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T5 update edition 3 Masterclass (under NDA)
Friday 7th Nov 2025 UK 2-5 online. T5 update Masterclass 3rd Edition
Online - Tblisi, Abu Dhabi, Cannes, London.
Masterclass members
LLLP, Vahid, JJ, Matt, Andrew,
Pre-amble
- review of updated logo set, web structure, intro, one liner, two liner, etc.
(Certain materials have been placed at second level access as confidential)
Please review new CARBON STRATEGY which is more streamlined in the
Core T5 GPCJ offering, but comes to front in the F5 Promo.
PREVIEW
Please preview
Definitions and Key in T5 University.
New front end and videos (keynote, HALO, Teams).
T5 University, all contents.
T5 Demos,
prior Masterclass compendium.
The Journey IAS39, CVA, IFRS9.
JPM Chase are today offering on-chain collateral facilities, repo and asset tokenisation.
CURRICULUM
PART ONE
Role play for Zesco, Zambian Power,
Role play Parties
Vahid - Zesco
Lee - StanChar (SC)
Louis - Hidden Road
OPW - G77swap
$50m to $300m (Tranched execution for G77 markets)
Cost 100bp + 100bp
Kinshasa Metro confirm for FX CCDS & Ref Swap
(Promotions below.)
Zesco agrees to pay 100bp for FX CCDS, shortfall insurance, to G77swap, structured into the deal. Front loading is attractive to G77swap at this stage, so big discounts can be back loaded.
Either G77swap (in their SC account)or SC can execute the FX flows in the FX swap, typically another 100bp.
In both cases, SC collects the electricity receivables into the Zesco Kwacha account, and pays the due amounts to Clearstream USD account. (For Zambia, with significant USD funded mining operations, this may be only part hedged into Kwacha).
SC or G77swap can now provide the required size of hedge “shortfall protection” backed by the “shortfall insurance” to cover potential excess losses where the currency peaks and Zesco defaults. In all 3 quadrants, where the currency depreciates and Zesco does not default, the CCDS has no risk or payout. It only needs to be hedged for the case of currency appreciating, thereby the risk of default is lower, and the impact would be reduced by only paying the loss minus the recovery rate on Zesco debt. Eg (1-30%RR) or $7m of a $10m exposure.
This is classed as a RIGHT WAY ROUND TRADE. Most of the factors are aligned with the insurer.
SHORTFALL
The shortfall cover, offered by G77swap, into developing nations, has two, mutually exclusive, sides to the client funding.
Where currencies depreciate, a common occurrence in (G77/134) developing nations, any shortfall which SC accumulated in settling the USD offshore finance is made good via the FX swap, either on their own book or from a hedge provider.
Where currencies appreciate, also common but usually slower and by less, instead of a shortfall Zesco has to pay, to SC, the future value of the hedge to maturity which can be substantially in the money. This now represents a default risk where Zesco defaults and its contracts, many cross-defaulted, accelerate and become due.
The conclusion is that the FX CCDS, and the FX swap are two components of the MASSIVE RIGHT WAY ROUND trade.
So banks, such as SC, should love the business, but the potentially large loss given default causes them to err on caution.
G77swap addresses both of the above shortfalls which limit G77/134 nation s access to capital at an appropriate rate, fully hedged into local currency.
Promotions
An Exercise Period up to 12 months, can be offered.
Santander, Bannockburn, Zebra Stripes, Kinshasa.
Deferred premium.
Discounted premium.
Front loading discount.
CURRICULUM
PART TWO
Masterclass core curriculum for trading and risk.
This is a key issue summary, more detail is available in the full T5 Teams draft.
PREPARATION
Please review GPCJ.org sections as follows
DEFINITIONS and Key
Keynote, teams & HALO videos
Timeline; Tokenomics; Cap Tab
GPCJ is the guarantor for G77swap, an SPV limited by guarantee.
This allows other guarantors such as (MICA and DFI) to provide cover as well.
