저자: RayDalio발언인용/진행자MichaelWaits · 외국인
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Ray Dalio가 싱가포르에서 AI 버블 경고. 진행자는 AI 인프라 투자가 금융 수익으로 이어질지 의문을 제기하며 2000년대 닷컴 광섬유 과잉투자와 비교. 현재는 수요가 공급을 초과한다고 주장. Temasek CIO는 2027년을 AI 투자 수익 검증 시점으로 언급. 주 출연자 발언은 블록체인 기반 금융 신원(KYC/KYA) 및 AI 트레이딩 모델 소개 위주로, 자산 가격 전망 발언은 없음.
다듬은 글
Hello, Asia The most Important Technical NEWS We Inclusive ATB To Insights Welcome. Today Thursday, 2026 October 22. Let's go. To that Let's go. AI About Bubble Warning giving In Singapore Ray About Dalio We To speak Going. Again, today Let's Guests A great one There is a line. LTP- Chief of Business Officer Shawn Lawrence With us Will join.
Later In the program, Knight Intel's Founder Bernadette Panteleimon With us Will join. Finally, TI Medtech's Founder and CTO Dear Dr. Erwan Moideen. Our All To the guests Some To the news Before arriving , our Presentation Sponsored On Twilio From Let's listen. You Need to connect AI-based With workflows Without complications Amazing Customer Intervention To build Safe and Scalable The platform is Twilio.
300,000- More than Businesses Them Believe . More Making it possible This is the platform. . Today itself Construction To start twilio.com Visit. Okay, let's Some To the news Let's go. Look, Ray. Dalio Recently Was in Singapore , an AI About the bubble Warning Was giving . Look, Artificial Wisdom Surrounding Mood Changing It seems.
This Week In Singapore Some similar Interesting Things It happened. Global Business Leaders, Investors, Policymakers and others Two main At gatherings , artificial About intelligence Conversation More caution Maintained. On October 7th The milkman who walked Institute Asia Also at the summit Forbes Global CEO Also at the conference, Discussion of AI Big Technical For the possibilities Beyond Moved, that Of making Economics , more Autonomous Systems To control Ability, most For people Actually To maintain More than possible Quickly In progress A Technology Deploying Consequences About Increasingly Important Some To the questions Moved.
Fairly If you say, The most clear Finance Warning On Ray Dalio From. You Of course Ray About Dalio I have heard. . He Principles The book Wrote, that I want to read. Highly recommended Doing. Me again, This is a book. Not a club, But I am this Book Read this. Really Good. In the world The biggest Hedge fund One of the institutions Bridge Water Associates Founder Also He.
Artificial Intelligence Surrounding Current A passion Classic What is a bubble? Dalio Described . In this my stance You know. , that To explode Possible cause Situations It's getting closer. He Warning Given. Fairly If you say so, Ray With Dalio I will argue. Too much time Will not spend . But this in the situation, Maybe We Than him A little more Attention Maybe it's being done.
, but he About it Thinking Some Through things Let's Let's pass. AI In infrastructure Committed Of capital And in what quantity For investment Financial assistance To give Debt Increasingly In use His Concern Rooted . Yes I am Meant , look, In debt Attention Rather than focusing More In equity Attention To focus You Don't want , of course.
Artificial For intelligence Permanent Need Hoping Computing Capacity To increase Technology Companies Hundreds Billion dollars Spending He Believe , and that Investment Most of the Final Finance Income To know Before What is happening? He Believe . I do this. Let me tell you. This In the case I To him Disagree .
That financial Income What will happen? We know. I I don't think so. To be honest, That financial Where is the income? Will arrive We know. I I don't think so. I am a lot Conversations Has been done , of this Finally I About this Will talk. That's right, that ATP Now Traveling We It should be mentioned, We Doing in matters One, Fortunately, In the world The most Big and Important Some To investors To speak We have a chance.
Getting That is. SF Tech For the week We are San In Francisco . Look, To us Said in matters One, Of course, This is-you This is before I heard I know, But In the world The most Big and Important Some investors Over time For me had A To the thesis Fits: 2000s In the beginning, Internet Demand As expected , Internet Bubble's At the beginning What happened From this Is it different?
; People now To maintain Trying . Now that It's the opposite. Artificial intelligence Requirement To maintain People now Trying . My In the opinion , this growth What is happening Because, For people More Compute What is needed Because, chip On the market Controls Of what is Because, in the future Expected Requirement Not to fulfill , on the contrary Current Requirement To fulfill People are Buying That is.
Moreover, People Unexpected Need Moreover, Now Expected Need, next Five or six For the year This Will continue It seems. That's why For chips For computers Need So much High, Data For centers The need is great. High too. AI More When developing , Software For development Automatic Software For development More Demand Getting.
My In the opinion , let's Forward Let's go, Ray. Dalio here What is Thinking This Conferences The rest Parts What is it about? And spoke Let's talk, But my In the opinion For them Here For trees Forest I am losing. I think. Look, Increasingly Interest rates , investors Collected Wealth Cashed When it needs to be changed Very Importantly That has changed Dalio Explained.
For me Got it. Rates Rising You too Me too To see It's possible. Look, Around the world Still Basic Inflation Exists . My In the opinion , this is a Investment show No, but In the past That was right. With people We Always No need to agree. . Financial assistance Expenses When increasing , again Ray's In the opinion , leveraged Investments To maintain It becomes difficult.
. Obviously, Bond On the market Participated To anyone, I For years Government Bonds Trade Done . That's for sure. Asset sale market In evaluations Stress To apply Will begin. So far so good What happens? We Haven't seen it. Basic Technology In it By investing received Finance Income Between you and me Dalio is a Main Difference Showed.
