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DigitalAssets,DistributedLedgerTechnologyandtheFutureofCapitalMarkets
INSIGHT REPORT
MAY 2021
Contents
Foreword
Context
Introduction
Keyinsights
1.Background
Businessandtechnologydevelopmentsincapitalmarkets
OverviewofDLTinthecapitalmarketscontext
Timelineofmajortechnical,regulatoryandbusinessdevelopments
2.DLTanddigitalassetsincapitalmarkets
Spectrumoffuturescenarios
DLT-relatedconsiderationsfordifferentcapitalmarketsactors
FrameworkfordifferentapproachestoDLTsolutions
32 3.Usecaseanalysisbyassetclass/productline
Equitymarkets
Debtmarkets
Securitizedproducts
Derivatives
Securitiesfinancing
Assetmanagement/fundadministration
Enablementusecases
Conclusion
Contributors
Acknowledgements
Endnotes
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DigitalAssets,DistributedLedgerTechnologyandtheFutureofCapitalMarkets 2
Foreword
RoyChoudhury BenWeisman
ManagingDirector InitiativeLead,
andPartner FinancialInnovation
BostonConsultingGroup WorldEconomicForum
Inrecentyears,thefinancialinstitutionscomprisingthecapitalmarketshavebeguntoapproachdigitaltransformationwithalevelofurgencypreviouslyseenonlyinconsumer-facingfinancialservices.Theneedtoimproveclientservicedelivery,achievegreaterefficiencyandenablenewservices(e.g.throughmonetization
ofdata)haveconvergedonimperativesforallcapitalmarketsexecutivestoexplorehowtechnologyshouldbeusedtoredesignproductofferingsandoperations.
Atthesametime,distributedledgertechnology(DLT),ofwhichblockchainisthemostwidelyknownexample,hasgonethroughseveralpendulumswingsintermsofindustryandpublicinterest.Dependingonone’sperspective,thistechnologycoulddisintermediatethecapitalmarketsasweknowthem,radicallysimplifyoperationsforleadingcapitalmarketsplayers,helpexpandaccesstomarketsforsmallbusinessesandretailinvestorsorfadeintoirrelevance.
SincetheWorldEconomicForumpublishedTheFuture
ofFinancialInfrastructurein2016,wehaveseenrelatively
littleoftheblockchain-enabledtransformationexploredin
thereport.Yetwearepotentiallyapproachinganinflection
point,withmeaningfulDLTusecasesgoingliveandmany
institutionsacknowledgingthatthistechnologywilllikely
playsomeroleinthefutureofcapitalmarkets.Thisreport
exploresthevariouswaysinwhichthistechnologyis
startingtobeused,aswellasthechallengesinvolvedin
attemptingindustry-widetransformation.
ConsistentwiththeWorldEconomicForum’s
multistakeholderapproach,theinsightspresentedhere
arebasedondialoguesandinterviewswithexpert
practitionersfromacrossthecapitalmarketsecosystem.
Wethankallwhoparticipatedinthisinitiativeandshaped
ourunderstandingofthisspace.
DigitalAssets,DistributedLedgerTechnologyandtheFutureofCapitalMarkets 3
Context
Distributedledgertechnology(DLT)*hasexistedformorethanadecade.Fornearlyaslong,advocateshavearguedeitherthatthistechnologycouldbeusedbyfinancialinstitutionstoradicallysimplifyoperationsorthatitsdecentralizedcapabilitieswouldenableanentirelynewfinancialsystem,whereincapitalcouldflowwithouttraditionalintermediaries.DLT’sdetractors–perhapsjustasnumerous–havepointedoutchallengesinbothofthesevisions,stemmingfromthepotentialcostsoftransformation,thecapitalmarkets’relianceonrelationshipsoftrustandtheexistenceofothertechnologiesthatmightbebettersuitedforcertainuses.Inthiscontext,firmshaveinvestedheavilyinDLTefforts,withawiderangeofstrategicmotivations.