This is very specific tail risk only, post FX increase, the party defaults and the RR is low.
Linksriskadvisory.com Andy Shaw is the team risk expert for IFRS9.
Timeline and Tokenomics
lay out token distribution while, the Cap Table shows how it is built over time.
GLOBAL BANKING
RMB presentation covers full details of the G77swap and
The proposal for risk assignments to G77swap from RMB and TCX.
The balls demonstrator for Duration Spread, identifies correlation opportunities.
Pigs and houses - shows how continuous time hedging, allows A/L mismatch to converge at zero.
A THREE LIMIT system and extended reserves maintain this outcome.
>BPV duration
>Liquidity of Credits and synthetics
>NETTING FUTURE or “synthetic collateral” using Son of A/B
=“2 Parties A” Decentralised, gave UPC $1bn in cover, after default.
INPV combines multiple reserves, which are a tax issue, and the CVA reporting hurdle.
ASSIGNMENTS
Assignments are a main source of Risk Portfolio for G77swap.
This can be legal assignment of a SWAP
or post anterior issue of an FX CCDS.
Candidates are -
TCX EU
TCX Geo&Uzek main portfolio.
RMB ECOWAS; RMB COMESA; RMB India
Santander LatAm
FNC NY Bannockurn LatAm
ABSA ICBC Albin
JPM ECOWAS
CURRICULUM
PART THREE
Potential alternative fund raising program.
(Fx5)(F5) a fast token prototype, a first offer from the GPCJ.org stable.
This has been installed, as a wrap onto the GPCJ.org website, for valuation by the team.
Multiple URLs still allow direct entry to T5, G77swap, GPCJ, as required.
(The core website can simply be un-wrapped, after valuation, if not required)
A Fast, low impact token F5 will leave the core project untainted, but allow direct access and training into DGTM, KOL, market making, pricing, listing, and, importantly provide a certain level of ring fence while Coinstore DGTM comes onboard.
G77 Wiki
This will be to promote a database accumulation of market Intel for the G77/134 nations, regarding demand for shortfall cover. All party submissions are accepted and reviewed, so determining distribution of award F5 tokens, by the board. This promotion program drives the DGTM function, KOL awareness build for both F5 but also the wider GPCJ, G77swap emporium and the prelude to T5 launch. Accumulation of value in F5 can be realised by trading on the listed exchange or by conversion to T5, in due course.
T5 uses minted cap and auctioned burn technology to bracket against pump and dump and to provide a patient exit price, as a soft floor, to stabilize against market decline. F5 will be able to use deflationary activity to strengthen market interest and support a flagging price, whereas, T5 will not. T5 is a wide use token, seeking better outcomes than pump tokens or stablecoins.
The ongoing KOL program build has thrown light on many limitations and opportunity in the market.
This effort will be integrated with the expanding channels for blogs, retweet articles across three leading themes.
The FAST DIGITAL ASSET MARKET, unprecedented liquidity 19/19 3/3 STUnicorn.
The G77 necessity for funding access at global, equitable rates.
The G77 Travesty, how Carbon Strategy is failing. Carbon SOTP. TAPER TO FIVE (T5)
REVIEW
A brief review of upgrades in branding, logo sets, web structure, pitchdeck and certification for presentation to the pre-seed, IEO, IDO, seed, impact, whale, investor and user bases.
APPENDICES
T5 OPERATIONS
G77 Operations
Backoffice
Recap
Under NDA
TCX vs G77swap
TCX vs T5
diversification vs synthetic collateral
TCX only does AA+ hedge counterparties, WBG, MDBs.
collateral CSA
IFRS9 CVA IAS39
JPM onchain collateral
COC appetite
SPECIAL TOPIC - SWAP ZERO
Is similar to the IMF SDR funding index, is a global index proposal.
The use of currency, or implied currency, for value storage and transfer
Always carries a question about yield or cost or carry, or borrow.
The very implied future value, the backone of Merton Continuous Time Finance.
How we value swaps, options and all contingent assets.
