全球化担保品管理：“T+1”时代的市场流动性、系统韧性与跨市场整合

Core Insights - Collateral management has become a crucial element for the stable operation of capital markets amid increasing global financial market volatility [2][10] - The daily average scale of third-party collateral management services in the European market exceeded €3 trillion in 2023, with eligible collateral securities in the euro system reaching €195 billion in Q1 2025, a 25% increase over the past decade [2][3] Market Trends - The European bond repo market is experiencing three major trends: a contraction in overall excess liquidity in the eurozone, a significant alleviation of concerns regarding collateral scarcity, and a stabilization in the scale of centrally cleared bond repo transactions [3] - Non-centrally cleared third-party repo transactions are showing a substantial growth trend, indicating the attractiveness of flexible and efficient third-party collateral management mechanisms in a changing liquidity environment [3] Financial Infrastructure Changes - The transition to "T+1" settlement in markets like the US and Canada will be completed in Europe by October 2027, necessitating system optimization and operational mechanism innovations among market participants [4] - This shift will challenge existing complex custodial chains and require enhanced operational efficiency, prompting participants to accelerate internal system automation and reassess liquidity and risk management strategies [4] Strategic Vision and Practices - As an International Central Securities Depository (ICSD), the company aims to provide secure, efficient, and composite services, moving beyond traditional service provision [5] - The company is a founding member of the "Global Liquidity Alliance," collaborating with various exchanges and institutions to innovate and expand global collateral solutions [5] - In North America, the company has developed the Canadian Collateral Management Service (CCMS) in partnership with TMX Group, enhancing market flexibility and efficiency [5] Technological Innovations - Collateral optimization has become a core industry issue, with third-party collateral management services increasingly relying on service optimization capabilities and data analytics [6] - The company is investing in AI technology, having launched the OSCAR platform in collaboration with IntelliSelect, which automates collateral negotiation and selection processes [6][7] - Partnerships with Euronext aim to enhance the automation of collateral list creation and qualification review, reflecting the industry's urgent need for intelligent infrastructure [7] Future Development Path - Financial technology is reshaping market operations, with AI and cloud computing redefining the foundational infrastructure supporting the global financial system [8] - The Deutsche Börse Group's digital securities platform D7 offers a fully digital alternative for traditional securities issuance, processing over 1.7 million transactions valued at more than €30 billion [8] - The rise of digital assets and tokenized collateral is changing the way collateral is allocated and used, with distributed ledger technology (DLT) enhancing transparency and efficiency in cross-custodial collateral transfers [8] Global Market Dynamics - The resilience of the Chinese economy is enhancing the acceptance of RMB bonds as eligible collateral in global markets, with the Central Clearing Company playing a key role in promoting their application [9] - Collaborations with ISDA and ICMA have explored the role of RMB bonds in OTC derivatives margining and the global repo market [9] - The London Clearing House (LCH) has expanded the range of eligible non-cash collateral to include Chinese government bonds, marking a broader application of Chinese bonds in international collateral frameworks [9]