkes, Percona, Sonatype, StormForge, and Tidelift. If you would like to sponsor or learn more about this event, please send an email to sponsorships@linuxfoundation.org. Grizz's Info | https://www.linkedin.com/in/aarongriswold/ | grizz@finos.org ►► Visit FINOS www.finos.org ►► Get In Touch: info@finos.org
Derek Moore and Jay Pestrichelli, CEO of ZEGA Financial, discussed the fallout in the markets during Jerome Powell's press conference post Fed decision. Then, they talk about high yield spreads and current interest rates across relative fixed income like investment grade, high yield, and treasuries. Finally, they explore how options are priced and which options are considered expensive or cheap vs one another. It might surprise you to take a step back looking at the per day costs. How options are priced using various inputs like implied volatility, interest rates, and time value. How Warren Buffett and Charlie Munger at Berkshire Hathaway have used options. Charlie Munger says Black Scholes is useless to price longer term options. Finally, some recommendations. The Federal Reserve has no action, but rates move higher. Rising long end of the yield curve Does the bond market finally believe the fed? Jerome Powell post press conference market selloff When all the high yield is due to be refinanced in the debt maturity wall. Looking at 0 DTE option with a half hour left compared to 3-day options. Comparing 0 DTE options all the way out to 5year+ options prices What is the per day cost of an option? Comparing longer vs shorter-term options from a cheap vs expensive standpoint How implied volatility currently is higher in much longer options. What implied volatility says about 1 standard deviation expectations for price? Cost of carry and interest rates in the pricing of options Constructing hypothetical option trades holding treasuries with long term calls Is Charlie Munger right that Black Scholes mispriced long term options? ISDA agreement Big Short Brownville Capital talking about mispriced long-term options. Warren Buffett talks about selling very long term options to get paid to have an option Mentioned in this Episode: 0DTE Options Analysis| Inflation Coming Back? | Strong US Dollar Impact https://podcasts.apple.com/us/podcast/0dte-options-analysis-inflation-coming-back-strong/id1432836154?i=1000628157831 Warren Buffett and Charlie Munger Berkshire Hathaway meeting discuss using and pricing options https://www.youtube.com/watch?v=SMkpou-YBGw Implied Volatility Deep Dive | Real Interest Rate Yields | The Big Short | Tesla vs Nvidia https://podcasts.apple.com/us/podcast/implied-volatility-deep-dive-real-interest-rate-yields/id1432836154?i=1000627400400 GameStop Short Squeeze by the Reddit Wall Street Bets Traders Explained https://podcasts.apple.com/us/podcast/broken-pie-chart/id1432836154?i=1000507187446 The Big Short Movie and Credit Default Swaps Explained https://open.spotify.com/episode/6FG0xHkxfhSXEtbJbFbDF6 Margin Call Movie and Understanding Value at Risk https://open.spotify.com/episode/2XJ58KAoQKw2sdC48KHyPp Recession Predictions Still Wrong? | Synthetic Options | Unemployment Anomalies | Oil Prices Breakout https://podcasts.apple.com/us/podcast/recession-predictions-still-wrong-synthetic-options/id1432836154?i=1000626691109 0 DTE Options No Problem? | Jay Powell's Wyoming Speech Points to More Interest Rate Hikes? https://podcasts.apple.com/us/podcast/0-dte-options-no-problem-jay-powells-wyoming-speech/id1432836154?i=1000625845803 Jay Pestrichelli's book Buy and Hedge https://amzn.to/3jQYgMt Derek's new book on public speaking Effortless Public Speaking https://amzn.to/3hL1Mag Derek Moore's book Broken Pie Chart https://www.amazon.com/Broken-Pie-Chart-Investment-Portfolio/dp/1787435547/ref=sr_1_1?keywords=broken+pie+chart&qid=1558722226&s=books&sr=1-1-catcorr Contact Derek derek.moore@zegafinancial.com www.zegafinancial.com
On the HAT Podcast, Eric Pfeiffer and C.J. Miller report on HAT news including the experience of growing high oleic soybeans and the ISDA director has a new national position. HAT Chief Meteorologist Ryan Martin has a beautiful Indiana Farm Forecast, and Andy Eubank reviews a higher move in the ag markets Wednesday. Analyst Tom Fritz takes a closer look on the #HATPodcast made possible by First Farmers Bank & Trust - proudly serving local farms, families, and agribusiness for over 135 years. Visit them online at FFBT.com to learn more.
On the HAT Podcast, Eric Pfeiffer and C.J. Miller report on HAT news including the experience of growing high oleic soybeans and the ISDA director has a new national position. HAT Chief Meteorologist Ryan Martin has a beautiful Indiana Farm Forecast, and Andy Eubank reviews a higher move in the ag markets Wednesday. Analyst Tom Fritz takes a closer look on the #HATPodcast made possible by First Farmers Bank & Trust - proudly serving local farms, families, and agribusiness for over 135 years. Visit them online at FFBT.com to learn more.
