Connect with us

Press Releases

Fujitsu and Digital Commodity Exchange Enter Strategic Agreement to Accelerate Digital Transformation in Global Commodities Trading

Published

on

TOKYO, Jul 13, 2021 – (JCN Newswire) – Fujitsu Limited and Digital Commodity Exchange Pte. Ltd. (DCX) today announced that they have entered a global strategic agreement to accelerate the digital transformation (DX) of the global commodity (1) trading industry, including the trade of agricultural products such as grains and raw materials for manufactured goods. In addition, Fujitsu will make a strategic investment in DCX on July 13, 2021 through a fund managed by its subsidiary Fujitsu Ventures Limited.

DCX is a holding company of Rice Exchange (2) and was established in Singapore in 2020 as a start-up company that leverages digital technologies to solve business challenges surrounding global commodity trading, including complex and inefficient exchanges and how to best ensure reliability and transparency. Since August 2019, Fujitsu and Rice Exchange have been working together to solve frictions related to global transactions with the world’s first digital global rice trading platform, which successfully deployed blockchain technology to realize efficiency with a high degree of reliability and transparency. Fujitsu and DCX are additionally endeavoring to transform the trade of fertilizer.

Based on this agreement, the two companies will promote joint projects by combining DCX’s expertise in global transactions including customer verification (Know Your Customer) (3), contracts and trading operations, with the business knowledge and system design expertise accumulated by Fujitsu in the industrial and distribution fields. Ultimately, Fujitsu and DCX aim to deliver new innovations in trading operations by developing global trading platforms for the agricultural, food, manufacturing, and international trading businesses. Fujitsu will continue to offer its robust support for DCX, serving not only as a technology partner that builds platforms, but also as a business partner, working to provide services that contribute to SDGs through the power of digital technology.

Comments from Ichiro Aoyagi, SVP, Head of DX Platform Business Unit, Fujitsu Limited
We are excited to bring DCX and Fujitsu closer together to address the growing data driven business. DCX’s power to innovate commodity trading combined with Fujitsu’s advanced technologies such as blockchain will allow us to accelerate our digital transformation business for our customers, industry, and society. We look forward to an even stronger collaboration with DCX and together building trust in data to overcome today’s uncertainties for a more sustainable and prosperous future.

Comments from Stephen Edkins, CEO of DCX

We are excited to have agreed this alliance with Fujitsu. The rice and fertilizer marketplaces that we have developed with Fujitsu as our technology and business partner are operational and have attracted some of the biggest names in the trade. DCX group companies are changing the way commodities are traded by adding trust and efficiency. Purchasing managers that use DCX platforms can assess the environmental and social impact of their supply chain decisions using the verifiable data that our platforms offer. We are now evaluating the potential to deploy this technology into other verticals.

Comments from Hideaki Yajima, President & CEO, Fujitsu Ventures Limited

Fujitsu Ventures Limited is honored to invest in DCX, which will mark the first direct investment from its corporate venture capital (CVC) fund totaling 10 billion yen, which we established on April 1, 2021. We will support DCX with an eye toward further business development with Fujitsu and will continue investments in start-up companies to accelerate execution of Fujitsu’s corporate strategy.

(1) Commodity:
Grains such as sugar, rice and wheat, precious metals and non-ferrous metals, regardless of the producer, are treated as equivalent or almost equivalent in commodity value. Most are raw materials, core resources, agricultural products, mining products, and industrial products.
(2) Rice Exchange:
Rice Exchange is the world’s first digital platform enabling rice buyers and sellers and third parties to trade rice in an efficient, cost effective and secure way. The blockchain enabled platform is designed to allow participants to interact and settle trade through a permissioned, smart contract solution that integrates buyers, sellers and service providers. It increases trust, reduces risk and delivers cost savings to the rice industry, benefiting all participants.
(3) Customer verification (Know Your Customer):
A complex process in which banks and securities companies verify the identity of their business partners before initiating transactions as an anti-money laundering, anti-terrorist financing, security trade control, or other risk measure. In recent years, not only financial institutions but also general companies have introduced the system as part of credit management checks, etc.

About Fujitsu

Fujitsu is the leading Japanese information and communication technology (ICT) company offering a full range of technology products, solutions and services. Approximately 126,000 Fujitsu people support customers in more than 100 countries. We use our experience and the power of ICT to shape the future of society with our customers. Fujitsu Limited (TSE:6702) reported consolidated revenues of 3.6 trillion yen (US$34 billion) for the fiscal year ended March 31, 2021. For more information, please see www.fujitsu.com.

About Digital Commodity Exchange Pte. Ltd.