Look, All kinds New Technical For the wheel This is correct. Where is the value? Will arrive You don't know. , but that To someone Will get To you Sure. Look, Everywhere People Always Speaking They are the same. For example Using , some Communication Companies, Comms Companies By investing 2000s At the beginning Under the ocean Invested Fiber, For a long time It was empty.
. But, that Different . They To satisfy attempted overdose Demand There was no . They To build Tried Expected Demand There was . Today Artificial intelligence In the region, Massive overdose There is demand. For hardware For software Moreover, Big Initiatives Small Initiatives Actually Gentic AI, Real AI and On scale To deploy It has begun.
Actual use For cases. Our Own In business This is us See, this trend Will continue We Believe . 5 years ago This before Will happen We Not expecting , but now That What happens? We I see. Look, what For technology Substantial Finance Value To create Can, and any Personal Special Investment Working Not working Let's do it.
Speculation Investment Wheels To conclude Previous To the circumstances market It's getting closer. He Said. A To the extent He Said Right, Speculation Investment if there were That It would have been okay. . Fairly If you say, last week Moreover, Last 6 I have been for a month. With people A lot Conversations Has been done , Especially Artificial Intelligence In companies Some of the things done Giant Investments Actually Will you see the result?
About . Some will do. , some No. But we What. But I Really Believing , for services Current Demand We have, that Services Where is Working , they By making Those services By giving To whom Benefit Getting, Who is To win Going I don't know. . But Of course Winners There will be, that Winners Let's It's all around.
Fairly If you say so, Ray United In the States He is the best. He is here. Regularly Living . Past Like in the week He Silicone To the valley If it comes, next Week we In Los Angeles Will be, After that next week In Vegas Walking bell We will continue in 2020. Will participate. This In the ecosystem We already Some of the things I saw Things Our Mind Surprised.
. What we see Things Moreover, We Speaking People. Demand To satisfy Now Being built Objects Quantity. I Spoke, Data To donors Spoke, Infrastructure To donors Spoke, Chip In business I am with people. Spoken. Demand Already There is The fact is my In mind Undeniable . Expected Demand Not to satisfy , demand To satisfy People Things Manufactured .
That is very big. It's a difference. I was there in 2000. There was . All this fiber Manufactured You saw, That It's speculation. You know. . We Not to be pointed out Another One of the differences , that was then From It was different. is, First of all, Internet To use People To convince You Tried That is.
Now we People Internet To use No need to convince . To tell the truth , Artificial intelligence To use People To convince We Not trying . They already That Using , for them Required Computer Quality For them Not available . OpenAI, Anthropic etc. Companies and this In the region lasting Other Companies Saying, Let's To satisfy impossible Requirement Already There is.
That is. That Very Different . Okay? In Singapore Conversations, Own In the right Interesting, AI Systems More With freedom To work When possible What About what will happen Increasingly Concerned Revealed . Okay. Look, Autonomous AI Agents Full above Control There is Claims Suspicious To be counted Singapore Foreign Affairs Minister Vivian Balakrishnan Warning Given.
Here I am To him Agree. Isn't that right? Because our Human 100% of employees To become autonomous We Not allowed I don't know. . A In the event Our AI Agents Completely To be autonomous We Not allowed . To tell the truth , "Agentric AI- The main One of the parts With humans In collaboration Built Will be cooperative "That By saying I am today To someone Spoken.
An AI agent To do it impossible To one Upon arrival, They head Instead of upholding , "You can Something to find If not possible , stop, Review , special In the areas they Curate Doing Human Experts A To the group Go, that Agents To help Okay, that's it. Agents Used They are people To do Want Things To do Help" He said.
" Okay? Now, Look, Baal. Christian Warning Given, Advanced AI, State, Non-state In the areas For the actors State-of-the-art Weapon capabilities More Will be made available . Me too Will say. The barn The door is already Open . That barn Let's open the door. To close Can't For all of us Already know.
Already enough Artificial intelligence Yes, all In the ecosystem Bad For the actors That's already Available. Look, bad. Actors Excellent Technology Using What to do? We Worried Time If spent , let's Never New Technology To develop Can't. But Of human history In the long run, The most Dangerous Technology , for people Will cause danger We thought Technology (Atomic Energy for this Excellent Example) Always Humans Curate And do Control and Done , that's our Life Making it better , that's more Not aggravating That is.
We Forward When it goes Continued I will see you. I think. That About the story To learn more Before, Our Second Sponsored In Boomi From a Quick message Will get. Artificial For the mind Data Activation The company is Boomi. Boomi This has power. Gives. Your Throughout the business Data By bringing to life Agent Enterprise.
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Look, that too. Very Important. Among investors From Constant Information flow I want to listen. Want . In the world The biggest Sovereign Wealth In funds One is Temasek That Remember. AI Investment Description Power Finance For markets A major As a risk They Recognized . Look, that's it. Their job.
A big one Sovereign Wealth Fund As, Their work Price Determined At risk Invest Do Moreover, that Risk Simplify Do That is. Consumers AI By accepting Enough Income If not created Technical Evaluations Supported Big Expectations It will be weak. His Concern. Of course. That's right. Fairly If you say, all Investment And on the wheel.
Anyone To insult Not intended . Open If you say, About this To speak , let's Access Without kind of They are data. And I see To see Him On the show To include We Want . 2027 is For companies Their AI In investments From clear Finance Benefits To express More Stress Facing A That is the period He Special pointed out .
