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Hi Everyone,
As a follow up to our June 9, 2016 meeting, we would like to extend a special thank you to our esteemed speakers, [nbsp_tc][nbsp_tc]Greg Schvey, Partner at Axoni, and Rozlyn Engel,[nbsp_tc]National Intelligence Officer for Economics at the Office of the Director of National Intelligence.[nbsp_tc] Thanks also to David Hirschfeld,[nbsp_tc]SVP, Global Information Services (GIS) Operations at Nasdaq, our moderator, for all his assistance with the speakers.
Last, but not least,[nbsp_tc]special[nbsp_tc]thanks to Paolo Pelizzoli,[nbsp_tc]Chief Enterprise Architect & Head of Architecture COE of Broadridge for hosting our meeting,[nbsp_tc]and for providing a wonderful venue for our event.
The following companies were registered for the June 2016 meeting:
Axoni,[nbsp_tc] Office of the Director of National Intelligence,[nbsp_tc][nbsp_tc] Broadridge Financial Solutions, Inc.,[nbsp_tc][nbsp_tc] Moore Capital Management,[nbsp_tc] Morgan Stanley,[nbsp_tc] Promontory Financial Group,[nbsp_tc] NASDAQ,[nbsp_tc] Barclays,[nbsp_tc] McCann-Erickson Advertising,[nbsp_tc][nbsp_tc] Annaly Capital Management, Inc.,[nbsp_tc] AEGIS, [nbsp_tc] CDPHP,[nbsp_tc][nbsp_tc] SIM,[nbsp_tc][nbsp_tc] JP Morgan Chase and Co.,[nbsp_tc][nbsp_tc]NYSE Euronext,[nbsp_tc][nbsp_tc] Merck,[nbsp_tc][nbsp_tc] HSBC,[nbsp_tc] Citibank,[nbsp_tc] Andrew W. Mellon Foundation,[nbsp_tc] Wiley & Sons,[nbsp_tc] iQ Venture Advisors, L.P.,[nbsp_tc][nbsp_tc]St. John’s University,[nbsp_tc][nbsp_tc]Tannenbaum, Helpern, Syracuse & Hirschtritt,[nbsp_tc] Advisen Ltd,[nbsp_tc] Contrarian Capital, [nbsp_tc] Imagineer Technology Group,[nbsp_tc] Viking Global Investors LP,[nbsp_tc] Discovery Capital Management, LLC,[nbsp_tc] Citadel,[nbsp_tc] Carlyle Group,[nbsp_tc] Two Sigma Investments,[nbsp_tc] Marshall Wace,[nbsp_tc][nbsp_tc] Kokino LLC,[nbsp_tc][nbsp_tc] Waterfall Asset Management LLC,[nbsp_tc] Gerber Life Insurance,[nbsp_tc] Horizon Blue Cross Blue Shield,[nbsp_tc] MiMedia, BCG Digital Ventures,[nbsp_tc] CreditSights,[nbsp_tc] Athene Asset Management, L.P.,[nbsp_tc] Perry Capital LLC,[nbsp_tc] Data Conversion Laboratory,[nbsp_tc] Leviton Manufacturing Co., Inc.,[nbsp_tc] Richard Bernstein Advisors,[nbsp_tc] Astoria Bank,[nbsp_tc][nbsp_tc] Aflac,[nbsp_tc] TPG Capital,[nbsp_tc] MSD Capital,[nbsp_tc] Cushman & Wakefield,[nbsp_tc] Fir Tree Partners,[nbsp_tc] Pearson,[nbsp_tc] Slate Path Capital, Signature Bank,[nbsp_tc] National Austalia Bank,[nbsp_tc] Perella Weinberg Partners,[nbsp_tc] Eton Park Capital Management,[nbsp_tc] Financial Guaranty Insurance Company,[nbsp_tc] Pantechican Capital,[nbsp_tc] Brevet Capital,[nbsp_tc] Rutgers University,[nbsp_tc] Warby Parker,[nbsp_tc] Bloomberg[nbsp_tc] and[nbsp_tc] Equinox.[nbsp_tc]
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Meeting Summary:
Rozlyn Engel:[nbsp_tc] National Intelligence Officer for Economics (NIO) at the Office of the Director of National Intelligence (ODNI).
