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Exchange takes cue from crypto investors with weekend FX trading

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Welcome to The Fintech Files, your weekly roundup from FN’s fintech correspondent Ryan Weeks, keeping you up-to-date with the latest developments in financial tech and innovation. 

Part of bitcoin and other cryptocurrencies’ appeal to investors is that they can be traded anywhere, anytime, instantaneously.

For one exchange operator, that characteristic is leading to changes in more established markets.

Fintech Files can reveal that the London-based exchange operator, LMAX Group, has launched a weekend trading service for foreign exchange. LMAX runs multiple trading venues including a cryptocurrency exchange for institutions.

Normal hours for the spot FX market begin late Sunday and end on Friday evening. LMAX’s new service will cover that gap using contracts for difference, which are agreements that allow investors to bet on the future price of an asset.

LMAX Global, an FCA-regulated broker, will act as the counterparty to trades while most market infrastructure is closed for the weekend.

LMAX says it took the decision to extend its hours because of demand from its clients to trade and hedge their FX exposure while the underlying market is closed.

But another key factor was the example laid down by the company’s institutional crypto exchange LMAX Digital, which sees hundreds of millions of dollars in crypto traded each week, without any downtime.

David Mercer, chief executive of LMAX Group, said the discrepancy between hours in FX and crypto markets has accentuated the need for FX hours to be extended.

“Crypto, the young up-start, is forcing FX, the established asset class, to change its ways, close the gap and provide liquidity over the weekend,” he said.

Those who follow cryptocurrencies have become accustomed to this story playing out in reverse. They are used to news about crypto markets gradually morphing into something more akin to their institutional counterparts – a trend seen as important in bringing big investors to the table.

Today, for instance, a crypto firm called ETC Group announced the impending launch of what it describes as the “world’s first centrally cleared” bitcoin tracker product on Deutsche Börse’s XETRA platform.

It is noteworthy, therefore, that crypto markets might have a thing or two to teach the old school.

“In this day and age, it’s remarkable that capital markets close at effectively five o’clock New York time Friday night,” said Mercer.

But crypto enthusiasts should remember that in the wider capital markets, if anything, trading hours look more likely to be trimmed than extended. The London Stock Exchange and Euronext, two of Europe’s largest stock exchange operators, are currently consulting on whether to shorten the trading day in Europe.

Supporters of the idea think it could boost diversity in the sector, while former LSE boss Xavier Rolet sees it as “a storm in a tea cup”.

One wonders whether cryptocurrency and blockchain, the technology it runs on, might play a part in the trading hours debate before all’s said and done.

Blockchain, after all, finds a way of sticking its oar in on almost everything else.

Get in touch Drop me a note at ryan.weeks@dowjones.com or find me on Twitter or LinkedIn. Got any news tips or feedback (good or bad)? You can also contact the FN news desk via news@efinancialnews.com

Further reading:

Last week, Wired reported that Revolut staff claim they’ve been told to quit their jobs or be fired. The people that have left the company in this way come in addition to the 62 redundancies reported by Financial News in May.

The latest from us is that the start-up has seen another senior exec depart. Hannas Graah, vice president of growth, left the company last week.

Germany’s oldest private bank, Berenberg, has partnered with fintech company Moonfare to provide its customers access to private equity funds.

Finance Magnates brings us news that Wall Street investors have backed document analysis firm H4 with $27m.

TechCrunch reports that Halal fintech startup Wahed has closed a $25M round led by Saudi Aramco’s investment arm.

Finally, Monzo has been criticised for putting its head of diversity at risk of redundancy, according to the Telegraph.

