Transaction Exposure – Local Collectors Post http://www.localcollectorspost.org/ Fri, 24 Sep 2021 01:09:29 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://www.localcollectorspost.org/wp-content/uploads/2021/03/locacollectorspost-icon-70x70.png Transaction Exposure – Local Collectors Post http://www.localcollectorspost.org/ 32 32 LIBOR’s swan song https://www.localcollectorspost.org/libors-swan-song/ Fri, 24 Sep 2021 01:03:54 +0000 https://www.localcollectorspost.org/libors-swan-song/

While some companies have started or completed transitions and others have clear plans to do so, there are others who have yet to begin their preparations. Now is the time to engage with their financial institutions to ensure a smooth transition.

LIBOR currently backs more than $ 400 trillion in loans, bonds, derivatives and other financial instruments. But doubts have arisen in the aftermath of the global financial crisis over the integrity and reliability of LIBOR after the emergence of cases of market manipulation. Although the first public exhibition was in 2012, there is evidence that the benchmark game dates back almost a decade.

A 2014 study by the Financial Stability Board (FSB) on the reliability and robustness of interbank benchmarks recommended the development of alternative benchmarks, with a preference for the use of near risk-free rates (RFR).

A major problem with LIBOR was that it did not reflect actual transactions rather than a panel of banks’ estimates of a hypothetical rate they would expect to pay at some point.

National working groups have been set up in each country to identify and develop strategies for the transition to these RFRs. Meanwhile, the UK’s Financial Conduct Authority (FCA), which oversees the administrator of LIBOR, concluded that LIBOR was unsustainable. The FCA announcement in 2017, it would no longer require panel banks to submit LIBOR estimates after December 2021, effectively giving LIBOR an expiration date.

In December 2020, a consultation by the administrator of LIBOR was announced to examine whether the US dollar LIBOR would continue until June 2023, while the currencies other than the US dollar, namely the Japanese yen, the euro, the British pound and the franc Switzerland, would cease on December 31, 2021. On March 5, the termination announcement from the ICE Benchmark Administration and the FCA effectively locked LIBOR end dates and started ticking the deadline.

Industry recommendations

The transition from one state of operation to another always involves uncertainty and some risk – and the transition away from LIBOR is no exception. With task forces and regulators in each jurisdiction making decisions and recommendations that apply to benchmark rates for their currency, coupled with how the new rates will be used in different financial products, the transition away from LIBOR would go. always be complex.

Through extensive industry consultation by national working groups (such as ARRC, UKRFRWG and SC-STS) and industry organizations (such as ISDA, LMA, LSTA and APLMA) the preferred or recommended approaches have evolved in recent years. These recommendations are just that, however. They guide the industry on likely approaches to the transition and conventions for using RFRs.

The derivatives market through ISDA has evolved to provide the safety net of robust fallback solutions through the ISDA IBOR supplement on fallback solutions and associated protocol. In the loan markets, it is only in recent months that transitions have truly started and industry conventions have become more commonly accepted and adopted by most parties.

Each lender should provide borrowers with details of their proposed alternatives and be able to explain how the transition away from LIBOR is fair for both parties, as required by global regulators.

Key considerations

In an RFR environment, each additional currency adds complexity to documenting cash product transactions. As such, borrowers should carefully consider the currencies in which they want or need to have financing.

For some borrowers who previously had “multi” or “all currencies” on loan documents, a simple solution might be to remove some or all of the LIBOR currencies.

Borrowers who still wish to access financing in US dollars but not in other LIBOR currencies could postpone the transition of their lending facilities until 2022 by eliminating the other currencies or restricting their ability to draw in these currencies.

Borrowers could then continue to finance under existing facilities referencing US dollar LIBOR and transition when market covenants in the US dollar market are more settled. U.S. regulators have recommended that no new U.S. dollar LIBOR products be entered into after the end of 2021, with a few exceptions for derivatives used for risk management.

Those who finance or invest in LIBOR-referenced treasury products and use derivatives to hedge their exposures should pay particular attention to the market conventions evolving in the various RFR products in order to avoid any unnecessary basis risk.

Reservation, risk, operating and financing systems will likely need to be modified to accommodate the new benchmark rates, fallback rates and calculation methods. Such changes often require project management and due diligence and have a significant lead time.

Affected companies should also identify all the accounting, tax and legal implications of the transition and take action to manage these risks.

RFR terms

At the end of July 2021, the ARRC approved the CME SOFR term rate, removing one of the last major hurdles in global markets to make the transition. This move will make it easier for borrowers with US dollar debts to move away from LIBOR. A forward rate is more like LIBOR, providing more certainty over cash flow and requiring fewer system changes than compound RFRs.

