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 COVER STORY 封面故事
Logistically, adopting T+0 would be quite difficult because of the existence of multiple intermediaries in the transaction chain and the sequential nature of securities processing. “There are a huge number of intermediaries involved in the settlement process including asset managers, international brokers, local brokers, global custodians, local sub-custodians and CSDs. Instructions need to pass through this chain in a sequential manner, with queries and answers often requiring numerous to-and-fro communications across multiple time-zones,” said Colin BROOKS, Chairman of the Advisory Board at Hex Trust. Ongoing reliance on legacy IT infrastructure, requiring off-line batch runs, is also
a barrier for T+0 adoption. “Often, overseas investors are not allowed to have connectivity with local CSDs. A move to T+0 would also require intermediaries in the settlement chain to have 24- hour capacity, which most do not possess,” said Rajah. The costs of investing into new technology to make T+0 possible under current market shortcomings would be prohibitively expensive, especially given the revenue constraints facing the industry today.
However, the industry continues to make efforts to shorten the settlement cycle. The DTCC has been implementing operational improvements to optimise its existing framework to further accelerate settlement times, arguing that a transition to T+1 is eventually inevitable. The DTCC added it had reengineered its night cycle process, producing greater operational and capital efficiencies, improved intraday settlement finality and facilitated major savings in the form of lower transaction costs.[4] In mid- 2020, the DTCC announced its Project ION initiative, which is examining whether disruptive technologies such as DLT and digital assets can be leveraged to accelerate trade settlement.
Recently, the broker-dealer business of Credit Suisse and Nomura- owned broker Instinet settled US-listed equities trades on a same day settlement cycle using Paxos, a blockchain-based settlement platform.[5] According to reports, the trades were executed at 11:00am EST and 3:00pm EST on 4 March this year and both settled the same-day at 4:30pm EST, thereby achieving T+0 settlement. This was part of a limited trial being conducted by Paxos with “no action” approval from the US SEC.[6]
Although large swathes
of the financial services industry are not entirely convinced by the merits of moving to T+0 right now, these new technologies could certainly make it a reality within the next few years.
在運作安排上,由於交易鏈上有多個中介人,加 上證券交易程序須順序進行,採用T+0相當困 難。Hex Trust顧問委員會成員Colin BROOKS表 示:「結算過程牽涉大量中介人,包括資產管理 人、國際經紀、本地經紀、環球保管人、本地次保 管人、中央證券寄存處等。交易指示須順序經過 這交易鏈,其間如須澄清細節,處於不同時區的 多個中介人往往須來回溝通。」舊有的資訊科技 基礎設施須作離線批量處理,因此繼續使用這些 設施將對實現T+0構成障礙。Rajah稱:「海外投 資者往往不得連接本地的中央證券寄存處。要實 現T+0,結算鏈上的中介人便須24小時運作,而 大部分中介人並沒有這樣的操作能力。」要補足 目前市場的缺點以實現T+0,須對新科技作巨額 投資,令人卻步;況且現時業界收入欠佳,更難以 在這方面投入大量資金。
不過,業界仍然努力縮短結算期。DTCC一直改 善運作,並完善現有制度,以進一步提升結算速 度。DTCC認為最終無可避免須實現T+1,亦已 重組晚間運作程序,以提升運作效率和資本效 益;並且已改善即日交收的終局性,降低交易成 本,從而達到大規模節約的效果。[4] 2020年中, DTCC公佈展開ION項目,研究可否利用DLT、數 碼資產等顛覆性科技,提升交易結算的速度。
最近,瑞信的經紀業務以及野村持有的經紀公 司極訊(Instinet),均使用以區塊鏈為基礎的結 算平台Paxos,為美國上市證券的交易作同日 結算。[5]據報道,交易在今年3月4日美國東部 標準時間上午11:00及下午3:00進行,並同時 在同日美國東部標準時間下午4:30結算,因而 達致T+0結算。這是Paxos進行的限時試驗的 一部分,獲美國證監會批准。[6]
對於現在就實行T+0,金融服務業內不少人士 仍然不盡認同,但上述新科技肯定可讓T+0在 未來數年內成為現實。
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ISSUE 119 • 2021
 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.
 




















































































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