流动性受限与担保品管理低效的困境 2008年国际金融危机发生后，监管部门重新塑造了银行业的格局，推出资本充足率、杠杆率、流动性覆 盖率和净稳定资金比例四大约束指标，要求银行储备充足的资本与流动性缓冲，以增强抵御系统性冲击 的韧性。 然而，对银行的司库部门而言，新的挑战随之而来：如何在不增加杠杆或风险加权资产的情况下实现流 动性最大化？根据巴塞尔银行监管委员会于2018年发布的《巴塞尔协议III监测报告》，截至2017年末， 欧洲银行持有的高质量流动性资产高达10.8万亿欧元，其中，约2.7万亿欧元的资产高于监管部门的最低 要求，但却无法灵活调动，成为"被困的流动性"。即便以50个基点的成本来计算，这部分闲置资产也将 意味着每年135亿欧元的沉重负担。 ◇ 作者：HQLAX金融科技公司首席执行官 吉多·司特罗默（Guido Stroemer） ◇ 本文原载《债券》2025年10月刊 成都，这座城市在金融史上有着独特的地位。早在1000多年前，世界上最早使用的纸币"交子"诞生于 此。同时，成都也是南方丝绸之路的重要节点，商品、创意与信用在此交汇流通。正基于此，我们在这 里探讨金融基础设施的未来，既承接历史，又具有 ...

◇ 作者：明讯银行亚太、中东和非洲区域总裁 罗伯特·塔贝特（Robert Tabet） ◇ 本文原载《债券》2025年10月刊 在全球金融市场波动加剧的背景下，担保品管理作为资本市场稳健运行的核心要素，其作用日益凸显。 欧洲央行及明讯银行的统计数据显示，2023年，仅欧洲市场的三方担保品管理服务业务日均规模就已超 过3万亿欧元；2025年第一季度，在欧元体系内作为合格担保品的证券资产已达到195亿欧元，较10年前 增长25%。这些数据不仅体现出担保品已成为市场运行、流动性保障及金融稳定的核心要素，更表明随 着合格担保品规模扩大，担保品业务的复杂性上升，高效担保品管理机制的重要性日益凸显。 变化的市场环境 在上述背景下，欧洲债券回购市场呈现三大发展趋势。一是欧元区整体的超额流动性收缩，二是市场对 担保品稀缺的担忧明显缓解，三是买方参与集中清算的债券回购交易规模增长趋于稳定。此外，非集中 清算的三方回购交易正呈现大幅增长趋势。这也证明，在流动性不断变化的市场环境下，三方担保品管 理机制的灵活高效安排具有较大的吸引力。 在欧洲市场，明讯银行的协作理念延伸至监管机构与各国央行。2025年7月，欧元体系担保品管理系统 ...

来源：市场资讯 （来源：Refinitiv路孚特） Darko Hajdukovic LSEG 数字市场基础设施主管 利用分布式账本技术（DLT） 推动全球资本市场的创新与互操作性 伦敦证券交易所集团携手微软推出"数字市场基础设施"（DMI），开创资本市场创新的新标准。DMI旨 在提供值得信赖、可扩展且具互操作性的金融基础设施，将前沿技术引入提升资产全生命周期的效率 ——从发行、代币化、结算到交易后服务，覆盖多种资产类别。 DMI是我们三百多年来使命的延续与拓展——为全球市场提供值得信赖、受监管、稳健可靠的基础设 施。它为推动市场的演进与升级而设计，而非颠覆既有体系。 DMI的核心原则是互操作性与可扩展性。通过运用新兴技术，我们能够推动金融市场的创新与效率提 升。真正的创新，以及分布式账本技术（DLT）的全部潜力，只有在实现无缝互操作的前提下才能充分 释放——不仅限于我们自身的系统，还包括其他网络，更关键的是要覆盖现有的传统金融基础设施。因 此，我们的愿景是与行业各方建立合作，提供跨多个数字平台与传统系统的无摩擦连接。这将确保市场 参与者能够高效且安全地运作，在数字与传统生态系统中释放新的价值——共同推动资本 ...

