DOCSLIB.ORG

Annual Report 2011

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2011 annual report 2011 3601 Lyon Street | San Francisco, CA 94123-1099 | 415.563.7337 Officers as of October 2011 Advisory Council Facts and Figures George W. Cogan, Chairman Bruce M. Alberts William S. Fisher, Vice-Chair Natalie Angier 560,000 people visited the Sandra L. Otellini, Vice-Chair Paul Berg Exploratorium last year at the Vincent L. Ricci, Secretary J. Michael Bishop Lynn C. Fritz, Treasurer Goéry Delacôte Palace of Fine Arts. Ann Druyan Directors Kamran Elahian 70 percent of visitors were Ravin Agrawal James F. Gibbons adults and 30 percent were Gary Bengier Donald A. Glaser children. Shona L. Brown Frances Hellman Jennifer Caldwell C. Richard Kramlich 12 million visitors came Barbara A. Carbone Gordon E. Moore Ramon Cortines Arno Penzias to the website, Tom DeFilipps William J. Rutter www.exploratorium.edu Jack Dorsey Larry W. Sonsini Elizabeth Asip Evans Les Vadasz 41,000 visitors came to the Alphonse Fletcher, Jr. Bill Viola museum on monthly Free Gregory R. Flynn Brenda Way Scott Hindes Wednesdays. Jeff Huber Senior Staff Michael R. Jacobson Dennis M. Bartels, PhD 6,400 teachers and educators Richard Laiderman Executive Director from 48 states and 11 Chris Larsen Bronwyn Bevan Jude P. Laspa Associate Director of Program countries have participated Divesh Makan in Exploratorium workshops Kenneth G. Moore Ann Dabovich since 1995. Akshata N. Murty Director of Development Nat Simons Rowena Douglas 3,500 underserved children E. Payson Smith, Jr. Director of K–12 Professional Development and their families participate H. Marcia Smolens Joyce M. Gardella Jay S. Welker Director of Marketing and Communication in free activities at neighbor- R. Sanders Williams, MD hood sites. Dan Yue Jeff Hamilton Director of Community and Government Relations 120 high school students Chairmen Emeriti William K. Bowes Kua Patten become employed as F. Van Kasper Director of Exhibit Services Explainers. Silva Raker Directors Emeriti Director of Business Development 100 teens participate in Ann S. Bowers Tom Rockwell XTech, a year-round college- Paul M. Cook C. Richard Kramlich Director of Exhibits and preparatory program for Peter C. Wendell Associate Director for Program underserved youth. Robert J. Semper, PhD Ex Officio Executive Associate Director 526 people work at the Dennis M. Bartels, PhD Director of Program Exploratorium. Executive Director Kristina Hooper Woolsey, PhD Cameron Phleger Project Director of Exploratorium 180 million people experience Chair of The Exploratorium Lab at Piers 15/17 Exploratorium exhibits at 200 Laura R. Zander locations, including Paris, Chief Operations Officer Beijing, and Tokyo. For information about contributions to the Exploratorium, please contact the Development Department at (415) 561-0385. Online donations can be made at www.exploratorium.edu/donate. 