In our final LIVE and UNCUT recording from the National Convention of the Italian Sons and Daughters of America (ISDA), in #Pittsburgh PA, Pat, John, and Rossella sit down with some very special Paesani from Buffalo, NY. Danette Porto and Danielle Salasavage are a Nonna and Granddaughter team representing FIVE GENERATIONS of their Italian American Famiglia who've spent decades in service of the Buffalo-Niagra Falls Italian American Community. From leading the ISDA's Western New York District to their work with the ‘Centro Culturale Italiano di Buffalo', or their leadership at the Galbani® Italian Heritage Festival (started by Danette's late husband) - this is a family who understands what it means to give back! We'll discuss what the ISDA means to this family and their sense of Italian American identity, and examine the other incredible works they've undertaken for decades in their community. We'll discover some of Buffalo's most treasured Italian traditions (did you know the Bison City was a St Joseph's Table hotbed?) and how their commitment to the community has grown their Famiglia. We'll discover how the family ended up so involved, and explore the very Italian concept of friends as family. Danielle will join us to discuss the challenges facing young Italian American community leaders, and share some of the lessons she's learned since she was dropped into the role of ISDA District Vice President at the ripe old age of twenty-six! It's an episode filled with the love, friendship, and sense of FAMIGLIA that you can only get when you dive head-first into Italian American life! --- Support this podcast: https://podcasters.spotify.com/pod/show/italianamerican/support
The Idaho State Department of agriculture has declared an outbreak of Mormon crickets and grasshoppers in four Idaho counties and dozens of farmers have already asked for help from the state.
On the HAT Podcast, C.J. Miller has the news with reports by Elise Koning and Sabrina Halvorson on US-India trade disputes and a crop update from the ISDA leader after Elise visited his farm this week. HAT Chief Meteorologist Ryan Martin's Indiana Farm Forecast has a threat of rains today and more in the coming days. Grains and oilseeds were again under strong selling pressure Wednesday with the prevalence of rain in forecasts. Andy Eubank has the closing numbers and analyst Tom Fritz has comments - all coming up on the #HATPodcast made possible by First Farmers Bank & Trust - proudly serving local farms, families, and agribusiness for over 135 years. Visit them online at FFBT.com to learn more.
A recent series of liquidity crunches has prompted a global regulatory effort to identify and remediate potential vulnerabilities in financial markets. How is that work progressing? ISDA talks to IOSCO's Martin Moloney Hosted on Acast. See acast.com/privacy for more information.
The invasion of Ukraine and subsequent rise in energy costs have brought the issue of energy security to the fore. How are policymakers responding, and what impact will this have on the transition to a green economy? ISDA talks to BP's Niamh Staunton Hosted on Acast. See acast.com/privacy for more information.
The agbioscience economy is the only economy that touches every person on the Planet given that it centers on food. It's necessary for life; and for generations, Indiana farmers have served a critical role in the global food supply chain. Now the state has a farmer leading the charge to shape the next chapter of the state's ag economy and he joins us today. Don Lamb, Director of the Indiana State Department of Agriculture (ISDA), talks with us about always wanting to be a farmer and the season of life being right for him to lead ISDA. Like many Indiana natives, he talks basketball as a metaphor for the role of production agriculture in the agbiosciences. He also gets into farmer adoption of new innovations, his advice to innovators that want to bring a product to market and the role of farmers when it comes to helping companies develop new innovations. He highlights soil conservation, mental health of the farmer and ISDA's Indiana Grown initiative as three things he sees as big opportunities for the organization in the future.
Regulators would like to see increased central clearing of US Treasury securities to further strengthen the resiliency of the financial system. What are the implications of this potential change? ISDA talks to Brian Ruane at Bank of New York Mellon. Hosted on Acast. See acast.com/privacy for more information.
Ann Battle, senior counsel, market transitions and head of benchmark reform at the International Swaps and Derivatives Association (ISDA), joins host Patrick Dolan to discuss the transition from USD LIBOR to SOFR and how it will impact the derivatives market. We consider whatrole the ISDA 2020 IBOR Fallbacks Protocol will play, how the various tough legacy solutions for USD LIBOR fit together and how they affect derivatives. We also explore what role Term SOFR will play in the derivatives markets.Listen and subscribe to the Securitization Insight podcast on Apple Podcasts, Spotify, or your preferred podcast app.
From the war in Ukraine and surging energy prices to the sell-off in UK gilts and the impact on liability-driven investment funds, the past year has seen a succession of unexpected, market-moving events. ISDA's Scott O'Malia and Eric Litvack look back at an astonishing year Hosted on Acast. See acast.com/privacy for more information.