Overthepasttwotothreeyears,severalregulatorshaveexpressedgreatercomfortwiththistechnology,andsomeDLT-enabledproductsandserviceshavemovedfromexplorationandexperimentationtocommercialization.Ithasbecomeclearthat,atamarket-widelevel,DLToffersthepotentialforsignificanttransformation.Thisreportexploreswhathasbeenlearnedfromtheseefforts.Whileultimatelyneutralastowhatthecapitalmarketsofthefuturewilllooklike–andwhatroleorroleswillbeplayedbyDLT–itaimstoprovidecapitalmarketsexecutivesandregulatorswiththestrategicinsightsneededtounderstandthecurrentstateofuse-casedevelopmentsandpotentialfuturescenarios.
*Thispaperusestheterm“DLT“torefertodistributedledgertechnologyandblockchain.
Whatusecases
WhichDLTuse
havebeen
casesaregaining
developedacross
traction,inwhich
assetclasses,
jurisdictions
andhowarethey
andwhy?
beingadopted?
Whatarethe
Howareindustry
impedimentsto
dynamics–
adoption,andwhat
collaborationand
hasbeenlearned
competition–
asaresult?
shapingadoption
anddemand?
DigitalAssets,DistributedLedgerTechnologyandtheFutureofCapitalMarkets 4
Introduction
Overthepastyear,financialservicesandtechnologyexpertswereengagedinaseriesofglobalworkshopsandexpertinterviews
Globalworkshops*
Eightworkshopswereconductedoverthecourseof2020–allvirtually.Thesebroughttogetherexecutivesfrombanks,assetmanagers,exchangesandinfrastructureproviders,financialtechnologycompaniesandregulatorsforaseriesofinteractivediscussions.Three
workshopswerefocusedondevelopmentsfromaregionalperspective(NorthAmerica,EuropeandAsia-Pacific),whilefivewerefocusedonemergingusesofDLTwithinspecific
assetclassesorproductlines(equities,debt,securitizedproducts,derivativesandsecuritiesfinancing,andassetmanagement).
BIS
Expertinterviews*
In-depthinterviewswereconductedwithalmost200executivesfromleadingfinancialservicesandfinancialtechnologyfirms,aswellaswithexpertsfromoutsidetheindustry.
LiquidMortgage
Survey*
Morethan60firmsparticipatedinananonymizedsurveyfocusedondetailsofDLTusecasesthattheirfirmsaredeveloping.Whilenotascientificsampling,thissurveyenabledtheteamtoeffectivelymapoutwhereDLTexperimentsarebeingconductedwithinthecapitalmarkets.
*PleaseseeAcknowledgementsforalistofindividualswhoparticipatedinworkshopsandinterviews.
TheinclusionofcompanycasestudieswithinthisreportdoesnotreflectanendorsementofthecompanyoritsproductsandservicesbytheWorldEconomicForum.
