1 Danielle Myles, “Top 1000 world banks 2018,” The Banker, July 2, 2018, https://www.thebanker.com/Top-1000-World-Banks/Top-1000-World-Banks-2018.
2 FDIC, Quarterly Banking Profile (QBP) – Second Quarter 2018, https://www.fdic.gov/bank/analytical/qbp/2018jun/qbp.pdf, accessed October 15, 2018.
3 Ibid.
4 Martin Arnold, “How US banks took over the financial world,” Financial Times, September 16, 2018, https://www.ft.com/content/6d9ba066-9eee-11e8-85da-eeb7a9ce36e4.
5 Danielle Myles, “Top 1000 world banks 2018.”
6 Yalman Onaran, “China’s giant banks top this ranking. And that’s a cause for concern,” Bloomberg.com, August 12, 2018, https://www.bloomberg.com/ news/articles/2018-08-12/china-s-giant-banks-top-this-ranking-a-cause-for-concern.
7 Danielle Myles, “Top 1000 world banks 2018.”
8 Yen Nee Lee, “China’s mega banks are boasting higher profits, but investors still aren’t buying their stocks,” CNBC, September 3, 2018, https://www.cnbc. com/2018/09/03/china-banks-improvement-in-net-profits-margins-not-helping-shares.html.
9 “Japanese banks’ foreign exposure may threaten financial stability,” Economist, July 26, 2018, https://www.economist.com/finance-and-economics/2018/07/26/japanese-banks-foreign-exposure-may-threaten-financial-stability.
10 Dr. Daniel Bachman and Dr. Rumki Majumdar, “United States economic forecast: 3rd quarter 2018,” Deloitte Insights, September 14, 2018, https://www2. deloitte.com/insights/us/en/economy/us-economic-forecast/united-states-outlook-analysis.html.
11 Deloitte Center for Regulatory Strategy, “Key highlights of the Volcker Rule proposal,” Reg Pulse blog, June 6, 2018, https://www2.deloitte.com/us/en/pages/regulatory/articles/key-highlights-of-the-volcker-rule-proposal.html.
12 Office of the Comptroller of the Currency, US Department of the Treasury, “OCC Seeks Comments on Modernizing Community Reinvestment Act Regulations,” news release 2018-87, August 28, 2018, https://www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-87.html.
13 Zach Fox and Carolyn Duren, “CFPB has fined Wells Fargo more than all other companies, combined,” S&P Global Market Intelligence, Data Dispatch, September 6, 2018.
14 Huw Jones, “EU sees step-by-step approach to bank trading capital rules,” Reuters, April 11, 2018, https://www.reuters.com/article/us-eu-banks-regulation/ eu-sees-step-by-step-approach-to-bank-trading-capital-rules-idUSKBN1HI2QF.
15 Asia Pacific Regulatory Update 2018, Deloitte Centre for Regulatory Strategies Asia Pacific, February, 2018, https://www2.deloitte.com/content/dam/ Deloitte/au/Documents/financial-services/deloitte-au-fs-asia-pacific-financial-services-regulatory-update-feb-18-150318.pdf.
16 Sara Hsu, “China’s new financial regulatory system may overlook some risks,” Forbes, March 19, 2018, https://www.forbes.com/sites/sarahsu/2018/03/19/ chinas-new-financial-regulatory-system-may-overlook-some-risks/#487422fbb975.
17 OCC, US Dept of the Treasury, “OCC Begins Accepting National Bank Charter Applications from Financial Technology Companies,” news release 2018-74, July 31, 2018, https://www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-74.html.
18 Wolfie Zhao, “Regulators plan ‘global sandbox’ for fintech including blockchain,” CoinDesk, August 8, 2018, https://www.coindesk.com/regulators-plan-global-sandbox-for-fintech-including-blockchain/.
19 Gareth Allan and Yuki Hagiwara, “Japan’s financial regulation shake-up seen as a game changer for banks,” Japan Times, February 27, 2018, https://www. japantimes.co.jp/news/2018/02/27/business/financial-markets/japans-financial-regulation-shake-seen-game-changer-banks/#.W61N62hKg2w.
20 FDIC, QBP.
21 Reshaping the code: Understanding the new tax reform law, Deloitte Tax LLP, 2018, https://www2.deloitte.com/content/dam/Deloitte/us/Documents/Tax/ us-tax-reform-report.pdf.