Core Insights - Swift is introducing a blockchain-based shared ledger in its technical infrastructure, marking a significant step in the global financial sector for enabling real-time, 24/7 cross-border transactions [1] Group 1: Shared Ledger Development - Swift is collaborating with over 30 global financial institutions to design and build the shared ledger, with the first use case focusing on real-time cross-border payments [1] - The development of the ledger is a natural extension of Swift's ongoing ecosystem innovation and digital asset pilot projects over the past two years [1] Group 2: Technical Features and Support - The shared ledger will facilitate interoperability between distributed ledger technology (DLT) and existing fiat currency payment channels, with a customer-facing solution to coordinate different systems [1] - The solution will support both private and public blockchains, ensuring efficient and synchronized processing of various use cases [1] Group 3: Feedback and Implementation - Financial institutions from 16 countries and regions are providing feedback on the ledger's design, and after development and concept validation, Swift will work with its global cooperative community for implementation [1] - Javier Pérez-Tasso, CEO of Swift, emphasized the importance of this initiative in enhancing payment experiences and contributing to the digital transformation of the industry [1]

Core Insights - The article emphasizes the transformative role of electronic trading in the global asset management industry, highlighting its significance in enhancing efficiency and scalability amid increasing regulatory scrutiny and market pressures [2][4]. Group 1: Industry Trends - The asset management industry is undergoing profound changes, with approximately 50% of global assets concentrated in the top 25 firms, leading to a slowdown in net growth due to mergers and acquisitions [2]. - There is a notable shift from active to passive investment strategies, alongside rising pressures on profit margins and increasing demands for operational resilience [2]. - Regulatory reforms post-2008 financial crisis have accelerated the adoption of electronic trading, pushing the market towards greater transparency and efficiency [2]. Group 2: Value of Electronic Trading - Electronic trading enhances scalability, allowing clients to handle more transactions with fewer resources while maintaining higher operational consistency [3]. - It improves pricing capabilities by connecting a broader range of liquidity pools, resulting in tangible price optimization for end investors [3]. - The speed of transactions is significantly increased, with platforms like Tradeweb reducing execution delays and shortening the time between decision-making and action [3]. - Enhanced transparency through pre-trade data and audit trails ensures compliance with "best execution" requirements, creating a measurable accountability framework [3][4]. Group 3: Tradeweb's Role - Tradeweb is recognized as a leader in the electronic trading space, operating a platform that serves over 3,000 clients globally, including nearly all top asset management firms, with a daily trading volume exceeding $2.4 trillion [5]. - The company has established a strong presence in the Asia-Pacific region, with six offices and a core team in Shanghai, facilitating local market engagement [5]. - Tradeweb's network effect enhances market liquidity, which in turn optimizes execution efficiency, creating a self-reinforcing cycle of client acquisition and service improvement [5]. Group 4: Technological Innovations - The integration of AI and data analytics in electronic trading processes allows for smarter decision-making, with tools that assess liquidity and market conditions in real-time [6]. - Specific applications in niche markets, such as the ETF market, have improved pricing transparency and trading confidence through services like intraday net asset value (iNAV) [7]. - The future of the industry is expected to be shaped by digital assets and distributed ledger technology (DLT), focusing on shared data, smart contracts, and tokenization [8]. Group 5: China's Role - China is increasingly pivotal in the global asset management landscape, with Tradeweb's collaboration with local stakeholders spanning over eight years [8]. - As the internationalization of capital markets progresses, electronic trading is positioned as a key driver for enhancing market access, efficiency, and alignment with international standards [8].

Core Viewpoint - The upcoming "breakthrough" technology agreement between the UK and the US focuses on collaboration in artificial intelligence and quantum computing, with significant investments expected from major US tech companies like Nvidia and OpenAI [1][2][3] Group 1: Agreement Details - The agreement aims to deepen cooperation in key technology areas, including AI, semiconductors, telecommunications, and quantum computing, marking an important upgrade in existing collaborations [3] - The UK government emphasizes the natural partnership between the UK and the US, both of which have trillion-dollar tech industries [3] - During President Trump's state visit, a strong delegation of US business executives will accompany him, highlighting the focus on commercial and tech investments [3] Group 2: Investment Commitments - Nvidia's CEO Jensen Huang and OpenAI's CEO Sam Altman are expected to announce support for multi-billion dollar investments in the UK data center sector during the visit [2][3] - Asset management giant BlackRock plans to invest up to £500 million (approximately $678 million) in the UK data center market [3] - These investment commitments are anticipated to significantly boost the UK's digital infrastructure and send positive signals to investors [3] Group 3: Blockchain Advocacy - A coalition of industry associations is urging the UK government to include blockchain technology in the agreement, warning that excluding digital assets could hinder the UK's ability to shape future financial standards [2][4][5] - The coalition includes organizations like the UK Cryptoasset Business Council and UK Finance, which have expressed concerns about the UK's lag in crypto asset regulation compared to the EU, US, and parts of Asia and the Middle East [5][6] - The lobbying efforts highlight the strategic importance of stablecoins and asset tokenization for both economies [5] Group 4: Regulatory Landscape - The UK's Financial Conduct Authority (FCA) is consulting on a regulatory framework for crypto assets, aiming to accept license applications next year [6] - The lobbying groups warn of a fragmented regulatory environment that could reduce opportunities for UK companies in the transatlantic market and increase competitive pressures [6] - The UK government has indicated plans to collaborate with US officials on regulatory frameworks for the crypto industry [6]