DCX is the group holding company for a range of commodity trading platforms. It provides integrated and secure blockchain online ecosystems to trade and deliver physical commodities globally, starting with rice and fertilizers, with more markets in development.

About Fujitsu Ventures

Fujitsu Ventures is a 100% subsidiary of Fujitsu Limited, and was established on March 1, 2021 as part of Fujitsu group’s growth investments for the purpose of managing CVC funds that invest in startups and other businesses.

URL: https://www.fujitsu.com/jp/group/fjv/en/

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.jcnnewswire.com/pressrelease/68004/3/

Crowdfunding

SEC Chair Gensler Announces Policy Team

Published

on

The Securities and Exchange Commission has announced five people who will serve on Chair Gary Gensler’s policy staff under Director Heather Slavkin Corzo.

Corporation Finance Counsel Corey Klemmer was an analyst at the AFL-CIO’s Office of Investment. She will focus on ensuring policies allow investors to have the proper information needed to make informed decisions. Klemmer graduated cum laude from Amherst College with a B.A. in Law, Jurisprudence, and Social Thought and earned her J.D. from Tulane University Law School. She is a barred attorney in New York and is a CFA charter holder.

Trading and Markets Counsel Adam Large oversees major securities market participants, especially broker-dealers and security-based swaps. He has held several other positions at the SEC and also worked at FINRA. Large received his B.A. from University of Iowa and his J.D. from Washington University in St. Louis.

Climate Counsel Mika Morse is the lead policy advisor on climate-risk finance issues and most recently was senior counsel and deputy legislative director for U.S. Senator Brian Schatz. Morse received her J.D. from Yale Law School and a B.A. from Harvard College.

Investment Management Counsel Sirimal Mukerjee was a branch chief in the Investment Adviser Regulation Office in the Division of Investment Management’s Rulemaking Office, where he developed policies and rules governing investment advisers, private funds, and investment companies. Mukerjee received a J.D. from Brooklyn Law School and a B.A., with distinction, from the University of Pennsylvania.

Trading and Markets Counsel Sai Rao watches major securities market participants with a priority on market structure. He has worked in various roles at the SEC over the past five years and earlier was employed by a financial regulatory reform think tank and a data analytics start-up. He is a graduate of The University of Texas at Austin and Harvard Law School and has a Master of Financial Economics from the University of Oxford.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.crowdfundinsider.com/2021/07/178113-sec-chair-gensler-announces-policy-team/

Continue Reading

Crowdfunding

Lisa Fall, CEO of BOX Digital Markets, Waits on SEC for Regulatory Approval of Blockchain Based BSTX

Published

on

In 2018, BOX Digital Markets and tZERO entered into a joint venture that was predicted to become the world’s first regulated exchange for trading security tokens.  At the time of the announcement, it was reported that tZERO would manage the tech stack, maintenance, and support, etc., while BOX Digital Markets would provide executive leadership and regulatory expertise.

tZERO, previously controlled by Overstock but spun in the past year, is a registered alternative trading system (ATS) that seeks to lead the way for digital securities trading. BOX Digital Markets is affiliated with BOX Options Market and BOX Exchange – a registered national securities exchange operating under the Securities Exchange Act of 1934.

More recently, BOX Exchange filed with the SEC multiple proposed rule changes to adopt rules governing the listing and trading of equity securities on the Exchange through a facility of the Exchange known as the Boston Security Token Exchange LLC (BSTX). The most recent proposed rule changes were published for comment in the Federal Register on June 2, 2021. Few comments have been posted with the majority in support of BSTX. The Commission has since extended its decision by 45 days until August 31, 2021, to either approve or disapprove, or institute other proceedings to come to a conclusion.

The process of approval for a first digital securities exchange has been long, to say the least, relegated to the arcane world of securities law and the arduous nature of the SEC’s decision-making process. While most people believe the future of securities is digital, becoming the first can be hard. It is more a question of when, not if. But can the SEC greenlight the inevitable? Or will caution slow the wheels of inevitable innovation?

In advance of a possible decision, Crowdfund Insider connected with Lisa J. Fall, the President of BOX Exchange, who is also CEO of Box Digital Markets and BSTX.

We asked Fall if anything had changed with tZERO since it was spun out from Overstock. She said the relationship remains the same and tZERO continues to be their technology partner.

So why is the regulatory approval process taking so long? Fall said the timing is not atypical for an application for a new public exchange to be registered with the SEC.

“BSTX is thankful for the SEC’s thorough and vigorous process, designed at its core to ensure that, among other requirements, every exchange operates in a manner to protect investors and the public interest.”

Beyond less friction and faster settlements we asked Fall what are the competitive advantages of BSTX?