2 INDIVIDUALS $100,000 and above William K. Bowes, Jr. Foundation Anisya and Lynn Fritz The Exploratorium gratefully acknowledges contributions of $1,000 or more in core Sakurako and William Fisher program and project support received from July 1, 2010, through June 30, 2011. $50,000 to $99,999 INDIVIDUALS Harvey and Gail Glasser Bengier Foundation $100,000 and above Peter Hertzmann and Jill Chinen Scott D. Cook and Signe Ostby William K. Bowes, Jr. Foundation Kristine Johnson and Timothy Dattels Michael Jacobson and Trine Sorensen Anisya and Lynn Fritz Derry and Charlene Kabcenell Sakurako and William Fisher Richard Laiderman and Jung-Wha Song $25,000 to $49,999 Laura and Gary Lauder Anonymous $50,000 to $99,999 Diksha and Divesh Makan Ann S. Bowers Bengier Foundation Burt and Deedee McMurtry Jennifer Caldwell and John H. N. Fisher Scott D. Cook and Signe Ostby Akshata Murty and Rishi Sunak William and Roberta Campbell Michael Jacobson and Trine Sorensen Ruediger Naumann-Etienne and Stacey B. Case/ Dan and Stacey Case Family Foundation Annette Campbell-White George W. Cogan and Mary Frances Allen $25,000 to $49,999 Sharon and Barclay Simpson Mr. and Mrs. John Doerr Anonymous H. Marcia Smolens Doris F. Fisher Ann S. Bowers The Hellman Family Foundation Jennifer Caldwell and John H. N. Fisher $5,000 to $9,999 Nancy and Scott Hindes/The Barrett and William and Roberta Campbell Anonymous (2) Margaret Hindes Foundation Stacey B. Case/Dan and Stacey Case Bruce and Betty Alberts Laura and Jeff Huber Family Foundation Liv Baalsrud Mr. and Mrs. Jude Laspa George W. Cogan and Mary Frances Mr. and Mrs. Gerson Bakar Kris and Ken Moore Allen Mary Anne Nyburg Baker and Sandy and Paul Otellini Mr. and Mrs. John Doerr G. Leonard Baker, Jr. Dr. Griff Harsh and Meg Whitman Mrs. Donald Fisher C. G. Bell Trust Sheila Duignan and Mike Wilkins The Hellman Family Foundation Barbara Carbone and Gregg Lyman Daniel Yue Nancy and Scott Hindes/The Barrett and The John and Nancy Cassidy Family Margaret Hindes Foundation Foundation $10,000 to $24,999 Laura and Jeff Huber The Conway Family Foundation Anonymous (3) Mr. and Mrs. Jude Laspa Tom DeFilipps and Ann Baskins Alka and Ravin Agrawal Kris and Ken Moore Bob Epstein and Amy Roth The G. Steven Burrill Family Sandy and Paul Otellini Elizabeth and David Evans Kevin P. Connors Dr. Griff Harsh and Meg Whitman Laura and John Fisher Barbara and Bill Edwards Sheila Duignan and Mike Wilkins Elizabeth and Robert Fisher Dana and Bob Emery Daniel Yue Mr. and Mrs. Charles M. Geschke Buddy Fletcher and Ellen Pao Aaron Goldman Julie and Gregory Flynn $10,000 to $24,999 Sallie Griffith/Griffith Family Foundation Harvey and Gail Glasser Anonymous (3) Merrill and Van Kasper Peter Hertzmann and Jill Chinen Alka and Ravin Agrawal Chris Larsen and Lyna Lam Kristine Johnson and Timothy Dattels The G. Steven Burrill Family Christine and Stan Mattison Derry and Charlene Kabcenell Kevin P. Connors John and Leslie McQuown Richard Laiderman and Jung-Wha Song Barbara and Bill Edwards Terence and Abigail Meurk Laura and Gary Lauder Dana and Bob Emery TOSA Foundation Diksha and Divesh Makan Buddy Fletcher and Ellen Pao Julie Packard Burt and Deedee McMurtry Julie and Gregory Flynn Edward and Camille Penhoet Akshata Murty and Rishi Sunak Ruediger Naumann-Etienne and Annette Campbell-White Sharon and Barclay Simpson H. Marcia Smolens 3 $5,000 to $9,999 Anonymous (2) Bruce and Betty Alberts Liv Baalsrud Mr. and Mrs. Gerson Bakar Vincent and Jean Ricci Christopher and Barbara Brody Arthur Rock and Toni Rembe Rock Flo and John Bryan Mendel L. Rosenblum and Geoffrey S. Bulkeley Diane B. Greene James E. Canales and James C. McCann William J. Rutter