最有看点的互联网金融门户

最有看点的互联网金融门户
全新的互联网金融模式区块链国际资讯

DTCC将11万亿美元信用衍生品转移到区块链

近日,托管信托与清算公司(DTCC)选择了一些公司,帮助该企业将分布式分类帐技术集成到其第一个大规模的真实世界的应用程序中。

这笔单一复杂交易涉及多个分布式分类帐联盟、股票交易所、技术创业公司、传统计算机公司和国际银行。两天前公布的合同显示,IBM将帮助其将价值11万亿美元的信用衍生产品转移到分布式账本上来。这个分布式账本是由VC支持的初创公司Axoni在银行联盟R3CEV的建议下构建的定制分布式账本。

DTCC的衍生品服务子公司的首席执行官Chris Childs表示,交易对手方运营的节点网络不仅可以简化交易后流程,还可以大幅节约成本。

明年合作伙伴将继续协同工作,将DTCC现有的贸易信息仓库(TIW)“再平台”,以便更好地服务于贸易后期业务处理,为清算和双边信用衍生品定制分散的分类账。

DTCC的数据显示,TIW涵盖了所有主要的全球衍生品交易商和70个国家的2500家买方公司。

据悉,DTCC没有公布其认为的可以通过将交易移动到区块链或分布式账本来所节省的确切金额,但桑坦德银行2015年的一份报告估计称,全球银行的储蓄总体上可能高达200亿美元/年。

如果这个第一个大规模实施的分布式分类帐被证明是成功的,那么就会有足够的空间进行扩张。根据国际清算银行的数据,2016年整个全球信用衍生产品市场为544万亿美元,其中大部分由DTCC处理。

这是一种真正的解决方案

该项目使用的分布式账本技术称为AxCore协议,由纽约Axoni创建,上个月刚刚获得了1800万美元的风险资本。

大型参与公司将在私人分类帐上运行他们自己的“对等节点”,较小的DTCC客户可以选择接入DTCC自己的节点。

Axoni创始人兼首席执行官Greg Schvey将AxCore协议描述为“广泛部署”。他表示,目前这项技术已经应用于ICAP旗下的一笔2万美元的外汇交易,这笔资金也参与了他的创业公司最近一轮的投资。

Schvey解释说,尽管分类帐本身是允许的,但它不会完全由实施协议的公司控制。

当AxCore协议在2018年初投入使用时,初创公司将软件提交给Hyperledger。后者是一家区块链业务协会,负责监督分布式代码库的基础设施。

包括巴克莱、花旗、瑞士信贷、德意志银行、摩根大通、瑞银和富国银行在内的当前市场参与者们,通过提供工作流程来指导帮助开发了该技术。基础设施提供商IHS Markit和洲际交易所也参与其中。

项目进展有条不紊

虽然这种规模的项目尚属业内第一家,但它背后的团队却已经悄然运营一年多了。

2015年12月,DTCC、IBM、JP Morgan和R3CEV都是由Linux基金会领导的区块链联盟的创始成员,而这个联盟也就是现在的Hyperledger。

仅仅几个月后,在2016年2月,IBM推出了自己的区块链策略,帮助各行业的业务通过共享分类帐来增加潜在效率。

到2016年年中,DTCC向有关方面提交了一份征求建议书(RFP),将仓库“再平台”并减少对账成本。

Gopinath表示,现在IBM是DTCC实施的主要合同持有人,在Axoni和IBM、R3和IBM之间提供支持。

Gopinath指出,在Axoni技术完全实施之时,信用衍生工具的整个生命周期将被作为智能合同或“智能合约套件”。

创业企业积极参与

并不是只有银行业巨头参与进来。

就在IBM发布自己的区块链策略后不久,名不见经传的Axoni公司也逐渐浮出水面。Axoni不再仅仅是领导DTCC的区块链信用违约掉期服务建设和测试,对成员美国银行、美林、花旗、瑞士信贷和摩根大通进行测试也不再是Axoni的唯一工作。