“As you mention, the central elements of the current BSTX proposal include: (i) a faster settlement preference, (ii) blockchain-secured market data, and (iii) a restriction of unlisted trading privileges (UTP),” said Fall. “In addition, once approved by the SEC as a national securities exchange, BSTX will continue filing for innovative improvements that benefit capital markets and push the status quo of the current market.”

As many industry observers know, digital securities have seen slow adoption globally. Many people believe that digital securities are the future so what is taking so long? Fall had this to say:

“Although everyone recognizes that digital securities can be an alternative to traditional listings, establishing the fully regulated trading venues that their adoption will require will involve the same thorough, time-consuming process BSTX is progressing through now. However, in the end, these regulated venues, like national securities exchanges registered with the SEC, will provide strong investor protection, and generally have strong liquidity from market-making.”

Publicly listed firms have been in decline for some years now. Meanwhile, smaller firms seek to remain private as long as possible due to cost and regulatory demands. Can a digital securities exchange mitigate this phenomenon? And because digital securities utilize blockchain, what about the potential for Regtech (something that can make regulators’ jobs easier)?

“Absolutely,” said Fall. “A digital exchange will make it easier and more cost-effective for smaller firms to access public capital markets. The market needs public, regulated exchanges to support the listing of these smaller firms. As a regulated exchange, BSTX will help fill this gap.”

We inquired about other digital assets (crypto) and esoterics (like real estate or other alternatives) as well as private securities (Reg CF/Reg A+/Reg D securities). Is this part of BSTX’s roadmap?

“BSTX will welcome any company that meets our listing standards to apply to list. BSTX will begin by supporting equity securities, including certain exchange-traded products, that are registered with the SEC. After launch, BSTX may look to expand into other products subject to additional regulatory approvals.”

In recent weeks, SEC Chairman Gary Gensler has repeatedly stated that crypto exchanges (not SEC-regulated national exchanges) demand more regulatory scrutiny. Fall said that BSTX agrees with Chairman Gensler’s emphasis on the importance of strong investor protections and well-regulated trading venues.

As for Fall’s expectations for the rest of 2021, she says they are “100 percent focused on continuing to work with regulators towards our approval as a regulated exchange and launch.”

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.crowdfundinsider.com/2021/07/177892-lisa-fall-ceo-of-box-digital-markets-waits-on-sec-for-regulatory-approval-of-blockchain-based-bstx/

Continue Reading

Crowdfunding

SEC Hits UBS With $8M Fine for ETP Compliance Failures

Published

on

The Securities and Exchange Commission (SEC) this week filed a settled action against UBS Financial Services related to compliance failures for sales of a volatility-linked exchange-traded product (ETP). It marks the sixth case for the agency’s ETP Initiative.

The ETP was designed to track short-term volatility expectations in the market as measured against a volatility index’s derivatives. The issuer allegedly warned UBS the product should only be held for short terms, and the offering documents support that contention. According to the SEC UBS prohibited brokerage representatives from soliciting sales of the ETP and also restricted its sales to brokerage customers but failed to do the same on certain financial advisers’ use of the product in discretionary managed client accounts. While UBS adopted a concentration limit on volatility-linked ETP they didn’t introduce a monitoring and enforcement system over them for five years. UBS also stopped financial advisers from recommending this ETP before being contacted by SEC staff, the document states.

Between January 2016 and January 2018, some advisers had an incorrect understanding of how to appropriately use the volatility-linked ETP and didn’t take sufficient research to understand the risks of holding them for prolonged periods. Hundreds of accounts ended up holding the product for more than one year and sustained significant losses.

“Advisory firms must protect clients from inappropriate investments in complex financial products,” said Daniel Michael, chief of the SEC Enforcement Division’s Complex Financial Instruments Unit. “We will continue to scrutinize firms’ policies and procedures related to these risky products, and we will take action when they are inadequate.”

Without comment on the findings UBS agreed to cease and desist from violations of Rule 206(4)-7 of the Investment Advisers Act of 1940, a censure, and disgorgement and prejudgment interest of $112,274 and a civil penalty of $8 million. The $8 million will be distributed to harmed investors.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.crowdfundinsider.com/2021/07/178090-sec-hits-ubs-with-8m-fine-for-etp-compliance-failures/

Continue Reading

Crowdfunding

Hinman Deposition in SEC vs. Ripple Labs Time to Look Back

Published

on

A judge’s decision to depose former Securities and Exchange Commission director William Hinman in the case of the SEC vs, Ripple Labs has the cryptocurrency industry talking, so now is a good time to revisit Hinman’s comments as a refresher.

Hinman made the comments at the Yahoo Finance All Markets Summit in San Francisco. The complete text can be found here.