Eleanor Canova-Davis Dr. James S. Whitehead Frank J. Caufield Anne Bonaparte and Judd Williams David and Karin Chamberlain Harry Chesley and Suzana Seban $2,500 to $4,999 Dr. Ramon Cortines Anonymous Maryon Davies Lewis Johanna and Tom Baruch Cathy and Sandy Dean Corrina and Chris Bonomo Anthony and Cynthia DeRose Kirby and Jeffrey Burke/ Robert Dockendorff Clara Jeffery Charitable Trust Anne and Adrian Dollard Kyra and Ken Carson Donna Dubinsky and Len Shustek Joan Danforth Jacob Farkas Jim and Julia Davidson Ted Fehlhaber and Audrey Fehlhaber Jacqueline and Christian Erdman Lynn Feintech and Anthony Bernhardt Brett and Michelle Galloway Foundation Pamela D. Ferris Adele J. Goldberg and Dennis Allison Timothy and Carolyn Ferris Mr. and Mrs. Charles M. Hobson Jeanne and Frank Fischer James C. Hormel and Michael P. Nguyen M. Jean Fisher Brian M. Kincaid Mort and Frannie Fleishhacker Rebecca Lee Helen Gan Wesley D. Mateo/UVAS Foundation Matthew and Carey Gardner Elizabeth R. Patterson Alison F. Geballe Mr. and Mrs. Ray Rothrock Theodore and Frances Geballe Ellie and Skip Smith Ann and Gordon Getty Foundation Judy and Jay Welker Jim and Lynn Gibbons Lynn and Peter Wendell David Gilmour and Anula Jayasuriya Peter B. Wiley and Valerie Barth John and Marcia Goldman Philanthropic Jennifer and Sandy Williams Fund Tony and Caroline Grant $1,000 to $2,499 Garrett Gruener and Amy Slater Family Anonymous Fund Adah Bakalinsky Debra and Kevin Hakman/Schafer Family Craig and Barbara Barrett Fund Kent and Marie-José Baum Katie and Jim Hansen Thomas and Lily Beischer Brian Harvey Dr. and Mrs. Paul Berg The Edward E. Hills Fund Richard J. Bietz, Jr. Mary Austin and Brewster Kahle Richard and Wendy Bingham Barbara and Ron Kaufman Chris and Jennifer Brahm Paul Klingenstein and Kathleen Bole Norman Brand and Nancy Spero Megan and Stewart Koch Frish Brandt and August Fischer Michael A. Lampert 4 Dr. John W. Layman ESTATES Tom Lippman The Exploratorium is grateful for the Tom Lockard and Alix Marduel generosity of those who included a Dr. and Mrs. Kent H. Lundberg bequest or other provision in their Markkula Foundation will or trust. Mr. and Mrs. S. Douglas McLaughlin Estate of Marian E. Cobb Steven L. Merrill Estate of James E. Riley Mark Mitchell Estate of Marie Urrere-Pon Tina and Hamid Moghadam Phyllis Moldaw Oppenheimer Circle Braden K. More/Straus Family Members of the Oppenheimer Circle Foundation are supporters who have included Maura and Robert Morey the Exploratorium in their estate Eve Niquette and Charles Pohl plans. Their legacy gifts will ensure Glenn and Sherri Osaka that the Exploratorium continues Drs. Donald and Helen O’Shea to spark a passion for inquiry for John S. Osterweis generations to come. Matt and Katie Paige Anonymous (2) David Pasta Donna M. Albertus Leader Nancy Pelosi and Paul F. Pelosi Anthony J. Alfidi The Walton Family Foundation Robert A. Asadorian Mark and Mauree Jane Perry Marcus Brooks and Donna L. Stuedeman Dennis and Yvonne Powell Diana Buchbinder Mr. and Mrs. William Price Jok Church The Rathmann Family Foundation Diane and William L. Clarke Mrs. Laurose Richter Lawrence M. Fagan Jack Schiffhauer William Fries II Donn and Lynn Schoenmann Robert G. Godersky Bob and Dorothy Scholten James A. Heagy Murat and Zeynep Sonmez Maurice Kanbar Dr.