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When Alina Bonn saw a gap in the niche for digital marketing and business strategies, she took action. She is the President of Agency 94, a content marketing company specializing in podcast production. She has built a team of business writers, graphic designers, audio engineers, and project managers geared at scaling brands. Alina is the host of the Established podcast and previously worked as a Conference Coordinator for ISDA and as a Marketing Specialist for 4sight Health. She received her BS in business administration, studied social media marketing under a former director at Disney, and learned business and digital marketing strategies from 7-figure agency owners. In this episode… For an entrepreneur, when the temptation of a new project crosses your path, it can be challenging to not follow it. How can you narrow your focus while simultaneously growing your brand? By building a digital agency, can you keep your operations lean and outperform your competitors? Growing up in an entrepreneurial home, Alina saw the value of being an asset-light business and sticking with one strategy when building her podcasting agency. She knows the precursor to building a brand begins with credibility and designing experiences for powerful growth. While every journey is different, Alina says the focus should be to provide a solution to a problem your clients face — and she specializes in growing business consultants for podcasting brands. Join Michael Roderick on this episode of Access To Anyone as he sits down with Alina Bonn, President of Agency 94, as she describes building confidence in your brand and delivering the right strategy for growth. Alina talks about how she learned to optimize her online platform effectively, why it is crucial to create a solution to a problem to scale your brand, and the importance of establishing credibility with your clients.
For years, E3 served as the video game industry's platform to promote video games and video game hardware. But some setbacks, including canceled shows due to COVID, lead to the question: is E3 dead? See omnystudio.com/listener for privacy information.
In this episode of The Raz Report, Jason Raznick speaks with Jakub Rehor, Co-founder and CIO of Lucy LabsJason and Jakub talk about:What is a perpetual swap?How To Navigate Crypto VolatilityWhich is a better investment - USDC vs USDTWhat happened with Terra USD?Algorithmic Stable CoinsAdvice for retail crypto investorsAdvice for institutional crypto investorsWhat works in crypto trading vs what works in traditional financeGuest:Jakub RehorCo-founder and CIO of Lucy LabsTwitter: https://twitter.com/jakubrehorLearn more about Lucy Labs here!Host:Jason RaznickFounder, CEO of BenzingaTwitter: https://twitter.com/jasonraznickSign Up to Benzinga Pro today to receive most exclusive interviews, news and stock picks fast!https://pro.benzinga.com/Click here for more episodes of The RazReport.Disclaimer: All of the information, material, and/or content contained in this program is for informational purposes only. Investing in stocks, options, and futures is risky and not suitable for all investors. Please consult your own independent financial adviser before making any investment decisions.Transcript:In this edition of the RazReport we have Jakub Rehor Co-Founder and CIO of Lucy Labs. Jason Raznick: This is going to be an exciting one because he has tons of experience working at hedge funds from Third Avenue and just being in this industry, being in the McKinsey. So I'm going to stop talking now and start asking questions, Jakub, you have a lot of interest in experience from crypto to equities being at multi-billion-dollar value fund for many years. But before we get into all that fun stuff, where did you grow up?Jakub Rehor: I grew up in Czechoslovakia, so it was in the 1970s and 1980s. So it was still a communist country and it was a very different place than then living here in the US now.Jason Raznick: So you went through the Velvet Revolution? Jakub Rehor: Yeah. The Velvet Revolution. One thing I might mention, because it has something to do with crypto is there was an interesting currency situation in Czechoslovakia.So you had the national currency, which was the crown and that's what you were to earn and you would spend in regular shops, but you also had hard currency stores that had stuff that the regular shops didn't have. And if you want it to be shopping in those hard currency stores, you need i the special vouchers that that were exchangeable for a higher currency.And you could go into these stores and use these vouchers to pay for, more luxury luxurious stuff. And nobody would really ask you how you got your hands on it. That it was a, it was just considered to be okay. And the third currency that was circulating in the country was the Deutsche Mark.If you were planning to go on a vacation abroad or you were planning to live it up and go to restaurants and buy some souvenirs you would use Deutsche Mark. So there was really like three currencies in circulation in the country. And there was a gray market where people would be changing from one currency to another.So I'm familiar with with a situation where technically you have a single currency, but you have actually in reality, multiple circulating currencies with fluctuating exchange rates. And the connection to crypto is that people are talking about now, oh, why would we even have something like Bitcoin running in parallel with whatever the country currencies is?And it's so strange and there will be never any need for it. And I'm like, no, that's normal to me. I grew up with that. That's just absolutely normal state of affairs.Jason Raznick: And so you going with those multiple currencies, do you think then, like the Bitcoin revolution will be here stay? Jakub Rehor: Oh, it's absolutely here to stay. Nobody will uninvent Bitcoin. We now know that it's impossible. Whatever happens to Bitcoin in itself somebody will come up with a new cryptocurrency. It's just you'll never put this genie back into the bottle. What Bitcoin did was to do something that was considered impossible.Prior to that, a lot of people have tried to create native internet currency, and a lot of them foundered on the same set of problems. They, it was centralized. It was easy to shut down. It was referring to an underlying FIAT or underlying commodity and it was difficult to keep the ledger synchronized around the world.And Bitcoin solved all of these problems. It really, it is a real breakthrough in computer science.Jason Raznick: It brings you back to when you were growing up in Czechoslovakia where there were multiple currencies.Jakub Rehor: Yeah. And the