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澳大利亚证券交易所、瑞银集团、Digital Asset和ISD在衍生品DLT试点数字资产

2020-10-8 14:13

 

昨天,国际掉期和衍生工具协会(ISDA)推出了通用域模型(CDM)的试验实施,该模型是一种数字标准,涵盖了处理衍生交易的事件和流程。 CDM于2018年推出,但今天的迭代专注于清除生命周期。

区块链公司Digital Asset之前曾与ISDA合作,以DAML智能合约语言开源CDM版本。目前的试点项目是数字资产,瑞银和数字资产客户澳大利亚证券交易所(ASX)也提供了投入。

与股票和债券市场相比,CDM的重要性体现在衍生产品领域的庞大规模。全球股市市值约为90万亿美元。利率和外汇交易的衍生品交易的未平仓合约为85万亿美元。场外交易(OTC),外汇衍生品总额达92万亿美元。

但是,规模为449万亿美元的OTC利率衍生品市场是试点主题。

因此,自动化后勤事务的影响在效率方面提供了巨大的好处,避免了手动对帐的需要,但最重要的是可以提高速度。

“清算是衍生工具格局中必不可少的一部分,因此,对于确保无缝自动化而言,操作流程的一致性至关重要。使用CDM通过DAML进行清算将在整个清算生命周期中提高标准化和运营效率,” ISDA市场基础设施和技术总监Ian Sloyan说道。

除了实施现有的CDM模型进行清除之外,它还为状态转换,数据所有权和隐私元素的签名添加了新功能。

部署CDM以便在分布式分类帐上进行清算的目的是为了促进互操作性。 DAML具有本地支持新功能并与多种分布式分类帐技术(DLT)兼容的优势,包括Hyperledger Fabric,Besu和Sawtooth,R3,Corda,VMware区块链等。

此前,我们曾在2018年巴克莱举办黑客马拉松时探讨了CDM在整个行业范围内采用所带来的25亿美元的潜在收益。

 

Yesterday the International Swaps and Derivatives Association (ISDA) unveiled a pilot implementation of Common Domain Model (CDM), a digital standard that covers events and processes involved in processing derivative transactions. The CDM was introduced in 2018, but today’s iteration is focused on the clearing lifecycle.

Blockchain firm Digital Asset previously worked with ISDA to open source a version of CDM implemented in its DAML smart contract language. And the current pilot is also with Digital Asset, with input from UBS and Digital Asset client, the Australian Securities Exchange (ASX).

The CDM’s importance is reflected in the sheer size of the derivatives space compared to the stock and bond markets. Global stock markets are worth around $90 trillion. The open interest in exchange-traded derivatives for interest rate and foreign exchange is $85 trillion. Over the counter (OTC), foreign exchange derivatives amount to $92 trillion.

But the $449 trillion OTC interest rate derivatives market is the topic of the pilot.

Hence the impact of automating the back office transactions offers enormous benefits in terms of efficiencies, avoiding the need for manual reconciliations, but perhaps most of all, speed.

“Clearing is an essential part of the derivatives landscape, so it’s extremely important the operational processes are consistent to ensure seamless automation. Use of the CDM for clearing using DAML will increase standardization and operational efficiency across the entire clearing lifecycle,” said Ian Sloyan, Director of Market Infrastructure and Technology at ISDA.

In addition to implementing the existing CDM model for clearing, it adds new features for the signing of state transitions, data ownership and privacy elements.

The purpose of deploying the CDM for clearing on a distributed ledger is to facilitate interoperability. DAML has the advantage of natively supporting the new features and being compatible with several distributed ledger technologies (DLT), including Hyperledger Fabric, Besu and Sawtooth, R3;s Corda, VMware blockchain and others.

We previously explored the potential $2.5 billion benefits of industry-wide adoption of the CDM, at the time of a Barclays hosted hackathon back in 2018.

 

来自: Ledger Insights