Load more

Recommended publications
  • Rethinking Correspondent Banking 3
    Rethinking correspondent banking 3 Rethinking correspondent banking Correspondent banking—in which one financial institution carries out transactions on behalf of another, often because it has no local presence—has been used as the instrument for cross-border payments since the time of the Medicis. The intervening centuries have brought surprisingly little in the way of fundamental change, and banks still generate considerable value from cross- border payments. According to the 2015 McKinsey Global Payments Map, these transactions represent 20 percent of total transaction volumes in the payments industry, yet they generate 50 percent of its transaction-related revenues (Exhibit 1, page 4). Olivier Denecker What’s more, revenue margins in cross- growing as domestic retail payments un - bor der payments have remained healthy dergo rapid digitization. Florent Istace over time. As margins for domestic pay - • Regulatory compliance is driving up the Pavan K. Masanam ments were squeezed by regulation and cost of cross-border payments systems Marc Niederkorn competition in recent decades, banks were and forcing banks to review their corre - forced to pare back costs and improve the ef - spondent relations. ficiency of their systems and products. But cross-border payments have not yet experi - • Digital innovators are attracting cus - enced such pressures, so banks have had lit - tomers with new solutions and enhanced value propositions that threaten not only tle incentive to work on their back-end to cut banks out of their correspondent systems and processes or to develop innova - banking relationships but also to loosen tive customer offerings. banks’ ties with end customers, at least That is now changing.
    [Show full text]
  • Mckinsey on Payments
    Volume 8, Number 21 May 2015 McKinsey on Payments Foreword 1 Gauging the disruptive potential of digital wallets 3 While they have established a solid foundation for growth, digital wallets are by no means a guaranteed success. They must continue to evolve if they are to have a truly disruptive impact on the payments landscape. Providers can improve their chances by focusing on six “markers” for success in payments innovation. New partnership models in transaction banking 11 A number of trends are leading to a fundamental rethinking of the traditional model by which banks offer transaction banking services to clients outside their established markets. Four distinct partnership models offer the best opportunities for banks seeking to succeed in an evolving landscape. Toward an Internet of Value: An interview with Chris Larsen, 19 CEO of Ripple Labs McKinsey on Payments sits down with the co-founder of Ripple Labs to discuss the nuts and bolts of the Ripple protocol, the implications for the correspondent banking model, and the emergence of an “Internet of Value.” Faster payments: Building a business, not just an infrastructure 23 A faster payments infrastructure is not an end in itself, it is an opportunity for banks to deliver innovative products and services in both consumer and corporate payments. To monetize this opportunity, financial institutions should focus relentlessly on design, customer experience, accessibility and convenience. Toward an Internet of Value: An interview with Chris Larsen , CEO of Ripple Labs Chris Larsen is co-founder and chief executive officer of Ripple Labs, a soft - ware firm that developed and continues to support the open-source Ripple protocol.
    [Show full text]
  • Podcast with Brian Brooks Chief Legal Officer of Coinbase
    Podcast with Brian Brooks Chief Legal Officer of Coinbase *Note that transcripts may sometimes contain errors and that transcript timing notations do not match the posted podcast Jo Ann Barefoot: 00:01 I am really excited to say that my guest today is Brian Brooks, the chief legal officer of Coinbase. Welcome, Brian. Brian Brooks: 00:08 Thank you, Jo Ann. Jo Ann Barefoot: 00:09 You and I have had a lot of time over recent years to talk about innovation in finance. You recently went from being the general counsel of Fannie Mae to here at Coinbase. I told you I would love to sit down with you and talk about regulating crypto, so here we are at your offices in San Francisco. Brian Brooks: 00:29 Here we are. Jo Ann Barefoot: 00:29 It's fantastic to see you. I want to start by asking you to just talk a little bit about yourself. Give us the short version of your journey up to this point. Brian Brooks: 00:41 Well, Jo Ann, first of all, thanks for having me on this podcast, which I think is kind of the leading exchange of ideas in this space, so I really appreciate being here. Jo Ann Barefoot: 00:47 Thank you. Brian Brooks: 00:47 I'm very flattered that you'd consider me. I started my career as a lawyer in a big law firm, and I did traditional financial services stuff for a long time. Then, like a lot of people you and I both know, the financial crisis came, which created challenges for some clients and opportunities for other clients.