Sign up to The Fintech Files

To contact the author of this story with feedback or news, email Ryan Weeks

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Sirnaomics Seals US$105 Million Series D Financing to Fund Development of RNAi Therapeutics for Treatment of Cancers, Fibrotic Diseases and Viral Infections

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GAITHERSBURG, Md. and SUZHOU BIOBAY, China, Oct. 22, 2020 /PRNewswire/ — Sirnaomics Inc., a leading biopharmaceutical company in discovery and development of RNAi therapeutics, announced today that it has sealed its USD$105 million Series D financing. This round of funding was co-led by existing investor Rotating Boulder Fund, new investor Walvax Biotechnology Co., Ltd. and Sunshine Riverhead Capital, with support from existing investors Sangel Capital and new investors: Longmen Capital, HongTao Capital and Alpha Win Capital. Chinese Renaissance and Huatai Financial Holdings (Hong Kong) Ltd. served as the financial advisors for this round of fund raising.

Proceeds for the financing will be used to fund continued development of its novel RNAi therapeutics for treatment of diverse human disorders, including cancers, fibrosis diseases, metabolic diseases and viral infections. Sirnaomics will build on the positive results from its recent Phase IIa study for treatment of Cutaneous Squamous Cell Carcinoma in-situ (April 9, 2020 news release), and conduct multiple clinical studies to further evaluate its lead product candidates, STP705 and STP707, which are dual targeting siRNA therapeutics against TGF-β1 and COX-2 for both local and systemic administrations to treat various types of cancers and fibrotic diseases. A clinical focus will be immune oncological evaluation for these dual-targeted siRNA inhibitors, based on potential synergistic effects with immune checkpoint inhibitors observed at both preclinical and clinical settings. With further expansion of the company’s innovative drug delivery platforms, such as siRNA-chemodrug conjugates (August 27, 2020 news release) and PDoV-GalNAc and advanced nebulizers, Sirnaomics is poised to address multiple therapeutic areas.

“We are very excited to get the D round of financing closed in a timely manner. The fact that the D round was oversubscribed is further validation that RNAi therapeutics are attracting a great deal of interest from the investment community and is fuelled by innovative targeted technologies and very impressive clinical results. We are thrilled to add a well-regarded syndicate of investors to the Series D financing. This type of investor base will not only strengthen our financial foundation, but also brings tremendous experience and expertise to Sirnaomics as it enters  the next phase of growth and prepares for an initial public offering in near future,” commented Patrick Lu, PhD, Founder, President and CEO. 

Donald (Xiaochang) Dai, PhD, Managing Partner of Rotating Boulder Fund, said, “We are very happy to continue our investment in Sirnaomics. The company is the only biopharma venture conducting innovative R&D and clinical development in the field of RNAi therapeutics in both the US and China, the two largest markets for cancer and fibrosis disease treatments. The management team has a well-balanced skillset in RNAi drug development and is truly international with global vision. We have confidence that Sirnaomics will advance its technology platforms and novel therapeutic pipeline with sound clinical and regulatory strategies.”

Mr. Yunchun Li, Chairman of Walvax, stated, “It is Walvax’s pleasure to invest in Sirnaomics. By leveraging Sirnaomics’ top management team led by Dr. Lu and its industry leading RNA drug development platform as well as the synergy with Walvax’s technical transfer and commercialization capabilities, Walvax and Sirnaomics will work together to advance RNA drug development and benefit more patients in China and globally.”

Mr. Shenghao Shi, Managing Partner of Sunshine Riverhead Capital, commented, “There is no doubt that in the next decade the field of oligonucleotide drugs will usher in an explosive period due to the unique advantages of druggability. After more than a decade of cultivation and unremitting efforts, the team of Sirnaomics has accumulated rich experience and has developed several original and advanced drug delivery systems, which we believe will make it an essential player in cancer and fibrosis fields. As a long-term capital investor with an insurance background, we are honored to be able to reach cooperation with them and will support the development of the enterprise for a long time in the future.”

About Rotating Boulder Fund
Rotating Boulder Fund is an equity investment management company focusing on long-term value creation. The fund focuses on helping outstanding companies with technological innovation capabilities on the global stage. The investment scope of the fund covers biomedicine, information technology, advanced manufacturing, consumer products and service sectors etc. The fund invests in all phases of life cycle of the underlying business.  