DigitalAssets,DistributedLedgerTechnologyandtheFutureofCapitalMarkets 5
INTRODUCTION
Thisreportwillprovideexecutives,regulatorsandpolicy-makerswithinsightsontheemergingusesofDLTincapitalmarkets
Thisreportwill…
–Exploremanyofthewaysinwhichcapitalmarketsinstitutionsandtechnologyfirmsareexperimentingwithorbuildingproductsenabledbydistributedledgertechnology
–IllustratehowindividualDLTusecasesmayaddresschallengesorinefficienciesinspecificmarkets
–Shareinsightsfromrelevantexpertsonpotentialpathsforward,challengesorenablersfortheseusecases
–Highlightexamplesoffirmsbringingspecificusecasestomarket,withsummarydetailsoneach
Thisreportwillnot…
–FocusonDLT-relatedusecasesoutsidethecapitalmarkets,includingpayments,digitalcurrencies,lending,workingcapitalsolutionsandtradefinance(exceptastheyrelatetospecificcapitalmarketsusecases)
–Explorecryptocurrencies,non-fungibletokens(NFTs)ordecentralizedfinance(DeFi)applications
–Providedetailedtechnicalexplanationsoffinancial,operationalortechnologicaldimensionsofusecases
–Evaluateusecasesormakerecommendationsonstrategiesthatindividualinstitutionsshouldpursue
Thisreportseekstohelp…
–Strategicdecision-makersatfinancialinstitutionstounderstandthepotentialrolesDLTisbeginningtoplayinthecapitalmarkets,criticallyassessdifferentusecasesandexplorehowtheirinstitutionmightoperatewithindifferentfuturestatevisions
–Regulatorsandpolicy-makerstounderstandhowfinancialinstitutionsindifferentjurisdictionsareadoptingDLT-enabledsolutionssothattheymaycraftresponsesthatappropriatelybalanceinnovationandmarketsafeguards
DigitalAssets,DistributedLedgerTechnologyandtheFutureofCapitalMarkets 6
Keyinsights
DLTisbeginningtoreshapecapital
markets,butthefutureisuncertain
1
Marketforces,supportedbyregulatoryandtechnicaldevelopments,arepushingparticipantsincapitalmarketstodigitizeandconsidertheuseofdistributedledgertechnology(DLT).Keytrendsincludegrowinginstitutionalandregulatorycomfortwithblockchaintechnology,thepotentialforcentralbankdigitalcurrencies(CBDCs)
inseveraljurisdictions,andcommercialdynamics,suchascostpressuresandclientserviceexpectations.
2
TheunderlyingchallengesthatDLTistryingtosolveincapitalmarketsarerealandsubstantial.Inefficienciesvarybyassetclassandjurisdiction,butlegacyprocessesandtechnologysystemshavecreatedcomplexity,opacityandfragmentationacrossmarkets,whichlikelyhasameaningfulimpactoncosts,marketliquidityandfirms’balancesheetcapacity.
WhileDLTisnotnecessarilytheoptimaltechnologyoptionforeveryproposedusecase,experimentsareprovingitsviabilityinaddressingsignificantoperationalinefficienciesandincreasinglyimprovingbalancesheetmanagement.
3
Afteryearsof
experimentation,manyDLT
andsmartcontractuse
casesincapitalmarketsare
liveacrossjurisdictions.Market
participantsarelaunching
solutionsdesignedtoimprove
existingprocessesfordefined
ecosystemsinnumerousasset
classesandinsomecases
arereimaginingvaluechains
asweknowthemtoday.
However,grandvisionsof
disintermediationortotal
digitaltransformationat
scalearestillfarfrom
beingrealized.
4
WhilemostemergingDLTusecasesarebeingdevelopedcollaboratively,thereisnoindustry-widevisionofthefutureinmostjurisdictions–dueinparttosubstantialcompetingincentivesandtheriskofvaluemigrationacrossmarketparticipants–potentiallylimitingtheabilitytoscaleupmanysolutions.
5
Whilegreaterdigitizationisinevitable,substantialheadwindsmaycontinuetolimitadoptionofDLTsolutions,includinglimitedleadershipbuy-inanduncertainbusinesscases,theneed
forsignificantrestructuringofbusinessoperations,challengesrelatingtobridginglegacysystemswithnewsolutions,andperceptionsaboutregulatoryuncertainty.