problem that Bitcoin solves are very often not problems that we have here in the US here, the payment systems work pretty well here.Banks work pretty well. You're not worried about your ATM stopping working tomorrow. So explaining the value of Bitcoin to Americans is a little bit like it, it sounds a little bit unreal, the problems that it's trying to solve, but you go outside of the US you go to countries like Cyprus or Lebanon, Venezuela Iran. They get it. They mean they understand that solves their problems today and here.Jason Raznick: So going back to your upbringing, you ended up going to school at Yale. Was that from Czechoslovakia or like how'd you end up in Yale?Jakub Rehor: So I was studying electrical engineering and Czechoslovakia, and I was involved in the students strike.I joined the national student strike coordinating committee, which was part of the Velvet Revolution. We basically built the check internet very early on.We connected all the universities across the country hook them up and we use that network to print and distribute all the materials that the the development revolution leaders were putting out. Our goal was to break the monopoly, the media monopoly that the communist media had and get all this information out into people's hands.And we mentioned to do that in a space of a week, about a week and a half. We we hooked up basically all the printers and copy machines and fax machines that we could get our hands on. And we were printing we're printing posters and materials by the tens of thousands. We had them on all the streets in the country.Jason Raznick: And did it catch on?Jakub Rehor: Yeah. When the student strike started it originally was just a couple of schools and then it snowballed it started at the theater academy. Then, we joined as the electrical engineering and pretty much all the schools very quickly joined on and 10 days after the start of the strike, we were able to organize a general strike where the whole country shut down for 2 hours. To send the message to the government that we can prove that we have general support for what we stand for.And in order to organize the general strike, you really needed to coordinate all this information, get it out, get it into the right hands. Early on we realized that kind of, again, there's a connection to Bitcoin.The problem really wasn't in trying to encrypt the communication on our network. We didn't really care if the secret service was reading us or not, because we were putting it out and posters and all that stuff. Anyway, the real challenge was to authenticate the information. We were worried that the state security would try to inject some provocative material in there to try to disrupt us by sending false information. And there, so authentication was, it was more of an issue than.And it's very similar to Bitcoin where all the transactions are visible to everyone. They're not encrypted, which address sent how much to what address, but the important part is authenticated. You cannot fake sending money. You cannot send money that you don't have.Jason Raznick: So then you make your way to America and you go to Yale. Did that change you? Did the Velvet Revolution shape the person you are today? Jakub Rehor: Yale was a wonderful experience. You are surrounded with a lot of bright, talented driven people and it's it was a great environment to encourage you to go and and pursue whatever interests you have.Jason Raznick: so from Yale, did you go right to your first job?Jakub Rehor: Yep. Went straight to McKinsey. Spent a couple of years at McKinsey doing consulting at various places. Jason Raznick: What kind of companies were you consulting for at McKinsey?Jakub Rehor: It was a very interesting batch of companies. My first client was a, it was an online service, actually, one of the first online services.This was before internet really caught on. So in those days you had the three companies, CompuServe, Prodigy, and AOL, and they had a strategic issue. What do we do about this internet thing? Are we just gonna ignore it? Because we have much content on our own network or are we going to take this bet that over the long-term the content that's available on the internet is going to be better than what we have inside our network.And okay. If you decide to take that bet what does it mean? What kind of technology do we have to build? How do we connect our customers with that? How do we do our marketing? It was really interesting times. It was the early days of the internet.Jason Raznick: Is that something that you were striving towards? Jakub Rehor: Yeah. It's like basically whatever I did, I couldn't get away from the internet and the technology. It just follows you everywhere.Jason Raznick: Then you left McKinsey. And is that when you went to Marty Whitman's Third Avenue?Jakub Rehor: Not directly, at first I went to Sanford Bernstein. Then I went to Putnam Investments and then I ended up at Third Avenue. So I actually started doing value investing at Sanford Bernstein. I was an equity analyst and then worked my way up through being more senior, all the way to PM level at the Third Avenue.And so I spent a long time analyzing balance sheets, analyzing companies, analyzing businesses and making investments and running portfolio construction, running a managing risk and all that wonderful stuff.Jason Raznick: So at Third Avenue, we came all the way to PM. How many people were there at Third Avenue?Jakub Rehor: At the time it was about 100 people, about 20 people were in the research department or in the investment.Jason Raznick: What made you want to go from McKinsey to Wall Street?Jakub Rehor: The best part of working at McKinsey was doing the strategy, research and thinking longer term, the hardest part of working McKinsey was doing cost cutting.So one of the studies I was on was that a electrical utility where, they had a capital budget that it was getting a little bit out of control and you had to go in there and start cutting expenses. So you would go and identify the projects that needed to be shut down. And that's it's pretty stressful situation because you talk to people whose jobs are linked directly to these projects.So they know that if this project gets canned, they may have no future of the company. So they will, they try to fight really hard to preserve it. So you end up in this like hand to hand combat where you fighting against the people you're trying to help. It's quite stressful. And it wasn't all that enjoyable.Going into Wall Street and equity investing is very much like becoming a strategy specialist, right? You're thinking about longer-term issues. You spend a lot of time researching what's going on, but luckily you don't have to