Another SOFR term was recommended by ARRC for use in US dollar commercial loans and multi-lender facilities. This differs from the FCA in the UK which has limited use case for Term SONIA in sterling denominated products for trade finance, emerging markets and the retail market. SONIA term is not available for business loans.

The Bank of Japan has approved the TORF as the forward rate in Japan without any use case restrictions. There is no RFR term available for Swiss Franc and Euro products, although the Euribor continues to be published and fulfills this role for the Euro market.

The industry is studying the implications of the different use cases of forward tariffs and is preparing for a more widespread use of the term SOFR. The differences in the approach to forward rates between USD, GBP and JPY will make multi-currency products more complex. A careful analysis of your specific currency needs should be carried out as a priority

Avoid rush

The time it took for the industry to settle on preferred substitutes left a relatively short period for borrowers and lenders to move their old products and transactions away from LIBOR.

While best efforts are being made to manage the expected industry workload, companies should act now, engage with their counterparts, make the necessary preparations, and seek to avoid being dragged into the rush to get out of business. LIBOR.

Duncan Marshall is LIBOR Business Transition Manager and David Doyle is LIBOR Transition Communications Manager at ANZ Institutional

This article originally appeared on ANZ Institutional website


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Colombian real estate agency leak reveals records for more than 100,000 buyers https://www.localcollectorspost.org/colombian-real-estate-agency-leak-reveals-records-for-more-than-100000-buyers/ Thu, 23 Sep 2021 09:55:00 +0000 https://www.localcollectorspost.org/colombian-real-estate-agency-leak-reveals-records-for-more-than-100000-buyers/

According to cybersecurity company WizCase, more than a terabyte of data containing 5.5 million files was left exposed, revealing the personal information of more than 100,000 clients of a Colombian real estate company.

The breach was discovered by Ata Hakçıl and his team in a database held by Coninsa Ramon H, a company specializing in architecture, engineering, construction and real estate services. “There was no need for a password or login credentials to view this information, and the data was not encrypted,” the researchers said. noted in an exclusive report shared with The Hacker News.

Data exposure is the result of an improperly configured Amazon Web Services (AWS) Simple Storage Service (S3) bucket, leading to the disclosure of sensitive information such as customer names, photos, and addresses. Details stored in the compartment range from invoices and income documents to quotes and account statements from 2014 to 2021. The full list of information contained in the documents is as follows:

  • Full names
  • Phone numbers
  • Email addresses
  • Residential addresses
  • The sums paid for estates, and
  • Asset values

In addition, the bucket would also contain a backup of the database containing additional information such as profile pictures, usernames and hashed passwords. Disturbingly, researchers said they also found malicious backdoor code in the bucket that could be exploited to gain persistent access to the website and redirect unsuspecting visitors to scam pages.

It is not immediately clear whether these files were used by bad actors in a campaign. Coninsa Ramon H did not respond to The Hacker News email inquiries regarding the vulnerability.

Prevent data breaches

“Based on viewing a sample of the documents, […] the misconfiguration revealed between $ 140 billion and $ 200 billion in transactions, or an annual transaction history of at least $ 46 billion, ”the researchers said. “In perspective, this represents around 14% of Colombia’s total economy. “

The highly confidential nature of the data in the database makes it highly susceptible to being exploited by cyber criminals to launch phishing attacks and carry out various fraud or scam activities, including tricking users into making additional payments. and, even worse, to reveal more personally identifiable information by tampering with the main infrastructure of the website.


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6 tips from real estate experts to sell your home in Vancouver https://www.localcollectorspost.org/6-tips-from-real-estate-experts-to-sell-your-home-in-vancouver/ Tue, 21 Sep 2021 21:14:18 +0000 https://www.localcollectorspost.org/6-tips-from-real-estate-experts-to-sell-your-home-in-vancouver/

Selling your home in Vancouver seems to be pretty straightforward. There is massive demand, bidding wars, and skyrocketing prices, but that still doesn’t mean you’ll get the best value for your home or have the best selling experience.

It’s there that Bode Canada It is a digital platform that allows users to buy and sell their homes on their own, no middleman is needed. With access to Bōde’s data, resources, expertise and digital tools, users can take control of the entire real estate process.

Best of all, Bōde only gets 1% of the sale, which means you’re getting the best bang for your buck for your real estate money.

Interested? We thought so, that’s why we’ve teamed up with the real estate experts at Bōde to give you 6 amazing tips for selling your home in Vancouver.

KNOW YOUR MARKET

Photos via Curiosity

Data is absolutely essential to a successful home sales experience. Knowing the market not only gives you information on how to price your home to maximize your chances of scoring an attractive offer, but also shows you what type of properties you are competing with.

Setting realistic expectations will make your experience a lot smoother, and luckily for you, Bōde will take care of that. Bōde provides comprehensive data, accessible directly through the website, so you have everything at your fingertips at all times.