I will say this, We Why? This has a Deadline Determined ? 2027- About Something Speciality What, that's 2026- From Is it different? ? We have until 2028. Why? To wait Can't? Look, His In my mind, today walking Cost Commitments, Again, Technical Distribution Of the network Increasingly Big Part Supports .
New and Relevant Important A Technology Public In the domain Every time you enter This Happens . Expected Of income Substantial Revaluation Wide Infrastructure Across the market Investment Decisions May influence . That's new. That's information I I don't think so. In that case, Ray Dalio Said Things More Let's make it attractive.
Relevant, But open If you say, For me So Doesn't seem like it . In Singapore About the discussion Let's A little bit Back Gone About it Let's talk, Isn't it? Artificial Of intelligence Basic Facilities Finance Possibility, For businesses That Technology By using To demonstrate possible Commercial With value how much Related Highlighting .
Me again, I Speaking others Based on , artificial Of intelligence Usage Not in a state of stagnation I think. That Accelerating . That Accelerating To be continued. That To lead Going. In investment Continuous Acceleration To lead Going. This Throughout the conversation I As said, Winners Who will it be?
Do we know? No. Those winners Who will it be? Definitely saying Someone Either To you Are you lying? Misunderstood? Will do. But Winners There will be. Finally, today What we see Evaluations , historically Always It is true, In the future we Seeing Of evaluations In the background Strangely It seems.
This An investment Not an advice show, But this Someone Speaking Only. Multiple Tech Bicycles Those who have seen Experience it. Okay. Let's Let's do it. Our Guests To visit Before Our Final About the sponsor Let's talk. Beyond ambition Moving Original Business Influence And give AI that does Using HCLTech Fast Progress Achieving .
Technology Original Digital Converted Global to change Initiatives Believing Authorized AI Leader. HCLTech Fast Progress Achieving . Okay. We On the road The fact is I Already Mentioned, But that Again Let me point out . Here is our Background That's different. To you Can be seen. We are currently San In Francisco .
Our US Show AGTP Using We are some Things Doing. We have a ton of SF Tech Week At events Participating . More Tech At events To participate We are next. Week in LA There will be. Las Money in Vegas 2020- In our Travel Ending Finally To Asia Returning Will do. My Name Michael Waits. I'm leaving now. to say Going.
Okay, Everyone. Knight Intel's Founder CEO Bernadette Panteleimon Let's Welcome Let's do it. To you To speak We Wanted, And today With us For joining Thank you again. Portable Financial Identity, Finance Institutions Border Across To customers How Helps , maybe Risk More Exactly Evaluating About To you To speak We Wanted.
But the knight About Intel We To that To cross Before To you To us A little Things I can say. Thank you, Michael. So, we Knight It's a startup. . So, this A trust Intelligence Offer cross- Border Finance Is. So, We Doing Identity, KYC, KYB, finally KYA and Synchronize Your Agents A trust Intelligence To the report Do you know?
Do That is. Traditional In finance Web In three one's Identity Accurate Finance History To create We do that. Governments, Banks, Fintechs, Neobanks, Blockchains etc. For institutions Sending. Got it. Traditional In finance Web In three Information available How are you? Will it be unified? Because those two And things So far so good Differently It seems.
That's right. Then, the data To understand We are AI Using , but we Open Financelo API- It is Kalilo. Bank Doing. So, we What is API? With donors Becoming a partner It's like. For example, Western In countries, For us Plaid. Southeast In Asia, For us There is Moneytree. Oh, sorry. For us There are branches.
. In Japan, For us There is Moneytree. Therefore, these Trust Fee-paying Institutions It's like. Web Three Public Is. So, This is the chain. Agnostic . To the user Their Wallet To connect We Requesting . So, Plaid Chain Analysis As if combined Think about this. Then AI Person To study To interpret We Allows .
So, this Actually A kind of Interesting. Then, you What is Doing? You therefore, I am active. Information Taking, Because you I have KYC To do I Want . To tell the truth , I am KYA- About Later Let's talk, Because this is very That's interesting I think. But I Interested Which Because of the reason I use this service.
Choosing . So, For me Excellent Finance Services Will get, I have some Loan Applications You will get it. Anyway. And then You are mine. Data Take it, web Three in matters From that Consolidate. so am I To you My Crypto To the wallet Access Giving? Yes. How am I? My Crypto Wallet's Private key How to part handle Let's do it.
Or Let me tell you, What am I? What do you mean? Did you know? ? To you That's exactly it. I understand. So, we Yours too Your Transactions Analysis Not doing . So, we Deep The chain that goes Analysis Not like. So, we Doing Longitude Data is, That is Michael In the UK, his Monzo Bank Account Long ago Open, Yes.
Since 2001 it Regularly X amount Was earning , last 5 For years To him AML or Unquestionable Transaction Never Flag Not done . Right. Then Web3 For the part, We told them Wallet To connect Requesting , then Suspicious Something There is We Track To do Likes , that was before Flag If done . Therefore, other Finance With donors Compared , we do that Of course No need to do .
This month you 5,000 Spending Later So And do Doing. So, that's it. It is history. Got it. So, Web3 About For me Always It was interesting. One thing, one Fixed At the level Visible There is transparency. , yet Who is that? You don't know. That is. People Web3 Accepted, Because they Their Finance Life To enjoy This kind of Decentralized But Unknown Ability is required.
Web3 With accounts , Cryptocurrency Possession Placed Or Stablecoins Possession Placed , yet To give me I Want That is, Traditional Finance Benefits To receive saying Person How are you? Will you classify? What am I? What do you mean? Did you know? ? Because Web3 Person This is in part A little bit Inconsistent It seems, Yes?