22 Francesco Guarascio, “EU aims at deal on digital tax by year end: Document,” Reuters, September 4, 2018, https://www.reuters.com/article/us-eu-tax-digital/eu-aims-at-deal-on-digital-tax-by-year-end-document-idUSKCN1LK1MA.
23 Don Quijones, “Banks squeal as Spain’s new government threatens to do unthinkable: Raise taxes on their profits,” Wolf Street, July 7, 2018, https:// wolfstreet.com/2018/07/07/spanish-banks-squeal-as-government-threatens-to-do-unthinkable-raise-taxes-on-their-profits/.
24 Simon Poh, “Will Trump’s corporate tax cuts send ripples through Asia?,” NUS Business School for Forbes, December 12, 2017, https://www.forbes.com/ sites/nusbusinessschool/2017/12/12/will-trumps-corporate-tax-cuts-send-ripples-through-asia/#206b79b55ce1.
25 Deloitte Consulting LLP, Tech Trends 2018: The symphonic enterprise, Deloitte Insights, December 6, 2017, https://www2.deloitte.com/content/dam/Deloitte/ tr/Documents/technology-media-telecommunications/TechTrends-2018.pdf.
26 Citi GPS, Bank of the future: The ABCs of digital disruption in finance, March 2018, https://www.citi.com/commercialbank/insights/assets/docs/2018/The-Bank-of-the-Future/.
27 Ibid.
28 Bryan Yurcan, “Key’s call: To modernize consumer lending, it had to strip systems to the core,” American Banker, April 11, 2018, https://www.americanbanker. com/news/why-key-is-investing-in-a-new-core-lending-platform?tag=00000157-7785-dd12-a75f-7fa7b9060001.
29 Tony Sio, “Changing the game: Artificial intelligence in market surveillance,” Nasdaq, April 5, 2017, https://business.nasdaq.com/marketinsite/2017/ Changing-The-Game-Artificial-Intelligence-In-Market-Surveillance.html.
30 “Nasdaq SMARTS surveillance wins ‘Best Market Surveillance Provider’ for fifth consecutive year,” Nasdaq, July 26, 2017, https://business.nasdaq.com/ marketinsite/2017/Nasdaq-SMARTS-Surveillance-Wins-Best-Market-Surveillance-Provider-for-Fifth-Consecutive-Year.html.
31 Citi GPS, Bank of the future: The ABCs of digital disruption in finance.
32 Jim Eckenrode, Talent, technology, and transformation: Global executives’ expectations for the future of financial services, Deloitte Insights, August 1, 2017, https:// www2.deloitte.com/de/de/pages/financial-services/articles/talent-technology-and-transformation.html.
33 John Hagel III and John Seely Brown, “Great businesses scale their learning, not just their operations,” Harvard Business Review, June 7, 2018, https://hbr. org/2017/06/great-businesses-scale-their-learning-not-just-their-operations.
34 R. Jesse McWaters and Rob Galaski, The new physics of financial services: Understanding how artificial intelligence is transforming the financial ecosystem, World Economic Forum and Deloitte, August 2018, http://www3.weforum.org/docs/WEF_New_Physics_of_Financial_Services.pdf.
35 Ryan Browne, “Jamie Dimon says cyber warfare is the biggest risk to the financial system,” CNBC, September 20, 2018, https://www.cnbc.com/2018/09/20/ jp-morgan-jamie-dimon-says-cyber-is-biggest-risk-to-the-financial-system.html.
36 “Reimagining the first line of defense’s role in bank regulatory compliance: Digitizing processes and controls to drive profitability and efficiency,” Deloitte Center for Regulatory Strategy Americas, January 2018, https://www2.deloitte.com/content/dam/Deloitte/us/Documents/regulatory/us-regulatory-reimagining-the-first-line-of-defenses-role-in-bank-regulatory-complaince.pdf.
37 Rohan Pearce, “ANZ eyes deep learning to help make better decisions about risk,” Computerworld, September 4, 2018, https://www.computerworld.com. au/article/646163/anz-eyes-deep-learning-make-better-decisions-about-risk/.
38 Howard Altman, BAI Banking Strategies, “Cybercrime 2.0: New ills, no pill for banking’s $600 billion headache,” November 16, 2018, https://www.bai.org/banking-strategies/article-detail/new-ills-no-pill-for-bankings-600-billion-headache.
39 TrustArc, GDPR compliance status: A comparison of US, UK and EU companies, July 2018, https://info.trustarc.com/Web-Resource-2018-07-12-GDPR-ResearchReport_LP.html.