SAVE THE AGENT’S COMMISSION

This one is counterintuitive. The conventional belief is that the sellers are in charge of the commission of the realtors. However, when setting the selling price, sellers usually include this part in the selling price, which is actually paid by the buyer!

bode vancouver selling your home tips
Photos via Curiosity

To maximize your chances, saving the agent’s commission allows you to post a much more competitive listing price. And you keep more of that money, it’s a victory in our books.

When you list your home with Bōde, sellers pay only 1% and only at the close of the transaction. You are also 3 times more likely to sell to a buyer without an agent saving that transaction cost as well!

VISIBILITY & EXPOSURE

The traction comes from exposure, and exposure is totally dependent on the visibility and attractiveness of your ad. Simple, right? It depends on how creative your marketing strategy is, and Bōde can really help you improve your game.

Personalized digital campaigns are tailored to your home and your needs. Plus, they cover the cost of professional photos for you, and that’s a big win if you ask us. And pro tip, consider including a 3D video tour in your ad!

ORGANIZE A WOW SHOW

Home staging can play a key role in how buyers perceive and connect with your property. Consider doing this professionally, as it can free up your time completely, while also giving you some pro tips.

sell your house in vancouver
Photo via Shutterstock

Remember to keep your place bright and cozy, to really make a difference when it comes to first impressions. After all, you’ll want potential buyers to feel at home and imagine themselves living in the space.

BE CONFIDENT AND AUTONOMOUS WHEN DEALING WITH OTHERS

As a seller, you need to feel confident and empowered to control the terms you’re willing to agree to before you make an offer. Buyers’ terms typically include financing, home inspection, and other potential clauses that can affect you as a seller.

Setting up a backup offer is a great way to keep your options open, in case a condition in the original offer is not lifted. And Bōde will help you every step of the way!

KNOW YOUR NEXT MOVEMENT

Don’t obsess over the sale, because once you start receiving offers you probably won’t have much spare time until you find yourself on the other end of the transaction, as a buyer, at the bottom. search for your next home. Fortunately, Bōde also provides you with all the tools and support you need to become a successful marketer – for free!

So guys, there you go! 6 tips straight from the experts, so if you’re considering selling your home- by Bode you have your back!


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CrossingBridge Advisors Launches Pre-Merger SPAC ETF for Investors as a Fixed Income Alternative https://www.localcollectorspost.org/crossingbridge-advisors-launches-pre-merger-spac-etf-for-investors-as-a-fixed-income-alternative/ Tue, 21 Sep 2021 12:00:00 +0000 https://www.localcollectorspost.org/crossingbridge-advisors-launches-pre-merger-spac-etf-for-investors-as-a-fixed-income-alternative/

NEW YORK, September 21, 2021 / PRNewswire / – CrossingBridge Advisors, LLC (“CrossingBridge”), an investment management firm specializing in ultra-short and short duration strategies, including Special Purpose Acquisition Companies (SPAC), announced today hui the launch of the pre-merger SPAC CrossingBridge ETF [NASDAQ: SPC].

Typically, SPACs are fully backed by US government securities with a mandatory liquidation date within two years. SPC will purchase SPCs at collateral or lower value with the intention of selling the shares before or at the time of a business combination. Therefore, CrossingBridge believes that a pre-merger SPAC portfolio will provide investors with higher returns than other fixed income products while significantly limiting downside risk.

“SPC is a tenant, not an owner,” said CrossingBridge founder and portfolio manager, David Sherman. “In other words, we aim to capture the fixed income nature of pre-merger SPACs purchased at a discount to collateral with potential for shareholder action reacting favorably to an announced transaction. not interested in being a post-company investor rally – that’s a whole different ball game. “

According to CrossingBridge, SPACs offer very similar characteristics to fixed income securities, including:

  • SPACs have a liquidation date that is equivalent to the maturity date of a bond.
  • PSPC common shareholders have a full redemption right in a business combination, similar to a change of control sale provision found in corporate debt instruments.
  • PSPCs are fully collateralized by US government securities for the benefit of common shareholders of PSPC which will be paid up on redemption or liquidation. Therefore, when an investor purchases PSPC common stock below the value of their pro-rated trust account and holds the security until the redemption or liquidation date, the investor will receive a positive return, similar to the return. a fixed income security until maturity.
  • SPACs can gain equity by participating in an attractive business combination. This benefit is similar to a convertible bond with the added feature that PSPC investors can redeem their common stock for their collateral value rather than continuing to own it after the transaction.

PSPC is not a new asset class for Sherman; he made his first PSPC investment over 15 years ago. With the growing popularity and capital flowing into SPAC, Sherman has significantly increased the company’s exposure to SPAC in recent years. CrossingBridge believes that the market is now large and liquid enough to effectively manage dedicated PSPC strategies.

