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DTCC提出在公共以太坊区块链上对私有证券进行标记

2020-5-20 15:38

 

今天,世界上最大的证券结算组织DTCC提出了两项重大建议,利用分布式账本技术(DLT)对证券进行标记和数字化。第一个项目旨在提供加速结算,第二个项目旨在使私人市场证券实现标记化,并支持二级交易,包括使用公共以太坊区块链。2019年,DTCC的子公司处理了价值2.15万亿美元的证券交易。


DTCC在DLT方面已经有了丰富的经验。它的贸易信息仓库的目标是信用衍生品的结算总额超过10万亿美元。它准备推出基于Axoni DLT技术的升级版本。


今日公布的两项建议,是为了征询市场的意见。概念证明(PoCs)已经进行了。

私人证券分


惠特尼计划是这两项提议中较为尖锐的一个,旨在使私人证券具有标记性,并使二级市场交易成为可能。这最初将针对监管D (SEC豁免)股票。


这些令牌将被铸造在公共的Ethereum区块链上,但是有一个遵从性的oracle,它可以批准或拒绝事务。此外,还会有一个使用AWS量子分类帐数据库的安全所有者的集中库存记录。


然而,Ethereum并不是唯一的平台。DTCC已经完成了企业区块链超账本结构的另一个原型,R3 Corda版本正在开发中。其他的可以根据需求添加。


DTCC负责业务创新的董事总经理Jennifer Peve说:“惠特尼项目提供了一个激动人心的机会,可以利用新兴技术,从头开始开发全新的解决方案。”


DTCC表示,选择私人市场的原因之一是,它相信记号化的前景,但“数字化可以最好地应用于新市场的机会或现有自动化有限的服务不足的资产,如美国私人市场。”

缩短解决时间


该项目旨在缩短DTCC核心结算系统的结算周期。(此项目与其他组织的其他Ion DLT项目无关)。3月份的股市波动导致了更高的保证金要求,以及目前的两天(T+2)结算要求带来的巨大风险。


DTCC评论说,它的系统目前支持一天或同一天结算,但是“遗留的业务行业流程和其他因素阻止了行业超越T+2。”


2017年,当市场从T+3转到T+2时,预计可为该行业节省13.6亿美元的保证金要求。


预期的其他好处包括优化资本、降低风险、改进工作流和自动化效率。


其目的是将当天或可选的日内结算与支持实时联网的新设计的集中联网服务相结合。现金和证券都将数字化,结算服务将与目前的服务兼容。


PoC使用了DAML聪明的契约语言,但根本的账本没有被提及,但肯定会得到批准。通过使用DAML,可以交换出分类帐。


DTCC以前发表过关于即时结算和联网、DLT安全性和DLT治理之间的权衡的论文。

 

Today the DTCC, the world’s largest securities settlement organization, made two significant proposals to tokenize and digitize securities using distributed ledger technology (DLT). The first project aims to offer accelerated settlement and the second to enable the tokenization of private market securities and support secondary trading, including using the public Ethereum blockchain. In 2019 the DTCC’s subsidiaries processed securities transactions valued at $2.15 quadrillion.   

The DTCC already has significant experience with DLT. Its Trade Information Warehouse targets the settlement of credit derivatives to the tune of more than $10 trillion. It’s getting ready to launch an upgraded version based on Axoni DLT technology.

The two projects proposed today were published to consult the market. Proofs of Concept (PoCs) have already been conducted.

Tokenizing private securities

Project Whitney is the edgier of the two proposals and aims to tokenize private securities and enable secondary trading. This would initially target Regulation D (SEC Exemption) equities. 

The tokens would be minted on the public Ethereum blockchain, but there is a compliance oracle that can approve or reject transactions. Additionally, there would be a centralized stock record of the security’s ownership that uses the AWS Quantum Ledger Database.

However, Ethereum is not an exclusive platform. The DTCC has already done another prototype for enterprise blockchain Hyperledger Fabric and the R3 Corda version is underway. Others could be added based on demand.

“Project Whitney presents an exciting opportunity to leverage emerging technologies and develop completely new solutions from the ground up,” said Jennifer Peve, Managing Director, Business Innovation at DTCC.

The DTCC stated one of the reasons for selecting private markets is it believes in the promise of tokenization but that “digitalization can best be applied to opportunities in new markets or under- serviced assets with limited existing automation, such as the U.S. private markets.”

Shortening settlement times

Project Ion aims to shorten the settlement cycle for the DTCC’s core settlement systems. (This Project Ion is unrelated to other Ion DLT projects from other organizations). Stock market volatility in March resulted in far higher margin requirements as well as significant risk as a result of the current two day (T+2) settlement requirement.

The DTCC commented that its systems currently support one day and same day settlement, but “legacy operational industry processes and other factors have prevented the industry from moving beyond T+2.”

In 2017 when the market moved from T+3 to T+2 it was estimated to save the industry $1.36 billion in margin requirements.

Additional benefits anticipated include optimizing capital, reducing risk, improving workflows, and automation efficiencies. 

The aim is to combine same day or optionally intraday settlement with a newly-designed centralized netting service that supports real-time netting. Both cash and securities would be digitized and the settlement service would be compatible with the current one.

The PoC used the DAML smart contract language, but the underlying ledger was not mentioned but would certainly be permissioned. By using DAML it’s possible to swap out the ledger. 

The DTCC has previously published papers on the tradeoffs between instant settlement and nettingDLT security, and DLT governance

 

来自: Ledger Insights