    [Show full text]
  • NBER WORKING PAPER SERIES LEARNING by DOING with ASYMMETRIC INFORMATION: EVIDENCE from PROSPER.COM Seth M. Freedman Ginger Zhe J
    NBER WORKING PAPER SERIES LEARNING BY DOING WITH ASYMMETRIC INFORMATION: EVIDENCE FROM PROSPER.COM Seth M. Freedman Ginger Zhe Jin Working Paper 16855 http://www.nber.org/papers/w16855 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 March 2011 We owe special thanks to Liran Einav for insightful comments and detailed suggestions on an earlier draft. We have also received constructive comments from Larry Ausubel, Robert Hampshire, John Haltiwanger, Anton Korinek, Phillip Leslie, Russel Cooper, Hongbin Cai, Jim Brickley, Estelle Cantillon, Severin Borenstein, and various seminar attendants at Rochester, Toronto, Northwestern Kellogg, Columbia, University of Maryland Smith School, 2010 NBER IO program meeting, Universiti Libre de Bruxelles, and Katholieke Universiteit Leuven. Chris Larsen, Kirk Inglis, Nancy Satoda, Reagan Murray and other Prosper personnel have provided us data support and tirelessly answered our questions about Prosper.com. Adam Weyeneth and other Prosper lenders have generously shared their prosper experience. We are grateful to the UMD Department of Economics, the Kauffman Foundation, and the Net Institute (www.netinst.org) for their generous financial support. An earlier draft has been circulated under the title “Dynamic Learning and Selection.” This paper is independent of Prosper.com, all errors are our own, all rights reserved. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2011 by Seth M.
    [Show full text]
  • In Re Ripple Labs Inc. Litigation 18-CV-06753-Consolidated
    Case 4:18-cv-06753-PJH Document 63 Filed 08/05/19 Page 1 of 53 1 James Q. Taylor-Copeland (284743) [email protected] 2 TAYLOR-COPELAND LAW 501 W. Broadway, Suite 800 3 San Diego, CA 92101 Telephone: (619) 400-4944 4 Facsimile: (619) 566-4341 5 Marc M. Seltzer (54534) [email protected] 6 Steven G. Sklaver (237612) [email protected] 7 Oleg Elkhunovich (269238) [email protected] 8 Meng Xi (280099) [email protected] 9 SUSMAN GODFREY L.L.P. 1900 Avenue of the Stars, 14th Floor 10 Los Angeles, CA 90067 Telephone: (310) 789-3100 11 Facsimile: (310) 789-3150 12 Counsel for Lead Plaintiff Bradley Sostack 13 UNITED STATES DISTRICT COURT 14 NORTHERN DISTRICT OF CALIFORNIA 15 OAKLAND DIVISION 16 ) Case No. 4:18-cv-06753-PJH 17 In re RIPPLE LABS INC. LITIGATION, ) ) CLASS ACTION 18 ____________________________________ ) ) CONSOLIDATED COMPLAINT FOR 19 This Document Relates To: ) VIOLATIONS OF FEDERAL AND ) CALIFORNIA LAW 20 ALL ACTIONS ) ) 21 ) JURY TRIAL DEMANDED 22 23 24 25 26 27 28 CONSOLIDATED COMPLAINT Case 4:18-cv-06753-PJH Document 63 Filed 08/05/19 Page 2 of 53 1 TABLE OF CONTENTS 2 SUMMARY OF ACTION ...................................................................................................2 3 PARTIES .............................................................................................................................6 4 JURISDICTION AND VENUE ..........................................................................................6 5 SUBSTANTIVE ALLEGATIONS .....................................................................................7
    [Show full text]
  • Financial Inclusion Global Initiative (Figi)