M..that It's true. Hmm, Against that, a There is a conflict. , because um Crypto too Traditional Finance Now More than before More Let's get together. I think. last week Traditional At the summit I am on Ethereum. There was , we are a Was at the round table , in discussions One Regulators when Border Will draw is, Because now Traditional Finance General To the blockchain Coming.
So, Your With question in relation When? To be classified , and a Decentralized Blockchain Later a Traditional Finance Then Crypto Native A User Control . Traditional Finance Take advantage. So, these two And the worlds Because they don't talk. Knight Useful I think. Actually, Yes, Most likely No, but yes.
, sorry, Forward Go. Yes, traditional In finance Even this Banks Not speaking . So, that's it. Knight's DNA It's like, Because All this Started I am the same bank. When opening, Three Different In countries Same bank Used. Yes. And I When I got home Bank Business I am looking for a loan. As it does , these different In countries From My PDF Reports They Disrespectful .
Then, can Cannes For people To understand For For me About this Clearly Can you tell? So, You What is Suggesting , I am this Forging. , right? To you Three In places Bank Accounts There is Let me tell you. One In the Philippines too One Also in Singapore One In Japan too , they are all the same Kind of , Bank of In Korea Are from .
UOB or OCBC, that's for me No problem, That No problem. For me. And yet, To you In Japan One in the bank Million dollars There is Think, but You In Singapore Money loan To buy Trying . Singapore The institution, "Yes, You Broken "What is it?" "Says." Is that you? Suggesting ? Yes, that's it. We do Trying .
So, For us Need Your Identity and Your Finance History and Borders Crossing Applications Crossing To carry It is possible. , Cross Like borders Moreover, Because now Identity and Finance History and Static is, that is In Singapore Your KYC If you check That In Singapore It will continue. In Japan All of you Again Should be done.
So we To do In Singapore Verify , your Finance History Bring it, Your Credit Score Bring it, Because every Jurisdiction Their own There is a law. You Border When crossing this History With you Take it, Then New The country It will be a bank. They To you Should I give a loan? Whether or not Final Conclusion Take, But At least For them Your About history More At least once Got it, because Finance In history From Excluded Many similar People Actually Not broken .
Modern Income earners That they are It's strange. A traditional Banking In history A Strange Profile. So we Wanting Yes, so We do Wanting I am not. To prove A User 40 Page PDF To bring Instead. For me Assets As is Broken. To you You may like it. Yes, yes, yes. If so , Traditional Finance To strengthen Traditional Finance History To bring Open Banking APIs Our I have it, Then We Want , we have There is Web 3, Then We Still Initial In the phase, But Revolut, Mercury Any such Modern Income Digital Banks Like YouTube, Shopify In From Data Compile is that Project A part.
Yes, About the person A trust Like the profile Really Sync . Then Things Really Getting complicated This is where, Isn't it? Because You Said Right. I have a Revolut Account If yes But I A JP Morgan Account There is Let me tell you, Then I have a UOB Account There is Let me tell you. That Things are one At the same level Each other Not connected .
I have everything. In the country too A UOB OCBC account Account If yes That Different . But a In the country lasting Balances Another In the country Making it reliable What will happen? ? That's the bank. At the level Should it happen? ? Does it have it? At the country level Should it happen? What am I?
What do you mean? Did you know? ? What is this? To make reliable Going? Reliable? Good Question. Actually, We For the first time Night When created , that's our Banks were Goal. So this is a Must be B2B2C. But Later Recently Let's In governments Interest Getting. So this is a To be like B2G It has begun.
. Because now 37 KYC providers Exists, But None of that Identity In the case Separation No need to fix . Recently Revolut- A hack in It happened. Oh, KYC- With in relation Angry A Customer Emerged. So All of these To upgrade Correct It's time. I really I think. Your Question In the case, Innovation Usually Two In a way Coming.
Sometimes Government Something Will be implemented , they call it FinTechs- Note To request I would like to. Then FinTechs- Founders of Bank Created From the structure Something To create I would like to. But Sometimes it Down Going Above. On the stripe What happened? Like. To PayPal Delirious Two There are brothers.
, how much is that That's bad. Did you know? , how much is that That's bad. You know. . You do that. In what was said For me Happy. In my head had Word That was it, But I do that. To say it out loud Not going, But you In saying that For me Happy. Sorry, Forward Go. Yes, later. They did it. Renovated, They Stripe Created.
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So, Your To the question, For me Accurate No answer I think. This is case-to- Case That is basic I think, But With the knight We Doing We Scoring Not doing , we Finally Not saying, We are the occasion. Gives Okay. A person To understand Finance Institutions To help , they still That person Bank Do you want to?
Whether or not They Finally Will say. Yes, Very Fair. Another in a way If you say, You Not making a decision . You For them Giving. You are this Fragmented All information , fragmented Documents, a Unified Reportedly It's changing. More Non-traditional Institutions Emerging Over time it To do More Is it getting difficult?
? That is, Revolut Moreover, every day, Especially You Different In countries Financially If it works , different A Payment System There is For me It seems, That is Different Payment Rails, That is, each In the country too Different Payment Companies Possible. That All information Take To someone Resistant A To the report Combining How hard It is complicated.
, what am I What do you mean? Did you know? ? To you In it Very good There is a point. Actually, I As mentioned , in Web3 Traditional Finance More, Unified More Getting together As Changing . Recently, A lot of neo- With banks A trend There was . Web3 launch Doing, Mr. Beast Like More attention Focusing , Especially Gen Z For children Working Fintech app Buying Like.
Silicone In the valley Carrot A Special Startup Emerging , they Especially For YouTubers Service Gives. And yes. Then Another neo- Bank too Has emerged , it is military Veterans Specially Service Gives. So, Your The question is very It is timely, Because Traditional Finance Such Demographics Avoiding .
