Blockchain for Financial Markets

London Financial Studies
Course summary
Corporate Training for Teams
Corporate Training for Teams
Course Dates
Online courses
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Course description

Blockchain for Financial Markets

Analyze the most promising private blockchain solutions via a series of workshops, coding exercises and real-world examples. Explore different Smart Contract possibilities and their use, as well as the reality of Initial Coin Offering (ICO), with a focus on current financial applications, privacy and scalability issues, and a look at future applications that can be developed.

The Blockchain for Financial Markets programme draws on the underlying technology and the business model of public blockchains - Bitcoin and Ethereum - to form the knowledge base, upon which you will learn how to develop businesses; as well as understanding how this can revolutionize transactions, securities, financial contracts and platform apps.

Can't travel? Don't want to travel? LFS Live brings the class to you!

  • Live interactive training from world renowned practitioners in the comfort of your own home
  • Real classroom experience without the inconvenience of travel
  • World class teaching from the comfort of your preferred location

Please contact us for more information.

Suitability - Who should attend?

"Blockchain for Financial Markets: Technology & Business Applications " course is suitable for:

  • Quants / Financial Engineers
  • System developers
  • Risk Managers
  • Strategists, Researchers
  • Settlement and Back-office IT

It is assumed that participants have a familiarity with Microsoft Excel and a basic understanding of financial transactions and derivatives.

Training Course Content

Day One

Current Monetary and Payment Systems

  • Commercial bank money and deposits. Money creation
  • Correspondent banking, international payments and SWIFT
  • Settlement finality, RTGS, Netting, Reconciliation
  • Central bank money and the TARGET2 example
  • The issues in the current system. From fiat to digital money

Foundations of Blockchain Technology

  • Basics of Internet technology
  • Foundations of cryptography: hashing and asymmetric cryptography
  • Digital signatures with examples
  • State Machine Replication: fault-tolerance, single points of failure, determinism, transition function
  • Distributed Databases: replication vs. duplication, homogeneity vs. heterogeneity
  • Game theory, Consensus Protocols, and Byzantine failures

Understanding Bitcoin

  • The three pillars of a digital monetary system: how Bitcoin gets them
  • Digital transactions: Pseudonymity, Fees, and UTXO architecture
  • Wallets and Scripts. Multisig and n-lock time
  • Double-spending risk and proof-of-work. The business of Mining
  • From game theory to the reality of mining

Smart Contracts and Ethereum

  • Understanding smart contracts: from paper to self-executing contracts
  • Ethereum Account Architecture, Virtual Machine, Gas
  • Smart Contracts in Ethereum and DAPPs (Decentralized Applications)
  • Example Smart Contracts in Solidity: Notarization, Escrow, Tokens
  • Analysis of Smart Contract risks: The Dao, Parity etc.

Advancing Blockchains: Privacy & Scalability

  • Giving parties Legal Identity with Confidentiality (ring signatures, stealth addresses)
  • Shielding transaction amount (homomorphic encryption, zk-snarks)
  • Payment & State Channels (Layer 2), Sharding to increase throughput and reduce latency
  • Sidechains and the Lightning Network

Blockchain Governance: Consensus Algorithms

  • The limits of proof or work. Energy Consumption and Settlement Finality
  • Proof of stake and delegated proof of stake
  • Proof of authority
  • Voting (Practically Byzantine Fault Tolerant Algos)

Private Permissioned Blockchains

  • R3, IBM, DAH, Constellation design: point-to-point networks with bilateral ledgers
  • CORDA controllable Smart Contracts in financial practice
  • Ricardian contract to link smart contracts to legal documents
  • The ecosystem of services for private blockchains
  • The Ethereum private blockchains. A bridge between Private and Public
  • How to match Identity, Privacy and Governance with decentralization
  • Ethereum Enterprise Alliance and JP Morgan Quorum

Day Two

Workshop: Digital Signatures, Transactions and Smart Contracts on a Test

BlockchainFrom Cryptocurrencies to Central Bank Digital Currencies

  • The cryptocurrency market and the ecosystem of wallets, exchanges etc.
  • The most relevant cryptocurrencies and their technological advances
  • What technical advances can be exported
  • Ripple and The Utility Settlement Coin
  • Currency collateralized by Reserves or by Commodities
  • The US, UK, Euro digitalization perspectives and Projects Jasper, Ubin, and Khoka
  • Monetary policy for Price Stability and Credit in a digital currency

Financial Intermediaries on a Blockchain

  • Order-books, exchanges and decentralized exchanges
  • Delivery vs. payment and Cross-chain Interoperability. Token standards
  • A UK FCA Sandbox bond issuance
  • New Roles for Intermediaries. Key Management, Identity Management, Monitoring etc.
  • Central Counterparties path to transformation - Streamlining, Tokenizing, Smart Contracts to become counterparties of last resort

Derivatives and Collateral on Blockchain

  • Weaknesses: reconciliation costs, settlement delay, herstatt risk, collateral inefficiency etc.
  • The consequences of inefficiency and opacity: CVA/DVA, FVA and capital costs
  • A practical example: Smart CSA Contract to manage collateral
  • Netting automated algorithms to reduce costs and risk
  • Oracles and Trusted computing
  • Data providers for Distributed Ledger Technology (DLT). The future of data with DLT

Business examples with Blockchain/Smart Contracts

  • Trade Finance beyond Letters of Credit
  • Digital bills of lading and proofs. The tri-party smart contracts for buyers, suppliers and carriers
  • Supply Chain. Traceability, Transparency & Quality assurance
  • Tokenization
  • Private Company Money/Specialized Money
  • Notarization and Unicity proof
  • IOT & AI application opportunities and limits
  • Social & Mutual Networks

Initial Coin Offerings (ICOs)

  • A natural next step after permissionless money: permissionless property/funding
  • How tokens are issued. The types of tokens, the legal aspects, the distribution schemes. Different ICO strategies
  • The Good, the Bad and the Ugly. Analyzing famous ICOs: Tezos, EOS etc.
  • Trading ICOs and Cryptos. Crypto Funds and diversification strategies

Regulating Blockchains, ICOs and Cryptocurrencies

  • Digital currencies: Commodities? Currency? Securities?
  • Fiscal and legal treatment
  • Compliance on a Blockchain. Different regulatory approaches in different jurisdictions
  • A legal framework for Smart Contracts and the ISDA CDM standardization
  • ICO: utility token, charity tokens, security tokens. Examples and regulations
  • Cybersecurity: the risks and the solutions
  • Issues: integrating with legacy systems

Course delivery details

  • Live interactive training from world renowned practitioners in the comfort of your own home
  • Real classroom experience without the inconvenience of travel
  • World class teaching from the comfort of your preferred location

This course is also available in New York Time Zone and Singapore Time Zone

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Exclusive Teaching for Capital Markets & Investment Bankers in Europe, Americas and Asia Pacific

London Financial Studies are specialists in delivering professional development for finance professionals focusing on capital markets. LFS provide individuals, teams and companies with expert teaching that combines theoretical understanding with practical experience, giving them the knowledge to operate at the...

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London Financial Studies

34 Curlew Street
SE1 2ND London

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