    International Telecommunication Union FINANCIAL INCLUSION GLOBAL INITIATIVE (FIGI) TELECOMMUNICATION STANDARDIZATION SECTOR OF ITU (11/2017) Security, Infrastructure and Trust Working Group Discussion Paper: Applications of Distributed Ledger Technology for Financial Inclusion Report of the DLT Workstream Security, Infrastructure and Trust Working Group: Applications of Distributed Ledger Technology for Financial Inclusion FOREWORD The International Telecommunication Union (ITU) is the United Nations specialized agency in the field of telecommunications, information and communication technologies (ICTs). The ITU Telecommunication Standardization Sector (ITU-T) is a permanent organ of ITU. ITU-T is responsible for studying technical, operating and tariff questions and issuing Recommendations on them with a view to standardizing telecommunications on a worldwide basis. A new global program to advance research in digital finance and accelerate digital financial inclusion in developing countries, the Financial Inclusion Global Initiative (FIGI), was launched by the World Bank Group, the International Telecommunication Union (ITU) and the Committee on Payments and Market Infrastructures (CPMI), with support from the Bill & Melinda Gates Foundation. The Security, Infrastructure and Trust Working Group is one of the three working groups which has been established under FIGI and is led by the ITU. The other two working groups are the Digital Identity and Electronic Payments Acceptance Working Groups and are led by the World Bank Group. 1 Security,
    [Show full text]
  • An Introduction to XRP
    Grayscale Building Blocks | November 2019 An Introduction to XRP grayscale.co More Grayscale research papers and investment theses are available at: www.grayscale.co/insights November 2019 An Introduction 02 | 15 to XRP XRP is the native digital currency supported by RippleNet, the underlying peer-to-peer (P2P) payment network that allows for near instantaneous transactions across the world. Together, XRP and RippleNet were designed to address liquidity challenges faced by financial institutions using traditional payment channels (i.e., SWIFT, ACH, FedWire system). By providing the means for fast, secure, and low-cost conversions between varying units of value (e.g., commodities, fiat currencies, and other digital assets), the network has the potential to capture significant value from a global payments market worth an estimated $2 trillion USD.1 It was first conceptualized in 2004 by Ryan Fugger, and after several iterations, the Ripple network was formally launched in August 2013, led by the founders2 of the eponymous, private company known today as Ripple. By design, XRP is unlike many of its digital currency counterparts. Instead of a supporting blockchain protocol, it uses the XRP Ledger to validate transactions by requiring network participants to reach consensus. In addition, the development and maintenance of the technology is overseen by Ripple, which is funded through their own reserves of XRP and by private investments from influential investors, including Andressen Horowitz, Google Ventures, Digital Currency Group and Pantera Capital.3 Ripple technology is also integrated with a unique subset of products (e.g., xCurrent, xRapid, xVia, xPring) targeted specifically for financial institutions. These factors have propelled XRP’s increasing adoption as a global payment rail and helped to establish XRP as the third largest digital asset in the ecosystem by market cap.4 1.
