On January 6, the Bank for International Settlements (BIS) announced the appointment of Raphael Auer as the head of BIS Innovation Hub (BISIH) Eurosystem Center. With his wide work experience, Mr. Auer will help spearhead the vision and strategy of the Eurosystem Centre whose main functions involve overseeing the development of RegTech and SupTech, central banks digital currencies (CBDCs) and the ‘next-generation’ financial markets infrastructures. The Eurosystem Centre, which will be opened in the first half of 2022, would have locations in Paris and Frankfurt. The Eurosystem constitutes the European Central Bank (ECB) and the Central Banks of the 19 European Union (EU) member states that use the Euro.
The BISIH Eurosystem Centre is joining a growing network of the BIS Innovation Hub centers that the BIS has established across the world. The BIS Innovation Hub was developed two years ago to become a focal point for central bank experts on innovation, to explore the development of tools to enhance the functioning of the global financial system, and to identify and develop insights into
fintech
Fintech
Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to supply a technological service that not only simplifies but also aids consumers, business operators, and networks.This is done by optimizing business processes and financial operations through the implementation of specialized software, algorithms, and automated computing processes. Transitioning from the roots of the financial sector, fintech providers can be found through a multitude of industries such as retail banking, education, cryptocurrencies, insurance, nonprofit, and more. While fintechs cover a vast array of business sectors, it can be broken down into four classifications which are as followed: Business-to-business for banks, Business-to-business for banking business clients, business-to-consumers for small businesses, and consumers. More recently, fintechs presence has become increasingly apparent within the trading sector, primarily for cryptocurrencies and blockchain technology.The creation and use of Bitcoin can also be contributed to innovations brought upon by fintechs while smart contracts through blockchain technology have simplified and automated contracts between buyers and sellers. As a whole, fintechs applications are growing more diverse with a consumer-centric focus while its applications continue to innovate the trading and cryptocurrency sectors through automated technologies and business practices.
Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to supply a technological service that not only simplifies but also aids consumers, business operators, and networks.This is done by optimizing business processes and financial operations through the implementation of specialized software, algorithms, and automated computing processes. Transitioning from the roots of the financial sector, fintech providers can be found through a multitude of industries such as retail banking, education, cryptocurrencies, insurance, nonprofit, and more. While fintechs cover a vast array of business sectors, it can be broken down into four classifications which are as followed: Business-to-business for banks, Business-to-business for banking business clients, business-to-consumers for small businesses, and consumers. More recently, fintechs presence has become increasingly apparent within the trading sector, primarily for cryptocurrencies and blockchain technology.The creation and use of Bitcoin can also be contributed to innovations brought upon by fintechs while smart contracts through blockchain technology have simplified and automated contracts between buyers and sellers. As a whole, fintechs applications are growing more diverse with a consumer-centric focus while its applications continue to innovate the trading and cryptocurrency sectors through automated technologies and business practices.
Read this Term trends.
Mr. Auer currently serves as the principal economist in the BIS’ Monetary and Economic Department, working with a unit committed to Innovation and the Digital Economy. Auer’s current role focuses on cryptocurrencies, stablecoins, and CBDCs. Prior joining the BIS in 2015, Auer worked at the Swiss National Bank as Deputy Head of International Trade and Capital Flows. He holds a PhD in economics from the Massachusetts Institute of Technology. He is expected to start his new role in February 2022.
Benoît Cœuré, Head of the BIS Innovation
Hub
Hub
A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method used by cryptocurrency exchanges. This method provides transparency and allows traders to see the depth of the market. It also allows for more competitive pricing because there is no trading desk and no price manipulation. The disadvantage of this type of platform is that sudden market volatility can shift all traders to one side of the market or the other. There can be all buys and no seller or all sellers and no buyers. Liquidity Hubs ExplainedThis leads us to a liquidity hub, which platforms and brokers use to process each trade on their platform. When many liquidity providers join together to form a liquidity hub, they can also process trades whether they are more buys then sellers or vice versa. Deals can be processed faster for lower costs. Liquidity hubs allow brokers to deliver tight spreads into their traders and execute client orders at the best available prices from multiple liquidity providers. Liquidity hubs are traditionally hosted in premier data centers with a high concentration of trading participants such as Hong Kong, Chicago, or New York. These hub services provide full redundancies on the equipment and network supporting them, including the international pipe to primary and secondary data centers.