DigitalAssets,DistributedLedgerTechnologyandtheFutureofCapitalMarkets 7
KEYINSIGHTS
SignificanttailwindsmaysupportadoptionofDLTsolutionsincapitalmarkets
Mutuallyreinforcingdevelopmentssupportingfinancialinstitutions’explorationofDLT…
Market
Policy
Technical
developments
developments
developments
Growingretailand
Growingregulatory
Technical
institutionalinvestor
comfortwithDLT
advancementsinDLT/
interestindigital
acrossseveral
blockchain:growing
assets,mostnotably
jurisdictions
maturity,platform
cryptocurrencies
consolidationand
improvementsin
interoperability
Developmentsin
Seriousexplorationof
Institutional-grade
adjacentmarkets,
CBDCsinnumerous
infrastructureindigital
includingstablecoins
jurisdictions,including
assetmarkets
andDLT-based
somebasedonDLT
tradefinanceand
paymentsolutions
…areintersectingwithbroadcapitalmarkettrends
Increasedcompetition,includingtheriseofdigitaldisrupterschallengingtherolesoftraditionalintermediariesandserviceproviders
Emergenceofabifurcatedclientservicemodel,withafocusondigitizationandsimplificationforallclienttypes
Balancesheetcapacitycontinuingtobeamajorconstraint
AccelerationofdigitaladoptionduetoCOVID-19pandemic
Sustainedcostpressuresacrossthevaluechain
Acrossthecapitalmarketsecosystem,broadtrendsareacceleratingthedigitalpush
DigitalAssets,DistributedLedgerTechnologyandtheFutureofCapitalMarkets 8
KEYINSIGHTS
DLTmaybeabletoaddresssignificantchallengesacrossthecapitalmarkets
Thescaleandnatureofinefficienciesvariesacrossmarkets,butlegacystructurestendto:
–Requirefirmstoindependentlymaintainsiloedrecordsoftransactions,securitiesandotherdata,witheachinstitutionindependentlyprocessingeventsandsubsequentlyreconcilingrecords.Thisaddscomplexitytooperations,increasestheriskoferror,limitstheabilitytoautomateprocessesandlikelyaddscostsacrossthecapitalmarketsecosystem
–Limittheflexibilityoftransactionwindowsandtimeframesinordertoaccommodatetheneedforsequentialprocessingandverification.Whilemanyhighlightthecostsofliquidityneededtofundmulti-daytradesettlementcycles,thisdynamicalsolimitstheabilitytooptimizebalancesheets,asfirmsareunabletorapidlymovesecuritiesandcashtoaddressfundingandliquidityneedsandavailability
DLTisprovingwell-suitedforaddressingoperationalinefficiencies,andisincreasinglydemonstratingthepossibilityofbetterresourcemanagementacrossfirmsandmarkets:
DLT
Createtrustinareal-
Automateand
Enableassetstobe
capability
time,sharedsourceof
synchronizebusiness
moreefficientlyand
truthacrossmultiple
processesacross
flexiblytransferred
partiesinamarket
entitiesusing
acrossentities
ortransaction
smartcontracts
Business
Minimizetheneed
Reducemanual
Unlockliquidity
benefit
forreconciliations
interventions,riskand
andenablebetter
andmanualdata
costacrossprocesses
balancesheet
verifications
managementacross
andbetweenfirms
DLTuse
Mortgage-backed
Derivativespost-trade
Intradayrepousing
case
securitieswith
life-cyclemanagement
tokenizedcollateraland
example
underlyingloandata
platforms
digitalcash
recordedonDLT
DigitalAssets,DistributedLedgerTechnologyandtheFutureofCapitalMarkets 9
KEYINSIGHTS
DLTapplicationsaregoingliveacrossthecapitalmarkets
Afteryearsofexperimentation,financialinstitutionsandtechnologyprovidershavebegun
tolaunchDLT-basedproductsandprojects.Whilecapitalmarketsarenotnecessarily
movinginexorablytowardsaglobal,fullydigitized,DLT-basedutopiaasmanypredicted,
DLT-enabledusecasesarebecomingarealityacrossarangeofassetclasses,business
casesandecosystems.