    [Show full text]
  • Blockchain Overview and Application
    Deutsche Bank Corporate Banking & Securities Blockchain overview and application November 2015 Deutsche Bank Securities Inc., a subsidiary of Deutsche Bank AG, conducts investment banking and securities activities in the United States. For internal use only “IMPORTANT: This presentation (the “Presentation”) has been prepared by Deutsche Bank’s investment banking department exclusively for the benefit and internal use of the recipient (the “Recipient”) to whom it is addressed. The Recipient is not permitted to reproduce in whole or in part the information provided in this Presentation (the “Information”) or to communicate the Information to any third party without our prior written consent. No party may rely on this Presentation without our prior written consent. Deutsche Bank and its affiliates, officers, directors, employees and agents do not accept responsibility or liability for this Presentation or its contents (except to the extent that such liability cannot be excluded by law). Statements and opinions regarding the Recipient's investment case, positioning and valuation are not, and should not be construed as, an indication that Deutsche Bank will provide favourable research coverage of the Recipient or publish research containing any particular rating or price target for the Recipient’s securities. This Presentation is (i) for discussion purposes only; and (ii) speaks only as of the date it is given, reflecting prevailing market conditions and the views expressed are subject to change based upon a number of factors, including market conditions and the Recipient's business and prospects. The Information, whether taken from public sources, received from the Recipient or elsewhere, has not been verified and Deutsche Bank has relied upon and assumed without independent verification, the accuracy and completeness of all information which may have been provided directly or indirectly by the Recipient.
    [Show full text]
  • Challenge Speaker
    Challenge Speaker Chris Larsen, CEO, Ripple Labs Ripple Labs Global leader in distributed financial technology and standards Agenda • Evolution of Payment Networks • Ripple: A Modern Tool for Banks • The Future: Internet of Value Evolution of Payment Networks 1600’s Inter-city networks A few banks 1600’s 1700-1800’s Inter-city networks Clearing Houses A few banks Banks across multiple cities 1600’s 1700-1800’s 1970’s - Today Inter-city networks Clearing Electronic funds Houses transfers A few banks Banks across Banks within a multiple cities country or currency ? Networks evolved as silos (not interoperable) Central Central Counterparty Counterparty $ $ € € $ ➤ € Sending correspondent / Receiving Liquidity provider correspondent Today: Correspondent banking Side effects: delays, costs, counterparty risk Today: need for modern infrastructure Market demands • Increased speed • Interoperability • Lower costs and risks • Broader payment reach Regulatory initiatives • European Commission’s PSD2 • UK’s Payment Systems Regulator • Federal Reserve: Faster Payments 1600’s 1700-1800’s 1970’s - Today Inter-city networks Clearing Electronic funds Houses transfers A few banks Banks across Banks within a multiple cities country or currency Tomorrow 1600’s 1700-1800’s 1970’s - Today New Opportunity Inter-city networks Clearing Electronic funds Cross-Currency & Houses transfers Real-Time A few banks Banks across Banks within a Banks across borders; multiple cities country or currency instant payments “...Apple, Facebook, Amazon and Google are genuine
    [Show full text]
  • The Information Value of Online Social Networks: Lessons from Peer-To-Peer Lending
    NBER WORKING PAPER SERIES THE INFORMATION VALUE OF ONLINE SOCIAL NETWORKS: LESSONS FROM PEER-TO-PEER LENDING Seth Freedman Ginger Zhe Jin Working Paper 19820 http://www.nber.org/papers/w19820 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 January 2014, Revised February 2018 We would like to thank Larry Ausubel, John Haltiwanger, John Ham, Robert Hampshire, Anton Korinek, Phillip Leslie, Russel Cooper, Hong- bin Cai, Jim Brickley, Estelle Cantillon, Severin Borenstein, and various seminar attendants at Rochester, Toronto, Northwestern Kellogg, Columbia, University of Pennsylvania Wharton School, University of Maryland Smith School, 2010 NBER IO program meeting, Universiti Libre de Brux- elles, Katholieke Universiteit Leuven and the 2011 Conference on Gaming Incentive Systems for helpful comments. Chris Larsen, Kirk Inglis, Nancy Satoda, Reagan Murray and other Prosper personnel have provided us data support and tirelessly answered our questions about Prosper.com. Adam Weyeneth and other Prosper lenders have generously shared their prosper experience. We are grateful to the UMD Department of Economics, the Kauffman Foundation, and the Net Institute (www.netinst.org) for their generous financial support. An earlier draft has been circulated under the title “Do Social Networks Solve Information Problems for Peer-to-Peer Lending? Evidence from Prosper.com.” This paper is independent of Prosper.com, all errors are our own, all rights reserved. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2014 by Seth Freedman and Ginger Zhe Jin.