About Walvax Biotechnology Co., Ltd
Founded in 2001, Walvax Biotechnology Co., Ltd. (Walvax) is specialized in research and development, manufacturing and distribution of vaccines. Headquartered in Kunming, China, Walvax went IPO in 2010 (300142.SZ) with current market value USD$13.3 billion (Oct. 16, 2020).  The company has successfully developed 8 vaccines with NMPA (China FDA) approval, including 13-valent pneumococcal conjugate vaccine (PCV-13) approved on December 31, 2019. Other products include haemophilus influenza type b conjugate, group A and C meningococcal polysaccharide, group A and C meningococcal conjugate, group ACYW135 meningococcal polysaccharide (MenACYW135 polysaccharide), 23-valent pneumococcal polysaccharide and DTaP vaccines. In addition, Walvax’s bi-valent human papillomavirus vaccine (HPV-2) is at BLA filing stage, nona-valent HPV vaccine (HPV-9) and other 3 innovative vaccines are on clinical stages. Walvax products are covering markets in more than 2000 counties of 30 provinces of China while working closely with business partners to export its vaccine products to more than 12 countries and areas. In addition, the company’s venture fund has invested in several innovative biopharma companies, such as Genor Biopharma and Zerun Bio. Learn more at www.walvax.com

About Sunshine Riverhead Capital
Founded in 2015, Sunshine Riverhead Capital (RHC) is one of the first insurance private equity fund managers approved by China Insurance Regulatory Commission. Since establishment, we have been pursuing market requirements and professional standards, forging us as an insurance fund manager with top returns. We cover private equity investment, real estate investment, wealth management, other business sectors, etc., with over 18bn RMB AUM. RHC portfolio includes high quality companies such as Mindray, Yuwell, Lepu Biotech, Genor Biopharma, 3SBio, Sunny Dental, Chaoju eye Hospital, Ruipeng Pet Hospital, Ant Group, Jddglobal, SenseTime, etc.

About Sangel Capital
Sangel Capital is one of the earliest established healthcare venture capital firms in China. Deliciated to novel technologies and healthcare innovation, the firm focuses on investing in startups in biotech, biopharma, medical devices, and digital health. Sangel capital identifies particularly promising startups that can achieve high return, and helps the portfolio to grow to their full potential. With headquarters in Shenzhen, Sangel Capital has offices in Beijing, Suzhou, and the US.  Sangel’s team has a broad range of expertise, including entrepreneurs, scientists, investors and advisors.  Sangel Capital has been managing a series of RMB and USD funds, and has earned multiple awards from China national organizations.

About Longmen Capital
Longmen Capital is a healthcare-dedicated investment firm focused on finding and investing innovative life science companies in China, including pharmaceutical/ biotech, medical device and medical services and other promising sub-sectors.

About Sirnaomics, Inc.
Sirnaomics, Inc., a leading privately held biopharmaceutical company for discovery and development of RNAi therapeutics, is a Delaware corporation headquartered in Gaithersburg, Maryland, USA, with subsidiaries in Suzhou and Guangzhou, China. As a clinical stage biopharma company, Sirnaomics’ mission is to develop novel therapeutics to alleviate human suffering and advance patient care in areas of high unmet medical need. The guiding principles of the company are: Innovation, Global Vision with a Patient Centered focus. Members of the senior management team have a great deal of combined experience in the biopharmaceutical industry, financial, clinical and business management in both the USA and China. The company is supported by funding from institutional investors, corporate partnerships and government grants. Sirnaomics has developed a strong portfolio of intellectual property with an enriched product pipeline. The therapeutic areas of focus include oncology, anti-fibrotic therapeutics and viral infection. Learn more at www.sirnaomics.com.

CONTACT:
Sirnaomics, Inc.
Allan Shaw
CFO
Email: [email protected]

ICR Healthcare
Investors:
Stephanie Carrington
Tel: +1 646 277 1282
Email: [email protected]  

Media:
Mark Corbae
Tel: +1 203 682 8288
Email: [email protected]

SOURCE Sirnaomics, Inc.