40 Data from S&P Global Market Intelligence, accessed October 26, 2018.
41 Ibid.
42 Steve Boms, “US way behind the curve in open banking,” American Banker, September 21, 2018, https://www.americanbanker.com/opinion/us-way-behind-the-curve-on-open-banking.
43 Temenos Group, “Customer demand leads the way to digitalized banking in Asia-Pacific,” press release, July 17, 2018, https://www.temenos.com/en/news-and-events/news/2018/july/customer-demand-leads-the-way-to-digitalized-banking-in-asia-pacific/.
44 Angus Ross and Val Srinivas, Accelerating digital transformation in banking: Findings from the global consumer survey on digital banking, Deloitte Insights, September 28, 2018, https://www2.deloitte.com/insights/us/en/industry/financial-services/digital-transformation-in-banking-global-customer-survey. html.
45 How JPMorgan is preparing for the next generation of consumer banking, CB Insights, August 23, 2018, https://www.cbinsights.com/research/jpmorgan-chase-consumer-banking/.
46 Global Fintech Report Q2 2018, CB Insights, July 19, 2018, https://www.cbinsights.com/reports/CB-Insights_Fintech-Report-Q2-2018. pdf?utm_campaign=fintech-q2_2018-07&utm_medium=email&_hsenc=p2ANqtz-8OwH7VPEAakBqI-ou_6NA7vyj_aNW6GvNRYB417BWe-rqv0kOqHX13TbjYdn7u0age-w_Jw1N_m3qltlqGY6eGfYvDQTEomqjht_ipOPZzDpZ-Ztk&_hsmi=64556313&utm_content=64556313&utm_source=hs_ automation&hsCtaTracking=0ee392f4-0184-4c54-806b-93faf621621d%7C1e0377d6-5954-4779-a555-2f7adab5d2e9.
47 John Detrixhe, “Americans are splurging on personal loans thanks to fintech startups,” Quartz, July 24, 2018, https://qz.com/1334899/personal-loans-are-surging-in-the-us-fueled-by-fintech-startups/.
48 Kinsey Grant, “Big banks’ shift to digital could bring these significant shareholder benefits,” TheStreet, May 22, 2018, https://www.thestreet.com/investing/ stocks/big-banks-shift-to-digital-could-bring-these-significant-shareholder-benefits-14597432.
49 Angus Ross and Val Srinivas, Accelerating digital transformation in banking: Findings from the global consumer survey on digital banking.
50 2Q 2018 Middle Market Indicator: Strong performance; mounting concerns, National Center for the Middle Market, July 18, 2018, https://www. middlemarketcenter.org/Media/Documents/MiddleMarketIndicators/2018-Q2/FullReport/NCMM_MMI_Q2_2018_FINAL.pdf.
51 Louise Bowman, “US regional banks gear up for M&A bonanza,” Euromoney, July 23, 2018, https://www.euromoney.com/article/b1965794qm479g/us-regional-banks-gear-up-for-mampa-bonanza.
52 David Reid, “Europe’s bank bosses all want the same thing—fewer banks,” CNBC, August 30, 2018, https://www.cnbc.com/2018/08/30/europes-bankers-want-fewer-banks-and-forecast-ma-for-sector.html.
53 Martin Arnold, Patrick Jenkins, and Laura Noonan, “Banking M&A: The quest to create a European champion,” Financial Times, July 10, 2018, https://www. ft.com/content/cd640614-78a1-11e8-8e67-1e1a0846c475.
54 Ibid.
55 Walter Yao, “Asian banks search for yield overseas,” Federal Reserve Bank of San Francisco, Pacific Exchange blog, February 22, 2018, https://www.frbsf. org/banking/asia-program/pacific-exchange-blog/asian-banks-search-for-yield-overseas/.
56 MUFG Report 2018, Mitsubishi UFJ Financial Group, July 2018, https://www.mufg.jp/english/ir2018/pdf/all.pdf.
57 Tricumen data set.
58 “The July 2018 Senior Loan Officer Opinion Survey on Bank Lending Practices,” Federal Reserve, July 2018, https://www.federalreserve.gov/data/sloos/ sloos-201807.htm.
59 OCC, Semiannual Risk Perspective, National Risk Committee, spring 2018. https://www.occ.gov/publications/publications-by-type/other-publications-reports/semiannual-risk-perspective/semiannual-risk-perspective-spring-2018.pdf.