“Our guiding principle has been, and will continue to be, that return on capital is more important than return on capital,” said Sherman.

For more information on CrossingBridge, please contact André Flach at 973-769-3914 or [email protected]

About CrossingBridge Advisors
Led by the founder David Sherman, a veteran of high yield and opportunistic corporate lending with over 30 years of experience. CrossingBridge Advisors is an investment management firm specializing in ultra-short and low-duration strategies, which includes Special Purpose Acquisition Companies (SPACs), as well as responsible corporate debt investments. Now with four funds, CrossingBridge offers a diverse range of fixed income products that can fit into a variety of income portfolios and strategies. For more information visit: www.crossingbridgefunds.com.

The investment objectives, risks, charges and expenses of the fund should be carefully considered before investing. The prospectus contains this and others information about the investment company, and it can be obtained by calling 855-552-5863, or by visiting www.crossingbridgefunds.com/spac-etf. Read it carefully before investing.

Investing involves risks; The main loss is possible. The Fund invests in equity securities and SPAC warrants. Pre-consolidation SPACs have no operating history or current activity other than looking for consolidation, and the value of their securities depends particularly on the ability of the entity’s management to identify and achieve a profitable consolidation. There can be no assurance that the SPACs in which the Fund invests will effect a Combination or that any Combination carried out will be profitable. Unless and until a consolidation is completed, a SPAC typically invests its assets in US government securities, money market securities, and cash. Public shareholders of SAVS may not be able to vote on a proposed initial consolidation because some shareholders, including shareholders affiliated with the management of the SAVS, may have sufficient voting power and a financial incentive to approve such a transaction without support. public shareholders. Consequently, a SPAC can carry out a Regrouping even if the majority of its public shareholders do not support such a Regrouping. Some SAVS may search for Combinations only in certain industries or regions, which may increase their price volatility.

Stocks are generally viewed as presenting more financial risk than bonds in that bondholders have a greater claim on the operations or assets of the company than stockholders. In addition, stock prices are generally more volatile than bond prices. Investments in debt securities generally lose value when interest rates rise and this risk is generally greater for longer term debt securities. Bonds are often held by people interested in current income, while stocks are typically held by people seeking price appreciation, with income being a secondary concern. The tax treatment of bond and stock returns also differs due to the different tax treatment of income versus capital gain.

Duration is defined as the weighted average of the present value of cash flows and is used as a measure of the response of a bond’s price to changes in yield. The yield to maturity (YTM) is the return on the portfolio if all bonds are held to maturity; it is based on the stated due date or the official call date. A change of control Put clause protects lenders in the event that control of the borrower changes hands due to changes in shareholding or board composition. The change of control clause Put is a right available to bondholders to oblige the company to immediately reimburse bondholders for the nominal amount invested.

CrossingBridge Advisors, LLC, is the advisor to the CrossingBridge Pre-Fusion SPAC ETF which is distributed by Foreside Fund Services, LLC. CrossingBridge Advisors, LLC is not affiliated with Foreside Fund Services, LLC.

SOURCE CrossingBridge Advisors, LLC

Related links

http://www.crossingbridgefunds.com


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Ether faces fierce competition: what it means for the ultra-popular cryptocurrency https://www.localcollectorspost.org/ether-faces-fierce-competition-what-it-means-for-the-ultra-popular-cryptocurrency/ Mon, 20 Sep 2021 12:35:00 +0000 https://www.localcollectorspost.org/ether-faces-fierce-competition-what-it-means-for-the-ultra-popular-cryptocurrency/

Ether, the cryptocurrency that powers the Ethereum blockchain network, is the second most valuable cryptocurrency in the world.

While Bitcoin was revolutionary in creating the entire cryptocurrency industry, Ether was arguably even more revolutionary when it was launched, with many improvements to Bitcoin’s technology, including the possibility of execute smart contracts.

It is this major innovation that has set Ether apart from the thousands of cryptocurrencies launched over the past decade.

However, like Bitcoin, like Ether also launched early, it also has its drawbacks. And these are drawbacks that many competitors take advantage of in an attempt to steal market share from Ether.

Even this week JP Morgan strategists have suggested that the ether should be worth about 55% less than it is today.

So here’s what you need to know if you have Aether, have been exposed to it, or have been thinking about going for a long time in the near future.

Competition against Ethereum

One of the biggest problems with Ether is the high transaction fees. When the grid is busy, “gas”, as it is called in the industry, can become very expensive.

This can often make certain transactions unnecessary. For example, if you have a token worth $ 50 on an exchange, but it will cost you $ 75 to send it to your wallet, clearly it’s not worth it.