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RMA Paper Outlines Election’s Financial Risk Implications for the U.S. and Abroad

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PHILADELPHIA, Oct. 22, 2020 /CNW/ — With the U.S. Presidential election imminent, The Risk Management Association (RMA) has published a white paper that explores how the possible outcomes are likely to affect country risk factors and, in turn, financial risk across the globe.

The paper illustrates how the risk landscapes in the U.S., China, Latin America, and several other regions and nations are likely to evolve under President Trump or a President Biden. The paper was authored by RMA’s Country Risk Steering Committee, a group of senior professionals from the largest global banks based in the Americas, Asia, Australia, and Europe who are responsible for their banks’ views on country risk.

Entitled “What the U.S. Election Means for Country Risk,” the paper discusses trade, treaty, tax policy, currency, and other implications. “The U.S.’s economic trajectory and global financial conditions can diverge significantly in different U.S. political scenarios,” the paper says, but regardless of the election outcome, the United States will not return to the status quo prior to President Trump.  

“The clear distinction in the policies and world views of the two U.S. Presidential candidates promises vastly different paths not only for the U.S. but for its many allies and adversaries—paths that will greatly affect the economic risks and outlooks of those countries,” said RMA Global Markets Risk Director Fran Garritt. “No matter who is elected, ‘What the U.S. Election Means for Country Risk’ will leave financial institutions better informed to do business in the United States and globally.”  

About RMA 

Founded in 1914, The Risk Management Association is a not-for-profit, member-driven professional association whose sole purpose is to advance the use of sound risk management principles in the financial services industry. RMA promotes an enterprise approach to risk management that focuses on credit risk, market risk, and operational risk. Headquartered in Philadelphia, Pennsylvania, RMA has 1,900 institutional members that include banks of all sizes as well as nonbank financial institutions. They are represented in the Association by 18,500 individuals located throughout North America, Europe, Australia, and Asia/Pacific.

SOURCE The Risk Management Association

For further information: Stephen Krasowski, [email protected], 215-446-4095 Frank Devlin, [email protected], 215-446-4137, http://www.rmahq.org

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Road to Recovery” Global Livestream Event Takes Place on Monday, October 26th at 9AM ET NYSE:VZ

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Speakers Include NIAID Director Dr. Anthony Fauci, Bill & Melinda Gates Foundation Co-Chair Bill Gates, Carly Fiorina Enterprises Chairman Carly Fiorina, National Basketball Players Association President Chris Paul, Best Buy CEO Corie Barry, Walmart CEO Doug McMillon, Host and Former NFL Linebacker Emmanuel Acho, Fmr. White House National Economic Council Director Gary Cohn, Rock The Bells Founder & CEO LL COOL J, Citigroup CEO Michael Corbat and Many More

Watch a Clip from Bill Gates HERE

NEW YORK, Oct. 22, 2020 (GLOBE NEWSWIRE) — Yahoo Finance announced the final lineup of guest speakers for its “All Markets Summit: Road to Recovery” global livestream event, taking place on Monday, October 26th at 9AM ET. The leading business news brand is bringing its signature annual conference to the virtual stage featuring an impressive lineup of over 30 business leaders, policy makers, investing legends, influencers, sports and entertainment stars.

As one of the last major events heading into the pivotal 2020 presidential election, Yahoo Finance’s All Markets Summit will give audiences the opportunity to hear about timely and significant issues from leading figures across industries including NIAID Director Dr. Anthony Fauci, Bill & Melinda Gates Foundation Co-Chair Bill Gates, Carly Fiorina Enterprises Chairman Carly Fiorina, National Basketball Players Association President Chris Paul, Walmart CEO Doug McMillon, ‘Uncomfortable Conversations with a Black Man’ Host and former NFL Linebacker Emmanuel Acho, Fmr. White House National Economic Council Director Gary Cohn, Rock The Bells Founder & CEO LL COOL J, Citigroup CEO Michael Corbat, and many more.

