I like to say more based in culture. So, there's the sport beach. There's the music beach that Spotify put on. There's a creators beach. And this year we've got twice as many creators, for instance, as we had last year. So, I think we've always wanted to try to have an event that did reflect culture. And I think the brands that are here and the partners that are here also want to get into culture. So, I think that's a really big trend this year.
So, moving from just festival of creativity to festival of creativity and culture.
Yeah, I think that's right.
Very cool. And in terms of the brand marketers, are they here? Is the festival growing? Like year-on-year, what do the attendance numbers look like?
Yeah, so we're on about 13,000 people with badges. There's a lot of people without badges, of course, who come down. But it's growing, you know, the space is just bigger than ever. But one of the biggest growing cohorts, both of attendees, but also people who enter into the awards, are the brands. So, there are thousands of CMOs here, thousands. And I think what they're looking for is they're trying to find partners who can help them grow their businesses. And they're trying to find partners who they can use to persuade their boards to invest in marketing and creativity. And that could be anybody. It could be a creative from an agency, a creator, it could be a platform or an ad tech business. But that's really what the CMOs are looking for. They want to be able to grow their businesses, and this is the place to come and do it.
It's exciting to talk about growth, and it's wonderful to hear how the festival has just thrived and grown over the last many years. Given that there is just a lot of economic uncertainty, political uncertainty in the world, what do you attribute to the festival's sort of continued sustained growth?
I think we try to be as relevant as we can in the moment. So, we spend a lot of time talking to our customers and we try to curate an event that is relevant and useful to them at the moment. And of course, there's many uncertainties in the world and financial uncertainties as well as political ones. But I think if you can create it's almost like a network effect business because if people feel everybody's here, then everybody wants to be here.
Mhm. I could not agree more. It is buzzing outside. Already on Sunday. Now, Cannes Lions this year is part of Informa, which is a massive global events company. How does that influence or how will that impact the festival? Will we see change? How does that show up?
It doesn't really affect the festival other than in positive ways. So, Informa is probably the world's biggest B2B event organizer. They've got events all over the world, huge huge events. And they bought the festival a couple of years ago. The festival is still run very kind of independently, but what we have now got is access to a really global talent set and capability set that we didn't have before. Because when it comes to dealing with cities like Cannes, when it comes to finding the best partners, Informa is like the most powerful they're the absolute experts. So we've been able to tap into a lot of that expertise.
You know, given the position of the festival now as part of Informa and all of that expertise, how do you see sort of the value and the importance of B2B events, you know, what's the crux of why they matter?
I think the pandemic taught us something and I think AI is teaching us the same lesson. Which is actually deep down, after many millennia of development, the human beings are social animals. And you can't magic that away in a generation. It's how we're built. So people want to be together. And on top of that, they want to be with their own tribe because people are also tribal, both for good and for bad, of course. But people want to be with their own tribe. So if you get that kind of community magic right, then people just want to be humans together. And I think that is as important for B2B as it is for any event.
It's probably, and also, I think that's why everything is booming in the real world, in real life. And I think that's why people want to come here and meet.
Experiences matter. We can't talk about Cannes Lions International Festival of Creativity without talking about the awards. What are you seeing in terms of how award submissions are evolving? Are there any trends there?
Well, we launched a new award this year, which we feel is really important, which is the creative brand of the year. And how you enter that is what you're trying to do is persuade the jury that you have created an environment, a culture that allows creativity to flourish. So people write a paper and they have proof points. And we think that's important because once a brand realizes that creativity can drive their business forward, the next question is, well, how am I going to get that? How do I construct? How do we structure ourselves? What kind of people do we need? What culture should we build? So that has been a very interesting new lion, and we'll see the winners in a couple of days. The other thing, of course, is AI, which we have to talk about. We're going to talk about that. But we've got a bit of data to look at, which is that two years ago, we introduced within the entry, when you enter the Lions, you had to say, was AI used at all? And the first year we introduced it, that 11% of the entries had it. Last year, 20% used AI, and this year 40% have used AI. That doesn't mean the work was created by AI, but what it does mean is AI was a partner to the creative people to make the thing happen. And that's a really interesting data point, I think.
All right, thanks again to Phil Thomas and Pooja Midha for that interview. Well, BTV also spoke with Kristi Argilan, global head of advertising at NYSE-listed Uber. Here's what she had to say about what stands out about the company's work and how it's impacting consumer behavior. Take a look.