go there and actually do the hard things that are required to run a business.Jason Raznick: So then you start researching this crypto space. And is that when you're like your co-founders you got ready to create lucky Labs?Jakub Rehor: Yeah, that was pretty much around 2017, early 2018.So my co-founders: One of them came from investment banking and private equity. He was actually the CEO of Lehman Brothers, North American Equity Sales. So he's very familiar with that side of the business, with things like prime brokerage execution, operations, all that stuff. And the other co-founder is a technology specialist and he started his career working at JP Morgan, working on their foreign exchange trading desk.When it first became automated in the early 1990s and his latest project before we started Lucy Labs was he was a consultant for ISDA, which you may be familiar, it is the is the organization that regulates over the counter derivatives trading. And they had a long project stemming from the financial crisis in which they are forcing over the counter traders to put up margin.Historically OTC trades were done without a margin. Which led to problems when Lehman Brothers blew up. And the ISDA, a margin project went on for several years to create the methodology, to calculate margin requirements for any derivative ever traded anywhere in the world. So you can imagine that was a huge project. And our co-founder Rob was was the lead consultant.Jason Raznick: What are the first two things you did Lucy Labs? Jakub Rehor: The first thing was let's figure out what works here. This is a completely new market that we don't know anything about, which is very exciting. A little bit scary too. So we rolled up our sleeves and start figuring out how to do execution here, how to find investment opportunities, how to get historical data, how to put it all together and roll out to an investment strategy.And so we did that, we were a prop trading fund for three years, we were doing it with our own. And investigating as much as we could about the market.Jason Raznick: Are there that work in traditional finance, but don't that don't work in crypto?Jakub Rehor: So I would say even most things in traditional finance don't really work in crypto. So coming in as a value investor, there's really no value investing in crypto. It's very difficult to figure out intrinsic value for any of these projects. People have tried, we have certainly tried it's a very difficult problem.And I don't think that anyone has found a way to make it. What does work is a momentum-based strategies. So momentum is something that has worked on all sorts of assets over long periods of history. And so when we started looking at crypto, we had this theory that, it probably will be working in crypto as well.And we were pleasantly surprised how powerful the momentum factor is within crypto. It is it is actually quite surprisingly powerful. Crypto is very much driven by sentiment by retail trading and a momentum just captures that very well. Jason Raznick: And this volatility is macro volatility. What do you make of it in the crypto space? The past few weeks? Jakub Rehor: We've been in this space for 4 years and this is just par for course, this is actually not even particularly. Painful period in the sense that we've lived through the bear market of 2018, we've lived through the 2000, 20, early years in the bear market in 2018.Just to give you a little comparison, Ethereum was down 95%. From peak to trough in a space of less than a year. That's a very painful situation. Bitcoin was down over 80% peak to trough. So that's what a bear market in crypto looks like. Similarly in 2020 to March, 2020, we went through a 24 hour period in which Bitcoin dropped 50% in 24 hours.In crypto you have to deal with the volatility. Your models have to take that into account. You cannot be leveraged you, your risk management has to be, on top and you just have to expect that there is a, there is always something scary happening.Jason Raznick: How do you guys go about trading in crypto? Jakub Rehor: So we do a bunch of things, so I can describe a few of those things.Let's talk about the momentum trading. We have a pretty active program in which we take long positions in crypto coins when momentum is positive and we go to cash when momentum turns negative. You look at the recent historical performance and in general, there is an autocorrelation of performance. So things in crypto that have gone up recently have a tendency to keep going up and things that have gone down recently have a tendency to go down. So that's the bet you want to be taking. The downside is you will miss the turning point. So when things start bouncing off a bottom or an instinct, things start rolling at the top.You're going to miss that, but that's actually over the long-term, that's a price that's beneficial to pay. So we would when there is a bear market in crypto thing, things start selling off, we will generally go into cash. And that's certainly what we've been doing. Most of this year in that our models started putting us into cash towards the end of last year, towards the beginning of this year.And we were almost completely in cash for the past month or so.And you don't necessarily even need a very elaborate models, any sort of trend model will tell you to get out of the market over the past month or so.Jason Raznick: Okay. So then how do you know when to get in? Jakub Rehor: You wait, you miss the bottom. You see the market turning around, you see the price momentum picking up, and then you jump back on with the expectation that you will probably get in 10 or 15% above the bottom price. But again, in the longterm, that's a very good trade-off to take.Jason Raznick: So are you guys getting back in now?Jakub Rehor: No, we're still waiting for things to stabilize.Jason Raznick: When do you think that will be? Jakub Rehor: One thing I've learned is not to try to predict the markets. it's way too hard. So I, I have no idea when this will turn is there more downside it's possible? Again, in 2018, we've seen 85 to 90% drawdowns in crypto. So it's certainly possible is that what's going to happen? I have no idea. We're going to, we're going to let our models tell us when to get in.Jason Raznick: Are you in straight cash or are you doing stable coins? How do you handle that? Jakub Rehor: There are a number of things you can do in the crypto market if you want to be market neutral. There are strategies that you can do to generate returns. So I can mention a few of them.So one is a trade in crypto that does have a counterpart in traditional markets. And it's called a Basis Trade. The idea here is you may have a derivative, let's say a