Examplesofusecasesgainingtraction(asofApril2021)
Proofofconcept
Launchscheduled Liveinproduction
Corporatebond
originationworkflow
Publicfunddistribution
Publicfundadministration
Soon
Majormarket
infrastructure
replatforming
usingDLT
Soon
End-to-enddigitalmarket
infrastructurefrommajor
infrastructureprovider
Soon
Equity/creditderivatives
life-cyclemanagement
Soon
Live
Bilateral/
Live
Securitization
intracompany
Corporatebond
ofblockchain-
repo
issuances
originatedloans
Live
Intraday
Live
repo
Privateequity
tokensissued
onblockchain
Soon
Cross-border
Live
collateralmobility
Privatefund
administration
anddistribution
DigitalAssets,DistributedLedgerTechnologyandtheFutureofCapitalMarkets 10
KEYINSIGHTS
Strategicconsiderationsaredrivingdivergentvisionsofthefuture
Institutionsaredecidingwheretoinvestacrossarangeofstrategicchoices,including:
Digitalproductstrategy
Marketselection:focusondevelopingsolutionsforindividualassetclassesordevelopanasset-classagnosticinfrastructuresolution
Valuechainbreadth:focusonaddressingchallengesinonesliceofthevaluechainorbuildanend-to-endsolution
Degreeofchange:attempttoimproveexistingprocessesorfundamentallydisruptthemarketasitexiststoday
Technologyfit:identifywhetherDLTisthemostappropriatetechnologyforaspecificsetofchallengesandhowitwillbeused
Go-to-marketstrategy
Commercialandtechnicalapproach:attempttobuildanewecosystem,workwithanexistingsetofpartnersoranotherapproach
Transformationmanagement:determinewhethertobuildanewsystemandmigrateallparticipantsorbuildandoperateinparallel
Interoperability:determinewhetherandhowsolutionswillintegratewithotherplatformsandsystems,technicallyandcommercially
Butasdifferentplayersembarkonvaryingstrategies,thesechoicesarecreatingtensions:
Redistributionofvaluepoolsandthe“collaborationparadox”
DLT-enabledtransformationcouldmaketheindustrymoreefficient,butitwouldlikelyshiftvaluepoolsamongbothincumbentfirmsandnewentrants.Giventhepotentialfornewbusinessopportunitiesandthepossibledisintermediationofsomeexistingroles–aconceivablerealityasregulationsadapttoDLT–firmsmaybeincreasinglyreluctanttoparticipateincollaborativeinitiatives.Withoutcollaboration,however,ecosystem-widevaluewillbedifficulttoachieve.
Acomplexpatchworkofinitiatives,spanningdifferentinstitutions,businesslinesandgeographies,limitingtheabilitytoreachscale
SincemanyDLT-basedinitiativeswouldindependentlyrequireasubstantialleveloftransformation,institutions’focusonalimitedsetofinitiativesorconsortia–whichmakessensefromtheperspectiveofanyindividualfirm–canpreventthecross-institutionalignmentneededformanyusecases.Similarly,whileregulationscanhelpdefinetheguardrailsforinnovation,insomecases,vastlydifferentregulatoryframeworkshaveledtoverydifferenttechnologyneedsindifferentmarkets.
Short-termvs.long-termstrategies
Whileachievingshort-termobjectiveswillbuildcomfortwiththetechnology,itmay,counter-intuitively,inhibittheappetiteforlarge-scaletransformation.Giventhelongpathwaytotransformingentiremarkets,lackofbuy-inforlong-termsolutionsmaylimittheupfrontinvestmentneeded.
DigitalAssets,DistributedLedgerTechnologyandtheFutureofCapitalMarkets 11
KEYINSIGHTS
ChallengestoDLTadoptionremainsubstantial
Businesscaseandleadershipbuy-in
ManyDLTprojectsarefocusedonachievingalong-term(i.e.five-plusyears)valuepropositionbutrequiresubstantialupfrontinvestmentandindustry-widetransformationintheshortterm.Wherethebusinesscaseislong-term,projectsmustbechampionedbyleaderswiththeauthoritytoinfluenceindustry-widealignmentinordertomoveforward.Wherethebusinesscaseisunclearorthetechnologyisnotnecessarilyfit-for-purpose,leadersshouldconsiderwhethertheseprojectsaredivertingenergyfromotherworthwhiledigitizationefforts.