Yes. Finance Condition Not giving This Demographics Address To do These people Specially Caring A Neo Bank By creating People Compensation Gives Or Founders Compensation Gives. But Did you know? , a hyper- Specific In the audience You are a Neo Bank As soon as it starts You To the disintegration More Adding.
But Honestly If you say, All this To identity Shrinking. To you A special one Interoperable Identity As needed , Mercury What is Seeing, JP Morgan What is Seeing, What is UOB? Seeing That For Revolt To understand Can. So, That's us Doing. Border Crossing Understandable Different Fragmented Systems. This is a win- Victory That the situation Did you know?
? For banks For fraud 79 per year Million dollars Like being lost , deep Deep AI Like AI this Scalable Made it. To you Now Literally Your Face To fake Can. Anyone have this? Can be faked. By the way. Nobody This Will not be faked . Anyway, Forward Go. Yes. Then Fake pass Pass pass pass Pass Pass Made Documentation .
We Still PDFs Relying , right? So, Scammers Their methods Using Getting better , but we Still Manually In compliance Also in PDFs Things Doing. So, Did you know? , let's Need At least Like crazy people Move forward. is, As you know , All in one Retina scan I want to be Want . That Forgery Really It will be difficult I think, But that Implementation Really It will be difficult.
. Let's Can you talk? About this Can you speak? And in this Identical Payments Where is Coming? Then Payment Conducted Any Special For the agent Who is Responsible Let's How Recognize Or Some In cases, A business? Person Stable Coins Using Paying A world I want to see Can, Then Their For agents On your own A wallet Yes.
That If it makes sense . But, I am 10. Agents 100 Agents? That there may be To the type That Will spread. I have tomorrow. Spin one. The next day To kill it Can. Agent In perspective From that At the level Separation And of life And death Speed How handle Can you do it? That is very good. Question. Okay I said I will say, last In August In Singapore IBS With intelligence I am banking.
Was at the summit. . so am I Traditional And in bankers Digital And in bankers Was sitting . I am with you. Let me tell you, Michael, Of the coin These two Sides With agents Original Of conversation In the case what are they What is being done? Still I don't know. So Everyone Their own Similar method Testing .
Here In Japan Even more so than the JFSA More It is becoming , I am testing Terms I will tell you openly. Agentic Payments Like, but Now The biggest Player KYA Doing Like Your Agent Alibaba is Knowing It's like. They To create KYA Big Singapore With banks Participation Established. So In life We are here Developing Really a David and Goliath It's like I will say, Because in the future We With Alibaba To compete Going.
Then we How is that? Doing Is, Our KYA Using I Developed Framework Actually Finance Native Or Tech Native No It's like . This Actually A Sociology is . so am I That Durkheim's Deviance Based on . So we How is that? Doing What is KYC, KYB are The most Important Data, because That Principal Showing. For example For the audience This To understand , Michael's Regular transaction Also in Japan In Singapore too , he Usually From 8:00 am Midnight 12:00 In SGP up to Transaction Conducting.
Then Your Agent Suddenly In Zimbabwe? In Paris At 4:00 in the morning A deal Created. Then, in it A There is variation. . So, Now the thing is, Startups Doing People KY In giving Very attentive Focusing That is. Agent A Identity. Yes, agent. Michael Legalized We Need to check . But That means that Your Agent's Activities It's fair.
Not explaining . So, we To do Wanting , Michael's Agent Funny Because it worked His Transaction Completely Without stopping, Variation To recognize Then Risk To isolate We Want That is. For me This to you Can I ask? For me how much Control To have Can? My To accounts Like that To things I To you Access Giving Let me tell you.
But, Some For reasons, For me Deserving For me Some for sure Services For me Denied . My own To the data I To you Access When giving For me how much Control To apply Can, and To you Access Giving For me Required Other Finance To services Access To get That's right. Report What is being done Relying .
What am I? What do you mean? Did you know? ? Who is Responsible Like? That is very good. Question. Finance Institutions such as In defenses This is one, We are demo. When To us Says. Because, they Saying, We are a Night If implemented , so To do, Our Obedience, that User Very Worrying Otherwise, For example, Very Exposing Because; We are KYC See, Traditional Finance Watching, web Three I see.
So, now It still is Finance Institutions are , they User If accepted Responsibility Final I said Will say. That Still Their In the database Will be. So, that We are B2B That is It seems. So, we For them Contacts They give, It is theirs. In the database Keeping . But, for this Advantages There are disadvantages.
, you are more Will be exposed You know. , but yes Time, Different On platforms To you Income Getting If they see it, To you High Credit Score will be given. Yes, this is me too. To you May I ask? Old Like time , that's very It was simple. . I In New York Lived , My bank Was in New York. , I Salary Got it, my At the employer From In New York My bank To account For me Automated Automatic Deposit There was .
I have a Home Loan Or Personnel If you want to take , that Whatever , I To the bank I will go there. My salary Deposit Done. For them About me Everything I knew. . For me Another In the country? Another In the city Another In the state An account There will be The idea is kind of I hated it. . Banks In some places?
? But now Everyone More International Those who are at the level . I Meant, You too Me too About this Spoken. For example, I sometimes In Singapore , sometimes I In Tokyo , sometimes I don't know. . What am I? What do you mean? Did you know? ? For example, Sometimes You are a Will be on the plane . That's true.
That's yours. For parents Me too As is It can't be true. . That's true. In this idea Banks Excessive Are you immersed? You too Me too such as People About mobility In their heads They can climb The most Difficult What is the part? Especially Third party Data Looking You are the data. Because it is collected They did it.