He began his speech by asking if a digital asset originally presented in a securities offering later be sold but not as a security. If the digital asset represents a set of rights giving the holder a financial interest in an enterprise, there likely is no case. But if the digital asset is sold to be later used to purchase a good or service through the network that created it, Hinman said it could not be considered a security.

Hinman was bullish on distributed ledger technology’s ability to share information, transfer value and record transactions.

“There is real value in creating applications that can be accessed and executed electronically with a public, immutable record and without the need for a trusted third party to verify transactions,” he said in 2018.

Back then many tokens being offered were exactly the same as a conventional securities offering, Hinman said. People bought in early with the hope of cashing out as the system is developed and further utility is added. In those cases it was easy to apply the Howey Test, he said, before explaining its origins in an orange grove scheme. Like in the Howey case, tokens were sold to investors unlikely to actually use them on any closed ecosystem.

“I believe some industry participants are beginning to realize that, in some circumstances, it might be easier to start a blockchain-based enterprise in a more conventional way,” Hinman said. “In other words, conduct the initial funding through a registered or exempt equity or debt offering and, once the network is up and running, distribute or offer blockchain-based tokens or coins to participants who need the functionality the network and the digital assets offer. 

“This allows the tokens or coins to be structured and offered in a way where it is evident that purchasers are not making an investment in the development of the enterprise.”

Hinman also asked several interesting questions, including:

Is there a person or group that has sponsored or promoted the creation and sale of the digital asset, the efforts of whom play a significant role in the development and maintenance of the asset and its potential increase in value?

Has this person or group retained a stake or other interest in the digital asset such that it would be motivated to expend efforts to cause an increase in value in the digital asset? Would purchasers reasonably believe such efforts will be undertaken and may result in a return on their investment in the digital asset?

Has the promoter raised an amount of funds in excess of what may be needed to establish a functional network, and, if so, has it indicated how those funds may be used to support the value of the tokens or to increase the value of the enterprise? Does the promoter continue to expend funds from proceeds or operations to enhance the functionality and/or value of the system within which the tokens operate?

Are purchasers “investing,” that is seeking a return? In that regard, is the instrument marketed and sold to the general public instead of to potential users of the network for a price that reasonably correlates with the market value of the good or service in the network?

Is token creation commensurate with meeting the needs of users or, rather, with feeding speculation?

Are independent actors setting the price or is the promoter supporting the secondary market for the asset or otherwise influencing trading?

“These are exciting legal times and I am pleased to be part of a process that can help promoters of this new technology and their counsel navigate and comply with the federal securities laws,” Hinman concluded.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.crowdfundinsider.com/2021/07/178112-hinman-deposition-in-sec-vs-ripple-labs-time-to-look-back/

Continue Reading
Esports3 days ago

How to reduce lag and increase FPS in Pokémon Unite

Esports4 days ago

Coven skins for Ashe, Evelynn, Ahri, Malphite, Warwick, Cassiopeia revealed for League of Legends

Esports4 days ago

Will New World closed beta progress carry over to the game’s full release?

Aviation5 days ago

And Here’s Yet Another Image Of Russia’s New Fighter Concept That Will Be Officially Unveiled Tomorrow

Esports4 days ago

Can you sprint in New World?

Esports3 days ago

How to add friends and party up in New World

Esports3 days ago

How to claim New World Twitch drops

AR/VR3 days ago

Moth+Flame partners with US Air Force to launch Virtual Reality sexual assault prevention and response training

Esports5 days ago

How to complete FUTTIES Alessandrini’s objectives in FIFA 21 Ultimate Team

Esports3 days ago

Twitch streamer gets banned in New World after milking cow

Esports5 days ago

Everything we know about Seer in Apex Legends

Aerospace5 days ago

Boeing crew capsule mounted on Atlas 5 rocket for unpiloted test flight

Esports4 days ago

What Time Does League of Legends Patch 11.15 Go Live?

Esports5 days ago

Evil Geniuses top laner Impact breaks all-time LCS early-game gold record in win over Dignitas

Blockchain4 days ago

Rothschild Investment Purchases Grayscale Bitcoin and Ethereum Trusts Shares

Gaming5 days ago

Pokémon UNITE – 13 Things You Need To Know

Blockchain4 days ago

Uniswap (UNI) and AAVE Technical Analysis: What to Expect?

Esports4 days ago

Konami unveils Yu-Gi-Oh! Master Duel, a digital version of the Yu-Gi-Oh! TCG and OCG formats

Blockchain3 days ago

BNY Mellon Joins State Street Into Crypto Trading, Backs Pure Digital Trading Platform

Esports3 days ago

How to change or join a new world in New World

Trending