It’s this main problem that has spurred a ton of innovation and a ton of other blockchain networks to offer the same services as Ether, but with much cheaper gas prices.

Can Ether survive the growing competition?

No one can predict the future, but there are several reasons Ether should be able to stand up to the competition.

First, Ether continues to be upgraded. More recently, he went through the hard fork of Ethereum London. These upgrades to the blockchain network aim to solve many of these major problems.

Moreover, Ethereum is already extremely popular, not only for uses but also for developers. And if these developers, who can earn more on the Ethereum network than almost anywhere else, are reluctant to switch blockchain networks, then Ethereum will likely continue to be the most dominant blockchain network for some time.

So while I expect other blockchain networks to gain popularity, I don’t necessarily expect Ether to lose value. It is possible that more blockchain networks will gain popularity as the industry continues to develop, without Ether necessarily losing value.

Nonetheless, if you want to expose yourself to cryptocurrencies but are still concerned about the potential of Ether, Galaxy digital backgrounds (TSX: GLXY) is one of the best stocks you can buy today.

A crypto stock to buy today

Galaxy Digital Holdings is a leading company in the cryptocurrency industry and my favorite personal investment in the space.

While it will definitely get a boost from the large Ether and Bitcoin gatherings, unlike many other cryptocurrencies, it won’t lose a ton of value if they drop in price.

This is because Galaxy has built an amazing business with multiple segments aiming to be a huge financial services powerhouse in the cryptocurrency industry.

Not only does the company have multiple segments, which helps it mitigate risk, but it also exposes investors to more growth opportunities.

While the company has an asset management division, trading segment and even investment banking services, the most opportune segment it has is its main investment division.

Galaxy identifies early and high potential investments in emerging cryptocurrency and blockchain technology. It can then invest in these projects early, exposing itself to major growth potential, as the industry continues to gain in popularity.

So if you are bullish on cryptocurrency but are worried about the long term potential of top cryptos like Bitcoin and Ether, Galaxy Digital might just be the perfect investment for you.

This article represents the opinion of the author, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We are straight! Challenging an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer, so we post sometimes articles that may not conform to recommendations, rankings or other content. .

JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Fool contributor Daniel Da Costa owns shares of Galaxy Digital Holdings Ltd. The Motley Fool has no position in any of the stocks mentioned.


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Universal Music: How Much is the World’s Biggest Label Worth? https://www.localcollectorspost.org/universal-music-how-much-is-the-worlds-biggest-label-worth/ Sun, 19 Sep 2021 10:37:15 +0000 https://www.localcollectorspost.org/universal-music-how-much-is-the-worlds-biggest-label-worth/

Analysts and industry executives were confused when Vivendi rejected SoftBank’s offer to acquire Universal Music Group for $ 8.5 billion in 2013.

french group refuse It was $ 2 billion to $ 3 billion higher than analysts’ universal rating. Hit by piracy caused by the advent of the Internet, music revenues have been declining every year for more than a decade, without any turnaround.

Eight years later, the bet against the current of Vivendi and its controlling shareholder Vincent Bolloré in France promises to be spectacular.

On Tuesday, the group will sell 60% of Universal and will be listed on the Euronext Amsterdam stock exchange. The prospectus gives Universal an indicator of 33 billion euros, but analysts believe it is far more valuable – JP Morgan puts it at 54 billion euros.

Each Vivendi shareholder will acquire one share of a new independent company. The Borole Group holds 18% and Vivendi 10%.

There is no official lockout for major shareholders, but Vivendi has pledged not to sell its shares for two years, and analysts expect a period of stability.

The music industry has made a dramatic comeback since streaming services began pouring billions of dollars into the world’s largest copyrighted companies, Universal Music, Sony Music, and Warner Music. ..

Their owners are attentive. Leonardo Bravatonic, the billionaire Warner Music’s majority shareholder, listed his third-largest music company last year. His net worth jumped $ 7.5 billion First day of trading, Bloomberg believes.

Bolloré and Vivendi are also raising funds. Vivendi has sold a third of Universal for around 9 billion euros since 2019, first selling 20% ​​to a consortium led by Tencent for a valuation of 30 billion euros. 2019 And will be sold in 2020 10% of the capital Bill Ackman’s Pursing Square hedge fund in 2021 with a valuation of 35 billion euros.

Trade has also changed wealth Lucian Grainge, CEO of Universal. He will receive 17 million euros in negotiations for the Tencent transaction and a 150 million dollar listing bonus.

Obviously for these transactions. Sales of recorded music hit a low of $ 14 billion in 2014 and accelerate to $ 21 billion in 2020, according to data from the International Federation of the Phonographic Industry (IFPI). Streaming accounts for the majority of its revenues, growing 20% ​​year on year to reach $ 13.4 billion in 2020.