即使在那个早期阶段,参与了DTAT区块链解决方案的Markit也参与其中。

DTCC项目还将在区块链协会R3CEV的建议下推进,该协议首次于2015年7月出现,以帮助协调全球银行寻求利用区块链和分布式账本。

从那时起,该联盟已经发展到包括了包括77个世界上最大的银行,通过其Corda协议的发展,克服了一系列障碍,使其成为区块链世界中最知名的名字之一。

R3首席执行官兼创始人David Rutter从技术角度和银行业工作流程角度,将他的公司定位为DTCC项目顾问的角色。

Rutter表示,这个组合将会健全整个架构,也会确保来自R3的全球反馈可以被听到。

区块链产业迎来全新时代

AxCore协议的部署将分阶段进行,即使到了明年,整个采用流程进展可能依旧会很缓慢。

最初,分布式账本将与现有的结算基础设施并行运行。与基于区块链解决方案预期的即时结算时间相比,分布式账本可能需要延迟一周的时间。但是Childs表示,项目的最终目标是“淘汰”现有的TIW技术。

然而,DTCC衍生服务子公司首席执行官却认为,DLT的预期在早期可能无法实现。由于分布式账本的记录是不可变的,一个监管节点可以让政府观察员访问关于交易的实时数据,而不必等待市场参与者的报告。

但在DTCC当前的贸易信息仓库中,监管机构可能根本不会收到报告。 因为信息披露是自愿的,向政府控制人员开放数据可能不会对所有参与者都那么有吸引力。

无论未来项目会取得什么进展,来自IBM公司的Gopinath都为透露这份复杂的多方合作伙伴关系到底对这个分布式分类账簿联盟建立者意味着什么。但是Gopinath认为,区块链产业不再是门外汉走马观花的“旅游景点”了,真正的大规模区块链系统时代已经到来。

 

The Depository Trust & Clearing Corporation (DTCC) has selected a series of firms to help integrate distributed ledger technology into its first large-scale, real-world application.

In the single, complex deal involving a distributed ledger consortium, a stock exchange, a tech startup, a legacy computer firm and an international collection of bulge bracket banks, the post-trade financial services company has begun the process of moving a significant part of its $1.5qn-worth of transaction workflow to a distributed ledger network.

With a contract announced today, IBM will help manage the process of moving $11tn worth of credit derivatives to a custom distributed ledger built by VC-backed startup, Axoni, under the advisement of banking consortium R3CEV.

The CEO of the DTCC's derivatives service subsidiary, Chris Childs, explained to CoinDesk how a network of nodes run by the counterparties of a transaction will be linked together to not only streamline post-trade processes, but save money as well.

He said:

"We believe our own internal savings will cost-justify the project. There are additional savings to the industry ... the estimates vary from one institution to another."

Over the course of the next year, the partners will work collaboratively to "re-platform" the DTCC's existing Trade Information Warehouse (TIW) for post-trade processing to a distributed ledger custom-built for cleared and bilateral credit derivatives.

For an idea of the scale of this operation, the TIW covers all major global derivatives dealers and 2,500 buy-side firms in 70 countries, according to DTCC data.

The DTCC hasn't shared the exact amount of money it believes could be saved by moving the transactions to a blockchain or distributed ledger, but a 2015 report by Santander estimated the global savings to banks more generally speaking could be as high as $20bn a year.

If this first large-scale implementation of a distributed ledger proves successful, there’s plenty of room to expand. The entire global credit derivatives market in 2016 was $544tn, according to the Bank for International Settlements, much of which is processed by the DTCC.

'Serious solution'

The distributed ledger technology being used for the project is called the AxCore protocol, created by New York-based Axoni, which last month raised $18m in venture capital.

Large participating firms will run their own individual "peer nodes" on the private ledger, with smaller DTCC clients being given the option to tap into DTCC’s own node.

Axoni founder and CEO Greg Schvey described the AxCore protocol as "widely deployed", revealing to CoinDesk that this same technology is currently being implemented to move $2tn worth of foreign exchange transactions for ICAP, which also participated in his startup's most recent round of venture funding.

Schvey explained that while the ledger itself is permissioned, it will not be exclusively controlled by the companies implementing the protocol.

"It enables a distributed network to be built on this where, ultimately, participants could have nodes in-house," said Schvey.

When the AxCore protocol goes live in early 2018, the startup intends to submit the software to Hyperledger, the business blockchain consortium that has taken on the role of overseeing the infrastructure for a range enterprise distributed ledger codebases.

Current market participants, including Barclays, Citi, Credit Suisse, Deutsche Bank, JP Morgan, UBS and Wells Fargo, helped develop the technology by providing workflow guidance. Infrastructure providers IHS Markit and Intercontinental Exchange also participated.

In conversation with CoinDesk, IBM research vice president of blockchain solutions Ramesh Gopinath described the partnership:

"If you think about where we were a year ago on blockchain, this is a serious industry-scale blockchain production solution. And guess what, the big kahunas in banking will be on this platform."

