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 has to be greater liquidity in the digital asset market if settlements are to be transformed. The big challenge is having enough high-quality digital assets to feed the entire ecosystem,” added CHU.
Hong Kong as a leader
Hong Kong has an excellent track record of innovation and its regulators are pursuing a policy focused on digitisation. Recently, Hong Kong’s Financial Services and Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) confirmed they are developing regulations which could potentially usher in security token offerings as a lower cost alternative to traditional fundraising channels such as IPOs.[10] “Hong Kong is a technology market leader in APAC which is actively embracing digital adoption. Elsewhere, the regulators – including the SFC – have been hugely proactive in engaging with market participants on new technologies like DLT. With its incredible infrastructure and deep pool of service providers and talent, Hong Kong is well positioned to become a leader in digital assets and DLT,” said CHU. With Hong Kong’s technology credentials firmly cemented, the jurisdiction is a strong candidate to drive the integration of DLT and digital assets into the securities settlement process.
If Hong Kong shows continued determination to bring together the various relevant parties such as issuers, regulators, securities industry and digital practitioners to facilitate the use of digital assets with sensible regulatory safeguards, it has a real opportunity to become a digital trailblazer. Not
only would this benefit the domestic Hong Kong market, but it could also potentially gain traction in the Greater Bay Area (GBA) within southern China. If a T+0 settlement model is one day achieved as a result of this innovation, then the cost, risk management and liquidity advantages will be immense. BT
[1] BusinessStandard(October17,2020)Marketregulator’sT+1settlementproposal faces opposition from FPIs
[2] DTCC (May 2020) Project Ion case study
[3] ibid
[4] DTCC – Why shortening the settlement cycle will benefit the industry and investors
[5] The Trade (April 7, 2021) Credit Suisse and Instinet use blockchain to settle US equities trades on same day with Paxos
[6] Forbes (April 6 2021) Same-Day Stock Settlements Are Here: Using Paxos Blockchain, Credit Suisse And Nomura Instinet Hit T + Zero
[7] Bank of England – Call for Interest: Synchronised settlement in central bank money
[8] Accenture (January 15, 2021) CBDC for retail, wholesale and international payments
[9] ibid
[10]The Asset (March 5, 2021) Digital assets coming of age in Hong Kong
供者和人才充足,有充分條件成為數碼資產和 DLT的領導者。」香港的科技資歷深厚,實力強 勁,足以推動在證券交易結算過程中結合DLT 和數碼資產。
假如香港繼續決意集合發行人、監管機構、證 券業界和數碼科技行業等各方的力量,提供合 理的法規保障,促進數碼資產的使用,便有很 大機會成為數碼開路先鋒。這不僅為香港本地 市場帶來裨益,更可能在華南大灣區受到歡 迎。這項創新假如最終能實現T+0結算模式,將 在成本、風險管理和流動性方面帶來龐大的好 處。BT
www.hkib.org
 [1] 《商業標準報》(2020年10月17日):市場監管當局T+1 交易結算期的建議遭持有海外證券的投資者反對
 [2] DTCC(2020年5月):Ion項目個案研究
[3] 同上
[4] DTCC – 為何縮短結算期可為業界和投資者帶來裨益
[5] The Trade(2021年4月7日):瑞信及極訊使用Paxos區 塊鏈為美國證券交易作即日結算
[6]《福布斯》(2021年4月6日):即日證券交易結算:瑞信及 野村極訊利用Paxos區塊鏈實現T+0
[7] 英倫銀行—邀請參與:中央銀行資金同步結算
[8] Accenture(2021年1月15日):在零售、批發及國際層面
以央行數碼貨幣付款 [9] 同上
[10]The Asse(t 2021年3月5日):香港數碼資產已趨成熟
   ABOUT THE AUTHOR
作者簡介
 HEX Trust
A leading Asia-based Digital Custodian
亞洲主要數碼託管人
  JULY-AUGUST 2021
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