Global sales are still below their 1999 peak, but investors are beginning to forget the days of Napster and iTunes, when piracy was rampant and CD sales were down.

However, the valuations of the three major groups of labels did not really change the prices according to this growth. Universal Music and Sony Music are part of large French and Japanese conglomerates, and Warner Music was personally managed by Access Industries of Bravatonic. Investors could not easily bet on the renaissance of music.

Spotify 2018 stock market listing I changed that, but the Swedish company sells music subscriptions, not the music itself. Public offerings for two of the three major tag groups give you a clearer picture of how the industry is progressing.

“The large catalog of master recordings has not changed. [since EMI in 2012]“A senior music executive said. “I didn’t have the option to reset the value based on where the streaming took place.”

Investors dance when the music plays

Wall Street analysts are salivating across Universal. JPMorgan called the company a “special asset” and predicted that the valuation of 54 billion euros “would prove prudent”. UBS focused on Universal’s “irreplaceable” catalog and valued it at 45 billion euros. Bank of America values ​​Universal at 50 billion euros. This is a 30% premium for Warner Music.

The euphoria rests on a simple premise. As more and more people pay for streaming to apps like Spotify, the value of their music rights increases. And Universal is the world’s largest music rights holder.

According to IFPI, the Californian group dominated 36% of the recorded music market in 2020. The list includes The Beatles, Kendrick Lamar, Taylor Swift and Olivia Rodrigo. The 10 best-selling artists of the last year have all signed Universal.

Universal is the world’s largest music rights owner and has artists such as Taylor Swift © Chris Pizzello / Invision / AP

Record companies currently make money primarily by collecting royalties from technology companies. Spotify and Apple Music pay music rights owners more than two-thirds of the $ 1 they earn. In recent years, Universal has also dealt with social media apps such as TikTok and Facebook, and fitness groups such as Peloton, which pay to use songs on the platform.

This model is more profitable than in the era of the CD because Universal no longer has to spend money on logistics. The rate of return fell from 16% in 2018 to 20% in 2020. As a result, annual profits are expected to increase to “late single digits” and profit margins before interest, taxes and depreciation are expected to increase to ” average -20s “. Year.

Music officials also argue that streaming makes earnings more predictable and less dependent on the rating of hit albums.

“Music is now a utility … Everyone is happy to pay $ 10 a month,” said the boss of Mercuriadis. Acquisition of the Hipgnosis Songs fund He’s devouring song catalogs in recent years at rock-bottom prices. “I think Universal will be a $ 100 billion company with very short orders,” he added.

However, according to JP Morgan, per capita music spending is below its peak in the United States. Per capita music income recorded in 1999 was $ 81 on an inflation-adjusted basis, well above $ 37 last year.

Almost half of Universal’s recorded music revenue comes from less than three years of music. In short, we must continue to invest to find new talent.

Universal’s revenue grew from € 6 billion in 2018 to € 7.4 billion in 2020. However, it also spent € 2.5 billion on catalog acquisition and artist progression. , including the resignation of stars such as Taylor Swift and the purchase of over $ 300 million. Bob Dylan’s Songwriting Catalog.

Is your streaming dream sour?

The big question is why the breeds we are listing now. Skeptics admit these deals have peaked in terms of valuation, and music owners want investor enthusiasm to monetize before they come out of the putters.

Guy Hands, a private equity executive behind the disastrous acquisition of EMI in the late 2000s, praised Universal’s turnaround, adding: Anyone in the know will certainly reduce their exposure. ”

Some analysts warn of the risks to Universal’s future growth as emerging markets become a bigger driver of the streaming market.

As more established streaming markets such as Sweden have reached saturation, music companies are pushing for new subscriptions in India, China and other populous low- and middle-income countries. China is the world’s seventh largest music market by revenue, but analysts predict China will be in the top five, and possibly in the top three. However, subscribers pay significantly less to stream in these regions, which reduces the average revenue per user.

These markets are centered on local conduct. Universal has invested in the development of undulating talent. Impressive joint venture For example, in China there is Tencent. But “betting on China is a dangerous proposition,” warned Bill Welde, a former Billboard editor who currently oversees music programs at Syracuse University.

“Everything that is currently being sold to potential investors in the music industry is a belief in the global future of music streaming,” he said. “It’s not completely wrong, but it’s more boring than most people think.”

There is also the lingering fear that the internet will push more artists to bypass record companies. The share of Spotify streams captured by Merlin, the leading group of dominant and independent labels, increased from 87% in 2017 to 78% in 2020.

For now, Wall Street has allayed that concern. A Societe Generale analyst said:

When asked by The Financial Times if the music market had peaked in this cycle, Grainge understandably dismissed the concept. He claimed the company was making money from new sources such as video games, fitness apps and social media companies.