A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method used by cryptocurrency exchanges. This method provides transparency and allows traders to see the depth of the market. It also allows for more competitive pricing because there is no trading desk and no price manipulation. The disadvantage of this type of platform is that sudden market volatility can shift all traders to one side of the market or the other. There can be all buys and no seller or all sellers and no buyers. Liquidity Hubs ExplainedThis leads us to a liquidity hub, which platforms and brokers use to process each trade on their platform. When many liquidity providers join together to form a liquidity hub, they can also process trades whether they are more buys then sellers or vice versa. Deals can be processed faster for lower costs. Liquidity hubs allow brokers to deliver tight spreads into their traders and execute client orders at the best available prices from multiple liquidity providers. Liquidity hubs are traditionally hosted in premier data centers with a high concentration of trading participants such as Hong Kong, Chicago, or New York. These hub services provide full redundancies on the equipment and network supporting them, including the international pipe to primary and secondary data centers.
Read this Term, talked about the development and said: “I am delighted that Raphael is joining the Innovation Hub team. His deep-seated knowledge of digital currencies and financial technology, gained through his extensive experience as a policy and research economist, will strengthen the intellectual foundations of the practical experimentations conducted by the Innovation Hub. The Eurosystem centre’s work will be a key part of the Innovation Hub’s growing project portfolio and will connect us with the euro area’s vibrant innovation ecosystem.”
How BIS Innovation Hub Is Creating Enabling Fintech Ecosystems
The BIS Innovation Hub was established in 2019 and maintains centers in London, Singapore, Hong Kong, Stockholm and Switzerland, with further centers planned to be opened soon in Frankfurt, Paris, and Toronto. The BIS recently formed a strategic partnership with the Federal Reserve Bank Of New York. The aim of the BIS Innovation Hub is to build deep insights into relevant technological developments that affect central banking and to develop public goods on the technology landscape geared toward improving the functioning of the global banking and financial services. Employees of the BIS work on various projects at the BIS Innovation Hub’s centres.
On January 6, the Bank for International Settlements (BIS) announced the appointment of Raphael Auer as the head of BIS Innovation Hub (BISIH) Eurosystem Center. With his wide work experience, Mr. Auer will help spearhead the vision and strategy of the Eurosystem Centre whose main functions involve overseeing the development of RegTech and SupTech, central banks digital currencies (CBDCs) and the ‘next-generation’ financial markets infrastructures. The Eurosystem Centre, which will be opened in the first half of 2022, would have locations in Paris and Frankfurt. The Eurosystem constitutes the European Central Bank (ECB) and the Central Banks of the 19 European Union (EU) member states that use the Euro.
The BISIH Eurosystem Centre is joining a growing network of the BIS Innovation Hub centers that the BIS has established across the world. The BIS Innovation Hub was developed two years ago to become a focal point for central bank experts on innovation, to explore the development of tools to enhance the functioning of the global financial system, and to identify and develop insights into
fintech
Fintech
Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to supply a technological service that not only simplifies but also aids consumers, business operators, and networks.This is done by optimizing business processes and financial operations through the implementation of specialized software, algorithms, and automated computing processes. Transitioning from the roots of the financial sector, fintech providers can be found through a multitude of industries such as retail banking, education, cryptocurrencies, insurance, nonprofit, and more. While fintechs cover a vast array of business sectors, it can be broken down into four classifications which are as followed: Business-to-business for banks, Business-to-business for banking business clients, business-to-consumers for small businesses, and consumers. More recently, fintechs presence has become increasingly apparent within the trading sector, primarily for cryptocurrencies and blockchain technology.The creation and use of Bitcoin can also be contributed to innovations brought upon by fintechs while smart contracts through blockchain technology have simplified and automated contracts between buyers and sellers. As a whole, fintechs applications are growing more diverse with a consumer-centric focus while its applications continue to innovate the trading and cryptocurrency sectors through automated technologies and business practices.
Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to supply a technological service that not only simplifies but also aids consumers, business operators, and networks.This is done by optimizing business processes and financial operations through the implementation of specialized software, algorithms, and automated computing processes. Transitioning from the roots of the financial sector, fintech providers can be found through a multitude of industries such as retail banking, education, cryptocurrencies, insurance, nonprofit, and more. While fintechs cover a vast array of business sectors, it can be broken down into four classifications which are as followed: Business-to-business for banks, Business-to-business for banking business clients, business-to-consumers for small businesses, and consumers. More recently, fintechs presence has become increasingly apparent within the trading sector, primarily for cryptocurrencies and blockchain technology.The creation and use of Bitcoin can also be contributed to innovations brought upon by fintechs while smart contracts through blockchain technology have simplified and automated contracts between buyers and sellers. As a whole, fintechs applications are growing more diverse with a consumer-centric focus while its applications continue to innovate the trading and cryptocurrency sectors through automated technologies and business practices.
Read this Term trends.
Mr. Auer currently serves as the principal economist in the BIS’ Monetary and Economic Department, working with a unit committed to Innovation and the Digital Economy. Auer’s current role focuses on cryptocurrencies, stablecoins, and CBDCs. Prior joining the BIS in 2015, Auer worked at the Swiss National Bank as Deputy Head of International Trade and Capital Flows. He holds a PhD in economics from the Massachusetts Institute of Technology. He is expected to start his new role in February 2022.
Benoît Cœuré, Head of the BIS Innovation
Hub
Hub
A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method used by cryptocurrency exchanges. This method provides transparency and allows traders to see the depth of the market. It also allows for more competitive pricing because there is no trading desk and no price manipulation. The disadvantage of this type of platform is that sudden market volatility can shift all traders to one side of the market or the other. There can be all buys and no seller or all sellers and no buyers. Liquidity Hubs ExplainedThis leads us to a liquidity hub, which platforms and brokers use to process each trade on their platform. When many liquidity providers join together to form a liquidity hub, they can also process trades whether they are more buys then sellers or vice versa. Deals can be processed faster for lower costs. Liquidity hubs allow brokers to deliver tight spreads into their traders and execute client orders at the best available prices from multiple liquidity providers. Liquidity hubs are traditionally hosted in premier data centers with a high concentration of trading participants such as Hong Kong, Chicago, or New York. These hub services provide full redundancies on the equipment and network supporting them, including the international pipe to primary and secondary data centers.
A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method used by cryptocurrency exchanges. This method provides transparency and allows traders to see the depth of the market. It also allows for more competitive pricing because there is no trading desk and no price manipulation. The disadvantage of this type of platform is that sudden market volatility can shift all traders to one side of the market or the other. There can be all buys and no seller or all sellers and no buyers. Liquidity Hubs ExplainedThis leads us to a liquidity hub, which platforms and brokers use to process each trade on their platform. When many liquidity providers join together to form a liquidity hub, they can also process trades whether they are more buys then sellers or vice versa. Deals can be processed faster for lower costs. Liquidity hubs allow brokers to deliver tight spreads into their traders and execute client orders at the best available prices from multiple liquidity providers. Liquidity hubs are traditionally hosted in premier data centers with a high concentration of trading participants such as Hong Kong, Chicago, or New York. These hub services provide full redundancies on the equipment and network supporting them, including the international pipe to primary and secondary data centers.
Read this Term, talked about the development and said: “I am delighted that Raphael is joining the Innovation Hub team. His deep-seated knowledge of digital currencies and financial technology, gained through his extensive experience as a policy and research economist, will strengthen the intellectual foundations of the practical experimentations conducted by the Innovation Hub. The Eurosystem centre’s work will be a key part of the Innovation Hub’s growing project portfolio and will connect us with the euro area’s vibrant innovation ecosystem.”
How BIS Innovation Hub Is Creating Enabling Fintech Ecosystems
The BIS Innovation Hub was established in 2019 and maintains centers in London, Singapore, Hong Kong, Stockholm and Switzerland, with further centers planned to be opened soon in Frankfurt, Paris, and Toronto. The BIS recently formed a strategic partnership with the Federal Reserve Bank Of New York. The aim of the BIS Innovation Hub is to build deep insights into relevant technological developments that affect central banking and to develop public goods on the technology landscape geared toward improving the functioning of the global banking and financial services. Employees of the BIS work on various projects at the BIS Innovation Hub’s centres.
Source: https://www.financemagnates.com/executives/bis-announces-appointment-of-raphael-auer-as-head-of-the-innovation-hub-eurosystem-centre/