Uber ads, it's interesting because when I first was meeting with them about the role that was open there, it was very much about retail media, and that's on the eats side in particular of the Uber business. But what I discovered when I got there was this broader definition of commerce media. And I see now in this platform the richness that sits in terms of all of these people around the world going places and getting things hour by hour, minute by minute, and the fact that you could interject brands into these really relevant moments that we're all having as consumers was really powerful. There are some really important platforms out there that have just fundamentally changed our behavior as consumers, and Uber is one of those, and it's super exciting to build an app ad proposition around that.
All right, well, be sure to catch that full conversation with Kristi Argilan on our NYSE TV app. And coming up, stablecoins were a key theme at Money 2020 Europe earlier in June. The CEO of Fireblocks dove into the state of regulation across the space, and we'll hear from him on the other side of the break.
The New York Stock Exchange is a cathedral of the capital markets. So, there are a few places more fitting to consider the future of American financial system than this one. At the NYSE, we applaud SEC Chairman Atkins and the entire Trump administration for working to reduce the burdens on existing public companies and soon-to-be public companies. I believe that we will ensure that the American story, which began in many ways just steps outside, is preserved not by memory or speeches alone, but by the courage of those who are determined to chart its next chapter.
When we talk about the titans of industry, we talk about the titans of finance, there's a reason that we're all coming together still after all these years to the corner of Wall and Broad Street. We are ringing the opening bell this morning to celebrate the launch of six new ETFs by Direxion. We look forward to many more. I mean, today's six, we're going to do hundreds more. The New York Stock Exchange, the home of ETFs.
And welcome back to NYSE live. Earlier this month, the New York Stock Exchange was on the ground at Money 2020 Europe in Amsterdam, which brought together some of the biggest names in financial technology. Among them was Michael Shaulov, co-founder and CEO of Fireblocks. Here's what he told Anastasia Kinsky about the state of stable coins and how it is changing the digital financial landscape.
I think that obviously for stable coins in the US, the most important things were already made, the genius act. And the genius act will basically unleash this crazy adoption that we are seeing among the FinTechs, among the payment companies, among the banks, and on down probably gets actually like the corporate world and to users. In the last 6 months or so, we onboarded all the big remitters, Western Union, MoneyGram, Ria Finance, stuff like that, and all those guys are now using stable coins. And clarity is still kind of the open question, and it mostly applies to, I would say, how aggressively the banks will lean in, or how much friction they will actually put behind this topic. My personal opinion actually doesn't matter, and I think that the banks misunderstand the whole notion of stable coins. The main reason for that is that it actually doesn't matter if they do tokenize deposits or stable coin. In the system that you can subscribe in real time into money market funds, and with everything that is actually happening from a tokenization standpoint on the capital market front, like the DTCC project with Canton and so on, if you're a user, and it actually comes together with AI, and you have some kind of programmable element, you would never leave assets idle, right? So, this algorithm, or you as a user, you don't need to wait 2 days to deposit your money into some kind of saving account. All this friction is gone, so users will accrue interest directly from whatever money they have with the financial institution, whether it will happen for stable coins or whether it will happen by depositing and redeeming them from to a money market fund. So, I think that the business model of the banks will be under a lot of pressure and will have to evolve regardless of this entire discussion around the Clarity Act, which is just like a funny debate between two CEOs. But, I think creating more users is necessary because one of them doesn't understand exactly that his business model is going to change.
Right, absolutely. And you know, that changing business model based on consumer demand is always what we like to see rather than anything
Yeah, they forget who is the user and what the users want.
Exactly. And speaking of that changing business model, how do the people who the companies that control the rails previously, Visa, MasterCard, et cetera, how do they fit into this landscape and how are they using stable coins?
Yeah, so interestingly enough, Visa and MasterCard, they're tactically benefiting from this situation across I would say like three main pillars. The first one is that right now a lot of the basically programs or projects, they introduce wallets to end users in all of those emerging markets. Like people who are unbanked suddenly have a wallet with stable coins and they want to spend it. So, companies like Red Dot Pay and many others, they're basically creating those programs that you issue a credit card against the stellar or non-custodial wallets. So, even like MetaMask and some of those things. So, they're benefiting from this new flow from emerging market and unbanked that are now able to spend through Visa and Mastercard and you're basically seeing their volumes and the card issuance specifically all those geographies going through the roof. The second thing that is now coming on board with those folks is that the acquirers as in the issuers are actually able to settle to them and they can settle the acquirers using stable coins that makes settlements faster and reduces the collateral. So, that unlocks even more capacity around their neck. That's a lot of interesting somewhat tactical, somewhat maybe mid strategic shifts. The main question will actually come once we will see alongside both the PSPs and the merchants where they are willing to accept stable coins and we have those wallets and then we will see basically an account-to-account transfer of stable coins or account-to-a-merchant transfer of stable coins and that can potentially disintermediate fully what Visa and Mastercard have been building and their empire and their network. And that is more strategic I would say two three year horizon, but I do think that it might happen.