“I have had two recessions and two recessions. I know what’s wrong, ”he said. “We are opening up new areas of monetization that were previously unpredictable.”

Universal Music: How Much is the World’s Biggest Label Worth? Source link Universal Music: How Much is the World’s Biggest Label Worth?


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TreeDefi launches a CO2 credit token https://www.localcollectorspost.org/treedefi-launches-a-co2-credit-token/ Sun, 19 Sep 2021 03:08:23 +0000 https://www.localcollectorspost.org/treedefi-launches-a-co2-credit-token/

Environmentally focused project is back with another groundbreaking update

TreeDefi has been very active this month, presenting a rich schedule of releases for the next few weeks. Their objective for the month is to set up the entire technical structure of their carbon credit activities, allowing their users to offset all of their transactions on the protocol’s MA.

This is an important update as it will complete the current phase of NFTree technical development, allowing NFTree to emit the equivalent amount of CO2 they absorb from the atmosphere in the form of tokens. This opens the door to countless green ideas that TreeDefi can implement in the protocol.

CO2 credit token

The new token is a BEP20 token, issued only by NFTrees in a process where each token equals 1kg of CO2 absorbed by the planted tree in real life. This means that users will have a constantly running CO2 token farm just by holding their NFTree. Then, they can decide whether they want to sell the tokens through TreeDefi’s decentralized exchange, use them for compensation, or use them to join new farms. Considering the token structure, this could be a great opportunity for users to gain long-term value from their NFTrees.

The value of CO2 will eventually be directly related not only to market demand, but also to the amount of supply that can be provided by TreeDefi’s planting activities. Therefore, if demand becomes incredibly high on the institutional side, retail investors could hold a strong asset.

Implementation in the AMM

One of the most important features implemented by the team will allow users to offset their AMM transactions with a small amount of CO2 credit tokens from their wallet. For those users who do not have CO2 credit tokens, they have designed a system that automatically purchases the necessary amount of tokens and burns them, while taking into account the additional transactions made to obtain the tokens.

This leads the project to full traceability and immediate recognition of the clearing action, as it will be displayed in the same transaction being cleared. To encourage users to go green, there will also be special NFTs that users can receive when they reach certain compensatory milestones on the AMM.

For users only interested in the yield farm, there will also be many benefits to the economics of the project itself as more people trading, buying NFTrees using $ SEED and $ TREE will create a ball. of scarcity snow with an increase in trading volume by market capitalization. The rising trading volume is something of particular interest to every user invested in the project since LP holders and $ TREE holders will receive dividends based on the ongoing trades.

Partner implementation

TreeDefi surely aims to become a hub for other green projects that already use the Blockchain or those that have not yet joined. We have seen many projects and even entire chains like EGLD (Elrond), for example, which try to use this miraculous technology to promote an environmental revolution in the real world – since the production of carbon credits can be done through many different ways (Ocean cleaning, installation of solar panels, promotion of social activities with a positive impact on the environment and many others).

We all know that bringing these real applications to the blockchain is something that will be even more beneficial for the whole of society in terms of transparency, security and speed. Expanding further on this, transparency is something that all real world environment related projects need. Over the past decades we have witnessed numerous scandals around the world involving NPOs, NGOs and charity programs – sometimes embezzling money, sometimes exploiting local communities or even working as a front for corrupt politicians.

In addition, the AMM was designed with other projects in mind, allowing them to join TreeDefi and offset their project’s emissions in a transparent and fully monitored system. Past and future partners will have the chance to be listed on TreeDefi’s decentralized stock exchange, giving them visibility and allowing them to take advantage of all the environmental features provided.

Moreover, if more and more eco-friendly projects join the blockchain and launch IDOs with TreeDefi, it also means that TreeDefi will not only plant more trees, but will also encourage and bring the process of ‘tokenization’ for this niche, which can be totally revolutionized by the benefits of blockchain, as mentioned earlier in this article.

With all of this in mind, if you have an ongoing blockchain project or want to be a part of this massive blockchain / tokenization wave, getting in touch with TreeDefi is a smart choice to start your project!


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What are ETFs and should you invest in them? https://www.localcollectorspost.org/what-are-etfs-and-should-you-invest-in-them/ Sat, 18 Sep 2021 13:30:22 +0000 https://www.localcollectorspost.org/what-are-etfs-and-should-you-invest-in-them/

Select’s editorial team works independently to review financial products and write articles that our readers will find useful. We may receive a commission when you click on product links from our affiliate partners.

There are so many ways to invest your money to build your wealth. From stocks to bonds to index funds, there is a wide range of investment vehicles for all types of investors depending on their goals.

