欧洲央行-金融工具代币化和中央银行货币结算（英）

[Pleaseselect][Pleaseselect]

Tokenisationoffinancial

instrumentsandcentral

bankmoneysettlement

9May2024

PieroCipollone

MemberoftheExecutiveBoardoftheECB

Centralbankmoneyatthecoreofthefinancialsystem

Afinancialmarketinfrastructure

shouldconductitsmoneysettlementsincentralbankmoneywherepractical

andavailable

Centralbankmoneysettlement

>reducesrisk

>establishestrust

>safeguardsfinancialstability

2

www.ecb.europa.eu©

Centralbanksmuststayattheforefrontoftechnology

Ensuringthatcentralbankmoneyremainsanattractivemeansofsettlement…

forretailpayments

forwholesale

financialtransactions

digitaleuro

solutionsforsettlingtransactionsrecordedonDLTplatforms

3www.ecb.europa.eu©

Retailandwholesalecomplementeachother

Retailpayments

Centralbankmoneynowonlyavailableinphysicalform

Greatvarietyofstakeholders:

consumers,merchants,paymentserviceproviders,legislators…

Day-to-daypayments:typicallylowervalues,highervolumes

4

Wholesaletransactions

Digitalcentralbankmoneyhasbeenavailablefordecades

Narrowersetofstakeholders,mainlyfrom(existing/new)

financialsector

Securitiessettlement,interbank

payments:typicallyhighervalues,lowervolumes

www.ecb.europa.eu©

Industryisexploringdistributedledgertechnologies

Financial

market

infrastructure

Centralisedledger

Distributedledger

Withtheaimof…

>increasing

automationof

conditional

transactions

>reducingrelianceonintermediaries

>increasing

transparency

5www.ecb.europa.eu©

PotentialbenefitsofDLTforthemarket

Centralbank(s)

Foreign

participants

Commercial

banksandCSDs

Efficiencygainsthroughpotentialfor:

•trading,settlementandcustodyonthesameledger

•automationviasmartcontracts

•24/7operation→overcomingtimezonedifferences

Openingupnewavenues:

•forfinancialinstrumentsnotcurrentlyservicedbyfinancialmarketinfrastructures

•forSMEstoaccesscapitalmarkets

www.ecb.europa.eu©

Implicationsforcentral

bankmoneysettlement

CurrentTARGETServices:

•settlementofpaymentsin

centralbankmoneyinT2

•integratedsettlementof

MarketDLTs

securitiesinTARGET2-

Securities(T2S)

Withtokenisation,

securitiescanbe

recordedandsettledon

distributedledger

technologyplatforms

Riskofmarket

fragmentationif

multipleDLTplatformsco-existinthelong-termbutlackinteroperability

Whatisthebestwaytoenablecentralbank

moneysettlementof

thecashleg?

www.ecb.europa.eu©

FullDLTapproaches

CentralbankmoneysettlementonDLTplatforms

€centralbankmoneyOtherassets

Integration

OnEurosystemDLT

OnEurosystemDLT

Distribution

Onexternal/sharedDLT

Onexternal/sharedDLT

€centralbankmoneyOtherassets

InteroperabilityOnEurosystemDLTOnexternalDLT

Multipleoptionsforcentralbankmoneysettlement

Trigger/bridgeapproaches

Centralbankmoneysettlementinnon-

DLTinfrastructures;interoperablewith

marketDLTs

Interoperabilitysolutions

Trigger

solution

OnT2(RTGS)

OnexternalDLT

TIPS

Hash-link

OnTIPS-likeplatform

OnexternalDLT

8

Eurosystemexploratorywork

PracticalworkwithmarketstakeholdersplannedfromMaytoNovember2024focusingoninteroperabilitysolutions:

•Experiments:mocksettlementofthecashandassetlegsintestenvironments

•Trials:actualsettlementoftransactionsincentralbankmoneyinalimitedsettingforalimitedperiodoftime

Weareamongthefirstadvancedeconomiestogobeyondexperimentation

N.B.theEurosystem’sexploratoryworkdoesnotconstituteacommitmentbytheEurosystemtoprovideanysteady-statesolution(s)inthefutureortomakeanychangestoitscurrentinfrastructure.

9

www.ecb.europa.eu©

TenmarketparticipantsandsixmarketDLToperatorsapprovedtoparticipate

Businesscasesmainlyexplorethe

securitiessettlementcycle

2

Firstwaveofexploratoryworkstartson13May

Substantial

responseto

callfor

expressions

ofinterest

AdditionalfinancialfirmsandbusinesscasesexpectedinWave2(startinginJuly)

www.ecb.europa.eu©

Unified

ledger

Hybrid

approaches

Interoperability

Workonalonger-termvision

Keyobjectives:

Preservethestabilisingroleofcentralbankmoney

StrengthentheefficiencyofEuropeanfinancialmarkets

Avoidre-fragmentation

Analysisof“unifiedledgers”willcontinue

(cashandassetsonthesameplatform)

11www.ecb.europa.eu©

Relateddocuments

•Speech:Modernisingfinance:theroleofcentralbankmoney

•ECBEconomicBulletinarticle:Centralbankmoneysettlementofwholesaletransactions

inthefaceoftechnologicalinnovation

•Focussession:Potentialuseofnewtechnologyforwholesalecentralbankmoney

settlement

•Newsitem:Participantschosentoexplorenew