Rozlyn began her discussion by addressing the organization of the US intelligence community, the ODNI, and the National Intelligence Council (NIC), where all NIOs work.[nbsp_tc][nbsp_tc]
Broadly, the US intelligence community has three functions:
1.[nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc] Collection
2.[nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc] Operations
3.[nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc] Analysis
Overall the NIC has seventeen NIOs, of whom half have geographical/regional responsibilities and half have functional responsibilities,[nbsp_tc]such as science, technology, weapons of mass destruction, cyber, and terrorism.[nbsp_tc][nbsp_tc][nbsp_tc] Rozlyn’s functional expertise is economics.[nbsp_tc] She explained that the most challenging and interesting work they do is often when these topics intersect.
Although the daily job responsibilities of any NIO are analytic,[nbsp_tc]they are not typical day-in and day-out activities.[nbsp_tc] There is extensive analysis done for policy support, including the President’s Daily Brief and National Security Council meetings.[nbsp_tc] In addition, long-term strategic analysis is done, resulting in written papers throughout the year.
Within the economics area, topics of analysis typically include:
- Trade deals
- Sanctions
- Political economics
- Political risk
- Intersections with cyber security and emergency technology
It was quite clear what keeps Rozlyn up at night:[nbsp_tc][nbsp_tc] bizarre behavior around the world;[nbsp_tc] questions without answers;[nbsp_tc] an uncertain world economy and unclear drivers for economic growth; relations with major rising powers, like India and China; and last, but not least, nature of economic discontent and its political implications.[nbsp_tc][nbsp_tc] Rozlyn concluded with a question and answer session,[nbsp_tc]which left the audience with new insights on U.S. intelligence work.
We are providing a list of some of the questions that were asked below.
Questions from the audience:
- What do you think about the UK leaving the EU? [nbsp_tc]
- Would you look at a Trump presidency? [nbsp_tc]
- Near and long-term shifts that you might see? This includes, emerging disruptive technologies, AI, virtual reality, internet of all things, etc, what are your thoughts?
- Biotechnology genetic editing threat, can you hold it back or delay development? [nbsp_tc]
- What is your analysis process – do you use models? [nbsp_tc]
- How do you measure success? [nbsp_tc]
- Were you involved in the Iran sanctions deal? [nbsp_tc]
- Is all the work reactionary? [nbsp_tc]
Greg Schvey:[nbsp_tc] [nbsp_tc]Partner at Axoni previously known as TradeBlock focused on Blockchain.
Our Key note speaker,[nbsp_tc]Greg Schvey spoke briefly about his company, TradeBlock, founded in 2013.[nbsp_tc] He described the technology known as block chain or distributed ledgers, in Capital Markets.
He provided some background as reference in banking, showing that as of today, thirty seven banks have consolidated into four major banks:[nbsp_tc] Citicorp, Wells Fargo, Bank of America and JP Morgan Chase.[nbsp_tc] These banks not only have an enormous number of older technologies and systems that historically are their own; they also have many systems that they now need to support as part of the bank acquisitions that were done over the years.[nbsp_tc] These systems work predominantly in technologies that have the following characteristics:
1.[nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc] data request/capture systems
2.[nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc] systems with multiple data transactions
3.[nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc] inherently limited data systems
4.[nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc] prescribed functions
Greg provided some history on Bitcoin, as an example, compared to distributed ledgers.[nbsp_tc][nbsp_tc] Bitcoin, a token system, has the following characteristics:
1.[nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc] perfectly reconciled
2.[nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc] uptime 7 years
3.[nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc] inexpensive
The difference is blockchain technology.[nbsp_tc] It is node software that has a simple structure with only a few components: database, interpreter, and network configuration.[nbsp_tc] This structure and software is designed to have the nodes perpetually reconciling, compared to traditional systems where the transactions are discreet and proprietary.
The messages sent across the network/nodes are signed by the sender via a private key.[nbsp_tc] They are easily summarized for comparison (using a merkle root).[nbsp_tc][nbsp_tc] Each node has a memory pool where the transaction set is stored until it is hashed into a block.[nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc] When asked about the issue of latency across the networks.[nbsp_tc] Greg replied that this can all be managed depending on both the type of network and the type and volume of transactions.[nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc] The discussion identified the ability over time and related transactions – (create, update, terminate) – will be seen much more easily than in traditional systems, resulting in smart contracts.[nbsp_tc] Greg concluded his talk by providing an extensive technical question and answer session.[nbsp_tc][nbsp_tc][nbsp_tc][nbsp_tc] His business and technical expertise was shared with the audience, and left us all speechless.[nbsp_tc][nbsp_tc] We could not thank him enough!
Final Observations:
The topics of the evening, although diverse,[nbsp_tc]provided great insight into what our future will bring.[nbsp_tc][nbsp_tc] Although many questions were asked,[nbsp_tc][nbsp_tc] many more remain to be answered.
The combination of truly exceptional speakers, and smart/sharp members of the audience always provides an evening to remember.
To all those of you who joined us at the event,[nbsp_tc]thank you for your interest and participation,[nbsp_tc] it was absolutely amazing.[nbsp_tc][nbsp_tc] To our Fabulous speakers, moderator, and of course to our host Broadridge,
thank you so much for helping us create a truly exceptional event.[nbsp_tc]
Wishing you all a wonderful and enjoyable summer!
-malka
Malka Treuhaft[br_tc]Executive Director East Coast CIO Forum &[nbsp_tc]President[nbsp_tc]Truision Inc.[br_tc]646.942.2625 (office)[br_tc]917.589.1069 (mobile)[br_tc]718.375.1529 (fax)[br_tc]www.truision.com
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Greg Schvey’s Bio
Greg Schvey is a Founding Partner of TradeBlock, a blockchain infrastructure services company.[nbsp_tc] TradeBlocks’s order and portfolio management system serves as the world’s leading inter-dealer settlement infrastructure for digital currency liquidity providers.[nbsp_tc] Most recently, TradeBlock has applied the same underlying blockchain technology to optimize traditional financial asset infrastructure. Greg previously worked as a fixed income analyst at Citigroup and in business development for a payments software company. He holds a Bachelor of Science degree from Cornell University with a concentration in Finance, Accounting & Real Estate.[nbsp_tc]
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Rozlyn Engel’s Bio
Rozlyn (Roz) Engel is the National Intelligence Manager & National Intelligence Officer for Economic Issues — the rough equivalent of Chief Economist for the US intelligence community. In this capacity, she oversees and integrates all aspects of the economic intelligence enterprise in support of US foreign and security policy. She also directs mid- and long-term strategic analysis of global economic, energy, and financial issues within the National Intelligence Council and serves as the Director of National Intelligence’s personal representative to the wider policy community on these issues. Prior to joining the ODNI, she was a Distinguished Research Fellow in Economics at the National Defense University, specializing in the areas of international political economy and economics of national security, and an adjunct member of the graduate school faculty at the Eisenhower School. She also spent more than eight years on the economics faculty at West Point. Her research has focused on the economic dimensions of regional and global stability, the formulation of US national security strategy in light of geo-economic trends, and the role of conflict in economic growth and development. She has spoken at Chatham House, the Council on Foreign Relations, and many other fora and has published numerous articles in peer-reviewed academic journals including the Journal of Conflict Resolution and the Journal of Law and Economics. [nbsp_tc]Dr. Engel earned a Ph.D. in economics from Columbia University and a master’s degree in economic history from the London School of Economics.[nbsp_tc] She also has held research and editorial position at the International Monetary Fund, the Brookings Institution, and the U.S. Senate.[nbsp_tc] She is married with four children.
David Hirschfeld’s Bio
David Hirschfeld is Senior Vice President of Operations for Nasdaq’s Global Information Services business. In this role, he is responsible for overseeing external audits and the operations, delivery and client support functions for the firm’s proprietary and UTP market data and index solutions.[nbsp_tc][nbsp_tc] Mr. Hirschfeld has over 30 years of experience in financial services and leading operations and technology teams for such industry leaders such as Morgan Stanley, Merrill Lynch, Tudor Investments and Citadel Investment.[nbsp_tc] He has developed and managed large-scale initiatives in big data, data retention and statistical and analytical modeling of securities data.[nbsp_tc] Prior to joining NASDAQ, Mr. Hirschfeld served as Global Head of Risk Partnership & Solutions at Thomson Reuters, where he was responsible for setting the firm’s global partnership strategy for the Risk sector, which included: Price Reference Services, Enterprise Risk Management, and Financial Crime and Reputational Risk.[nbsp_tc][nbsp_tc] Mr. Hirschfeld was also a member of the Chicago Board of Trade and traded futures and options contracts, specializing in spreads and arbitrage relationships.[nbsp_tc][nbsp_tc] Mr. Hirschfeld holds a Masters in Economics from The University of Chicago.
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