The arrival of digital assets, shows USDT keeping the yield, in exchange for sate harbour.
While Ethena “synthetic stablecoin” staking returns it to the owner.
Swap Zero proposes to create a global index with the cost of carry, removed.
Free from geopolitical and trade bias. COC is added by the bearer, as required, by staking the asset.
SWAP ZERO is a non-biased reference appropriate for a global and equitable market which can stand on its own for valuation, transfer and conversion of assets, as required. Ultimately, the appropriate cross-order reporting index, vector. (SONIA T5)
RECAP - Valuation of Contingent Liabilities
BScholes, Cox Ross Rubenstein
Ho Lee (IR swaps) Hull White (IRswaps) Garman Kolhagen (FX)
CCDS x2 =CPTYsaugy ITM and hedge OTM (hedge ITM)
Asset = Put/Call COC
Key References - Hull & White Derivatives ed11+;
Merton - continuous time finance.
<<< >>>>>
<<<< >>>> N Drafting Notes below may have better version.
DRAFTING NOTES
T5 update V2 Masterclass (30 minute download y PW)
Friday 7th Nov 2025 UK 2-5 online.
If you can only attend partly, do so, we will go through it again, it all helps.
Intro background
Some Masterclass info to be Installed onto WEB (placed deep on a temp basis) NDA.
Carbon strategy - moved more to background, see manifesto and GPCJ, but more directed. Taper to 5.
Logo set,
Thumbnail - one liner, seen from Whapp.
Frontpage - 2 liner.
On Web 4 liner,
White Paper Lite, see full WP below.
CRB root JPMUni
JPM Trading ppt -shows SVPe
RMB DOC in - Transaction under G77swap
The balls Duration Spread (in Demos)
COC Capital vs Credit Appetite
Pigs and houses
Risk waterfall, no enterprise value.
Preparation
Please review GPCJ.org
DEFINITIONS (T5 Uni)
Keynote & HALO videos
Manifesto
Pitchdeck
FrontPage
Branding logos HALO
Swap Zero SDR - see below, USD hegemony in digital, stablecoins.
GPCJ is the guarantor for G77swap
GPCJ limited by guarantee (will seek further guarantees from {WBG-MICA; EU-DFIs; EBRD; NDB)
Tail Risk insurer guarantee Northern Risk (Marsh) - (Gen Re) Lloyds insurance innovator.
Linksrisk.com Andy Shaw, ex-JPM CRB team https://www.linkedin.com/in/andy-shaw-636a2a3/
New Class of Digital Asset - scalable stablecoin.
FAST IS FAST (T5 blog1 - Fast Digital Asset Market 19/19 3/3)
Qubetics, Fast Token, Ethena,...
Synthetic Stablcoin - Delta 1-1 staking, Ethena.
Ethena vs USDT MIFID
Perpetuals evolved from DeFi staking.
As per NYMEX washout options, 1988 and automated trading.
From which derived VIX (See Albourne, Sam Lewis) volatility index futures.
Flemings Equity Bonds, MTN with embedded short PUT option, no credit rating, full collateral
reset 100bp, see payout structure ReCoCo (EU banks post 2008 CoCo) reverse contingent convertile.
DGTM KOLs
T5 blog1 - Fast Digital Asset Market 19/19 3/3 T5
T5 blog2 - G77 economics -TCX; G77swap
T5 blog3 - Carbon - SOTP state of the planet, Taper to 5,
T5 teams must have clear response on Carbon Management.
Channels - Linkedin (3ch), CCForum, X, Tele, YouTube (Whap), Crunchbase.
KOLs List - re Coinstore, Aster, MEXC, Hyperliquid, KuCoin, Wintermute.
TOKEN SET
(Tt5) (fx5) (T5s)
White Paper Cover shows phase domain - sine wave volatility, stalecoin, ReCoCo.
Gamma recalibrate as ReCoCo converges to 1:1 USDT and Tt5 converges to T5s (Et5) yield.
