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MOEX Continues Momentum in Q2, But FX Trading Slows Down

The exchange managed to improve upon Q1 of 2020 in the second quarter across its key metrics.

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The Moscow Exchange (MOEX) has published its financial results for the second quarter of 2020 this Friday. The results from the Russian exchange paint a picture of an overall successful period.

Some of the key financial highlights, as outlined by MOEX, is fee and commission income, which increased by 21.8 per cent year on year to reach RUB 7.991 billion. According to the statement from the exchange, this was largely driven by the performance of equities, money and derivatives markets.

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Operating income in Q2 of 2020 was RUB 12.028 billion. When measuring this against the same period of the previous year, which had an operating income of RUB 11.100 billion, this is stronger by 8.4 per cent. The operating income achieved in Q2 2020 is slightly higher than the first quarter of 2020, rising by 0.3 per cent.

Net profit was higher by 15.5 per cent during the second quarter of 2020, hitting RUB 6.820 billion during the period. More so, net profit has also risen by 15.5 per cent against the first quarter of this year, showing continued momentum. Adjusted net profit increased by 8.6 per cent against the previous year, coming in at RUB 6.340 billion. 

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FX trading drops from Q1 2020 on MOEX

Taking a look at the exchange’s foreign exchange (forex) market, MOEX recorded RUB 1.013 billion in fee and commission income. Against the second quarter of 2019, this is up by 14.4 per cent. However, against the previous quarter – Q1 2020 – fee and commission income has fallen by 5.3 per cent.

Across the second quarter of 2020, MOEX posted RUB 75.194 trillion in FX trading volumes. Year on year this is lower by 6.0 per cent year on year. It is also down by 7.0 per cent against the previous quarter.

Commenting on the performance, Max Lapin, Chief Financial Officer of Moscow Exchange, said in the statement: “We are pleased to report another strong quarter in terms of fee and commission income growth. Despite lower volatility compared to the first quarter, our total fee income reached a new all-time high of nearly RUB 8 bln. 

“Every F&C business line posted double-digit growth except the Bond Market, which was impacted by a decline in primary offerings due to the uncertain economic outlook. Two fee and commission business lines delivered record highs in absolute terms: Depositary & Settlement Services and the Money Market. The latter surpassed the RUB 2 bln fees mark for the first time. 

“We believe that implementation of our strategic initiatives such as extension of trading hours, new solutions for corporate clients and expansion of the product range create a strong foundation for the further growth of our business.”

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The Changes Continue: Facebook’s Libra Has Been Rebranded To Diem

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  • Facebook shook the world last year after announcing plans to introduce a “single global digital currency” dubbed Libra. However, the social media giant’s efforts were quickly scalded by global regulators as the project received massive blowback.
  • Facebook didn’t give up on its idea. Instead, the company decided to rebrand its two main products. Firstly, the Calibra wallet became Novi, and today, Reuters reported that the Libra name had been changed to Diem (meaning ‘day’ in Latin.) 
  • Stuart Levey, CEO of the Geneva-based Diem Association behind the digital coin, confirmed that the name change comes as a direct consequence of the regulatory hurdles. He noted that “the original name was tied to an early iteration of the project that received a difficult reception from regulators. We have dramatically changed that proposition.”
  • The Diem currency would operate as a signal dollar-backed digital coin. Although Levey failed to specify the timing of the launch, recent reports suggested that it may arrive as early as January 2021. 
  • Levey further explained that the Novi team has already begun building a digital wallet that will eventually hold Diem coins. Apart from waiting for approval from Swiss regulators to launch, the Diem Network is also in talks with US federal and state watchdogs. However, Levey didn’t disclose the nature of those negotiations. 
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Source: https://cryptopotato.com/the-changes-continue-facebooks-libra-has-been-rebranded-to-diem/

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Coinbase Faciliated MicroStrategy’s $425M Bitcoin Purchase Without Moving The Market

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The leading US-based cryptocurrency exchange Coinbase assisted in MicroStrategy’s massive purchase of $425 million worth of BTC. The platform pledged to help other large firms diversify their portfolios with bitcoin in the future as well.

Coinbase Involved In MicroStrategy’s BTC Purchase

The NASDAQ-listed business intelligence firm made the news on two occasions earlier this year as it announced the total purchase of 38,250 bitcoins. At the time, this sizeable amount equaled about $425 million.

However, the entity that helped broker the deal remained unknown until today. The San Francisco-based crypto exchange Coinbase announced that it was “selected as the primary execution partner for MicroStrategy’s $425 million purchase of Bitcoin.”