Led by Editor-in-Chief Andy Serwer and Yahoo Finance’s on-air anchors, speaker sessions will explore the latest on economic recovery, the coronavirus and search for a vaccine, issues on diversity and inclusion, and many other critical topics during a time of profound economic, social and generational change.

The 2020 All Markets Summit is sponsored by the International WELL Building Institute, and in partnership with Edward Jones and Nasdaq, and will be hosted live from the Nasdaq in Times Square. This year’s conference is set to be Yahoo Finance’s largest virtual event since the remotely hosted Berkshire Hathaway Shareholders Meeting in May, which resulted in the most-watched livestream ever for the annual meeting with 5.5 million views.

Visit YahooFinanceAMS.com to watch the entire conference, for more information, and for the full agenda as well as list of guest speakers, including:

  • Adena Friedman, Nasdaq CEO
  • Anne Walsh, Guggenheim CIO of Fixed Income
  • Asahi Pompey, Goldman Sachs Foundation President
  • Beth Ford, Land O’Lakes CEO
  • Bill Dudley, Former New York Fed President
  • Bill Gates, Co-Chair, Bill & Melinda Gates Foundation
  • Carly Fiorina, Carly Fiorina Enterprises
  • Chris Nassetta, Hilton CEO
  • Chris Paul, National Basketball Players Association Pres., Oklahoma City Thunder PG
  • Corie Barry, Best Buy CEO
  • Dany Garcia, XFL Co-Owner, The Garcia Companies CEO
  • David Rubenstein, Carlyle Group Co-founder
  • Doug McMillon, Walmart CEO
  • Dr. Anthony Fauci, National Institute Allergy & Infectious Diseases Director
  • Ed Bastian, Delta Air Lines CEO
  • Ellie Rubenstein, Manna Tree Co-founder and CEO
  • Emmanuel Acho, Fox Sports analyst, ‘Uncomfortable Conversations with a Black Man’ Host
  • Gary Cohn, Fmr. White House National Economic Council Director
  • Gary Vaynerchuk, VaynerMedia CEO
  • Glenn Fogel, Booking Holdings CEO
  • Glenn Hutchins, North Island Chairman, Co-founder Silver Lake Partners
  • Hans Vestberg, Verizon CEO
  • James Hutchins, North Island Ventures Co-founder
  • LL COOL J, ‘Rock The Bells’ Founder & CEO
  • Michael Corbat, Citigroup CEO
  • Nela Richardson, Edward Jones Principal, and Investment Strategist
  • Paul Scialla, Delos Founder & CEO, International WELL Building Institute Founder
  • Ray Dalio, Bridgewater Associates Founder
  • Rob Falzon, Prudential Vice Chairman
  • Shantanu Narayen, Adobe CEO
  • Wes Moore, Robin Hood Foundation CEO

Be part of the conversation on social using the #YahooAMS. Audiences can also tune in on the Yahoo Finance App, Apple TV, Android TV, Fire TV, Samsung TV+, Roku and on linear broadcast via Fios.

Follow Yahoo Finance on Social Media:
Twitter: @YahooFinance, Instagram: @yahoofinance, Facebook: YahooFinance, LinkedIn: Yahoo-Finance, YouTube: YahooFinance

About Yahoo Finance
Yahoo Finance is the leading global source of business and finance news and part of the Verizon Media brand portfolio. Yahoo Finance’s expert coverage, content, and daily live programming is available on desktop and mobile web via finance.yahoo.com, as well as the Yahoo Finance app, Android TV, Apple TV, Fire TV, Samsung TV+, Roku and on linear broadcast via Fios.

VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at www.verizon.com/about/news/. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

Media contact:
Stephanie Perez
stephanie.perez@verizonmedia.com
Elissa Dotzman
elissa.dotzman@verizonmedia.com

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