    [Show full text]
  • Hsbc Appoints Technology Advisory Board
    17 January 2017 HSBC APPOINTS TECHNOLOGY ADVISORY BOARD Comprising senior technologists and entrepreneurs from the US, China, India and Israel To help HSBC capitalise on opportunities in artificial intelligence, biometrics, blockchain and data science HSBC has appointed a technology advisory board of senior CEOs from around the globe who will be focusing on how the bank can take advantage of technological innovation, combat cybercrime and leverage its global infrastructure. The board is as follows: Mickey Boodaei, CEO of Transmit Security, cybersecurity expert Steve Kirsch, CEO of Token, open banking expert Chris Larsen, Executive Chairman of Ripple, expert in blockchain Megan Quinn, General Partner at Spark Capital, Silicon Valley Venture Capital Dr. Kira Radinsky, Chief Scientist at eBay, machine learning and data science expert Haoyu Shen, former CEO of JD.com, ecommerce and internet expert Dr. Vishal Sikka, CEO of Infosys, artificial intelligence expert Dr. Gurjeet Singh, CEO of Ayasdi, artificial intelligence expert The board will meet quarterly to provide advice and guidance on HSBC technology and digital strategy relating to IT infrastructure, digital opportunities, cybersecurity and creative technology. In particular it will focus on the following: Disruption: The opportunities resulting from technologically-driven changes in customer behaviour and enterprise design; new trends in financial technology; and product innovations in new technologies; Cyber: Best practice in using biometrics for secure access to data and systems; developments in digital identity; Infrastructure: Advice on large-scale technology infrastructure transformation and platforms; insight on maintaining agility and promoting innovation. Andy Maguire, HSBC Group COO and Chairman of the Technology Advisory Board said: “The Technology Advisory Board is key to helping us adopt technology that makes HSBC simpler, better and faster for our 46m customers and 250,000 colleagues across our global network.
    [Show full text]
  • Digital Currencies: Call for Information
    Ripple Labs Inc. 300 Montgomery Street San Francisco, CA 94306 USA Digital Currencies: Call for Information Submission to: Digital Currencies – Call for Information Banking & Credit Team Floor 1, Red HM Treasury 1 Horse Guards Road London, SW1A 2HQ [email protected] 3 December 2014 VIA EMAIL [email protected] Digital Currencies – Call for Information Banking & Credit Team Floor 1, Red HM Treasury 1 Horse Guards Road London, SW1A 2HQ Sub: Digital Currencies: Call for Information Dear Madam/Sir: Ripple Labs, Inc. (“Ripple Labs”) submits the following comments in response to your Call for Information on Digital Currencies. Ripple Labs is the parent company that created and supports the Ripple protocol—an open- source, distributed payment protocol for accounting for financial balances held within and moved between ledgers. The Ripple protocol enables payment in any fiat or virtual currency, including the math-based virtual currency developed by Ripple Labs, XRP. Ripple Labs appreciates HM Treasury’s collaborative approach to exploring digital currencies and look forward to future discussions as this important topic evolves within and beyond the UK. Ripple Labs would welcome further engagement with UK regulators, to improve transaction banking in a compliant way. Ripple Labs is engaging with financial institutions around the world, including the UK, to implement an open, free, and universally acceptable global protocol for funds settlements. Being a transformative technology, especially for cross-border transactions, we believe this can enable UK institutions, small and large businesses and individuals to prosper in global markets. In the short term, the government can support constructive innovation in this area by clarifying how existing rules and frameworks apply to virtual currency businesses.
    [Show full text]