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• Cover image
• Title page
• Table of Contents
• Copyright
• Acknowledgments
• Chapter 1. Introduction
• Abstract
• M-Pesa: Providing Some of the World’s Poorest With Financial Access
• Venmo: Effortlessly Split Dinner Tabs, Buy Concert Tickets With Friends
• Bitcoin, Ethereum and Other Cryptocurrencies
• Blockchain: A Protocol With Wide Application Potential
• Square: Mobile Payments
• Stripe: E-Commerce Payments
• Lending Club, SoFi, Kiva: Peer-to-Peer Lenders Disintermediate the Banks
• Transferwise: Matching Users for Remittances
• Chapter 2. Disruption and Disintermediation in Financial Products and Services: Why Now?
• Chapter 3. Money: A Medium of Exchange, Unit of Account and Store of Wealth
• Chapter 4. Financial Institutions
• Chapter 5. Bubbles, Panics, Crashes, and Crises
• Chapter 6. Bank Lending
• Chapter 7. Time Value of Money: Interest, Bonds, Money Market Funds
• Chapter 8. Equities, Efficient Markets, Exchanges
• Chapter 9. Foreign Exchange
• Chapter 10. Forwards, Futures, and Swaps
• Chapter 11. Commodities
• Chapter 12. Options
• Chapter 13. Startup Financing
• Chapter 14. Fintech in a Global Setting
• Chapter 15. Fintech and Government Regulation
• Chapter 16. Social Issues: Diversity and Inclusion, Unemployment, and Income Distribution
• Chapter 17. The Future Millennial Bank—Your Parents’ Bank Integrates With the Disrupters
• Chapter 2. Disruption and Disintermediation in Financial Products and Services: Why Now?
• Abstract
• Millennials
• Millennials are Using Money Differently
• Technology
• Quantum Computing
• Graphical Processing Units
• The Cloud
• Artificial Intelligence
• Fintech Application of AI
• Startup Lifestyle
• References
• Further Reading
• Chapter 3. Money: A Medium of Exchange, Unit of Account, and Store of Wealth
• Abstract
• How is Money Measured?
• Trends in Non-Cash Payments
• Financial System Plumbing: How Credit Cards Work
• Financial System Plumbing: The ACH
• How the ACH Network and ACH Payments System Works
• Fintech Applications
• Digital or “Crypto” Currencies
• How Bitcoin Works
• Silk Road
• Mt. Gox
• Bitcoin in China
• Bitcoin in Venezuela
• Bank of England
• Initial Coin Offering
• Blockchain: A Form of Distributed Ledger Technology
• BIS: Digital Ledger Technology
• R3
• Depository Trust and Clearing Corporation
• Digital Asset Holdings
• Chicago Mercantile Exchange
• Ripple
• Payments
• Adyen
• Apple Pay
• Square
• Stripe
• Venmo
• Zelle
• Zoop
• Alipay
• References
• Chapter 4. Financial Institutions
• Abstract
• Information Asymmetries, Moral Hazard, and Adverse Selection
• Commercial Banks
• Investment Banks
• Central Banks
• Insurance Companies, Finance Companies, Hedge Funds, Mutual Funds, Exchange Traded Funds
• Shadow Banking: Other Financial Intermediaries
• Historical Innovation in Big Financial Institutions
• Fintech Applications
• World’s Best Digital Bank
• References
• Chapter 5. Bubbles, Panics, Crashes, and Crises
• Abstract
• Selected Notable Events
• Tulipmania
• South Seas Bubble
• Mississippi Company
• Bank Panic of 1907
• The Great Depression
• Regulatory Responses to the Great Depression
• Stock Market Crash of 1987
• Tech Bubble: The Dotcom Crash in 2000
• The Global Financial Crisis
• Regulatory Responses to the Global Financial Crisis
• Common Features: Run-Up Phase and Crisis Phase
• Fintech Issues Relevant to Systemic Financial Risk
• Appendix: Timeline of Global Financial Crisis Events 2007–10
• References
• Chapter 6. Bank Lending
• Abstract
• Secured vs Unsecured Loans
• LIBOR
• Real Estate Loans
• Payday Lending
• Credit Scores: FICO
• Fintech in Lending
• References
• Further Reading
• Chapter 7. Time Value of Money: Interest, Bonds, Money Market Funds
• Abstract
• Future Value and Present Value
• Internal Rate of Return
• Credit Instruments
• Fisher’s Law
• Term Structure and Yield Curve
• Types of Debt Instruments: Money Market Instruments
• Types of Money Market Funds
• Types of Debt Instruments: US Treasury Securities
• Types of Debt Instruments: Agency Securities
