分布式账本技术(DLT)

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Tradeweb马克・贝利:电子交易与AI重塑资管格局,中国成全球市场核心增长极
财联社· 2025-09-29 07:44
9月26日,由上海报业集团指导、财联社主办、上海资产管理协会提供专业指导的"2025上海 全球金融·资管年会"在上海陆家嘴成功召开。Tradeweb(萃达万博)亚太区产品管理主管马 克・贝利(Mark Bailey)出席活动并发表主旨演讲。 "我们最宝贵的资产是网络效应。"贝利阐释道,随着更多客户入驻Tradeweb平台,市场流动 性持续深化;流动性的提升又推动执行效率优化,进而吸引更多客户加入,形成自我强化的良 性循环。这种模式在亚太市场实现了深度落地——通过与当地监管机构、基础设施提供商及客 户的紧密合作,Tradeweb将全球标准与区域需求精准结合,成为本地机构电子交易转型的重 要伙伴。 技术赋能交易全流程,数据与AI开启智能新纪元 这位走访过20多个国家、与全球百强资管机构均有深度交流的行业专家,以"全球资产管理中 的AI与数据驱动型场外电子交易"为核心,系统解析了电子交易的发展逻辑、行业价值及中国 市场的战略意义,强调Tradeweb将以技术创新与本土化合作助力中国资本市场国际化。 全球资管格局生变,电子交易成破局关键 当前资管行业正经历深刻变革,行业集中度显著——全球约50%的资产管理规模集中在 ...
英美下周签署“突破性”科技协议,AI、量子计算在内,币圈游说“区块链”也应纳入
美股IPO· 2025-09-14 16:03
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]
境外区块链债券生态环境与实务简析(下)
Sou Hu Cai Jing· 2025-08-22 03:05
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]
美国的“金融武器”?欧央行:美元稳定币崛起将削弱欧洲货币政策控制力
Hua Er Jie Jian Wen· 2025-07-29 02:11
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]