Stock Split to keep T5 near to 1:1 (USD/EU/7CNY)
TCX vs T5
TCX diversification vs T5 synthetic collateral (the netting future of assets and liabilities A/L).
AAA HEDGE - TCX only hedges AAA counterparties, WB, EBRD, ADB - Africa, Asia, LatAm)
TCX is really FX operation for these AAA,
whereas G77swap takes direct CPTY Credit risk IAS39.
IFRS9 is based on CVA; IAS39 is based on collateral CSA.
JPM has recent on-chain collateral program, and Ownera Repo, and Onyx blockchain.
GLOBAL BANKING
Rand Merchant Bank doc - comprehensive.
The balls Duration Spread, (Demos).
Pigs and houses - FE
COC versus appetite curve, capital transition.
THREE LIMITS and reserves
>BPV duration
>Liquidity of Credits, synthetics.
>SETOFF; Son of A/B; walkaway.
2 Parties A is Decentralised
UPC $1bn contingent credit line for defaulting counterparty.
INPV input PV (reserves tax CVA return).
THE WORKOUT BOUNDARY
FEG CTM CloTD DT - Fin Eng Group, Corp Trans Man, Close to default, Distressed Det trading.
Securities Delivery, ut at 15% deliver to settle obligations (MIFID).
DFS DFR non-linearity, tail options, see JPMUni. ppt.
JPM COSC Trading powerpoint.
COST to acquire SVPE (attention Lee).
Ham&Ful - Hammersmith and Fulham, Bankers Trust (DB), Manufacturers Hanover (Chemical), Salomon Citi (Mike Lewis NYT, The Big Short, Liars Poker, The New New Thing)
Kinshasa Metro ISDA Stack -->> (see G77swap/case study one - Kinshasa Metro
FX CCDS / Pricing - 100bp / 100bp generic
Bond funding 20% onshore, no liquidity, sub-10% repay in local, when swapped
Promotions Santander
Peter Millington
Rob O’Riely
Bobby Uberoi
Joe WFH
Utility, Security, Howey 1933 US Securities Act, section 5
MICA stablecoins 2024
Ethena (USDe ENA) offshore synthetic
RISK waterfall, No Enterprise Value.
SmartISDA. Injective - Taper Swap (reverse Ham&Ful).
Oracles - Bloomberg
HRatio SONIAx
SmartCSA SmartISDA
Synthetic Collateral is Netting Future post Workout Boundary.
Synthetic Liabilities - greenshoe (NYSE)
Stock loans, MTN, Repo
CrossGamma hedge - JPMUni.
Credit trades weekly vs FX FXoptions trade daily, similar to Convertible Bond Extraction.
Tokenomics
Premine by sector. Scale up to ICCO.
CapTab by Timeline.
X100 return, still possible on high quality projects such as T5.
Pre-seed BFForum, IEO Coinstore (MEXC ASTER). Runway - $300k in 2024, $300k in 2025.
x50 Seed
X30 Series A
ICCO global x5
Middle Office - LLLP+Vahid+Matt+JJ+Andrew+Alex+(Andy)+Richard+
RISK AND TRADING
T5 Operations, tokenomics and market operations and records.
ALL on XXL and Bitbond, Coinbase.
Book build
Wintermute MM or alternate.
Then Numerix Back Office.
LSEG IBM JPMC.
Then Fireblocks.
Temenos FRTB.
Hidden Road PB XRP - now Ripple Prime (US).
Confirmation & ISDA STACK, Legal Chris Whiteley.
Ripple Prime client account on behalf of - G77swap
Implied credit rating (A-)
Or collateral USDT, USDC or RLUSD.
Backup - Cantor USDT
Jane Street.
Assignments from --(>> Transaction under G77swap)
TCX EU
TCX Geo & Uzbek (Myanmar)
RMB ECOWAS
RMB COMESA
RMB India
Santander LatAm
ITAU - LatAm (London)
FN-Cincinati NY Bannockurn LatAm
ABSA ICBC - Albin
JPM ECOWAS
RECAP - Financial Engineering
BScholes closed form, non-proof. Is asset liability matching, Journal for Political Economy.
