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咨询公司贝恩近日概述了现有企业的数字资产战略

2021-1-17 14:07


咨询公司贝恩(Bain & Co)最近发布了一份报告,概述了其对现有数字资产领域的战略思路。

贝恩认为,提供最佳数字资产机会的三个行业是股票、债券和房地产私人市场。其吸引力不仅在于私人市场的规模明显更大,而且在过去20年里,其复合增长率是公开市场的4倍。

端到端和全球方法

在与贝恩(Bain & Co)合伙人、报告作者之一迈克•库内尔(Mike Kuhnel)交谈时,他描述了这一乍看似乎雄心勃勃的战略。他建议,在处理数字资产时,基础设施需要端到端,包括贸易前、贸易后和贸易后。此外,他对地方主张持否定态度,更喜欢全球战略。

我们想知道,在当前的经济环境下,这是如何实现的,更不用说世界各地五花八门的规章制度了。他的回应是建立一个合作伙伴的生态系统。库内尔指出,日本国家银行的两项举措表明,其它国家正在接受这一概念。SBI于2019年与斯图加特交易所(Boerse Stuttgart)签署了一项协议,并于上月公布了与瑞士SIX数字交易所(SDX)的合作。这只是印度国家银行众多交易中的两笔,其中很多都是与初创公司进行的。

全球生态系统的好处是成功的可能性更高,经济回报也更高。此外,它降低了风险和成本。Kuhnel个人在这一点上花费了大量的时间,包括组织如何培养与生态系统合作的力量,他认为很少有市场参与者拥有这种技能。

监管是另一个全球性方法面临挑战的问题,Kuhnel在这个问题上有坚定的信念。Kuhnel说:“这不是在等待监管方面的正确发展,一旦你感到足够放心,你就可以采取行动。”相反,现任者需要与监管机构坐下来,制定正确的潜在框架。

如果有办法,有意愿吗?

Kuhnel说:“目前市场上的一些公司还没有完全接受数字资产的发展。”“所以他们处于观望状态。它们或许已经开始了抵押品流动性方面的一些试验,但它们尚未建立起成熟的数字资产战略。其他人已经开始了这一旅程,并花了大量的钱。”

其中一个挑战是,除了加密货币,市场还不存在。

库内尔说:“在5年以上的时间里,为了努力建设基础设施,然后寄希望于收入的投资意愿非常低。”该方法是在早期有一系列的步骤和证明点。在这里,加密货币既扮演着赚钱的早期方式,也在将其应用到其他市场的学习曲线上发挥着作用。

数字资产解决了不同资产类别的不同痛点

即使采用端到端方法,特定资产类别中的主要痛点也处于特定阶段。例如,就证券而言,更大的挑战出现在交易后,因此托管和抵押品流动性是优先考虑的事项。在债券市场上,发行成本是主要的紧迫问题。

库内尔强调了在贸易前、贸易和贸易后三个方面都变得强大的重要性,以便能够在此基础上为客户提供增值服务。数据是一个关键的服务领域,一些传统市场的现有公司还没有开发,并仍在确定他们的战略。

这些传统市场不会很快消失。现有的高效上市股票基础设施,使其成为数字资产的一个吸引力大打折扣的选择,也是专注于私人市场的另一个关键原因。相反,共存的可能性更大。

在过去两年里,贝恩已经看到人们对数字资产的兴趣和兴趣加速增长。有人设想,在10到15年内,数字资产可能会取代传统市场。“这不是我们的信念。然而,我们相信数字资产的相关性将呈指数级增长,”Kuhnel说。

Consulting firm Bain & Co recently published a report outlining its strategy thoughts for incumbents addressing the digital asset space.

Bain identifies the three sectors that offer the best digital asset opportunities as the private markets for equities, bonds and real estate. The attraction isn’t just the significantly larger size of the private markets, but the compound growth rate is four times that of public markets over the past 20 years. 

An end-to-end and global approach

Talking to Mike Kühnel, Bain & Co partner and co-author of the report, he described what at first seems an ambitious strategy. He suggests that the infrastructure needs to be end-to-end when addressing digital assets, as in covering pre-trade, trade, and post-trade. Additionally, he is negative about local propositions and prefers a global strategy. 

We wondered how this is possible in the current economic climate, never mind the patchwork of disparate regulations worldwide. His response is to develop an ecosystem of partners. Kühnel points to two moves by Japan’s SBI as a signal that others are embracing the concept. SBI inked a deal with Boerse Stuttgart in 2019 and last month unveiled a collaboration with the Swiss SIX Digital Exchange (SDX). And those are just two of SBI’s numerous deals, many of them with startups.

The benefit of the global ecosystem is a higher probability of success as well as the economic payoff. Plus, it reduces both the risk and the costs. Kühnel is personally spending a significant amount of time on this point, including how organizations develop a muscle to work with ecosystems, a skill which he believes very few market players possess.

Regulations are the other issue where a global approach presents challenges and Kühnel has strong convictions on the topic. “It’s not about you waiting for the right development on the regulatory side, and once you feel a sufficient level of comfort, you can act,” said Kühnel. Instead, incumbents need to sit down with the regulator to work on the right potential framework.

So if there’s a way, is there the will? 

“The market is currently at the point where some incumbents have not yet fully embraced the digital assets evolution,” said Kühnel. “So they are in a kind of wait and see position. They might have started some experiments with collateral mobility, but they have not yet built a fully-fledged digital assets strategy. Others have already embarked upon that journey and spend significant amounts of money.”

One of the challenges is that the markets don’t yet exist outside of cryptocurrencies.

“There is a very low appetite to invest for five years plus in an endeavor to build up an infrastructure and then hope that revenues are coming in,” said Kühnel. The approach is to have a series of steps with proof points early on. Here cryptocurrency plays a role both as an early way to earn money and move up the learning curve in applying it to the other markets.

Digital assets address different pain points across asset classes

Even with an end-to-end approach, major pain points in a particular asset class are at specific stages. For example, with securities, bigger challenges are in post-trade and hence custody and collateral mobility are high priorities. In the bond markets, the costs of issuance is the predominant pressing issue.

Kühnel emphasized the importance of becoming strong in all three aspects of pre-trade, trade and post-trade to be able to offer customers value-added services built on top. And data is a key service area which some incumbents in traditional markets have not exploited and are still defining their strategy.

And those traditional markets aren’t going to go away any time soon. The existing highly efficient listed equities infrastructure makes this a far less attractive option for digital assets and is another key reason for focusing on private markets. Instead, coexistence is more likely.

Over the last two years, Bain has already seen an acceleration in terms of appetite and interest in digital assets. Some people envision that in ten to 15 years, digital assets might replace traditional markets. “That’s not our belief. However, what we believe is that the relevance of digital assets will exponentially increase,” said Kühnel.

原作者: Nicky Morris 来自: Ledger Insights