future that's trading at a different price from the underlying, so you can have a future on Bitcoin trading at a premium to the spot price of Bitcoin.And a simple trade is you can go short the future. You can buy the underlying spot and at the future expiration, that gap is going to close. And you're going to collect that spread. So that's the traditional basis trade that works in traditional markets. People do this in US treasuries and commodities and all sorts of things. But it also works in crypto and in crypto, there's actually a slightly, different version of this.The dominant product in crypto trading is a Perpetual Swap, which looks a little bit like a future, but it has no expiration. And the way the mechanism works is that when there is a difference between the derivative price and the underlying price, there's a funding rate that goes from one side to the other.When the derivative is more expensive than the spot, the people who are long are paying people who are short. So you can put a short position in the perpetual swap. You can put a long position in the spot and collect the funding rates. And that's a trait that historically has been providing returns of about 10% to 15% per year. There are periods when it makes more money than that. When there is a lot of speculative excitement and speculative mania we have seen it book 30%, 40% annualized. And then there are times when people are running away from the market and you will be generating maybe 0% or low single digits.Jason Raznick: I personally put some money in stable coins, USDC right? What you were describing is too complicated for me, I won't understand.Jakub Rehor: Stable coins is a safe place to be when things start falling apart. But of course, stable coins, it's a minefield as well. There are multiple kinds of stable coins. There's the very simple kind of, that works like a money market fund in traditional finance. There it's a fully backed by reserves and the stable coin is just a token. It works like a share in the underlying fund. And the fund hopefully is fully collateralized and it always has a 100% of its assets in cash or cash like products. So USDC is a great example of that, right? That's a that's a stable coin that's fully backed.Jason Raznick: Would you say USDC is very safe?Jakub Rehor: I would. I would put also USDT with USDC. So people think that USDT is an algorithmic stable coin, but it's not. It's exactly the same idea as USDC. They are also backed by reserves. they started disclosing their reserves and the composition of their reserves. So you can look at their statements and figure out what. How well back they are and how much confidence you can have in them. So USDT is actually a fully backed stable coin and it's not subject to the same problem that the algorithmic stable coins have.Algorithmic stable coins are completely different. And there are really two kinds. You could imagine a situation where you do not have US dollar reserves backing you, but you can have crypto reserves backing the dollar peg value of your stable coin.Because crypto is so volatile. What you need to have is you need to be over collateralized, right? If you're issuing $1 worth of stable coins, you probably want to have at least $2 worth of crypto backing you because if crypto falls down 50% you are still fully backed.So over collateralized, stable coins are, they're not necessarily that great because crypto can fall more than 50%, but at least it's a reasonable stab at approaching this problem. There's a whole, another class of algorithmic stable coins that are under collateralized. So they issue $1 worth of liabilities and they have less than $1 worth of assets, and that is crazy stuff. And those are bound to blow up. And Terra USD was definitely one of those where they were under collateralized. They issued billions of dollars worth of the pegged stable coin. And the mechanism that they had was saying if a lot of people come in and try to convert to US Dollar at parody, we have these other things that that we can print unlimited amounts off, and we're going to print this thing and we're going to sell it. And that way we'll generate the value for the stable coin, which obviously is insane because when you have a run on the bank when you have a run on the stable coin, the value of the stuff that you are printing is starting to collapse so you have to keep printing more and more to generate the same amount of value. And you end up diluting that second asset to zero and you end up breaking the peg. Terra USD is not the first one where it happened. There was a bunch of other ones in the past. It is absolutely amazing to me that people keep falling for this. But here we are, people put tens of billions of dollars into this.Jason Raznick: What do you think got people so into it? Jakub Rehor: There's the old saying in the markets, "Bulls make money, bears make money, and pigs get slaughtered." People just got really piggish. These 20% yields sound amazing.I think that a lot of people did understand that these yields are unsustainable and they are they were funded by the VC investors or the launch of funds that that Luna the project behind the stable coins raised.So they understood that these 20% yields wouldn't last, but they thought, I'll just collect them for as long as I can and get out. And, as we know, getting out is the hard part.Jason Raznick: Getting out is the hard part. And so when you're in cash, do you guys do just say "Hey, I'm going to buy some USDC"?Jakub Rehor: Sure, we do that. Jason Raznick: What about Terra Luna?Jakub Rehor: No, forget it. Nothing algorithmic. We wouldn't feel comfortable with that.There is actually an interesting innovation going on, so I would say. There is one potential new kind of algorithmic stable coin. That is interesting to watch. It's tiny. It's still an experiment. We'll see if the experiment is successful or not. But the idea is similar to what I just described about the basis trade, right? So when you have a basis trade, you sell a derivative and you buy the underlying spot. What do you actually generate is like a synthetic stable coin. You create a synthetic dollar that. And there are people out there who are trying to generate to create synthetic dollars exactly. By doing this, by putting these offsetting positions on the derivatives and the spot markets, and they're doing it on decentralized exchanges. So that is an interesting idea because it's not really subject to the same risk that the traditional algorithmic stable coins are because even in Iran, you should be able to liquidate both sides and and be able to defend the peg.Now. It's still early days. There's only, I think few million dollars experimenting with this