Bridgingtheoldwiththenew
Maintaininglegacysystemswhilebuildingandscalingnewsolutionsislikelytobecostlyandcomplex.WhilecommontechnicalandfinancialstandardsareessentialformanyDLTusecases,theymayalsoproveessential
forenablinginteroperabilitybetweenlegacysystemsandDLT-basedsolutions.Nevertheless,institutionsandmarketsattemptingparallel(DLTandlegacy)infrastructureswillhavetoeffectivelymanagecostsandrisks.
“Chickenandegg”dilemmas
Formostusecases,achievingscalemaybemorechallengingthanreachingproduction.
Exceptforcompletelyinternalsystems,allusecaseswillrequirea“minimum-viableecosystem”ofparticipants(e.g.atleastoneofeachoftherelevantpartiesforacertaintypeoftransaction).However,someDLTsolutionswillcreatenewmarketsthatwillexistinparalleltotraditionalmarkets.Withneitheranactiveinvestorbasenoranactiveissuerbase,theseparallelmarketsmaynothaveaclearpathtoliquidity,therebylimitingthewillingnessofinvestorstoparticipateorissuerstoissueinthesemarkets.
Coordination
challenges
combinedwith
limitedrisk
appetites
Inmanycases,realizingtheanticipatedbenefitsofDLTwillrequiresignificantrestructuringofroles,processesandoperations,potentiallyintroducingnewrisksasmarketsadjust.Whileindustryconsortiahavetackledlarge-scalechallengesandtransformationsbefore,theappetiteforsystem-widechangeremainslimitedwithouta“burningplatform”forchange.
Regulatoryandlegaluncertainty
Withoutaclearplaybookforregulatorycomplianceandgenerallyagreed-uponprinciplesforthelegalstandingofDLT-enabledtransactionsandsecurities,marketparticipantsareunlikelytomakethesubstantialinvestmentsrequiredtofundamentallychangeprocesses.Further,regulationvariesacrossjurisdictions,complicatingglobalsolutions.WhilemanyregulatorshaveexpressedopennesstoDLT-basedinnovation,aperceptionremainsthatthefuturepathisunclear,particularlyasmostnewentrantshavenotyetfacedprudentialregulation.
DigitalAssets,DistributedLedgerTechnologyandtheFutureofCapitalMarkets 12
KEYINSIGHTS
Summary
Securitizedproducts
–End-to-endorigination,securitizationand
servicingplatform
–Tokenizingloansforservicinganddatamanagement
–FacilitatingsecurityservicingonDLT
Debtmarkets
Derivatives
–Platformfordigitalbondissuance
–PlatformforOTCderivativespost-tradelifecycle
–Distributedorderbookforbondtrading
–ReplatformingexistinginfrastructureonDLT
–Platformcoveringfullcorporatebondlifecycle
–Platformmanagingcollateralforclearedderivatives
–Retailbondissuanceanddistribution
–Platformforexchange-tradedderivativestrade
–Stand-aloneblockchainbondissuance
lifecycle
Equitymarkets
–Replatformingexistingpost-tradeinfrastructure
–Supplementingpost-tradeinfrastructure
–Digitalplatformcoveringfullsecuritieslifecycle
–Equitytokensissuedonblockchain
Thisreportexplores
emergingDLTuse
casesacrossthe
capitalmarkets
Securitiesfinancing
–DLTplatformforrepurchaseagreements
–Securitiesswapsacrosscollateralpools
–Replatformingsecuritieslendinginfrastructure
Assetmanagement
–DLT-basedfunddistributionandregisterplatform
–Investor-facingend-to-endplatformfortokenizedfunds
–End-to-endfunddistribution,administrationandservicingnetwork
Enablementusecases
–Wholesalepayments
–Facilitatingcapitalmarketsdigitization
–Custodyservicesfordigitalassets
–Digitalassetissuanceplatforms
DigitalAssets,DistributedLedgerTechnologyandtheFutureofCapitalMarkets 13
Background
–Businessandtechnologydevelopmentsincapitalmarkets
–OverviewofDLTinthecapitalmarketscontext