Everything in its right place

Though the scale of this project makes it the first of its kind, the team behind it has been coming together for over a year.

In December 2015, the DTCC, IBM, JP Morgan, and R3CEV were all founding members of the Linux Foundation-led blockchain consortium that would eventually be called Hyperledger.

Just a few months later, in February 2016, IBM unveiled its own blockchain strategy to help a wide range of businesses across industries capitalize on potential efficiencies provided by using a common, shared ledger.

By mid-2016, the DTCC submitted a request for proposal (RFP) for interested parties to "re-platform" the warehouse and cut back on reconciliation costs.

Now, IBM is the primary contract holder for the DTCC implementation, with "backing contracts" held between Axoni and IBM, and R3 and IBM, Gopinath said.

Gopinath noted that by the time the Axoni technology is fully implemented, the entire life-cycle of a credit derivative will be captured as a smart contract or a "suite of smart contracts".

"This is the ultimate in terms of capturing the entire business process – like we’ve always been talking about – on the blockchain," he said.

Send in the startups

But it won't just be the giants of banking involved.

Shortly after IBM unveiled its own blockchain strategy, the little-known Axoni emerged onto the scene, rather discreetly taking a leadership role in the construction and testing of a blockchain-based credit default swaps service with the DTCC, and test members the Bank of America, Merrill Lynch, Citi, Credit Suisse and JPMorgan.

Even at that early phase, Markit, which will also help craft the DTCC blockchain solution, was also participating.

The DTCC project will also move forward under the advisement of blockchain consortium R3CEV, which first emerged in July 2015 to help coordinate global banks looking to capitalize on blockchain and distributed ledger efficiencies.

Since then the consortium has grown to include 77 of the largest banks in the world, and through the development of its Corda protocol, overcome a series of obstacles to become one of the most recognizable names in blockchain.

R3 CEO and founder David Rutter positioned his company’s role as advisor to the DTCC project from both a technological perspective and from a banking workflow perspective.

Rutter told CoinDesk:

"It’s a combination of really helping validate that the architecture is sound, but also making sure that the feedback from this big R3 global network is heard."

'Goodbye, blockchain tourism'

Deployment of the AxCore protocol will be done in phases, and even after it goes live next year, may only be adopted slowly.

Initially, the distributed ledger will run in parallel with the existing settlement infrastructure, which can take as long as a week to close compared to the nearly instant settlement times expected from the blockchain solution.

But the goal is to eventually "retire" the existing TIW technology, according to Childs.

However, the CEO of DTCC’s derivatives service subsidiary added that one of the most desirable potential aspects of DLT might not be available early on.

In addition to providing streamlined processing by supporting self-executing code, or smart contracts, it is widely heralded as a bastion of transparency.

Since the distributed ledger's record is immutable, a regulatory node has the potential to give government observers access to real-time data about transactions, instead of having to wait for reports from market participants.

But in the DTCC’s current Trade Information Warehouse, regulators might not get reports at all. Disclosure is voluntary, according to Childs.

Opening up the fire hose of data to government controllers, he said, may not be so appealing to all involved.

"Clearly the capability of them being established as a node on the network exists with blockchain," said Childs. "But it's still very much to be determined."

Regardless of the progress still yet to be made, IBM’s Gopinath minced no words about what the complicated, multi-party partnership means to anyone building on a distributed ledger.

Gopinath concluded:

"Goodbye, blockchain tourism and hello blockchain systems that are large-scale. That turning point has happened."


用微信扫描可以分享至好友和朋友圈

发表评论

发表评论

您的评论提交后会进行审核,审核通过的留言会展示在下方留言区域,请耐心等待。

评论

您的个人信息不会被公开,请放心填写! 标记为的是必填项

取消

火币区块链研究中心未央青年

143
总文章数

火币是面向全球的比特币交易平台,为全球30多个国家和地区的2...

《福布斯》:区块链在零售业发展中的四大机遇

Nikki Bair... 1小时前

关于保险科技市场你该了解些什么?

潘, 妍媛 2天前

Fisco发行日本首个比特币企业债券

Kevin Helm... 08-19

英国央行成功试水区块链技术,跨境支付快至几秒

Martin Arn... 08-16

Fidelity:区块链将会改变世界,政府必须拥抱这种技术

Jon Buck 08-15

版权所有 © 清华大学五道口金融学院互联网金融实验室 | 京ICP备17044750号-1