当世界摆脱COVID-19大流行时, we will see a fundamental transformation of how things are done in large and small ways. 遍及经济的各个领域, the acceleration of digital transformation will likely be one of the most significant changes to business as usual.
一些改进将与保护公众健康直接相关, but many others will be driven by the need to reimagine how work is performed and how business processes are managed as the industry evolves in response to this inflection point. 在某些情况下, 这场危机将加速已经在进行的转型项目, especially as many firms have already been actively exploring new approaches to further reduce costs and risk. 例如, increasing automation and digitalization were already high atop the agenda of many organizations, but the pandemic has reinforced the criticality of eliminating manual processes in favor of digital alternatives that can be performed regardless of where employees are physically located.
The benefits of this were crystal clear to us in mid-March when we transitioned our staff globally to a remote work environment. The automated and dematerialized workflows we already had in place enabled seamless execution despite record-setting market volatility. 尽管交易活动达到了正常水平的三倍左右, 我们继续为市场提供稳定性和确定性. 事实上, the only area of our business that experienced disruption was physical securities processing, 哪一个, 而占直接转矩托管资产的比例不到2%, 需要现场人员互动. 我们得到的教训是, despite the industry’s progress in automating trade lifecycle processes over the course of many decades, digitization will become an even bigger priority as financial institutions continue to embrace fintech innovations and seek more efficient operating models.
呼吁转型
The digitization of securities processing has been an ongoing evolution across the globe, 包括在美国, and it has intensified in recent years with the emergence of distributed ledger technology.
We’ve been at the forefront of exploration and experimentation for several years because we see the promise of the technology. 同时，我们的经验也提醒我们它目前的局限性. To build consensus around these issues and foster collaboration across the industry, 存一直积极分享我们在白皮书方面的专业知识, 参与像Hyperledger这样的开源论坛, 开发原型和案例研究, 并围绕治理和安全等基础主题提出愿景.
The next step in this evolution will be built upon key foundational work that has already been achieved by the industry.
最近, the US accelerated the settlement cycle to T+2 in what was a highly complex and time-consuming initiative, 哪一个 reinforced that the biggest challenge was not technology – as 存 can and does provide T+1 and T+0 settlement today – but rather process and procedure. The benefits of accelerated settlement – reduced market risk and significantly lower margin requirements – prompted almost immediate discussions among firms on ways to achieve additional value through initiatives like settlement optimization, including considering the possibility of intraday movement and settlement of money and securities instead of the traditional focus on end-of-day settlement.
加速结算与DLT的融合
While accelerated settlement and settlement optimization are possible using existing technology, DLT creates new opportunities to reimagine 帖子-trade processing for the future, especially when combined with the best of today’s capabilities in a seamless manner giving clients choices for how to best manage their settlement exposures. 随着结算的演变与金融科技革命的融合, we are advancing a new initiative to further enhance the settlement process in the public markets, 被称为离子计划. 这是一种替代数字结算服务的未来愿景, 有可能提供加速结算的好处, would retain the advantages of central netting and prevent fragmentation of the clearing and settlement ecosystem.
收集行业投入, 存 recently developed a working proof of concept (POC) designed to help clients visualize key business model workflows and novel implementations. 通过快速迭代的方法, we will partner with the industry to validate whether Project Ion brings the broadest industry benefits, identify potential barriers and explore the feasibility of moving towards accelerated settlement, 采用以存成熟基础设施为基础的现代平台.
市场基础设施的作用
Developing a new Digital Accelerated 结算 Service could fundamentally change current market structure, and we’re excited to help lead this effort in collaboration with our clients and industry partners. Financial market infrastructures are uniquely positioned to help guide this transformative work because we have the expertise to understand the larger impacts on the full lifecycle, the numerous interconnected processes and how to bring all these pieces together to create a more modern and efficient system for the future. 除了, 像存这样的组织, 哪些是用户拥有和管理的, can take a long-term view and can focus on what’s in the best interest of the industry.
从60年代末的文书危机一直到今天, the industry has a legacy of coming together and collaborating in times of crisis to build a more secure and efficient system through the use of greater automation and digitization. 这就是我们今天发现自己的时刻, and we are committed to finding the right path on our strategic transformation to advance the industry’s digital journey.
本文最初发表于 SmartBrief 2020年6月17日.