BScholes is not pricing, comparative volatility, factor equivalence.
Implied volatility compare to historic NB non-determinate fractal.
Cox Ross Rubenstein
Ho Lee; Hull White; Garman Kolhagen.
CCDS x2 = two sided CPTY/ hedge, CPTY and hedge provider.
Asset = Put/Call COC conversion.
CRB, CTM theory paper is Duration Spread Approach to Correlation.
Duration Spread is the compound and complex derivative of Duration.
DS = total set of variations of swap curve to Book, measured in BPV buckets.
One Basis Point Variation, all along the curve, and all buckets.
Download Notes
Intro background
Carbon strategy
Logo set,
Thumb front web WPL
Certain materials - some To be Installed onto WEB (placed deep on a temp basis)
CRB root JPMUni
RMB DOC
The balls DSpread
COC Cap Appetite
Pigs and houses
Risk waterfall
JPM Trading ppt
Preparation
Please review GPCJ.org
DEFINITIONS
Keynote & HALO videos
Swap Zero SDR
GPCJ g’tor G77swap
GPCJ limit g’tee (MICA DFI)
Tail Risk insurer g’tee
Linksrisk.com Andy
New Class DA
Fast is Fast
Synthetic Stabcoin
Ethena vs USDT MIFID
Perpetuals DeFi
NYMEX washout options
VIX
EBonds reset 100bp
Tt5 fx5 T5s
Gamma recal SSplit
WPaper phase domain
Manifesto deck FrontP
Branding logos HALO
TCX vs T5
divers vs synthetic col
AAA HEDGE
collateral CSA
IFRS9 CVA IAS39
JPM onchain collateral
COC appetite
RECAP
BScholes
Cox Ross Rubenstein
Ho Lee Hull White GarKol
CCDS x2 =CPTY/ hedge
Asset = Put/Call COC
GLOBAL BANKING
RMB doc
The balls DSpread
Pigs and houses
THREE LIMITS reserves
>BPV duration
>Liquidity of Credits
>SETOFF Son of A/B
>2 Parties A Decentralised
UPC $1bn
INPV reserves tax CVA
FEG CTM CloTD
SecDel
DFS DFR non-linearity
JPM Trading ppt
COST to acquire SVPE
Ham&Ful
Kinshasa Metro
FX CCDS / Pricing
Promotions Santander
Peter Millington
Rob O’Riely
Bobby Uberoi
Joe WFH
CRB Root doc
Utility security Howey
MICA stablecoins
Ethena offshore
USDe ENA 19/19 FDAM
RISK waterfall
No Ent Val
SmartISDA
Oracles Bloomberg
HRatio SONIAx
SmartCSA ISDA
Taper swap INJ
Synthetic Collateral is
Netting Future
Synthetic Liabilities greenshoe
Stock loans, MTN Repo
Ownera Onyx collat
CrossGamma hedge
Cred weekly vs
FX FXoptions daily
Tokenomics
Premine
CapTab
X100
Pre-seed BFF IEO
x50 Seed
X30 Series A
ICCO global x5
Middle Office
LLLP+Vahid+JJ+Andrew+Alex+Andy+Rich+
RISK AND TRADING
T5 OPS tokenomics market ops
ALL on XXL and Bitbond Coinbase
Book build
Wintermute MM
Then Numerix BO
LSEG IBM JPMC
Then Fireblocks
Temenos FRTB
Hidden Road PB XRP
Confirm & ISDA STACK
RHR client account on behalf of - G77swap
Implied credit rating (A-)
Or collateral USDT.
Backup - Cantor USDT
Jane Street.
Assignments from
TCX EU
TCX G&Uz
RMB ECOWAS
RMB COMESA
RMB India
Santander LatAm
FNC NY Ban LatAm
ABSA ICBC Albin
JOM ECOWAS
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