60 “It’s official: US leveraged loans are a $1 trillion market,” LeveragedLoan.com, April 30, 2018, http://www.leveragedloan.com/official-us-leveraged-loans-1- trillion-market/.
61 Anthony Gambardella, Custody, Asset & Securities Services industry in the US, IBISWorld Industry Report 52399, August 2018.
62 Finbarr Bermingham, “2017 was the decade’s worst year for trade finance,” Global Trade Review, July 3, 2018, https://www.gtreview.com/news/global/2017- was-the-decades-worst-year-for-trade-finance/.
63 Alisa DiCaprio, Steven Beck, and Kijin Kim, “Trade finance gaps continue despite fintech breakthroughs,” BRINK Asia, December 20, 2017, https://www. brinknews.com/asia/trade-finance-gaps-continue-despite-fintech-breakthroughs/.
64 Hayley McDowell, “BNP Paribas completes fund transaction using blockchain,” Global Custodian, January 10, 2018, https://www.globalcustodian.com/bnp-paribas-completes-fund-transaction-using-blockchain/.
65 Joe Parsons, “BNP Paribas Securities Services revenues boosted by custody mandates,” Global Custodian, August 1, 2018, https://www.globalcustodian. com/bnp-paribas-securities-services-revenues-boosted-custody-mandates/.
66 Alison Coleman, “The banks wanted to sink this forex fintech: Now they’re vying for its technology,” Forbes, October 12, 2017, https://www.forbes.com/sites/ alisoncoleman/2017/10/12/the-banks-wanted-to-sink-this-forex-fintech-now-theyre-vying-for-its-technology/#1f8510fc563d.
67 Alfred Liu and Emily Cadman, “Banks are facing a squeeze from Trump’s trade war,” Bloomberg, July 15, 2018, https://www.bloomberg.com/news/ articles/2018-07-15/banks-funding-9-trillion-face-squeeze-from-trump-s-trade-war.
68 Finbarr Bermingham, “Despite tensions, trade finance demand in Asia soars,” Global Trade Review, June 6, 2018, https://www.gtreview.com/news/asia/ despite-tensions-trade-finance-demand-in-asia-soars/.
69 Deutsche Bank, The road to real-time treasury, white paper, August 14, 2018, http://cib.db.com/docs_new/Realtimetreasurywhitepaper.pdf.
70 “Citigroup is the latest bank to offer crypto custody: Here’s how it will affect the market,” CCN.com, September 10, 2018, https://www.ccn.com/citigroup-is-the-latest-bank-to-offer-crypto-custody-heres-how-it-will-affect-the-market/.
71 “Deutsche Bank’s approach to digital: Value your data, feed the fintechs and reach for the cloud,” IBS Intelligence, February 9, 2018, https://ibsintelligence. com/ibs-journal/deutsche-banks-approach-digital-value-data-feed-fintechs-reach-cloud/.
72 Ibid.
73 Ibid.
74 Val Srinivas and Richa Wadhwani, Modernizing transaction banking: Service externalization and the right technology portfolio, Deloitte Center for Financial Services, October 10, 2017, https://www2.deloitte.com/content/dam/Deloitte/sg/Documents/financial-services/sea-fsi-modernizing-transaction-banking.pdf.
75 Ryan W. Neal, “State Street uses AI to provide a newsfeed relevant to portfolio holdings,” Investment News, July 19, 2018, https://www.investmentnews.com/ article/20180719/FREE/180719901/state-street-uses-ai-to-provide-a-newsfeed-relevant-to-portfolio.
76 Jason Goldberg et al., U.S. Large-Cap Banks: U.S.-Based Investment Banks 2Q18 Summary and Outlook, Barclays Equity Research, July 23, 2018.
77 Atilla Muze, “Cross-border M&A soars to new record,” Dealogic, September 10, 2018, https://www.dealogic.com/insight/cross-border-ma/.
78 Alevizos Alevizakos et al., Investment Banking Monitor Quarterly, Q2 2018, HSBC Global Research, July 11, 2018.
79 Attracta Mooney, “MiFID II rules prompt ‘huge change’ in research marketplace,” Financial Times, September 16, 2018, https://www.ft.com/content/6ff7f30e-ea59-3e57-bfee-1e136ede6c53.
80 Laura Noonan, “MiFID II impact on investment banking ‘exaggerated’,” Financial Times, December 6, 2017, https://www.ft.com/content/713fb392-da7c-11e7- a039-c64b1c09b482.
