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先锋集团与BNY Melon、道富街、富兰克林邓普顿合作推出区块链外汇项目

2020-6-24 14:15

 

今天,资产管理巨头Vanguard公布了其最新区块链项目的细节。它正在探索区块链在柜台货币市场上的外汇远期。它与纽约梅隆银行(BNY Mellon)、道富银行(State Street)和富兰克林邓普顿(Franklin Templeton)合作进行了概念验证。


在此之前,区块链还有其他管理指数数据和资产支持证券(ABS)的项目,这些项目都是与纽约区块链公司Symbiont合作的。


“两年多来,我们一直在开发区块链用例,以帮助改变资本市场,”Vanguard投资管理金融科技策略集团负责人沃伦•彭宁顿(Warren Pennington)表示。当前的环境强调了精简、自动化和保护关键业务流程的必要性。当程序高度依赖人工干预和断开连接的操作时,市场很容易受到危机或简单的人工错误的破坏。”


2008年金融危机之后,监管机构推动了对场外衍生品的标准化和更多控制。除了数据标准外,ISDA行业机构还与行业合作,制定了外汇远期等合同的流程或工作流。


它确保采用该标准的所有各方使用同一种语言,即使它们不在同一网络上。这有助于大大降低成本。我们询问先锋是否采用了清洁发展机制,一位发言人回答说:“虽然我们在关注ISDA围绕公共领域模型的进展,但目前该平台还不适用。”


追加保证金通知的自动化是清洁发展机制要解决的问题,也是最近反复出现的一个话题,先锋也提到过这个话题。它强调了使用区块链“瞬间评估、移动和结算抵押品”的能力。几个月前,摩根大通开始使用另一个分布式账本技术(DLT)系统来自动化衍生品的抵押品转移。


纽约梅隆银行(BNY Mellon)外汇业务主管Jason Vitale表示:“我们在DLT上执行首个外汇远期合约的工作,是我们努力实现交易生命周期现代化和改善客户体验的众多用例之一。”


“我们公司的数字策略整体集中关注降低客户运营挑战通过流程自动化和利用最先进的技术,驱动效率和增长,我们相信这个试点将进一步帮助我们实现这一目标,”迪恩Sakati说,道富银行产品创新和业务发展主管全球市场。


自动化听起来像是这里的主要动机,特别是当它与forward相关时。不过,Vanguard的外汇交易主管Andy Maack之前对The Trade表示,DLT可能是一种工具,可以在外汇交易中去中间化银行,实现点对点匹配。


下一步,发言人对莱杰的见解通过电子邮件说:“我们预计,随着时间的推移,这个飞行员将帮助推动有益的变化,降低成本和接触错误,增加透明度,并最终提供一个更有效的商业模式,成为下一代的资本市场活动的基础。在接下来的12个月里,我们将继续与我们的合作伙伴在平台上增强能力。”

 

Today giant asset manager Vanguard outlined details of its latest blockchain project. It’s exploring blockchain for foreign exchange forwards for the over the counter currency market. It conducted a proof of concept collaborating with BNY Mellon, State Street and Franklin Templeton.

This follows other blockchain projects for managing index data and asset backed securities (ABS), all in collaboration with New York enterprise blockchain firm Symbiont.

“For more than two years, we’ve been developing blockchain use cases to help transform the capital markets,” said Warren Pennington, principal and head of Vanguard’s Investment Management FinTech Strategies Group. “The current environment emphasizes the need to streamline, automate, and secure critical business processes. When procedures are highly reliant on manual intervention and disconnected operations, it makes the markets vulnerable to disruption from crises and even simple manual mistakes.”

Following the 2008 crisis, there’s been a regulatory push to standardize and get more control with respect to over the counter derivatives. Industry body ISDA worked with the industry on the Common Domain Model (CDM) which, apart from data standards, specifies processes or workflows for contracts such as foreign exchange forwards. 

It ensures that all parties that adopt the standard are talking the same language even when not on the same network. This can help to reduce costs significantly. We asked Vanguard whether it has adopted the CDM and a spokesperson responded: “While we are following the ISDA’s progress around the common domain model, it is not currently in scope for the platform.”

Automation of margin calls is something that the CDM addresses and has been a recurring topic of late and one mentioned by Vanguard. It highlighted the ability to “value, move and settle collateral instantaneously” using blockchain. A few months back, JP Morgan went live with another distributed ledger technology (DLT) system to automate collateral transfers for derivatives.

“Our work towards conducting the first FX forward contract on a DLT is one of a number of use cases we are looking at in our efforts to modernize trade lifecycles and improve the client experience,” said Jason Vitale, head of FX at BNY Mellon.

“Our firm’s digital strategies overall are centrally focused on reducing our customers operational challenges through both process automation and by utilizing state of the art technologies that drives efficiency and growth, and we believe this pilot will help us further achieve that goal,” said Dean Sakati, head of Product Innovation and Business Development for State Street Global Markets. 

Automation sounds like the primary motive here, particularly as it relates to forwards. However, Vanguard’s head of FX trading, Andy Maack previously spoke to The Trade, where he stated that DLT could be a tool to disintermediate banks in forex trading and enable peer-to-peer matching. 

In terms of next steps, a spokesperson told Ledger Insights via email: “We anticipate that over time, this pilot will help drive beneficial change, reduce costs and exposure to errors, increase transparency, and ultimately deliver a more efficient business model that becomes the basis for the next generation of capital markets activity. Over the next twelve months, we will continue to build out capabilities on the platform with our partners.”

 

来自: Ledger Insights