在最近的存客户风险论坛上, a panel of 存 senior executives shared insights on the 风险 management implications of a number of current industry initiatives.
穆雷Pozmanter, 存 Head of 清算 Agency 服务 and Global Business Operations, 领导小组, 蒂姆·库迪希主演的, 存董事总经理, Financial Risk Management; Laura Klimpel, 存 Head of SIFMU Business Development and General Manager of Fixed Income 清算 Corporation (FICC); Jennifer Peve, 存董事总经理, Head of Strategy and Business Development; and Brian Steele, 数字化转型全球主管, 高盛(Goldman Sachs).
相关:极端风险和尾部事件
提高资本效率
Pozmanter started the panel discussing one of the most notable industry initiatives: shortening of the settlement cycle. Cuddihy reflected on events a decade ago when the industry was working to shorten the settlement cycle from three days to two. 当时，S&P 500 was at 1,200 and on a peak volume day the NSCC clearing fund was just over $7 billion. 快进10年——美国&500指数目前在4点左右,500, 波动, 交易量和监管预期更高, 清算基金是, 平均, at $13.20亿美元，而峰值曾高达36美元.50亿年.
Steele noted that while the present technology and infrastructure today can support a move to a shortened cycle, the transition will force the industry to rethink traditional market conventions, 包括今天从执行到结算的过程. 在交易日后期和T+1进行配置的公司, 为了匹配, 成型和配置过程, 是否需要采用行业解决方案.
超越T+1 -挑战与机遇
As the industry moves toward T+1, many discussions have turned to an even shorter cycle. Cuddihy noted that one of the biggest challenges to a T0 cycle is the loss of some level of netting efficiencies. 优化, the industry needs to look at intraday liquidity — which is both scarce and expensive and an important consideration in an accelerated settlement cycle.
移动到T0, 斯蒂尔说:, will require transformative technology and a thoughtful redesign of existing market practices, 而实时结算模式, 类似于今天加密市场的运作方式, 是否需要对市场惯例进行重大改变. The industry cannot simply adopt DLT or blockchain technology — there is a need for common data standards, 常见的分类法.
离子和惠特尼项目
存 has been working to understand the impacts and challenges of both natively issued and re-represented digital securities. In 2019, 项目离子 是为了探索DLT上的资产数字化而创建的, while paving the path to modernized infrastructure and facilitating a more accelerated settlement process. This resulted is a proof of concept in 2020 that was designed and informed on key concepts from accelerated settlement discussions and modeled on a T0 settlement.
Through 项目离子, 存 engaged the industry in meaningful discussions around T0 and
in 2021, 进入原型阶段, which was used to experiment with alternative settlement scenarios, 包括T0, T+1, T+1/2. The prototype allowed stakeholders to better understand the implications of each scenario while in an innovation environment, and valuable insights were gained on features and functionality that industry stakeholders wanted to further pursue.
We need to be thoughtful about integrating digital assets and DLT into our transformation journey; these technologies must be vetted, 经过测试，为行业提供了一个强大的解决方案.
These efforts informed 项目离子 MVP, which is under development and is moving toward production. 在这种环境下, the project will adhere to 存’s rigorous regulatory standards across resiliency, 稳定, 安全, 风险, 和控件，并将支持新功能, while at the same time seamlessly interoperating with classic settlement platforms and 风险 management controls.
While 项目离子 was a great way to re-represent assets on DLT with full blockchain capability, 存数字证券管理(DSM)平台, 由惠特尼项目通知, explores what a digital securities platform would look like for the private markets and how to facilitate a digital asset ecosystem. DSM will interface with private and public ledgers via a 存 token standard.
DSM is introducing a modern platform for private markets for the issuance distribution and secondary transfer of those assets, 旨在减少人工处理, 碎片, 以及目前存在的一些竖井解决方案, 提高私人市场运营流程的效率. 目标是在整个行业内推广, regulatory compliant solution for both traditional and tokenized securities.
“有很大的潜力, but we need to be thoughtful on how we integrate digital assets and DLT into our transformation journey, and these technologies need to be vetted and tested before broad industry adoption and be as robust as what we provide today,佩夫说.
美国中央结算所.S. 国债市场
Recent periods of extreme 波动 in the Treasury repo market have created significant stress on this vital market and its participants, 导致许多人质疑市场是否, 按照目前的结构, 是否有足够的弹性来应对另一种压力, particularly if the stresses cause one or more participants to default.
尽管有中央结算的好处, Klimpel said that currently only a fraction of the Treasury repo market clears through FICC, 其中包括经销商对客户的活动, as well as intra dealer cash activity that does not clear at FICC.
The 风险 benefits of central clearing include providing 稳定 to the market in event of a member default through an orderly, 集中清算, 防止传染风险，避免贱卖风险. Central clearing also helps to reduce settlement 风险 through multilateral net settlement — there is only one net deliver or receive obligation, which avoids settling on a gross basis with other market participants. 还有安全解决失败的风险. Another key benefit is the reduction of counterparty 风险 as market participants in CCP are able to transact with a diverse array of counterparties.
Pozmanter concluded by commenting on the many events that are going on in the financial ecosystem, “There is a clear view of the digital transformation our industry is setting out on, and the steps needed to ensure the safety and 稳定 of the global financial markets.”