Message from Kelvin To, Founder & President  My best wish to you as we are drawing a close to 2017. Enjoy the gifts that brought fore by regulatory reliefs. Let’s bet Bitcoin will keep rising with no end in sight. And don’t stop the “Irrational Exuberance”. My sarcasm may make America great again! Choice between watered-down Volcker or FRTB Proprietary trading ban is like Dihydrogen Monoxide ban  – i.e. a hoax! Big six US banks just add $170bn to trading firepower amid their complaints about market liquidity. Lobbyists suggest heigthening of capital in replacement of regulatory burden. They reinvigorate arguments for more exemptions and subbmitted comments to the OCC. Yet, the revised market risk framework under FRTB will be harsher and more cumbersome when final. Portfolio compression offers immediate gratification, if not consider exploitations. Let’s hope the divergence of international rules would push back FRTB’s compliance deadline. Building Block(chain) or Blockhead about Bitcoin Blessed are the blockheads, bitcoin rose 1700% this year! There’s no need for correlation between adoption rate of blockchain and bitcoin value. Hard fork and AML concerns are no match against the irrational exuberance of many things, include trading bitcoin futures on exchanges. How can Comptroller of Currency not granting cryptocurrency a FinTech charter, whilst CFTC officialized it as commodity two years ago?! CFTC seems to have good foresights of things going up and coming down (held back inclusion of futures data in SEC’s consolidated audit trail project). Lastly, projects can be postpond/ shutoff anytime by pointing to cybersecurity concerns or IBG/YBG. Want more? Contact: 617-237-6111 /

Tech versus Tax

FinTech Ideas Festival 2017 hosted by the

Financial Services Roundtable was a blast.

CEOs are most interested in A.I., big data,

and less so about blockchain. Yet Federal

Reserve has warned banks to off machine

learning for risk modeling. Odd is: bitcoin is

gaining huge popularity despite suspicious of

underlying blockchain technology. After all,

tax reform steals much thunder this year. Rogue of all Rogues Treasury Reports failed to address 21st century challenges (1. financial engineering abuses; 2. lack timely and insightful warning; 3. inability to timely response to warning). Biggest threats are the result of many small incremental bets accumulate into outsized bubbles. If policy makers adopt a see/ hear no evil attitude, they may as well include their names in Rogue’s Hall of Fame! Rogue HOF.pdf Priorities for 2018/ 2019 Central bankers shifted priorities in a last minute notice. They pushed deadlines for FRTB revised market risk framework, CVA, IRB, operational risk SMA and others to 2022 and beyond. IBG/YBG by then! So, regulators would likely focus on advisor practices, investors protection (include heightening of margins), closer scrutiny of FinTech, data quality, and cybersecurity                
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FinTech Pioneer | Risk Strategist Blessed are the Blockheads?


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