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欧洲与日本央行联合开展区块链证券结算研究

在近日发布的一份联合报告中,欧洲央行和日本央行一致认为,分布式账本技术(DLT)能够创造新的证券结算机制,例如几个独立账本之间的“跨链原子互换”。

这份长达52页的报告题为《证券结算系统:分布式账本环境中的券款对付》

DLT与证券交付

这项研究名为Stella,于2016年12月正式启动。去年9月,两国央行首次在报告中公布研究结果。而本次报告将证券交付与现金做对比,研究其如何在DLT环境中运作。

这份新报告说明了证券结算的券款对付(DvP)方式。在DvP模式中,只有当某一资产转移时,另一资产的转移才能生效。这种双向的转移过程被称为“原子性”。

项目的研究者基于Corda、Elements和超级账本Fabric平台创建项目原型。研究者发现,在DLT系统中,DvP可以在多个独立账本或者单个账本中用现金以及证券进行。

独立账本的跨境交付

实验和概念分析都已经证明跨境DvP能够在独立账本之间进行。报告指出,这种情况在当前的系统中不可能发生。

这类跨账本的DvP系统会给结算带来运作上的挑战。报告表示,独立账本之间的DvP交易需要涉及买卖双方之间的多次互动。

这类系统还会影响交易速度,对流通性造成短暂的影响。系统缺乏同步性会因为交易中的一个交易方没有完成整个过程中的所有步骤让其他参与者承担风险。

The European Central Bank and the Bank of Japan have released a joint report claiming that distributed ledger technology (DLT) can generate new securities settlement mechanisms, such as “cross-chain atomic swaps” among unconnected ledgers.

The 52-page report is titled, “Securities settlement systems: delivery-versus-payment in a distributed ledger environment.”

DLT’s Impact On Securities Delivery

Project Stella, the banks’ DLT research project started in December of 2016, was designed to participate in the broader debate about DLT’s usability. This portion of the banks’ project examined the delivery of securities compared to cash and how it could operate in a DLT environment.

The new report addresses what’s known as the deliver versus payment (DvP) method of securities settlement. Under DvP, the transfer of one asset executes only if the other asset transfers. The dual transfer is referenced as “atomicity.”

The project researchers created prototypes based on the Corda, Elements and Hyperledger Fabric platforms. The researchers discovered that DvP can execute in a DLT system with cash and securities between separate ledgers and on a single ledger.

Cross-Border Delivery Minus Link To Individual Ledgers

Experiments and conceptual analysis have both demonstrated that cross-border DvP can occur without any link connecting individual ledgers. This scenario does not occur in the current method, the report noted.

The cross ledger DvP systems can bring operational challenges to settlements, the report noted. DvP exchanges among unconnected ledgers will require several interactions between buyer and seller, the report further noted.

The system can also impact the speed of the transaction, requiring liquidity to be temporarily blocked. The lack of synchronization in the system can leave participants exposed to principal risk in the case where one counterparty in the transaction fails to complete all the steps in the process.

A report on the project last September noted that technology is not prepared to replace existing settlement systems.


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