2020-03-11

Date

11 Mar 2020

Attendees

• Vipin Bharathan dlt.nyc working on many

• Kelly Cooper
• mani pillai
• Karen Ottoni

Goals

• Discuss Securitization
• Discuss HGF -
• Discuss eThaler project-
• Introduce custody project - not done

Discussion items

Recordings

audio_only.m4a

Minutes

4 more people showed up later due to Dayalight savings time...

Hyperledger Global Forum - many sessions directly or indirectly addressed Capital Markets. Even though not apparent because people don't think of them as Capital Market activities. For example, Climate Action SIG, 100% of their proposals are focused solely on tokenization to enforce good behavior. You pay if you emit carbon - owe carbon credits. If you're doing activities that are good (lessening emissions) - get carbon credits.

Multiple panels, supply chain, trade finance, every opportunity was presented as a solution that involved some sort of capital markets, ie addressing Trade Finance gaps was through a legal entity identifier for small business and frictionless identification of small businesses. Hence, bringing them into the fold of capital markets.

Another theme foremost was governance. Governance, is an important component in capital markets. When there is good government, risk goes down in instruments. 

All of the themes had some relationship to capital markets. 

Mani - eThaler token standard, code as base, started extending. Basic transfer mechanism testing. Open Zeppelin... testing basic functions. This week, more tests. 

Vipin has more material toward a functional spec - on GitHub. Going to send out an invite for Friday and subsequent Fridays for eThaler group. Depending on interest, might be small group. Come from TTF side to do the creation of the artifacts, for which... artifacts can be contributed back to GitHub.

Mani - as part of the token definition - URL standard for token - artifact - specifications - URL to GitHub. 

JSON file, pdf (business language), multiple artifacts created. Looking at messaging side, modeling rules (simply in the beginning with Zeppelin standards), expand to LEI standards if need be. Implementing roles in the LEI using organizational wallet. Every organization - fed stand in, investment banks, all orgs that can assign roles based on what they are permitted or not permitted to do. Role to be able to transfer to commercial banks - then banks have roles to transfer tokens among banks. Roles are how most implement identity today - role-based access control. Automatically entitled to do things in the organization baed on role. Includes things like moving roles as people change. 

We may not model full roles using an enterprise structure - we can extend it later. 

Viewing lifecycle of digital assets. Going to kickstart, in the next few weeks, working group discussion, interest in standardizing. 

eThaler - only project that goes from standard to standard. End-to-end solution, modeling a token to using it in a payment system for asset management. System using CDM. This spans the entire spectrum of creating the token and using it to settle trades. Not being done by anyone else. Differentiates project. Want to do in a simple way to demonstrate flow. How to demo? 

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Projects - many have stalled. 

Kelly - use cases or diagram on eThaler

Guardianship question relates directly to governance - risk with any particular instrument or asset has with respect to the rest of the market, input into analytics in calculating the risk of any asset. 

Convergence, if you can model an asset and you can model identity, you have almost the whole space covered. Become inputs into any calculations you do as far as the pricing of any asset goes. 

Karen - Look at people who originally joined the group, reaching out and letting them know about current projects. 

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Action items