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ASX to Upgrade to Blythe Masters’ Blockchain Digital Asset Holdings Technology

Posted by Anton Murray Consulting on . Posted in Market Commentary, News

AFR

Brokers, traders and custodians in the $2 trillion cash equities market have welcomed the ASX’s decision to upgrade its post-trade settlement and clearing system with blockchain technology and the exchange’s pledge to share cost savings with them. The ASX said it would provide more detail in March about timing for rolling out the new technology being developed by Digital Asset Holdings, a New York start-up run by former JP Morgan investment banker Blythe Masters, of which ASX owns about 8 per cent. The ASX said on Thursday morning it was comfortable replacing its ageing CHESS system with a new one using “distributed ledger technology” (DLT).

The ASX is the first stock exchange in the world to commit to using the technology in a decision that may be followed by other exchanges. It will allow fund managers, stockbrokers and custodians to reduce operating costs because they won’t need to conduct a reconciliation process between their systems and the ASX’s. Instead, they will know in real time that the share ownership information in their systems is the correct version and exactly the same as the ASX’s.

The rest of this article can be found at afr.com.

ASX-listed Blockchain Company DigitalX Plans to Play in Key Cryptocurrency Exchanges

Posted by Anton Murray Consulting on . Posted in Market Commentary, News

Business Insider

DigitalX Ltd, an ASX-listed blockchain software and initial coin offering corporate advisory firm, is dipping its toes into cryptocurrency exchanges. The Perth-based company has more than $18 million in liquid assets, including $5 million in cash, more than $10 million in bitcoin and about $2 million in ether, power ledger (POWR) and etherparty (FUEL). The Board of DigitalX has initially approved the use of up to $1 million for the provision of market making services, offering both a buy and a sell price.

At the close, DigitalX shares were up 4.3% to $0.24. Earlier they had been up by as much as a third. The company has begun a risk of cryptocurrency exchanges, with a focus on the Australian marketplace. DigitalX will also utilise arbitrage trading to take advantage of mispricing across approved exchanges.

The rest of this article can be found at businessinsider.com.au.

AZNGA acquires Henderson Maxwell

Posted by Anton Murray Consulting on . Posted in Investment Banking News, News

InvestorDaily

AZNGA, the M&A outfit backed by Italian fund manager Azimut, has acquired boutique wealth management and accounting firm Henderson Maxwell in its 42nd Australian deal. AZNGA chief executive Paul Barrett, a former head of distribution at ANZ and CBA, has announced he will acquire the firm, which was founded by prominent wealth manager and Sky News Business host Sam Henderson in 2004. Under the terms of the deal, the two organisations will enter into a share swap, with 49 per cent of Henderson Maxwell shares transferred for AZNGA shares and a progressive buyback.

AZNGA will pay out the remaining 51 per cent stake to the firm’s founders. The self-licensed firm has $170 million in funds under advice and was named AFA Practice of the Year in 2016. “This is an exciting new chapter for our business,” Mr Henderson said. “We are looking forward to being part of a broader network that will enable further growth and innovation.”

The rest of this article can be found at investordaily.com.au.

What’s in store for the economy in 2018?

Posted by Anton Murray Consulting on . Posted in Market Commentary, News

InvestorDaily

It appears as though the Australian economy expanded by between 2.5 and 2.75 per cent throughout 2017, writes Janus Henderson’s Frank Uhlenbruch – but what’s ahead for 2018? While weather events created some volatility in the data, it appears as though the Australian economy is poised to expand by around 2.50 per cent to 2.75 per cent over 2017. Monetary policy settings remained accommodative with the Reserve Bank of Australia (RBA) leaving the cash rate unchanged at 1.50 per cent.

Central banks’ concerns about medium-term financial stability were somewhat allayed by macro-prudential measures designed to tighten lending standards and limit growth in riskier types of lending. The main positive surprise on the macro side was the strong rebound in the labour market after a lacklustre period over 2016 and early 2017. Over the 12 months to September 2017, employment was up 3.1 per cent, with full time jobs growth accounting for most of the gain.

The rest of this article can be found at investordaily.com.au.

Incoming Chief Risk Officer Named for AMP

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

AMP Limited has appointed a former ANZ New Zealand chief executive to replace its outgoing chief risk officer in 2018. Bringing both domestic and international experience in financial services and risk management to the position, Jenny Fagg will assume the new role on 9 February 2018, replacing outgoing chief risk officer Saskia Goedhart who will depart for family reasons, according to a statement. Prior to the appointment, Ms Fagg was based in Toronto as executive vice president, products and payments for the Canadian Imperial Bank of Commerce.

Before that, she spent a combined 11 years at ANZ Australia and New Zealand in various senior roles, including general manager, risk management; director, credit cards; managing director, consumer finance; deputy chief executive and managing director, national retail distribution; and chief executive and managing director, ANZ National Bank. Prior to that, she also held senior positions at KPMG and Citibank. Ms Goedhart will stay on as AMP’s chief risk officer until 8 February 2018, and Ms Fagg will join the company from 17 January for a smoother transition, the statement said.

The rest of this article can be found at investordaily.com.au.