–Timelineofmajortechnical,regulatoryandbusinessdevelopments
DigitalAssets,DistributedLedgerTechnologyandtheFutureofCapitalMarkets 14
BUSINESSANDTECHNOLOGYDEVELOPMENTSINCAPITALMARKETS
Acrossthecapitalmarketsecosystem,institutionsarefacingacombinationofnewmarketdynamicsandtechnologyadvancements,presentingopportunitiesandchallenges…
Keybusinessdevelopments
Accelerationofdigitaltransformation,especiallyfollowingCOVID-19:once-emergingtechnologiescontinuetogainscale,andclientdemandfordigitalassetsgrows
Bifurcatedclientservicemodel:transitiontoalow-touchdigitalservicemodelforcertainclientsandtransactions
Sustainablefinanceasasourceofgrowth:demandforproductsthatmeetclients’sustainabilityobjectives
Consolidationoftradingvenues:emergenceofasmallsetoftradingvenuesthatwillattractthebulkofliquidityincertainmarkets
Monetizationofdata:insightsfromtrade,positionandclientdatatopowercustomizedofferings
Broadtechnologyimplications
Increasingexperiencewithartificialintelligence,machinelearning,cloudandDLTsolutions
Increasingneedfordigitalself-serviceclientsolutions,aswellasdigitalenablementsolutionstosupportteamsservicinghigh-touchclients
Increasingneedforsolutionsthat
capturesustainabilityimpact
Potentialformoreelectronictradingandgreaterstandardizationinmoreconcentratedmarkets
Increasingneedforeffectivedata
captureandanalyticsolutions(e.g.
machinelearning)
DLTimplications
IncreasingcomfortwithDLT;potentialforincreasedinterestinsolutionsthatbenefitfrommultiplicativeeffectofDLTwithothertechnologies
DLTandsmartcontractscanfacilitatesolutionsofferinggreaterautomation,withpotentialforintegrationwithself-servicesolutions
PotentialdemandforDLT-enabledsolutionsformeasuring,reportingandtransactingwithsustainability-relateddata,potentiallylinkedtofinancialinstruments
Moreconsistentandscalabledigitalprocessesandconvergenceofmarket-widestandardscouldbeatailwindforDLTimplementations,butDLTusecouldactuallystimulatemoretradingvenues
DLTsolutionsmayofferbetterdataqualityanddataaccessibilitythanexistingsystems
LikelyimpactonDLTinterest
Immaterial Significant
DigitalAssets,DistributedLedgerTechnologyandtheFutureofCapitalMarkets 15
BUSINESSANDTECHNOLOGYDEVELOPMENTSINCAPITALMARKETS
…whilemarginpressuresareforcingallplayerstoidentifymeaningfulcostsavingsandsustainablesourcesofrevenuegrowth
Keybusinessdevelopments
Sustainedcostpressuresacrossthevaluechain:continuedneedtorealizemeaningfulefficienciesviaoperatingmodeltransformationsandinfrastructureredesigns
Scalecontinuestobeakeycompetitiveadvantage:subscaleplayerswillexitortransitionto“white-labelled”products
Balancesheetcapacitycontinuestobeaconstraint:financialresourcescontinuetobejudiciouslyallocatedtoclients,businesslinesandproducts
Increasedfocusoncorecompetencies:non-corefunctionsthatarenotasourceofcompetitivedifferentiationwillcontinuetobetransitionedtoindustryutilitiesorexternalserviceproviders
Increasedcompetition:thecompetitivelandscapeisintensifyingamongbothtraditionalplayersandnewentrants,withcontinuedvaluemigrationacrossthesell-side,buy-sideandserviceandinfrastructureproviders
Broadtechnologyimplications
Increasedinvestmentinmodernizingtechnologies,withgrowingdemandforsolutionsthatunlockstep-changecostreductions
Consolidationoftechsolutionsandproviderswherecriticalmasstakeshold
Increasedinterestintec
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