approach. And a lot of this depends on the infrastructure outside of these folks control. If you are issuing a stable coin like that, you need fairly liquid markets in the derivatives that you use to back this up, those markets have to provide a 24 / 7 availability. You have to be able to withdraw money fairly quickly. So the infrastructure really needs to be there. And the danger is that we are still too early and the infrastructure cannot support that. But it's a very interesting.Jason Raznick: And are you guys trying to get involved with these experiments or are you just watching it? Jakub Rehor: We're watching at this point and cheering on from the sidelines.The whole crypto space is a thousand experiments right now.Jason Raznick: Do you think there should be more regulation in the crypto space? Jakub Rehor: Regulation is coming, there is no doubt about it. Regulation makes sense when the market is a little bit more mature and it becomes obvious what is the right thing to do and what is not the right thing to do.Regulators are not really equipped to know upfront. What is a good idea and what is a bad idea. And right now, you see a lot of the regulators around the world, including the US stepping back and trying to figure out what the heck is going on. What should we allow? What should we not allow? And that allows the space to do a lot of experimentation and sort of by learning, we're going to discover what is a good idea and what we should just. Let it happen again.I think algorithmic stable coins is a very dangerous idea and we're getting a lot of evidence for that. And I think the regulation is going to clamp down on that. At the same time, fully backed, reserved stable coins are sailing through this crisis pretty well and I think the regulation again should reflect that and encourage that sort of product as opposed to the more algorithmic ones.Jason Raznick: Who is Lucy? Jakub Rehor: Our CTO came up with that. There was a fairly famous fossil form of the early human, like before humans really evolved to become modern humans. And it's so it's it hearkens to that. It's like early steps in this new world that is being that is developing in front of us.Jason Raznick:What else does Lucy Labs do? Jakub Rehor: So we have a blog on Medium we just launched, a blog talking about crypto products. The first post specifically talks about perpetual swaps. The history of them. It's a product that's unique to crypto doesn't really have an exact equivalent in traditional finance. So we spend a little bit of time explaining how it works and what are the tricky things to be aware of working with that. And we're really enjoying that. So I think we'll be doing a lot more to have that.Jason Raznick: What are perpetual swaps? Jakub Rehor: So perpetual swaps it's super interesting. It's a version of a future. Traditional futures of an expiration. So usually every three months or so the future expires and it's settled either with the underlying or it gets settled in cash. And when the crypto exchanges started taking off, that was the product that they offered and they discovered that retail investors actually had a real trouble.managing Futures, the managing the expirations. People would forget that, third, Friday in June or whatever is the expiration date. And they would log into their account once every two weeks. And one day they would log into their account and their position was gone and they will be like, oh my God, what's happening.The traditional futures turned out to be not a great fit for crypto. So a number of exchanges started experimenting and one of them called Bitmax which was based in Hong Kong in those days they played with different things. They tried to shorten the futures to have expiration every 48 hours then every 24 hours. And finally they decided what if we never expire this thing? Just make it perpetual. Then the issue you have, how do you make sure that the swap price doesn't drift away completely from the underlying, if you don't have expiration that will force those two prices to converge, how do you make sure they don't just, it just doesn't walk off into space.And the innovation they came up with is they first started thinking of referencing some outside interest rate that would and you were to charge the people who were on the wrong side of the trade. So if the future was too expensive they would charge people who were long. And the question is, how do you set an interest rate in crypto, like what is the Bitcoin interest rate? There's really no good answer for that. So they decided let's just generate it from the price itself. Let's just look at the difference between the price of the swap and the price of the underlying. And let's charge that difference.That will force people who are long to be paying a lot of money and hopefully it will incentivize them to close the position and sell the long position, which will force it back to the equilibrium price. And when they first came up with that, nobody knew if it would work or not. It was a real experiment. It was a kind of stab in the dark. And in the first 6 months, it was pretty hairy. The prices were all over the place. The swap price was drifting away from their underlying and it was a little bit chaotic, but after about six months ARPS figured out how to play this game and over the past 2 or 3 years, that market has really matured and it became the predominant way of trading crypto outside of the US. The perpetual swap markets are anywhere on the order of 5 to 10 times greater than the underlying spot markets.Jason Raznick: One of the things you mentioned earlier with Marty Whitman, you are an investigator and you're looking for opportunities to companies and you can value, invest and see stuff that people aren't seeing. Is this similar to that?Jakub Rehor: It's very similar. It's again, you're being a detective and you constantly ask questions like what's going on and why? The way we really wrapped our head around the perpetual swaps was we were taking regular positions in the spot markets, and then we saw liquidity as much better in the perpetual swap so why not start trading that we started trading that. We're getting hit with these funding costs. And we're like, oh, we hate paying these funding rates. Hear me out. What if we start collecting them instead? How would you go about it? And very quickly we figured out, okay, you can create the synthetic position and do this.And yeah, you stay, you learn by doing. The way you discover these opportunities, you are active in the space. You trade, you do experiments and you discover things that you didn't realize were happening and you'll find new opportunities all the time.And we'll help amplify your blog and