UBS Center Newsletter July 2018

3 Before entering the hectic world of fintech and the future of finance, the first keynote took the audience on a journey through the history of finance, putting today’s developments into perspective. William N. Goetzmann, Professor at Yale School of Manage- ment, opened the Podium with a keynote lecture based on his recently published book Money Changes Everything: How Finance Made Civilization Pos- sible . Looking back in history, Goetzmann linked today’s blockchain technology to prehistoric Meso- potamian clay balls. 4,000 years of fintech Goetzmann is an expert on a diverse range of invest- ments, including stocks, mutual funds, and real es- tate. About 10,000 years ago, he explained, people in the ancient Near and Middle East used a hollow ball-like clay envelope called a “bulla” to make a contract for the delivery of future goods. The bulla contained some smaller tokens which identified the quantity and types of goods being recorded. It was an impressive new technology, enabling people to set up financial contracts even before the invention of writ- ing. In his talk, Goetzmann emphasized the impor- tance of finance as a driving force for innovation, such as the invention of written language or money, the latter being key for the expansion of international trade. While the technology has changed, the require- How to keep Swiss finance in the game New technologies, new services, new client needs – is the financial market at a historic turning point? And if so, what are the implications for Swiss finance? At this year’s UBS Center Podium economic historians and experts from the financial sector were divided on the question about the significance of today’s changes in finance. DIALOGUE & EVENTS Podium on the future of Swiss finance, keynotes by William N. Goetzmann and Sergio P. Ermotti.