81 Hugh Son and Dakin Campbell, “Wall Street’s big banks are waging an all-out technological arms race,” Bloomberg, April 5, 2018, https://www.bloomberg. com/news/features/2018-04-05/wall-street-s-big-banks-are-waging-an-all-out-technological-arms.
82 Liz Hoffman, “How banks lost the battle for power on Wall Street,” Wall Street Journal, September 7, 2018, https://www.wsj.com/articles/how-banks-lost-the-battle-for-power-on-wall-street-1536312634.
83 Paul J. Davies, “The new winners and loser in investment banking,” Wall Street Journal, April 15, 2018, https://www.wsj.com/articles/the-new-winners-and-losers-in-investment-banking-1523716381.
84 Ibid.
85 John Carney, “Radical changes are on the way for investment banks,” Wall Street Journal, June 2, 2016, https://www.wsj.com/articles/radical-changes-are-on-the-way-for-investment-banks-1464904490.
86 Adrian D. Garcia, “JPM, big banks spend billions on tech but innovation lags,” Bankrate, July 27, 2018, https://www.bankrate.com/banking/jpm-big-banks-spend-billions-on-tech-but-theyre-still-laggards/.
87 Robin Wigglesworth and Joe Rennison, “Bond trading: Technology finally disrupts a $50tn market,” Financial Times, May 8, 2018, https://www.ft.com/ content/67e48ae4-4fab-11e8-9471-a083af05aea7.
88 Telis Demos, “Machines took over the stock market. Next up, bonds,” Wall Street Journal, October 18, 2017, https://www.wsj.com/articles/traders-vs-bots-moves-to-the-corporate-bond-market-1508327100.
89 Robing Wigglesworth and Joe Rennison, “Bond trading: Technology finally disrupts a $50tn market.”
90 Terry Flanagan, “AI in fixed income,” Markets Media, June 7, 2018. https://www.marketsmedia.com/ai-in-fixed-income/.
91 GFT Technologies, “Investment banks welcome public cloud adoption for innovation first, not cost reduction,” press release, July 11, 2018, https://www.gft. com/int/en/index/company/newsroom/press-r eleases/2018/investment-banks-welcome-public-cloud-adoption-for-innovation-first-not-cost-reduction/.
92 “PayPal blows past 250M active accounts,” N: PYMNTS.com, September 6, 2018, https://www.pymnts.com/mobile-applications/2018/paypal-users-active-accounts-money-transfers/.
93 Elizabeth Weise, “Amazon opens its grocery store without a checkout line to the public,” USA Today, updated January 22, 2018, https://www.usatoday.com/ story/tech/news/2018/01/21/amazon-set-open-its-grocery-store-without-checkout-line-public/1048492001/.
94 Maggie Zhang, “China moves further towards cashless society as payment giants Alipay, WeChat Pay gain ground,” South China Morning Post, updated January 25, 2018, https://www.scmp.com/business/companies/article/2130400/china-moves-further-towards-cashless-society-payment-giants.
95 Juniper Research, “Contactless payments to represent 1 in 3 in-store transactions globally by 2020,” press release, July 30, 2018, https://www. juniperresearch.com/press/press-releases/contactless-payments-to-represent-1-in-3-in-store.
96 Olaf Storbeck, “Airlines to launch payments system to rival credit card groups,” Financial Times, May 6, 2018, https://www.ft.com/content/ba33859a-4f1d- 11e8-a7a9-37318e776bab.
97 Ingrid Lunden, “Adyen aims for a $1B IPO, valuing the payments startup at up to $8.3B when it lists on June 13,” TechCrunch, June 13, 2018, https://tcrn. ch/2J9GmAY.
98 Rishi Iyengar, “PayPal buys Swedish startup iZettle for $2.2 billion,” CNN, May 18, 2018, https://money.cnn.com/2018/05/18/technology/paypal-izettle-deal/ index.html.
99 Bill Hardekopf, “This week in credit card news: Consumers love credit card rewards; are we running up too much debt?” Forbes, July 27, 2018, https:// www.forbes.com/sites/billhardekopf/2018/07/27/this-week-in-credit-card-news-consumers-love-credit-card-rewards-are-we-running-up-too-much-debt/#794579bb26a4.
100 Visa, “Visa Acquires Fraedom to Expand Its Global Commercial Offerings,” press release, February 9, 2018, https://usa.visa.com/about-visa/newsroom/ press-releases.releaseId.15451.html.