A common choice for first-time investors who want to gain exposure to the wider stock market is to invest money in an exchange-traded fund. You’ve probably already come across its acronym: ETF.

What are ETFs?

Think of ETFs as compartments containing a collection of securities, such as stocks and bonds. Since ETFs are made up of these multiple assets, they offer investors instant diversification. When an investor buys a share of an ETF, his money is split between different investments. This differs from stocks where you buy stocks of a single company.

ETFs typically mimic a market index like the S&P 500. Since ETFs’ performance is usually index-based – meaning they follow the highs and lows of that index – most are passively managed investments. and therefore probably have lower fees than mutual funds. Mutual funds, on the other hand, want to beat the performance of the market and therefore are managed by a fund manager, who actively chooses the investments.

Much like stocks, ETFs can be bought and sold on an exchange throughout the day, and investors can even earn dividends depending on the type of index followed by the fund.

Should you invest in ETFs?

Since ETFs offer built-in diversification and don’t require large amounts of capital to invest in a range of stocks, they’re a good place to start. You can trade them like stocks while still benefiting from a diversified portfolio.

How to start investing in ETFs

First of all, you will need to create an account online through a broker or trading platform. After you fund the account, you can buy ETFs using their ticker symbol and indicating the number of shares you want.

Deciding how many stocks to buy depends largely on the current price of a stock and your own financial situation. ETFs are good for beginners because they offer entry-level access: you can buy as little as a single stock, and with some brokers, like Robin Hood, you can even buy fractional shares.

Fees vary by broker, but it’s best to look for options with very low or no transaction costs. Nowadays, many traditional brokerage houses offer commission-free transactions on ETFs. Some of the best $ 0 commission trading platforms are as follows:

While ETFs that track the S&P 500 are some of the most popular, be aware that very few ETFs track the S&P 500 as a whole, rather than components of the index.

The Avant-garde S&P 500 ETF (VOO) tracks the entire index and its management fees are low. Its current expense ratio is 0.03%, which means you only pay 30 cents a year for every $ 1,000 you invest. For every $ 10,000 invested, this would equal $ 3 per year.

At the end of the line

You don’t have to be that practical about investing with ETFs, and investing in them is an easy way to get started in the market.

If you don’t feel comfortable choosing ETFs, consider opening an account with a robo-advisor which automatically invests on your behalf. Many robo-advisers, such as Improvement, recommend low cost ETF portfolios so that you can take advantage of this investment vehicle without having to do your research on all the different options available.

Editorial note: Any opinions, analysis, criticism or recommendations expressed in this article are the sole responsibility of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.


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Allen & Overy, Linklaters Steer purchases a total of 818,000 m². Ft. https://www.localcollectorspost.org/allen-overy-linklaters-steer-purchases-a-total-of-818000-m%c2%b2-ft/ Fri, 17 Sep 2021 20:30:00 +0000 https://www.localcollectorspost.org/allen-overy-linklaters-steer-purchases-a-total-of-818000-m%c2%b2-ft/

By Andrew McIntyre (September 17, 2021, 4:30 p.m. EDT) – CBRE Global Investors, with assistance from Allen & Overy and Linklaters, has purchased two logistics properties in France totaling approximately 76,000 square meters (approximately 818,000 square meters). square feet) of space.

CBRE purchased the properties, which are located in Mauchamps and Lyon, on behalf of Zurich Insurance Group Germany. Allen & Overy LLP participated in the Mauchamps and Linklaters LLP transaction for the purchase of Lyon.

JMG Partners sold the property to Mauchamps while the seller of the Lyon property is 6ème Sens Immobilier. CBRE did not provide financial details of the transactions.

“These acquisitions are part of Zurich’s investment strategy of targeting …

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ISDA provides reporting guidance on 2021 interest rate definitions – Finance and Banking https://www.localcollectorspost.org/isda-provides-reporting-guidance-on-2021-interest-rate-definitions-finance-and-banking/ Fri, 17 Sep 2021 10:02:10 +0000 https://www.localcollectorspost.org/isda-provides-reporting-guidance-on-2021-interest-rate-definitions-finance-and-banking/

United States: ISDA Provides Reporting Guidelines on 2021 Interest Rate Definitions

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ISDA published guidance on how the implementation of the 2021 interest rate definitions may impact regulatory transaction reporting.

In the guidance, the ISDA clarified that transactions reported before October 4, 2021 (and using ISDA 2006 definitions) will not require any data change and, therefore, will not require re-reporting. Following the implementation of the 2021 definitions, “the majority” of the EMIR and MiFID II fields should be declared as before. Exceptions can include:

  • for EMIR, the “Floating Rate of Leg 1” and “Floating Rate of Leg 2” fields; and
  • for MiFID II, the “Underlying index name” field,

which can be entered with different values.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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