Not doing . What am I? What do you mean? Did you know? ? They have to go The most Difficult The thing What, "Okay, I am the knight. Believe Because X, but I am this. Finance Should I provide the service? I think so. Still Not sure. To someone." The most of it Difficult The thing What? We Still In the early days I said They will say, Did you know?
. Banks Like us Same Are you arranging? I think. In the beginning, They too Crypto Were against , then Recently, 24 Banks Swift Ledger Using To the network Changed. 2 3 months As before. Therefore, their On the side Still Doubtful I think, But yes Time they More Open . In fact, I At the round tables Whenever you participate , Fintech Founders To them like this Asking There is a part, "Okay, Features Next On upgrade We have that.
To create possible kind of To you Like banks What is What do you want?" Then Banks This is how it was , "Okay, you Your Solution Presenting We Like , our In the stack We have that. Is it necessary? That we "See you later." Then, There are a few Open I have a mind, But at the same time Usage In cases Everything Will shrink I Believe .
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Got it. Okay, Bernadette. I you To let go Going. Come today. For doing this Thank you very much. In Tokyo From this For doing Thank you. For me Always I am excited. This At least partially My It's home. For me It seems, So you From there Speaking Very It's nice. Today we As done You this Enjoyed it.
I Hoping . Again For coming Thank you. Michael. You Amazing, To join The past is a It is a privilege. Thank you very much. Bye now. Okay. Okay, Chief at LTP Business Officer Sean Lawrence Let's Welcome Let's do it. Look, This Main To the side To cross Before, You have LTP. About To say a little Can, Then Let's have some To the details Let's go, okay?
Yes, Of course. Oh, sweet. LTP 5 Year ago It has begun, Design thesis Multi-asset Class U Prime Was a broker Digital In assets. Hmm An asset Management There is business. , its one Part, Did you know? , that's core two Core businesses Includes . We Infrastructure Doing. So, this is on- Chain, Market Data, Services etc.
Anything is possible. Those Business Three Parts. In Asia The biggest The company is We. In Europe For us A very good one There is business. , that To the US To spread We have some Designs Yes. PB Offer You As expected Full-service Offer, Execution And Clearing, Lending and Leverage, Custody and Safe Keeping, OTC Agency Execution, Then Other Things, Market Data, call, Reporting , like that Things are.
Got it. Yes, Management Category Liquid Crypto Funds handle Doing. So, Delta Neutral Market Construction A loan There is also funding. All this Controlled . Licensed Digital Asset Broker In From Digital In assets A kind of Background A type TradeFi As a broker To change Now Let's Traditional Finance There are restrictions.
, and we Traditional Finance Listed To derivatives Traditional In finance To securities More and more Moving. We Who is who? Very Quick This is the summary. Got it. Okay, That was it. My The first Question, you Traditional Finance Equipment Are you doing ? For that The answer is yes. That is. So, this Actually A very big one As a business It may change.
Let's About this Can you speak? Algorithm Trading, Then AI Algos, AI Agents And Evolution Your In perspective From Understand . To you Get me through it. To lead If possible. My Background Did you know? , yes? Did you know? ? No, please. Yes, please. For me A little Give me the context, Yes. so am I Morgan Also in Stanley Goldman In Saxe Two and a half For ten years I don't know.
, worked. Me too Ended Also in Citigroup My career There was . Mostly me Fixed income Trading Was conducting . We are a little Programmatic Trading Done, finally I am a Portfolio Trading The desk was made. A lot Algorithmic Trading Development Like that And things. So, this We For both of them An interesting one Must be conversational .
That's right. I think. Then, my Background It was UBS. , then Arabian To America , This kind of Most Experiences From there Cleared, Then Similar Business Doing To Sokgen . So, 2000 Of the In the middle, Algorithmic Trading Came You too Me too I will remember. . Old is old Voice For desks In the world Their location To lose Started.
Yes. Then Gradually, you That If you look , you I know, Appropriately To AI, a Market Where to? Moving Statistically To you To understand able to You have this. Idea There was . Mhm. That day You are so Even though it wasn't good , but today, A nano Within seconds Of an asset Price To you You can know.
Second. Next Nano Second, price What is it? You know. . Degrees Yes. Guaranteed Less, but In Nano From In micro From In ml. From To the second When leaving Still very Good assurance. Then A little Beyond seconds , it is likely To decrease It is possible, But To you Still good A Stretch Will get. But All this is a Fixed Standard In the data Working A single Strategy on the basis of , it has a Framework There is certainty.
Again Verified Yes, all of this. Again Checked, Yes. Again Checked, Completely Again Checked. Then You are AI. Path Looking Yes, again, Because Everyone You too Like me too This About conversion Maybe not familiar. , but Maybe To you About this Let's talk: this Voice Desks, That's permanent. Income Even in place Equity Even in place , everything Electronic As Because it changes Somehow To get away It had begun.
Of For the fact Outside? Our Trading Electronic To become Before Exchanges Same Electronic Was, Algorithm was based on . But, a For business All Trading What is Meaning of And about the importance That About what is To you Let's talk. Implemented, To you If there is no objection . Yes, Of course. So, To you Pitts What was there?
You Publicly Protest Expressed Once upon a time, About the market A special one Familiarity That there was I think, That For specialists To you For those who know , For merchants What was in it For agents Only Limited . Electronic Trading Two Things Done. One, That's the data. Democratized , that access Democratized .
