Disruption of Financial Services Through Distributed Ledger Technology --- The Revolution of The Depositary Receipt Market

分布式账本技术颠覆金融服务——存托凭证市场的革命

• 批准号: 104574
• 金额: $ 20.51万
• 依托单位: RISE FINANCIAL TECHNOLOGIES LTD
• 依托单位国家: 英国
• 项目类别: Feasibility Studies
• 财政年份: 2019
• 资助国家: 英国
• 起止时间: 2019 至 无数据
• 项目状态: 已结题
• 来源: https://gtr.ukri.org/projects?ref=104574
• 关键词: Disruption; Financial; Services; Through; Distributed

"An old saw in the financial markets holds that nothing good happens after a trade is agreed. Trades are agreed instantly on digital platforms today but post-trade delivery of assets still takes days, looking at high costs, errors and omissions. Most of these inefficiencies is explained by the time it takes counterparties and their service providers to reconcile records. Distributed Ledger Technology (DLT) eliminates that need by replacing separate ledgers with a single but distributed one, which is always up-to-date and to which all parties to a trade have access. At RISE, we are veterans of post-trade processing, and the only company in the UK exclusively dedicated to using DLT to deliver a game-changing series of effects to post-trade processing of financial instruments - like DLT has already done with Initial Coin Offerings (ICOs). To retain London's status in global finance post-Brexit it must use every tool it can to attract issuers and investors from all over the world. Unsponsored DRs are a UK originated and long-established instrument for doing this but are at present issued mainly to American investors and suffer from a number of obstacles which hinder both its overall growth and the investment returns available to investors. Our DLT can overcome this, triggering many benefits. Key to bringing our solution to the market is the support of incumbents; we already secured the commitment from key DR stakeholders with which we will execute the proof of concept. This will serve as basis for a pilot platform implementation, commercialisation and growth once the benefits are visible in the DR market. By eliminating the operational obstacles to growth, DLT will not only help the market to grow, but attract issuers and investors to London. These and other gains will continue to reinforce London's role as an international financial hub, as it will be the centre of a new, DLT-based model of unsponsored DR issuance and servicing, creating wealth and jobs."

“金融市场的一个老观点认为，在交易达成一致后，没有什么好事发生。如今，交易在数字平台上立即达成一致，但交易后的资产交付仍然需要数天时间，成本高，错误和遗漏。大多数效率低下的原因是交易对手及其服务提供商核对记录所需的时间。分布式账本技术（DLT）通过用一个单一但分布式的账本取代单独的账本来消除这种需求，该账本始终是最新的，并且交易的所有各方都可以访问。在RISE，我们是交易后处理的老手，也是英国唯一一家专门致力于使用DLT为金融工具的交易后处理提供一系列改变游戏规则的影响的公司-就像DLT已经完成的初始硬币发行（ICO）一样。为了在英国退欧后保持伦敦在全球金融中的地位，它必须利用一切可能的工具吸引来自世界各地的发行人和投资者。无担保存托凭证是一种起源于英国的长期有效的存托凭证，但目前主要向美国投资者发行，存在一些障碍，阻碍了其整体增长和投资者可获得的投资回报。我们的DLT可以克服这一点，带来许多好处。将我们的解决方案推向市场的关键是现有企业的支持;我们已经获得了关键DR利益相关者的承诺，我们将与他们一起执行概念验证。这将作为试点平台实施、商业化和增长的基础，一旦在DR市场上看到效益。通过消除增长的运营障碍，DLT不仅有助于市场增长，还将吸引发行人和投资者前往伦敦。这些和其他收益将继续加强伦敦作为国际金融中心的作用，因为它将成为基于DLT的无担保DR发行和服务新模式的中心，创造财富和就业机会。"