Thanks again to Michael Shaulov and Anastasia Kinsky for that interview. Well, VanEck is set to begin another week of bell celebrations here at the New York Stock Exchange in just a few moments. Last week a celebration of a different kind took place right outside of the New York Stock Exchange. That was the New York Knicks championship parade. It brought together millions of fans to downtown Manhattan and here's a look at that historic moment.
And pretty historic indeed. All right, you're taking a live look at that opening bell podium in just a few minutes. Monex is set to ring the opening bell. Don't go anywhere. We'll have much more of NYSE live on the other side of the break.
16 years ago, an anonymous person released an idea onto the internet. No identity, no institution behind it, no marketing strategy. It was just a white paper and a challenge to everything we thought about money. What if money were open instead of closed? What if it belonged to everyone instead of being controlled by a few? Bitcoin survived every attempt to kill it because the idea itself was stronger than the forces that tried to stop it. And now, today, inside one of the most iconic institutions in the world of finance, we honor a creator who never asked for credit, never stood in front of cameras, and ultimately stepped away so that the idea could stand on its own. Satoshi Nakamoto.
Why are we here? Because Miktek Ice Cream Company is an ambitious company. We're all about growth. And for growth, you need people and you need to have belief that focus on only ice cream will propel this business. These folks here in the room wake up every morning thinking about ice cream and they go to bed thinking about ice cream and that's why it will be a successful company that delights the world with unbelievable products.
Welcome back to NYSE live. In just a few moments your investment management firm Van Eck is set to ring the opening bell. Today we are celebrating 20 year listing anniversary of the gold miners ETF which trades on NYSE Arca. As the name suggests, the fund gives investors exposure to the overall performance of companies involved in the gold mining industry. The exposure involves many NYSE listed companies. In fact, the top nine holdings by weight are led by Newmont Corporation and Agnico Eagle Mines. Let's take a listen to the opening bell.
Back podium there for GDX, that's the ticker symbol of the Van Eck Gold Miners ETF. Jan Van Eck is going to join me for an interview down there on the trading floor here in just about 20 minutes time. We are off to the races in the stock market. trading beginning this week amid diplomacy. In fact, the US and Iran paving a road map for a final deal within 60 days. And we do see stocks fractionally higher at the open as the price of ice front crude oil dips below $80 a barrel. Well, join me now with more is Katie Stockton. She's founder at Fairlead Strategies and portfolio manager of the Fairlead Tactical Sector ETF which trades on NYSE Arca. Katie, it's great to see you.
What's on your radar this morning as we begin the trading week?
Well, I think we're expecting increased volatility in general for the next few weeks and referencing the VIX or CBOE volatility index, it does appear poised to rise above its 50-day moving average for a second time this month. That is a departure, of course, from the preceding two months. April and May were really very quiet in terms of volatility as the market rallied, but with June starting off with a pullback, we do think that risk is elevated of another pullback. Maybe not a significant one, but a shallow one to enter a more choppy phase for this market. We're also referencing in our work the 20-day moving average which is a pretty tight trend following gauge and it has flattened out for both the S&P 500 and the Nasdaq 100 indices and that tends to be an environment that is characterized by more volatility than usual.
Interesting. Well, we do see the S&P 500 pretty close to a record high. I would say within striking distance might be fair. Of course, your firm has the TAC fund, the Fairlead Tactical Sector Fund which trades on NYSE Arca as I referenced earlier. What does that give investors exposure to amid this market?
The TAC ETF is at heart a sector rotation fund that uses long-term trend following gauges. And right now, it is 100% or nearly that exposed to equity sectors, but it does have the ability to move into alternative asset classes when the market warrants it. When we don't have eight sectors, which we equal weight, checking all of our boxes in terms of the long-term trend following inputs that we use, the model-driven ETF, it will morph sort of into Treasuries, both short-term and long-term, in addition to gold to limit drawdowns when they do occur. So, it's an adaptive way of investing in the broader market, but also with lesser exposure given its equal weight weighting to the technology sector. So, it serves as a nice ballast for a portfolio that is technology-heavy, of which many of them are these days.