So, More For people More To the data Access Got it, they To the market In a way I see. Then Trading Really fast Increased. So, you In the voice From To the electronic When it changed, It's up to you. From A little Seconds Decreased, one As a human To you Realistically To continue An impossible one It was a deadline.
That. Market How Working In Excellent Domain Expertise had Floor pit Merchants, Many of them Changed, everything No, but Many of them A Electronic To the desk Changed. So, They still Domain Expertise Was bringing . Then math To get better When it started Algo To get better Started, Computer Side more More As a talent, That A little more There was less , Market Probabilistic As Will change I think, Market this By the way Will go Mathematics Says.
My first Intervention UBS Its algorithm Trading The suit was filed in 2006. Established In That path is from Started. And in 2016 too In between, the voice Pits Gradual removal And do Digital Markets Using Replaced Done. Yes Within the deadline , basic Facilities, Servers, Communications , Software and more Capable You knew.
, so Teenagers, By the middle To you Voice Trading There was no , you Of course Old In style Pit Trading There was no . This is where You On the screen A price Seeing, Button To press Taken In seconds , Market would have moved . This To you Known, Unattainable A trading It was style. . You bought Possession If not, , you A little Tesla Stock Buy 3 For the month It is in your possession.
And put If not , you are old In style Trading Adolescence Halfway through Disappeared . So, Did you see? That I don't know. , you this Did you see? I don't know. . You in 2006 At UBS Was, you said, Yes? In London? Yes. Yes I am There was no , mostly Also in Japan Also in Hong Kong Was, But I London In the institution Back from Moved.
Before that I am Dutch. Was. That's interesting, Because I Before that It was in the Netherlands. , in 2006 In Tokyo Also at UBS Their Portfolio Trading Desk Had been carried out . New York, Is that you? Hmm They saw it. But here Interesting The thing, Let's About this A little Can you talk? Isn't it?
For people Something An occasion To give again. Yes. Markets before you could say Jack Robinson Moved, bid Offer Spreads Shrunk That Remember, That is, the old During, To you Literally Biddle Something Okay, on offer. Something Let's put it, Stack That much If not thick , anyone Your offer Until it is lifted To you Let's wait.
. Then, And we... What are we? Time has seen, Who was... Who is this? Trader who did? Its name For me I don't remember. Oh God, Toji? That Toji In trading Is it from you? No, that's Toji. Wasn't . Hmm Liquid Capitolo Tibra? Mike Hoover Who is it? Did you know? ? No Tell me, I need that. Name I don't remember.
Oh my God, he Where is Trade What is being done? For me I don't remember, But Anyway, what are they Would have done , they are the goods In the stack Same I would have put . Isn't it? For them Never this Automatically To do Couldn't have . I Meant, Manual. And then Them If raised, They called. "I will go," For the matter In the middle is a "It's a bid." I am a [ __ ].
It's a bid, isn't it? ? And we Go and bid. To hit Someone to find Will try, Because you In the stack Bid If you do , you A mid-bid Will get. Then To you Bid offer Spread Half score To do Can. We All day It was done, oh, That's me. Killing. It's on an I. From Starting . Anyway, This is Electronic ICG?
You are ICG- About Are you thinking? ? No, I don't. I understand, Me Believe me, You are Instinet That Intended By the time ? For me I understand. For me I understand. Um, but Electronic Trading Actually On the market This is what was done, That's perfect. Different In the manner Trade Done That is.
You Said Right, You Buy Possession And put If not You day Whole Active Trade Conducted Execution At speed To you To hold on A There was no way. . Also, In Japan Especially Co-location A real one It was important. You If you remember , TSE, that's Toshiba That was I think, At least I There When there was TSE upgrade Done, that's it.
More Speeded up . I am Goldman. In the sack When was For us To send Could have , that day a Within microseconds Over 1,700 Names To send For us Could have . To the exchange 54 Virtual Lines Or Like that Some numbers Because there was To us Back To ask Can. Okay, Anyway, Electronic Trading That's how it is.
Done, co- Location That's how it is. Done. Sorry, I you Interrupted . Maybe To you Can now Let's have an algorithm. In trading From The AI of the day To the algos That transformation Let's change them. A little Different , yes? Yes, Of course. So, Did you know? , interesting Let's say, AI For a long time Exists.
This In the meantime , AI Trading Models To develop Trying A lot of people You saw, They are so Unsuccessful. Not really. In models Progress is Inflection In points One. Past One or two In the years Only Models Enough It has changed. I said I think. Capable and Computers Enough And it is strong. Interesting.
Cost basis Algorithm To overcome To you Where is the model? Can be used. A lot of people Their In mind Thinking , Did you know? , "Okay, this Algorithm Only, this Just AI "Only." But Actually This is the model algorithm. Or AI, For service For use Cost Market In the data Connectivity Fill rate Between It's a difference.
For all three You Solution Must see . In AI Models Recent On upgrade That's all. Equation one kind of Flip To do Started. Then AI- Of Second Element, Agents For the model Around Framework or Basic Facilities Addition , right? So, To you Data, model, Agents, Agents And this All three To adjust It should be possible, that Meaningful A result Produced To one cheap With data cheap One on the rack Than Algo Excellent.
Okay, yes. Did you know? , because To you In the world The most Complex AI Model Let's own it , but that To run You have $10. Million If it costs , yes. You That Not to be used Good. cheap Algorithmic cheap Rack There will be Nano Within seconds Trade Conducted Do it. You do that. See you. Different Inputs Between Balance It's like, AI Not only Good.
So What is Balance Surrounding Mathematics, correct Finance Science To get Not to be deployed AI agents Number It's like, So Trading Actually Makes sense. , you As said All Computer Connectivity Cost Not only Bid and offer In this Includes. Again You Market Scap Doing it I want to say Don't want , but you In every trade From small Pieces If you take That's for me.