The community speculated on how such a considerable amount didn’t move the markets as the price of BTC remained relatively still back then. Coinbase explained that this was the company’s intention in the first place:

“Using our advanced execution capabilities, leading crypto prime brokerage platform, and OTC desk, we were able to buy a significant amount of bitcoin on behalf of MicroStrategy and did so without moving the market.”

Furthermore, the exchange noted that its system takes a single large order and breaks it into many small pieces that are executed across multiple trading venues. This type of smart order routing reduces the trade’s impact on the market and assists in disguising the overall trade size.

This also helped MicroStrategy to get a better price for its BTC purchase as Coinbase’s trading team “achieved an average execution price that was less than the price at which the buying started.” The post highlighted that this strategy ultimately saved 1% (or about $4.25 million) for the NASDAQ-listed company.

More Large Companies To Come?

MicroStrategy’s purchase kicked off a wave of large companies and prominent individual investors who expressed willingness to get in bitcoin as well.

Jack Dorsey’s Square followed with a $50 million BTC allocation. More recently, the Wall Street giant Guggenheim Partners filed a document with the SEC to purchase about $500 million worth of bitcoin for one of its funds.

Coinbase asserted that more firms will look to BTC to hedge or diversify their excess cash. Consequently, the large US exchange will “look forward to helping more corporate companies and institutions looking to diversify their capital allocation strategies with crypto.”

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Source: https://cryptopotato.com/coinbase-faciliated-microstrategys-425m-bitcoin-purchase-without-moving-the-market/

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Former White House Adviser Bashes Bitcoin, Says it Lacks Market Integrity

Meanwhile, the largest crypto by market capitalization continues to defy the expectations of critics. BTC is currently up over 166% year-to-date (YTD) despite suffering a 50% price decline back in mid-March. Cohn Doubles Down on Negative Bitcoin Stance Speaking to Bloomberg Television, Cohn described Bitcoin as lacking some of the basic integrity of a real … Continued

The post Former White House Adviser Bashes Bitcoin, Says it Lacks Market Integrity appeared first on BeInCrypto.

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Gary Cohn, former National Economic Council chief to President Trump is still not a fan of Bitcoin (BTC). The one-time Goldman Sachs chief says BTC will ultimately fail due to its integrity flaws.

Meanwhile, the largest crypto by market capitalization continues to defy the expectations of critics. BTC is currently up over 166% year-to-date (YTD) despite suffering a 50% price decline back in mid-March.

Cohn Doubles Down on Negative Bitcoin Stance

Speaking to Bloomberg Television, Cohn described Bitcoin as lacking some of the basic integrity of a real market, adding:

“Part of the integrity of a system is knowing who owns it and knowing who has it and knowing why it’s being transferred. The Bitcoin system today has no transparency to it. So there are a lot of people that question, why would you need a system that does not have an audit trail.”

Thus, Cohn predicts that despite any value proposition ascribed to Bitcoin, the popular cryptocurrency may end up failing. Cohn’s argument of BTC not having an audit trail flies in the face of established crypto forensic tools currently in use by governments to track transfers.

As previously reported by BeInCrypto, governments are increasingly deanonymizing crypto transactions as part of crime-fighting efforts.

Checks like know-your-customer (KYC) verifications and the FATF travel rule are working to provide real-time tracking of cryptocurrency ownership.

Indeed, the crypto space was in an uproar recently following rumors of possible regulations targeted at self-hosted wallets.

Cohn is no stranger to anti-Bitcoin sentiments. Back in 2018, the former Goldman Sachs President declared that Bitcoin will not end up being the global cryptocurrency.

At the time, Cohn affirmed the then-popular “blockchain not Bitcoin” refrain that was common among mainstream financial commentators.

Cohn is, however, not against all forms of digital currencies. Writing in a Financial Times opinion piece back in April, the former Trump economic adviser argued that central bank digital currencies (CBDCs) could improve access to financial services for citizens.

Several mainstream financial figures already tout CBDCs as better alternatives to privately-issued cryptocurrencies. Most arguments along this line usually espouse the position that private digital currencies will spell doom for the current global financial status quo.

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Osato is a reporter at BeInCrypto and Bitcoin believer based in Lagos, Nigeria. When not immersed in the daily happenings in the crypto scene, he can be found watching historical documentaries or trying to beat his Scrabble high score.

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Source: https://beincrypto.com/former-white-house-adviser-bashes-bitcoin-says-it-lacks-market-integrity/

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