2022/10/18 2022/10/18 新建文本文檔Hmlfile:///F:/file:///F:/桌面/報(bào)告審核/新建文本文檔Hml # TechTrendsInGlobalCapitalMarkets2023川己:/件:/桌面/報(bào)告審核/新建文本文檔.html 29/30Fnend10DistributedLedgerTechnology(DLT)Thoughtoday'sglobalfinancialmarketinfrastructuresprovideforsafeandsecureflowofassets,money,information,andvalueacrossmarketsandregions.Butthecurrentsystemhasmanylimitations,anddistributedledgertechnologypresentsanambitiousopportunitytore-defineandupgrademarketinfrastructuresinordertoaddressage-oldoperationalissues.Distributedledgertechnology(DLT)hasprovenpotentialtodisruptpayment,clearing,settlement,issuance,custody,andothersuchservices.Thus,industryshouldexplorethebenefitsoftechnologyinthemultipleareasofcapitalmarketswhereitcangiveinstantresultssuchasreferencedatamanagement,bondsandsecurityissuances,tokenizationofcustodyservices,tradeconfirmationsandvalidations,micropayments,liquiditypoolgenerations,clearingandsettlements,nettings,collateralmanagement,etc.Theexistingtechnologystackofclearingandsettlements,payments,digitalidentity,corporateactions,reportingandcompliance,andcollateralandownershiptransfercanberestructuredonDLTtoachievemoreefficientpost-tradeprocesses,enhancedreportingandoversight,greaterresilienceandavailability,reducedcounterpartyriskandenhancedcollateralmanagementandreducedcosts.SomeoftheareasofcapitalmarketswhereDLTisinadvancedstageofimplementation:Settlements:ThebenefitsofadoptionofDLTinthesettlementspacerangefromreducedcosts(reconciliation,matchingerrors,etc.),speedupsettlement(quickandreliablevalidation),highresilience(highfaulttolerance,nosinglepointoffailure),increasedtransparency(auditability,openaccessibility),efficientreconciliations,etc.Shortenedsettlementtimessignificantlyreducemarketandcreditriskandmarginrequirements,whichgivesopportunityfortheefficientallocationoffreed-upcapitalandsavedtime.Inthecurrentstate,everytransactionpassesthroughseveralintermediaries,eachonemaintainingtheiiowndatainsilos,thisgivesrisetoawidespreadnuisanceofdatamultiplicityandduplicity,resultinginreconciliationandtransactiondisputeselongatingthesettlementcycles.OneofthekeybenefitsofintroductionofDLTinsettlementspaceistheresultantshorteningofthesettlementcycle.Thisishelpfulinmultiplewayssuchas:Collateralmanagement:DLTcansolvenewcollateralrequirementsandallowsonetotapintounusedassets,reduceoperationalcomplexityandoverheads,enhanceefficiencyandflexibilityandautomatingtheflowofinitialandvariationmargin.Theimplementationofdistributedledgertechnology(DLT)willspeeduptransactionclearingandsettlementtoalmostreal-timelevels,therebyminimizingmanualandrecon-relatedbottlenecks,decreasingrisk-weightedassets,andachievingcapitalefficiencyforparties.Ontheotherhand,thepost-tradeprocessescanbesignificantlysimpliHed,theoperationsandback-officeprocesseswillbeoptimized,andmanualinterventionisreducedsignificantly.However,theexperimentsandproofofconceptsoftheDLTsusageinclearingandsettlementhasproducedmixedresults.Thebarriersrelatedtothelacktothestandardization,regulation,andscalabilitysolutionsneedtobeaddressedbeforelarge-scaleadoptioncanberealized.

Confirmations:Confirmationofthecontractualattestation,ofthetradeisatediousprocessinthecurrentimplementations.Itinvolvesthescanningofthekeytradeattributesonanagreedtemplateandexchangingandacknowledgingthatamongstthepartiesafter.Itinvolvesthecomplexlinkagesbetweentrading,legal,documentation,communicationexchange,interfaces,etc.IftheDLTspromiseoftrustandtransparency(e.g.,withagoldencommondatasource)isimplementedonacommonledgerthenthesamethingcanbeachievedbybypassingalltheabovesubsystemsandintermediaries.Thiswillsignificantlyreducecosts(duetoreduceddataentryduplicationandreconciliationerrors),strengthenresilienceandreduceoperationalrisk,andenableefficientandreliablemanagementofthedataflow.InbriefDLTaddressesthebelowkeyproblemstoachievethis:Resolvingissuesoftrust:Tradingparties,marketparticipants,andserviceprovidersoftenhavedivergentorcompetingbusinessinterests.Thus,establishingtrustamongstthemthoughdesirableisinherentlyantagonistic.InaDLTimplementation,eachpartyactsasanindependentnode,theycanhaveequalaccesstodata,sotheycancollaboratetoachievethebareminimumtrusttosigntheconfirmationagreements.Thesamecanbeachievedwithanefficientconsensusprotocol.Thisleadstostrengtheningoftrustbecauseeachpartyisawarethatnosinglepartycantemperoralterthedata.Unequalaccesstodata:Intheentiresecurityandassetecosystem,thereisalackofasingle'goldensource*ofmasterandreferencedata.Thiscanleadtoplayersventuringfordifferentmeanstocollectdatawhichrenderunequalaccesstoalltheparties.Blockchainallowscontrolled,common,andsecuredatasharingallowingeachparticipanttohaveaccesstoacombineddatapool.Inefficiency:Lackofasingledatasourcegivesrisetomultipletoandfroreconciliations,manualverificationprocesses,operationalrisks,andslownessinthetransactionmovement.WithuseofDLT,nearrealtimesettlementandconfirmationcanbeachieved.Programmablecodescalled'smartcontracts*,couldstreamline,orautomatethemanualandroutineaspectsoftransactions,sub-transactions,regulatoryreporting,etc.Democratization:Democratizedaccesstodata,informationandassetswouldbenefitallparties.Issuerswouldbeabletodiversifythesourcesoffunding,end-investorswouldbenefitfromtransparency,market-basedpricing,andportfoliodiversification,eventheSMEsandsmallinvestorswouldbebenefittedbymicro-servicesenhancedfinancialaccessibility.Marketdisintermediation:Marketparticipantswhoactastheintermediariesforfinancialservicessuchascentraldepositories,reportingrepositories,clearinghouses,securityexchanges,brokers,clearingmembers,custodians,primebrokers,investors,marketmakers,assetmanagers,dealer/brokers,corporateandretailbanks,transferagents,andliquidityproviderscaneitherbeentirelybypassedorbeefficientlyalignedwiththeuseofthedecentralizedledgertechnology.Theimplementationofthistechnologycanofferthefollowingopportunities:Internalledgersynchronization.(transactions/messages/bookings/transfers/allocations/payments).Transformpost-tradeprocessessuchasasset/securities/issuance/capitalbookingandtransfer.,Digitizeandautomatetheexistingmanualprocesses,securityissuances,tokenizationofilliquidandilliquidassets,confirmations,settlementsandpayments.Clearing:Clearingandsettlementofderivativesinvolvesnumerousmanual