It seems That's how it is, With them Related If it costs, You each In trade From Taking Small pieces Than to take It is more, Then you Flat Even if it ends That Actually To do Not worthy. Yes. Okay. Yes. So For me On your own A prop Trading Institution A running Friend I have. He On the Kospi Trade Doing, Before that He JGBs in Japan Traded.
Yes. Agents Using Nine now Like markets To work able to He To me Was saying , there he Before used to In the manner On the screen Look at the day Not spending . But Agents What are ? Few I have been here for a long time. In trading From Staying away , but Agents What is Doing, Before a Algo In what was done From Differently What is Doing, To you For the audience Special to say If possible?
Yes. So, Simply If you say, To you Backlog Or Data Back Test Yes, AI Through that Passing by The world Model Build Develop Need some Conditions are a Fixed For the result Equal You know. . Yes. And then You To the agent to say Suggesting , you learned With things in relation This market View data, Then a Man I am on the floor.
Before Would have done Decisions Take, But it's 24 Hourly With autonomy Do it. So many In matters You this Human Operation Human And the brain Copying. Fast Hmmm. You When you look, For me As explained , Lonnie Lee Someone Our In the institution An AI He is an expert, so am I His, mine, Not mine, um.
Him Relying , he said, um, Oh, one Rare data Point Take it and Best from Insight to give A possible LLM Or Any other Model To you There may be Idea, Isolated Rare data Point, very Simple. Model All learned Backtesting Data In the background Only that Rare data Point Or Isolated Data Point Be useful.
That you To understand He Says. Yes. He just To go Not going, "Oh , price Increased, So that Here too To rise "He is going." All this Must study, Its Rules and regulations About the market Its And understanding. So, this This is it again Humans For years What is being done . Nine And the merchants Their Systems Take, one Algorithm Or An AI algorithm More Errors Defensive , of course More Efficient Productive In the manner To copy Allow That is.
This More cost Is it low? The jury Still Not deciding I think. Yes, I About it To ask Was going . You Actually This is more Productive Do you think ? Yes, because Hey look, I am all And the merchants On purpose Meant, But you Spoken To the early days When returning, Algorithmic Trading But They don't know.
, Trading Trading Time passed, For them For lunch Enough time Not received That is Everyone Complained about I Spoken. About it Complained For me I don't remember, But Fair. Or People Yes, this Of course High quality A It's a problem. Sorry, Forward Go. Yes, but People are very Intensely They are kind.
Complained . All day long Work Have to do When I arrived They have a Interval It was necessary . Self To get together, Market Where is it? Where is that? Will go To understand , enough Will I get paid? What was it? Problem? Yes, Okay, this is it. The thing, Humans Getting tired , they Being stressed , for them Personal Life Getting, As you know , their Intellectual Capacity and more Interrupting .
Meanwhile, a Machine So Not doing . No, so Not doing . Then, a Product Productivity In perspective From, To you A kind of Anne Apple Four Apple is an old Stylish Algorithm and Of any AI Comparison That there was Let me tell you. Sorry, I Laughing. For me It's laughter. Because, at UBS, We have a Law There was : You are 7:00 At the meeting If not reached , you all Floor Breakfast too Must buy.
Truth If you say, You If not made You Market If not opened , you all Floor Breakfast too Lunch Must buy it Very Will be expensive . Here, this in the situation, The thing To clarify , Agent AI On time Arrived late. Will you arrive? About doing Not paying attention . For them football To play No children.
For them None of this As if there is no , they always Morning Meeting Conducted They always Market Open and Doing. Very Fair. For me This to you Can I ask? Algorithmic In trading Embedded Expenses What is it? For us Understood. For us Do you feel? ? With agents We Buy Sell Doing Assets They are in prices Really Represents , that If it makes sense ?
Right. The first To the question, Liquidity Arena Currently in the name This UM AI that is happening Trading Competition We have. Mmm. Of the competition In design Result For evaluation Cost per component Evaluate That is. Lots of AI For models VC- Financial assistance Because of giving A lot Expenses Currently Hidden , this is a kind of It's free money.
AI's Of capital Original Not expensive, um, Developers, VC- Cul When you want They Want There is an idea. Money To withdraw, Or To wish, For them Tokens Computer and Actual price Back To get Want , and all Hardware, Hmm, Tokens Price basis It will start coming. So we They are a theory. To write a paper Assigned , because a little For years Its impact To you Really To see Can't?
Analysis To write Original Expenses What is it? They I think Well We also say To them Requested ? Then that It is an element. Hmm , but Your Question Part Two What was it? ? Then Question Part two, That's really The same It was a question. , but Actually Again When I said that, Expenses What is it? Let's Really Do you understand?
That is. Isn't that right? Because they Hidden You Again Said, For me More Interesting The thing is, you That A little more Because it was raised For models Tokenization Travel expenses I am there. I think. The models themselves Commoditize Being done For me Because it seems For us So Do you feel? ?
At one point Like Anthropic Is it Fable 5? Or open Is it the soul of AI? Or Anything else Is it true? To you It won't be a problem. . To tell the truth , you If in Asia , you Agnes Or Deepseeker Or Z.AI Or Other Any Open Weight Models Can be used. The most cheap Only the model To use Just want That says A user In perspective From Models A combination We Do you see, Because performance Very Close Or I have that.
No problem. For me I am curious. . Old In style Single Strategy, Single data Input and Using Algo With trading Comparison About doing My Point This was it. Right. Again What, my Fill rate What, my What is Spread What, You As described Cost
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