• Types of Debt Instruments: Corporate Bonds
• Types of Debt Instruments: Municipal Securities
• Types of Debt Instruments: Sovereign Debt
• Fixed Income Trading Platforms
• Fintech Applications
• Chapter 8. Equities
• Abstract
• Risk, Return, and Diversification
• Capital Asset Pricing Model
• Efficient Market Hypothesis
• Random Walk
• Equity Indexes
• Types of Orders
• Equity Trading Venues
• Regulation
• Fintech in Equities
• Roboadvisors
• References
• Chapter 9. Foreign Exchange
• Abstract
• Exchange Rate Determination in the Long Run
• Exchange Rate Determination in the Short Run
• Effects of Relative Interest Rates on Exchange Rate Determination
• Currency Futures, Options, and Swaps
• Fintech Applications
• Anti-Money Laundering and Other Concerns
• References
• Chapter 10. Futures, Forwards, and Swaps
• Abstract
• Futures Mechanics
• Single Stock Futures
• Equity Swaps
• Total Return Swap
• Inflation Swap
• Stock Index Futures
• Interest Rate Swaps
• Interest Rate Futures
• Hedging Example: Locking in an Interest Rate
• Credit Default Swaps
• Hedging Example: Protecting a Bond Payment Stream With CDS
• Fintech Applications
• References
• Chapter 11. Commodities
• Abstract
• Evolution of Commodity Trading
• Central CounterParty
• Categories of Commodities
• Commodity Forwards, Futures, Swaps, and Options
• Trading Conventions and Terminology
• Participants in Futures Markets
• Hedging Example: Farmers and Corn
• Hedging Example: Airlines and Jet Fuel
• Commodities as an Asset Class
• Commodities Exchange Traded Fund
• Fintech in Commodities
• Blockchain in Post-Trade Processing
• Blockchain in Physical Commodities
• Artificial Intelligence in Energy Data Analysis
• References
• Chapter 12. Options
• Abstract
• Risks in Trading Options
• Basic Option Strategies
• Additional Option Strategies
• Option Pricing
• Theoretical Pricing Models
• Fintech Applications in Options
• References
• Chapter 13. Startup Financing
• Abstract
• Credit Cards and Cash on Hand
• Friends and Family
• Loans
• Crowdfunding
• Equity Crowdfunding
• AngelList
• Angels
• Accelerators
• Venture Capital
• Initial Public Offering: Is Going Public (IPO) the Founder’s Holy Grail?
• Initial Coin Offerings
• References
• Further Reading
• Chapter 14. Fintech in a Global Setting
• Abstract
• Fintech in the United Kingdom
• Fintech in the European Union
• Fintech in Germany
• Fintech in Canada
• Fintech in China
• Fintech in Singapore
• Fintech in India
• Fintech in Africa
• Fintech in Brazil
• References
• Chapter 15. Fintech and Government Regulation: If It Quacks Like a Bank…
• Abstract
• Financial Regulation Background
• Significant Legislation Governing US Financial Regulation
• Financial Regulators
• Office of the Controller of the Currency
• Federal Depositors Insurance Corporation
• Office of Financial Asset Control and Financial Crimes Enforcement Network
• Several Start-ups Have Been Found to Be in Violation of Regulations
• US Policies to Support Fintech Start-ups
• UK Policies to Support Fintech Start-ups
• EU Support for Fintech
• Regtech: Fintech Technologies Designed to Help With the Financial Regulatory Burden
• References
• Chapter 16. Social Issues: Diversity and Inclusion, Unemployment, and Income Distribution
• Abstract
• Lack of Diversity in VCs
• Is It a Pipeline Problem? A Bias Problem? Both?
• Unemployment and Income Distribution Effects
• Income Distribution Effects
• Who Reaps the Gains of Technological Advancement?
• References
• Further Reading
• Chapter 17. They are Not Dead Yet: How Big Financial Institutions Will Work with Fintech Startups to Define the Market Structure of the Future
• Abstract
• Incubators and Accelerators
• Big Financial Institutions Investing in and Partnering with Startups
• Card Startup Support Programs
• Distributed Ledger Projects
• Internal Bank Units
• Goldman Sachs: “We are a technology company”
• Altering Internal Banking Culture to Reflect Millennial Sensibilities
• For Banks, Disruption has Its Risks but also Opportunities
• References
• Further Reading
• Index