get people to get the word out.Jason Raznick: What advice do you have for crypto investors?Jakub Rehor: I would say with retail investors, crypto is a very risky, very volatile asset space. You do want to be in it longer term, but be aware that these 80% drawdowns are happening and are likely to happen for the foreseeable future.So position sizing is the most important thing you need to worry about. If things get really tough. Can I survive this, don't put on too big a position and definitely do not put on leverage. Retail investors tend to get in trouble with too much leverage on their positions.But longer term. Crypto is very likely to be around for a long time. And learning about it is best done by trading and being active in the market. Be there and trade it. But keep it Small enough that you can afford the pain of the downturn, similar to what we're seeing today.for institutional investor, my advice is slightly different. I would still say you should be experimenting in this market. The interesting thing is the infrastructure for trading that's being built in crypto markets is, I would say a hundred years ahead of what's in the traditional markets that you are used to, the efficiency and effectiveness of the trading platforms is going to absolutely steamroll, the traditional trading venues.And I would recommend to start learning about how things work there so that when it happens, you'll be prepared. I'll give you an example, the huge difference between a traditional infrastructure and the crypto infrastructure in traditional infrastructure. Let's say you trade futures and the way you to say you're trading futures on wheat, for example.So you have to put up a margin and at the end of each day, your position is marked to market and the exchange calculates any additional margin that's needed. And you have until the next morning to come up with the cash to keep the position. OIn that period between the calculation of the margin and depositing of the cash, the exchanges that.If you actually go bankrupt, the exchange may not be able to collect. And, they have a fund to insure them against that. But it is a real business risk for the exchange, which is why they set the margins very high. To live with having that risk on their balance sheet.So the size of the margin is a function of the payment cycle and the settlement cycle. In traditional finance, the settlement cycle has to be at least 24 hours because the traditional payment rails take 24 hours to get, your payment from your bank to the exchange or the broker.So by nature, they cannot offer high leverage in the products that they. Just because of the settlement counterparty risk issue.You go to crypto exchanges and you realize that they have the recalculate, the margins at a much higher frequency. The exchange. I mentioned BitMax, actually, they started recalculating margin on every tick.So every trade happens, they go and go through a million accounts that they have and recalculate the margin requirements immediately. So they don't have that 24 hour delay for them to be at risk, they can liquidate positions much faster than that. Because of that they can lower their margin requirements. And some of these guys used to offer a 100 times leverage. Thankfully they reduced that now, but you can still get 20 to 25 times leverage on your crypto positions. The exchanges can afford to do that without putting themselves at risk because of this much faster settlement cycle that they have available.Now, if you are an institutional trader and you doing things like hedging, you're doing things like arbitrage. Where do you want to execute? You obviously want to execute at the place with lower margin requirements because you'll have a better capital efficiency. You'll have a higher return on capital.So liquidity is likely to stay at these crypto exchanges that have the newer techniques. And we're seeing that clearly in, for example, the Bitcoin futures market. CME rolled out its Bitcoin futures product in December, 2017. So it's four years now. And they only have about 5% market share in global Bitcoin futures trading, which is amazing.CME is leading venue for derivatives trading. How come they cannot get more market share than that? And the response is because of the, how slow their settlement cycle is. They are requiring 35% margin for any Bitcoin position while the crypto exchanges, they may ask for 3 to 5% margin for the same position.So again, as an institutional investor, you'll be better off trading on these new exchanges.Now these guys, the crypto exchanges are coming into the US so right now, there is a hearing in front of the Congress Senate Agriculture Committee. And and there is a application with the CFTC in which FTX, which is one of the leading crypto exchanges is trying to bring this 24/ 7 trading in commodities with instant margin calculation, and an instant settlement so T plus 0 seconds. If this gets approved and really, there's no reason why it shouldn't be it needs to work its way through the regulatory process, but if this gets approved and you will get a fully regulated exchange with these parameters, can you imagine what that's going to do with people like CME?The reason CME is doing things this way is that's how you did it in 1868. When you were started, when you literally had a guy, in the morning, run to the bank with a check. And deposited with the clerk on the exchange at 7:30 AM. And if the check wasn't there by 8:30 AM, the positions would be liquidated that's and it's baked into all of their systems.They are, it will not be easy for them to upgrade their system to be able to compete with this.Jason Raznick: Do you personally buy Bitcoin or were you an early investor in Bitcoin? Jakub Rehor: Oh yeah, way too early. I bought my first Bitcoin back in 2013 or something like that. It was $14. I was down 80% within a month of my purchase. So yeah, it was a small amount of money.Jason Raznick: Do you have a favorite crypto?Jakub Rehor: I'm still partial of the Bitcoin, my first love.Jason Raznick: The last one is what's your worst or your first job? That's a question I always ask.Jakub Rehor: I did all sorts of things. I painted houses. I work in the fields. I worked in bakeries. So it's a very wide range of things and honestly, they're all fine. I think any job is what you make from it. What you make of it. You can learn a lot of from just painting a house.Jason Raznick: And if people want to check you out, where should they go?Jakub Rehor: We are at https://lucylabs.io/.Jason Raznick: Thank you for coming on the RazReport. We appreciate it.Support this podcast at — https://redcircle.com/the-raz-report/donationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy