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Blockchains and Distributed Ledger Technology

London Financial Studies
En London (Inglaterra) yNew York (Estados Unidos), Singapore (Singapur)
  • London Financial Studies

3001-4000

Great tutor and excellent course.

LA OPINIÓN DE VP

Información importante

Descripción

Get past all the hype around blockchains and gain a definitive understanding of the current state, as well as realistic expectations, of this technology. Learn how distributed ledgers can be used to improve the security and accuracy of financial transactions and derivatives contracts.

Explore business cases for the application of distributed ledgers in the banking industry and how this can be affected by existing and planned regulations across the world.

Workshops include examples of the blockchain logic in Excel and its current applications; as well as new tools that have already been developed by existing participants and new entrants in the market.

Why not ask for information and find out if this course is accurately designed for you? An assessor will get in touch with you and solve all your doubts.

Información importante
¿Qué objetivos tiene esta formación?

¿Esta formación es para mí?

Quants / Financial Engineers
System developers
Risk Managers
Strategists, Researchers
Settlement and Back-office IT

Requisitos: It is assumed that participants have a familiarity with Microsoft Excel and a basic understanding of financial transactions and derivatives.

Instalaciones y fechas

Dónde se imparte y en qué fechas

Inicio Ubicación
22 junio 2017
London
34 Curlew Street, se12nd, London, Inglaterra
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A elegir
New York
New York, Estados Unidos
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A elegir
Singapore
The Finexis Building, Singapore, Singapur
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Opiniones

V

26/10/2016
Lo mejor Great tutor and excellent course.

A mejorar N/A.

Curso realizado: Octubre 2016 | Recomendarías este centro? Sí.
M

26/10/2016
Lo mejor It was a very useful and good course.

A mejorar Everything was positive.

Curso realizado: Octubre 2016 | Recomendarías este centro? Sí.
A

11/11/2016
Lo mejor I highly recommend LFS. I have two courses with them and they have proved themselves to be an excellent institution with high standard tutors.

A mejorar Nothing.

Curso realizado: Noviembre 2016 | Recomendarías este centro? Sí.

¿Qué aprendes en este curso?

Risk
Contracts
Transactions
Market
Logic
Banking
Financial
Technology
IT risk
Financial Training
Regulations
Derivatives
Cryptography
DVA
Blockchains
Ledger Technology
Pseudonimity
Byzantine
SGX
CVA
FVA
SIMM

Temario

Day One

Introduction: From Bitcoins to Distributed Ledgers for Financial Markets
Money
  • Digital currencies in a world with negative rates and electronic payments
  • The roles and the forms of money in modern economy
  • Money creation by central and commercial banks
Understanding Bitcoin
  • Transactions
    - Foundations of cryptography: hashing, symmetric and asymmetric cryptography, digital signature, examples
    - How transactions work
    - Pseudonimity
    - Wallets, Exchanges and other services
  • The Blockchain
    - Foundations of Distributed Databases: replication vs duplication, homogeneity vs etherogenity, examples
    - Blockchain: Logic, Structure, Security
    - The Blockchain as a Distributed Ledger
    - The UTXO (Unspend Transaction Amount)
    - Other Blockchain Services
  • Mining and proof of work
    - Foundations of State Machine Replication:fault tolerance, single points of failure, determinism, transition function
    - The Consensus Protocol
    - Byzantine failure
    - Double spending risk and Proof of work
    - From Game Theory to the reality of Mining
Workshop: Hash functions, Private and Public Key Cryptography, and Transaction Signature
  • Evolution of Cryptocurrencies
    - Prices, stability, “monetary policy” for cryptocurrencies (Hayek coins, Inv and Sav wallets, Seignorage Shares)
    - The Bitcoin Scalability issue
    - Is Proof of Stake possible?
    - Non Turing complete: Multisig and nLockTime but no smart contracts
    - The concrete possibility of BitDollar, EuroCoin or BitOfEngland: a central bank cryptocurrency
    - Settlement coins: banks from money creation to management
  • From Bitcoins to Banking: Payments
    - Banks in front of transforming payments (Paypal, Apple Pay, Google, etc.)
    - Cross Border Payments
    - The Ripple™ model
    - Payment channels and other scalability solutions
    - Cryptography and its risks – Security, Privacy, Identity
    - Disintermediation and Reintermediation

Day Two

From Bitcoins to Finance: Smart Contracts and Ledgers
  • From paper to Digital Contracts
  • Contract Code Managing a Transaction
  • Szabo and Ricardian Contracts
  • Ethereum: How it works, Virtual Machine, accounts
  • Ethereum Smart Contracts
  • What to learn from TheDAO hack
  • What is known of other projects:
    - R3 CEV’s CORDA, the Distributed Ledger for Financial Contracts
    - Side chains, the proposed Bitcoin extensions
    - HyperLedger Project for Interoperability
    - Which Consensus for Financial Markets
Blockchain and Distributed Ledgers in Financial Markets: a market and business reform
  • From hype to skepticism, aiming at realism
  • Financial Market Problems: consensus by reconciliation
  • Too much Trust: Slow Transactions, Costly Duplication, Opacity, Litigations
  • The Risk Consequences: Operational Risk, Credit Risk and Capital requirement
  • Can we really apply “Blockchain Technology” to these problems?
  • From Fintech hype to a possible business reform enabled by aspects of Tech
  • Which business impact from distributed ledgers?
    - Removing hidden trust in business steps
    - Shared accounting on a DLT
    - More efficient automation through smart contracts
    - Cryptosecurity to go beyond centralization
The Business Cases
  • Post trading workflow
  • Securities: bonds and equity
  • DLT for T+0 and Smart Contracts for riskless symultaneous deliveries and payments
  • Using the Ledgers for Voting Rights
  • From Coloured Coins to Ricardian Contracts
  • Escrow services, trade finance and letters of credit
  • From Order book to Clearing and Settlement on Distributed Ledgers
  • Impact on the other players in DLT world: Exchanges, Trade Repositories, Custodians, CCPs and other Financial Market Infrastructures
  • Focus on CCPs: replacing them or improving them?
A Detailed Case Study: Collateralized Derivatives
  • Variation and Initial Margin. The issue of Reconciliation
  • The Margin Period of Risk and The Default Closeout. The consequences of Opacity
  • The regulatory response: SIMM, CCPs, Capital regulations
  • The CVA/DVA, FVA and Capital costs of imperfect collateral
  • Smart CSA Contract for the Variation and Initial Margin
  • The workflow on a Distributed Ledger
  • Smart Contract automation to reduce Risk and Capital. Role of regulators
  • Netting automated algorithms
  • The issue of the Valuation Oracle
Workshop: Managing Collateralized Derivatives with Smart Contracts on Blockchains

Oracles
  • Bringing data into the Blockchain
  • Shelling Point. The Markit Totem™ model
  • TLS for communication between different networks and Intel SGX for cloud computing in private networks
  • Data providers for DLT. The future of data in DLT
Blockchains and Regulation
  • The first regulations made on cryptocurrencies. The opinion of regulators
  • The existing regulations that are restraining technological innovation
  • How accounting and legal would be impacted
  • Which regulations could adapt to increased automation and transparency