101 Emily Bary, “Visa and Mastercard earnings: More than just payments at play,” MarketWatch, July 25, 2018, https://www.marketwatch.com/story/visa-and-mastercard-earnings-more-than-just-payments-at-play-2018-07-23.
102 Federal Reserve, The Federal Reserve Payments Study: 2017 Annual Supplement, January 25, 2018, https://www.federalreserve.gov/paymentsystems/2017- December-The-Federal-Reserve-Payments-Study.htm.
103 Stacy Cowley, “Banks and retailers are tracking how you type, swipe and tap,” New York Times, August 13, 2018, https://www.nytimes.com/2018/08/13/business/ behavioral-biometrics-banks-security.html.
104 JPMorgan Cazenove, Global Wealth Management: Best banking business – undervalued by the market, May 2018.
105 Hugh Son, “JP Morgan to unveil new investing app with an eye-catching, disruptive price: Free,” CNBC, updated August 23, 2018, https://www.cnbc. com/2018/08/21/jp-morgan-to-unveil-new-investing-app-with-an-eye-catching-disruptive-price-free.html.
106 JPMorgan Cazenove, Global Wealth Management: Best banking business – undervalued by the market.
107 Samuel Steinberger and Davis Janowski, “In pursuit of new customers, JPMorgan offers free trades,” Wealthmanagement.com, August 21, 2018, https://www. wealthmanagement.com/technology/pursuit-new-customers-jpmorgan-offers-free-trades.
108 2018 Wealth Tech Trends to Watch, CB Insights, June 2018.
109 “Resurgent trading helped global exchanges’ revenues hit record in 2017: report,” Reuters, June 12, 2018, https://www.reuters.com/article/us-global-markets-exchanges/resurgent-trading-helped-global-exchanges-revenues-hit-record-in-2017-report-idUSKBN1J80PB.
110 Intercontinental Exchange, “Intercontinental Exchange Announces Bakkt, a Global Platform and Ecosystem for Digital Assets,” press release, Business Wire, August 3, 2018, https://www.businesswire.com/news/home/20180803005236/en/Intercontinental-Exchange-Announces-Bakkt-Global-Platform-Ecosystem.
111 tZERO and BOX, “tZERO and BOX Digital Markets Sign Deal to Create Joint Venture,” Business Wire, June 19, 2018, https://www.businesswire.com/news/ home/20180619005897/en/tZERO-BOX-Digital-Markets-Sign-Deal-Create.
112 Jamie Smyth, “ASX chooses blockchain for equities clearing,” Financial Times, December 7, 2017, https://www.ft.com/content/c9b86e8e-dae4-11e7-a039- c64b1c09b482.
113 Robin Wigglesworth and Joe Rennison, “Bond trading: Technology finally disrupts a $50tn market.”
114 Greenwich Associates, “MiFID II Poised to Increase Electronic Trading, Tighten Spreads in European Fixed-Income Market,” press release, March 15, 2018, https://www.greenwich.com/press-release/mifid-ii-poised-increase-electronic-trading-tighten-spreads-european-fixed-income.
115 Michelle Price, “U.S. derivatives regulator proposes more flexible swaps trading rules,” Reuters, April 26, 2018, https://www.reuters.com/article/us-usa-cftc-derivatives/u-s-derivatives-regulator-proposes-more-flexible-swaps-trading-rules-idUSKBN1HX0D8.
116 J. Christopher Giancarlo and Bruce Tuckman, Swaps regulation version 2.0: An assessment of the current implementation of reform and proposals for next steps (white paper), Commodity Futures Trading Commission, April 26, 2018, https://www.cftc.gov/sites/default/files/2018-04/oce_chairman_ swapregversion2whitepaper_042618.pdf.
117 Tommy Wilkes, “Forex trading up sharply in 2018 as volatility returns,” Reuters, February 15, 2018, https://www.reuters.com/article/uk-forex-volumes/forex-trading-up-sharply-in-2018-as-volatility-returns-idUSKCN1FZ1DL.
118 “Inside Nasdaq: Bill Dague, Head of Alternative Data,” Nasdaq, June 11, 2018, https://business.nasdaq.com/marketinsite/2018/Corp/Inside-Nasdaq-Bill-Dague- Head-of-Alternative-Data.html.
119 Ibid.
120 R. Jesse McWaters and Rob Galaski, The new physics of financial services: Understanding how artificial intelligence is transforming the financial ecosystem.
