Group 1 - The global financial system operates on a T+2 settlement rule, which delays the transfer of funds for two business days, creating inefficiencies and risks [2][4] - The Repo Market experienced a significant crisis in October 2025, leading to a $15 billion cash shortfall as banks lost trust in each other's collateral [5][7] - The underlying issue was the presence of $1.14 trillion in toxic loans from Non-Depository Financial Institutions, which compromised the quality of collateral in the Repo transactions [9][10] Group 2 - The T+2 system was revealed to be fundamentally unstable, unable to cope with modern financial demands, prompting a shift towards T+0 (instantaneous) settlement [12] - The financial crisis was exacerbated by the discovery that highly leveraged hedge funds in the Cayman Islands held an additional $1.4 trillion in U.S. Treasuries, using extreme leverage [16][18] - The Private Credit market, which grew to $5 trillion, became a source of illiquidity and risk, leading to defaults that affected major banks like UBS [21][23] Group 3 - A significant capital exodus occurred, with $304.5 billion moving into USD-pegged digital assets as institutions sought to mitigate risk and ensure liquidity [25][26] - The Central Banks responded to the crisis with unlimited Quantitative Easing, which undermined the value of the currency and led to a loss of trust in the financial system [37][40] - The introduction of the T+0 Settlement Rail by Digital Asset Treasury Firms marked a shift in how transactions are processed, moving away from traditional banking systems [44][47] Group 4 - The Algorithmic Credit Utility Protocol was launched to restore credit functions and facilitate instant verification of collateral, indicating a move towards a more transparent financial system [48][52] - BlackRock's deployment of a Tokenization Operating System signifies a trend towards using tokenized assets as collateral, moving away from opaque debt structures [49][52] - The transition to a T+0 system represents a fundamental change in the financial landscape, emphasizing the need for speed and transparency in transactions [50][53]

印度证交会主席：没有计划将T+0结算设为强制性要求。 ...