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Distributed ledger technology for securities clearing and settlement: benefits, risks, and regulatory implications

机译:用于证券清算和结算的分布式分区技术:福利,风险和监管影响

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This article outlines the benefits and risks of the distributed ledger technology (DLT) for the clearing and settlement of exchange-traded and OTC securities, followed by a description of the technology’s potential role for central counterparties and central securities depositories. Although the industry and scholars are attempting to solve the technological and operational issues that DLT systems still face, outstanding legal risks are such that the financial industry is asking for more regulatory guidance and intervention. This article wants to contribute to the public policy debate by presenting potential regulatory barriers that may have to be removed for DLT to be fully adopted. In addition, it identifies areas requiring an update of the legal framework in order to address certain prudential and conduct risks that this technology could introduce.
机译:本文概述了分布式分类账技术(DLT)的利益和风险,用于交易交易和OTC证券的清算和解决,其次是技术对中央交易对手和中央证券存款的潜在作用的描述。虽然该行业和学者试图解决DLT系统仍然面临的技术和运营问题,但优秀的法律风险是金融业要求更多的监管指导和干预。本文希望通过提出可能被删除的潜在监管障碍,为DLT删除的潜在监管障碍做出贡献。此外,它还识别需要更新法律框架的领域,以解决这项技术可以介绍的某些谨慎和行为风险。

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