Katie, you've been following markets for many years now with a lot of experience, and I know you referenced earlier that the indications are telling you that we could see some choppiness ahead, and perhaps a shallow pullback. Is that consistent with what we typically see during these midterm election years?
Yeah, I think so. You know, we don't cover the seasonality quite as closely because it doesn't inform our biases. We see it as more anecdotal than anything else, frankly. And we actually would feel the same way about historical correlations. We don't let them inform our views, but rather we look at trend following gauges, momentum indicators, overbought oversold metrics, and relative strength inputs. And we just generally want to keep those on our side in our positioning. Technical analysis, I think, is seen as being very predictive, but in reality, it's a great risk management tool and it can help us identify the prevailing trends, which are obviously higher right now for the equity market. We had the semiconductor sector continuing to be a source of upside leadership. Once that starts to falter, I think we're going to see a little bit of a correction from the broader market, but it doesn't show indications of that yet. So, we are watching the SMH ETF for one for indications of a significant loss of momentum and that will then be a greater risk metric calling for more than just a pullback perhaps for the S&P 500, but something more in the nature of a significant corrective phase. So, we'll be watching those semiconductor stocks really very closely more so than any cyclical inputs.
It's interesting indeed, Katie. So, are you anticipating a pickup in volatility if we do see that choppiness ahead?
Yeah, I think so and again we'll watch that semiconductor sector proxy for any indications of a loss of momentum to suggest that that volatility could be more severe on the downside. As it stands, we're referencing the 50-day moving averages for the major indices as initial support gauges. For the S&P 500, the 50-day is right at 7315. So, a pullback of that magnitude really wouldn't do any damage to the chart from a longer-term perspective. In fact, I think it would be welcomed by the market as a potential entry point.
All right, Katie Stockton founder at Fairlead Strategies and portfolio manager of the Fairlead Tactical Sector ETF. Katie, thanks so much.
All right, everyone. Well, still to come cybersecurity firm Cion says the FIFA World Cup represents a fraud stress test. The company's president is going to join me to elaborate on it, as well as take us through how Ciena is helping keep clients safe. Plus, I was on the ground at the All In Liquidity Summit, an event sponsored by the NYSE, and I spoke with several industry leaders like Restaurant 365 CFO Jessica Lemire. She explained how AI is leading to dramatic changes across the business. Finally, today's bell ringer, Jan van Eck, you saw him on that opening bell podium, is going to join me down on the trading floor to discuss the significance of the gold miners ETF, ticker symbol GDX. Stay with us.
I'm just so honored and so grateful to you, Lynn, for welcoming us to announce our Time Person of the Year, the architects of AI. I want to take a moment to welcome Chris Lehane. You have been an incredible driving force making AI accessible to everyone, and we are so glad that you are here with us today. We are focusing on the leaders and the people and the humans that are imagining and building this future that we will all be living in.
We had somebody ask us recently, 'Why are you going out at this time of the year?' The reason we're doing this is for our people. It's not about us. Our motivation for doing this transaction is to make this a better place for the next generation. We have a stewardship responsibility to our people to give them a professional and a financial opportunity that's better than what we have. And what I am very proud of is the team that we have here. This is a true partnership in every sense of the word.
Welcome back to NYSE Live. There's still roughly a month of games left to be played in the FIFA World Cup, an event that investment bank Macquarie says will likely become the biggest gambling event in history. Well, a recent survey conducted by cybersecurity company SEON reveals that while many people are placing wagers, 45% of them are not confident that betting platforms can protect their personal and financial information. Joining me now with more is Matt DeLorado. He's president of SEON, which is focused on providing real-time fraud protection for companies. Matt, thank you so much for joining us this morning down there in Austin, Texas. And we understand that according to your survey, while bettors do have concerns, it's not necessarily stopping them from making bets. What can you share?
Certainly, yeah. I think the concerns about their PII and their financial data are definitely there in the survey, but people are viewing this more as entertainment than anything else. Not like a serious financial decision, which has its drawbacks, but it's certainly not stopping people from wagering. We've seen across the board that more than a third of adults in almost every age group plan to at least somewhat likely to make a wager during the World Cup.
Now, SEON calls itself the AI command center for fraud protection. How widespread from your viewpoint is fraud?
