The Economist, Bitcoin is no longer the only game in crypto-currency town (Jan. 13, 2018)

First on the list, after bitcoin, was Ethereum, whose coin, called ether, reached a market capitalisation of $137bn. Ethereum’s claim to fame is that it is also a platform for “smart contracts”-business rules encapsulated in software. Most ICO tokens, for instance, are issued by such contracts. Its success has attracted crypto-copycats: Cardano ($20bn) and NEO ($8bn), a Chinese version.

Ripple, too, is defying gravity. It is all the rage in crypto-crazy South Korea, which this week roiled crypto-markets with plans to ban trading on exchanges. Ripple sells software to move money between countries; more than 100 banks have signed up to its technology, based on a coin called XRP. Its market capitalisation jumped by more than 40,000% in 2017, reaching nearly $149bn on January 4th, before falling back to $78bn. That still makes Chris Larsen, a Ripple co-founder, one of the world’s richest people, at least on digital paper.

エクイティ・リサーチ

The Economist writes

A fall in trading revenues makes the economics of providing research less attractive. …

The attitude of asset managers is also hardening. With research expenses “bundled” into commissions for executing trades, brokers tend to flood their clients with research reports in order to try to grab a larger slice of trading revenues. Asset managers leave most of them unread. …

Old-style research is not about to die. Big banks retain 56.2% of the “research vote” (smaller brokers take another large chunk). Bank bosses still value the support research analysts can give their profitable investment-banking and corporate-advisory businesses. But with budgets under pressure and competition growing, the market is becoming more efficient.

via The Economist