Core Insights - Blockchain technology is increasingly being applied in offshore capital markets, with the International Capital Market Association (ICMA) predicting that blockchain financing will reshape global capital markets by 2030 [1] - The article discusses the regulatory frameworks and practical experiences related to digital bonds, highlighting the importance of legal text considerations and the evolving landscape of offshore blockchain capital markets [2][17] Legal Text Considerations and Practical Analysis - The drafting of legal texts for blockchain bonds is crucial due to uncertainties in technology, liquidity, and legal compliance, with major financial centers like Hong Kong and the EU establishing clearer regulatory frameworks [2] - Digital bonds' legal frameworks largely follow traditional bond rules but exhibit innovative differences in core legal document handling and disclosure logic [2] Offering Circular/Prospectus - The offering circular for digital bonds must meet local regulatory disclosure requirements while addressing unique risks associated with Distributed Ledger Technology (DLT) [3] - Important risk factors include cybersecurity, platform operation risks, and the non-enforceability of smart contracts [3] Transaction Documents - Digital bond terms must clearly outline the mechanisms for on-chain issuance, transfer, and registration, granting legal status to blockchain platforms [4] - Subscription agreements and custody contracts need to ensure secure delivery of tokens to investors' electronic wallets and detail data compatibility with local and overseas central depositories [5] Business Continuity Plan (BCP) - The BCP for digital native bonds should focus on technical resilience, operational continuity, legal compliance, and market protection [6] - Key elements include multi-node deployment, backup servers, and compliance with EU DLT pilot regulations [6][7] Execution Cycle Considerations - The execution cycle for digital bonds can be divided into seven key stages, each presenting new compliance, security, and market acceptance requirements [8] - Stages include pre-issuance considerations, marketing, registration, trading, investor rights protection, asset servicing, and third-party participation [8] Global Development Trends - Major economies are exploring blockchain technology in bonds, currencies, and financial infrastructure, with institutions like the Bank for International Settlements (BIS) and the European Central Bank (ECB) leading initiatives [17] - The DLT settlement framework aims to integrate central bank digital currencies (CBDCs) with blockchain technology, enhancing efficiency and reducing intermediary costs [18] Collaborative Innovation and Regulatory Standardization - Singapore's Monetary Authority (MAS) is advancing a tokenization strategy to solidify its position as a global fintech hub, focusing on multi-currency and multi-asset industry pilots [20] - The MAS aims to address interoperability challenges and establish regulatory standards to enhance market liquidity and issuance efficiency [20] Conclusion - The evolution of financial infrastructure through blockchain technology represents a significant shift towards a more efficient, transparent, and inclusive financial system, bridging traditional finance and Web 3.0 ecosystems [22][23]

Core Viewpoint - The European Central Bank (ECB) warns that a dollar-dominated digital currency system poses a strategic challenge to European monetary sovereignty, potentially undermining financial stability and monetary autonomy if no strategic response is implemented [1] Group 1: Impact of Dollar Stablecoins - Dollar stablecoins dominate the global market, accounting for approximately 99% of the total stablecoin market capitalization, while euro stablecoins remain marginal with a market cap of less than €350 million [1][5] - The potential widespread use of dollar stablecoins in the Eurozone could weaken the ECB's control over monetary policy, especially as stablecoins are increasingly adopted for mainstream payments and commercial transactions [6][7] Group 2: Financial Stability Risks - The ECB has previously warned that stablecoins could pose financial stability risks, particularly if a mainstream stablecoin were to collapse, potentially causing widespread disruption in the financial system [5] - Major U.S. payment organizations like Visa and Mastercard are integrating stablecoins into their global products, which could lead to significant transactions bypassing traditional banking systems [6] Group 3: Strategic Responses for Europe - The ECB has several policy options to counter the challenges posed by dollar stablecoins, including supporting well-regulated euro-denominated stablecoins to meet legitimate market demand and enhance the euro's international role [8] - The digital euro project and private sector innovations should be viewed as complementary elements of a broader European digital payment strategy, with the digital euro potentially serving as a strong defense of European monetary sovereignty [8] - Strengthening global coordination on stablecoin regulation is crucial to avoid a fragmented regulatory landscape that could exacerbate financial instability and the dominance of the dollar [8]