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 Leveraging new technologies to reshape trade settlement
“Disruptive technologies like DLT and Blockchain will have
a transformative impact on capital markets by supporting instantaneous securities settlement,” said Jehan CHU, Board Member of Hex Trust and founder of Kenetic Capital, a Hong Kong-based venture capital investment firm specialising
in companies focused on DLT and digital assets. So how
would this work in practice? As DLT is real-time in nature
and facilitates trustless execution, it supports a process known as atomic settlement. By leveraging smart contracts,
it is possible to synchronise the movement of cash with the movement of assets or cash in other systems instantaneously. Atomic settlement “means that the transfer of two assets
is linked in such a way as to ensure that the transfer of one asset occurs if and only if the transfer of the other asset also occurs – that is, settlement is conditional. So the outcome of a settlement is either both parties successfully exchanging those assets or no transfer taking place,” said a Bank of England paper.[7] In other words, atomic settlement would make it possible for traders to settle on T+0.
While smart contracts and atomic settlements can be implemented fairly easily in closed and trusted environments, the disruptive potential of blockchain will enable the same
to happen in open and trustless environments. An open and trustless environment is one where anybody can become a participant and participants do not need to know or trust each other or trust a third party for the system to function.
利用新科技改變交易結算模式
Hex Trust董事會成員兼Kenetic Capital 創辦 人Jehan CHU 表示:「DLT、區塊鏈等顛覆性科 技,可支援證券交易的即時結算,將為資本市場 帶來重大變化。」Kenetic Capital是香港的風 險投資公司,專門投資於DLT及數碼資產等業 務。這些科技實際上如何改變交易結算程序? DLT有即時處理功能,有助在無需參與各方信 任的情況下處理交易,可支援原子結算程序。利 用智能合約,現金流動便可與資產流動或其他 系統中的現金流動同步進行。根據英倫銀行的 一份文件,原子結算是指「把兩項資產的轉移連 結起來,確保只有在另一資產同時轉移的情況 下,資產才可轉移;也就是說,結算是有條件的。 結算的結果只有兩種:雙方成功交換資產,或 沒有任何資產轉移。」[7] 換句話說,原子結算使 T+0結算成為可能。
在封閉和可靠的環境中,智能合約和原子結算 可相當輕易地實行;區塊鏈的顛覆性技術,則可 讓智能合約和原子結算在開放和無需信任的環 境中實行。開放和無需信任的環境,指的是任何 人都可以參與的系統,參與者不必互相認識或 信任,不必信任第三者,系統都能運作。結果是, 在無需信任的環境中,沒有任何一方有權操控 系統,信任分佈在參與者之間,造成的經濟系統 可鼓勵某些行為。區塊鏈帶來的革命性改變,為 全世界實現24/7、全球性、開放和可編程的結 算層帶來可能。
www.hkib.org
   JULY-AUGUST 2021
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