The increasing pace of the digital transformation of the financial services industry—and the evolution of financial market infrastructures (FMI) globally—are being driven by accelerated innovation, 颠覆性技术, evolving regulations and growth in new digital asset classes, 说 弗兰克·拉·萨拉, 存’s President and CEO, during a recent panel discussion.
“The rapid and disruptive developments in the past few years not only allowed us to operate in a way that we could never have envisioned before but also propelled us to look at long term trends and transform from within to survive in the new world,拉萨拉说. “Systematically Important Financial Market Utilities (SIFMU) like 存 have to lead—not react—by driving innovation with a purpose to improve the client experience but, 更重要的是, protect the stability and integrity of the global financial system.”
拉萨拉的评论是在听证会上发表的, "Building a Sustainable Capital Markets Infrastructure in the New Digital World,在存 2022年亚太地区执行理事会会议在新加坡举行. 该小组还包括Vikram Kothari, 董事总经理, NSE清算有限公司和Anutosh Banerjee, 合作伙伴, 麦肯锡, who exchanged views on the factors driving the digital transformation of the industry. 内莉Dagdag, 存 董事总经理, Marketing and Communications APAC, moderated the panel.
Addressing key macro trends shaping the global and Asian capital markets infrastructure, as well as a business model for cryptocurrency exchanges where risk can be concentrated in a single distributed ledger technology (DLT) platform, La Salla指出 that the industry will be pushed by investors who are demanding new ideas. 结果是, FMIs must continually deliver value to the financial ecosystem by leveraging technology and innovating.
获得广泛支持
尽管科塔里承认改变是不可避免的, 特别是在数字资产方面, he 说 FMIs in India have always been more cautious on their approach to innovation, 倾向于从监管机构那里带头.
在审查或实施新技术时, the role of national market infrastructures in India is more of an enabler,他说. “The market must be willing to embrace and adopt new technology to ensure industry-wide implementation. 今天, we rely on traditional technologies to provide required market and operational efficiencies for the industry. 话虽如此, we see greater traction in cases where we could create linkages between the existing technologies with new ones, such as through the use of application programming interfaces (APIs).”
La Salla added that while FMIs need commitment from the industry to move forward with new technology, 监管机构的支持也至关重要.
Banerjee noted that “there are three design principles that we should keep in mind when considering change. 第一，新技术不会在一夜之间改变. The most realistic scenario may be for the new technology stack to be integrated with existing technologies. This essentially requires enterprise-wide integration where financial market infrastructures like 存 and NSE 清算 come in to support that transition. 两个, there must be irresistible monetary incentives for existing market players to go into a new space, 比如转型为纯游戏, public permissionless world to provide value-added services. And three, there must be a product-market fit for the new technology to take off.”
展望未来的分类帐
Because investor protection is a key focus area for regulators, La Salla does not anticipate change in the depository book entry ledger, 无论资产类型如何, 作为美国的公开市场.S. 继续保持高度监管. He 说 that opportunities may exist for a new “super ledger” connecting various central securities depositories and/or custodians to manage and optimize the instant movement of high-quality liquid assets to provide greater liquidity and enable cross-margining of assets.
“在高利率环境下, the ability to free up liquidity into the financial system will help to curb inflationary pressures and reduce cost and risk,他说. “数字化解决方案也有机会, 比如分布式账本技术, 带来自动化, standardization and market efficiency to private markets.”
Kothari agreed, saying the ledger will not change but evolve with time. 根据他在印度的经历, 因为它集中了大量的散户投资者, the ledger will be more than a record-keeping tool for the safekeeping of securities. It will eventually be a portal of sorts for retail investors in India to manage digital and traditional asset classes.
Leveraging Technology and Winning the Innovation Race
While existing technology will help to facilitate the US moving to T+1 settlement cycle in 2024, there are behavioral and operational changes required, La Salla指出, 包括管理贸易例外, fixing failed trades and deconstructing the risk profile of the 帖子-trade life cycle.
展望未来, La Salla 说 additional interoperability will promote consolidating of middle-and back offices to provide economies of scale and cost saving. Market participants will rely on FMIs to continue to innovate to ensure connectivity between participants while using technology to improve the client experience and market efficiency while reducing cost.
“当我想到谁会赢的时候, 最终, 我相信这个平台的力量,拉萨拉说. "If you have the platform with all the major players plugged in, and you have regulatory confidence and an enterprise risk framework that people are comfortable with, 你有优势. 这不是保证，但你有优势."