How digital currencies will reshape the global financial system.
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The last big shake-up of the global financial system occurred fifty years ago and it was driven by a policy decision: following the collapse of the Bretton Wood system the USD because of the dominant currency in the global financial system. That system has lasted for half a century and survived several crises including the Great Financial Crisis in 2008.
Fifty years later the global financial system is going to be reshaped, but not as a result of politics but by technology. The rise of cryptocurrencies and the launch of digital currencies could reshape the global financial system with a reduced role of bank intermediation, the rise of blockchain-based payment systems, the broadening of investment opportunities to a larger pool of investors and potentially a reduced role of the USD.
About the speaker
Massimiliano Castelli, Head of Strategy, Sovereign Institutions, UBS Asset Management
As Head of Strategy in the team serving sovereign institutions globally, he analyses the market trends affecting the investment behaviour of central banks, sovereign wealth funds and other state-controlled investment institutions. He works closely with the investment teams in providing investment advice and developing tailored investment solutions for clients and prospects across regions. He is a member of the UBS Sovereign Investment Management Committee.
Max established himself as a global thought leader on the macroeconomic, financial and political trends in sovereign wealth management. He has often been called in by leading institutions as an expert on global economic and financial matters and regularly publishes articles and research on international economic policy and financial market issues and he is often quoted in the media. He has an extensive list of publications and articles including the book The New Economics of Sovereign Wealth Funds published in the Wiley Finance Series.
In his twenty-five-year-long international professional career, Max has been Head of Public Policy for UBS in Europe, the Middle East and Africa, Senior Economist at UBS and a consultant advising governments and corporates in emerging markets on behalf of international institutions. Max holds a PhD in Economics from the University of Rome where he lectured and an MSc in Economics from the University of London.
He is a Fellow at the Sovereign Investment Laboratory at Bocconi University Milan, a Fellow Milan at the Transition Investment Lab at New York University Abu Dhabi and the Vice-Chairman of the Asset Management Investment Council, International Capital Market Association.
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This event is brought to you by: BCS Financial Services specialist group