🚀 UK Finance Completes Tokenization And CBDC Platform Experiment
#UKFinance #Tokenization #CBDC #CentralBankDigitalCurrency #RegulatedLiabilityNetwork #FinancialMarketInfrastructure #ProgrammablePayments #DigitalAssets #SecuritiesTokenization #MoneyAndPayments #Interoperability #FinancialInnovation
According to CoinDesk, U.K. Finance, along with 11 of its member banks, has completed the experimental phase of a tokenization and central bank digital currency (CBDC) platform. The trade association aims to collaborate with regulators and public bodies to develop payment networks based on this technology. The program, which included banks such as Barclays, Citi UK, HSBC, and Natwest, concluded that the platform could deliver economic value and enable new functionalities like programmable payments.
The Regulated Liability Network (RLN) is described as a financial market infrastructure capable of providing new capabilities for payments and settlement, including tokenization and programmability. Tokenization involves bringing real-world assets, such as securities, on-chain. Last year, the Financial Conduct Authority (FCA) supported a report on fund tokenization, and the newly elected Labour government has set a policy aim for the U.K. to become a hub for securities tokenization.
Peter Left, co-chair of the RLN Project, stated that the platform supports developments in money and payments aligned with both public and private sector objectives, offering clear and long-term benefits for customers and the industry. The platform's core included a multi-issuer tokenization system that facilitated the issuance of tokenized commercial bank deposits and simulated a wholesale CBDC, a digital token issued by a central bank for institutional use. It also featured an application program interface (API) layer to enable interoperability across various forms of money and existing ledgers.
U.K. Finance noted that the country's legal and regulatory framework is flexible enough to support the implementation of such an innovative platform, pending further regulatory engagement and implementation.#UKFinance #Tokenization #CBDC #CentralBankDigitalCurrency #RegulatedLiabilityNetwork #FinancialMarketInfrastructure #ProgrammablePayments #DigitalAssets #SecuritiesTokenization #MoneyAndPayments #Interoperability #FinancialInnovation
🚀 Chainlink Advisor Discusses Regulatory Asymmetry at 2024 Hong Kong SmartCon
#Chainlink #SmartCon #RegulatoryAsymmetry #FinancialMarketInfrastructure #RegulatoryFrameworks #EmergingMarkets #AssetManagement #DigitalAssets #FinancialEcosystem
According to Odaily, during the 2024 Hong Kong SmartCon conference hosted by Chainlink, advisor Jennifer Peve addressed the future of financial market infrastructure in a panel discussion. Peve highlighted the current state of regulatory asymmetry, noting that each jurisdiction has its own regulatory framework with varying goals, approaches, and levels of maturity. She emphasized the need for prioritizing regulatory frameworks, stating that markets should not rely entirely on regulatory organizations for their operations. Peve suggested that emerging markets might serve as more effective testing grounds for new regulatory approaches compared to regions with established frameworks. She used the analogy, 'It is easier to tear down a house than to rebuild it, and rebuilding a house is easier than renovating it,' to illustrate her point.
Additionally, Peve discussed the modernization of financial market infrastructure, asserting that it will significantly enhance asset management. She projected that this modernization will eventually connect trillions of traditional assets with digital assets, paving the way for a more integrated financial ecosystem in the future.#Chainlink #SmartCon #RegulatoryAsymmetry #FinancialMarketInfrastructure #RegulatoryFrameworks #EmergingMarkets #AssetManagement #DigitalAssets #FinancialEcosystem
🚀 SBI CTO Discusses Future Of Financial Market Infrastructure At 2024 Hong Kong SmartCon
#SBI #CTO #FinancialMarketInfrastructure #HongKong #SmartCon #CBDC #CentralBankDigitalCurrency #CapitalMarkets #FinancialManagement
According to Odaily, during the 2024 Hong Kong SmartCon conference hosted by ChainLink, SBI CTO Tom Menner participated in a roundtable discussion titled 'The Future of Financial Market Infrastructure.' Menner highlighted SBI's involvement in numerous global Central Bank Digital Currency (CBDC) projects. He raised a critical question regarding the commercial prospects of these potential projects. Menner emphasized that while the technology has proven effective for both CBDCs and various assets in capital markets, the more significant consideration is whether these initiatives contribute to improvements in the existing financial management systems. This aspect, he noted, warrants deeper reflection.#SBI #CTO #FinancialMarketInfrastructure #HongKong #SmartCon #CBDC #CentralBankDigitalCurrency #CapitalMarkets #FinancialManagement
🚀 Chainlink Expands Global Banking Initiative to 24 Organizations
#Chainlink #GlobalBankingInitiative #CorporateActions #OnChain #Blockchain #GoldenRecord #EquityRelatedCorporateActions #OnChainVerification #FinancialMarketInfrastructure #Swift #DTCC #Euroclear #SIX #TMX #UBS #DBS #BNPParibasSecuritiesServices #ANZ #WellingtonManagement #Schroders #CapitalMarkets #DigitalAssets
According to Foresight News, Chainlink has announced the expansion of its global banking and capital markets initiative to include 24 organizations worldwide. Participants in this initiative include financial market infrastructures such as Swift, the Depository Trust & Clearing Corporation (DTCC), Euroclear, SIX, and TMX. Additionally, asset management firms and banks like UBS, DBS Bank, BNP Paribas Securities Services, ANZ, Wellington Management, and Schroders are involved.
These institutions aim to enhance corporate action processing through a unified 'golden record' approach. Chainlink stated that the next phase of the initiative will focus on supporting more complex equity-related corporate actions, enabling these events to be recorded and verified on-chain.#Chainlink #GlobalBankingInitiative #CorporateActions #OnChain #Blockchain #GoldenRecord #EquityRelatedCorporateActions #OnChainVerification #FinancialMarketInfrastructure #Swift #DTCC #Euroclear #SIX #TMX #UBS #DBS #BNPParibasSecuritiesServices #ANZ #WellingtonManagement #Schroders #CapitalMarkets #DigitalAssets
🚀 EU Plans to Enhance Central Oversight of Financial Market Infrastructure
#EU #financialmarketinfrastructure #ESMA #cryptoservices #capitalmarketsunion #regulatoryfragmentation #marketintegration #EUcompetitiveness #stockexchanges #crossborderentities
According to Odaily, the European Commission is formulating plans to expand central oversight of key financial market infrastructures, including stock exchanges and crypto asset service providers. The initiative aims to extend the powers of the European Securities and Markets Authority (ESMA) to cover the most significant cross-border entities. This move is part of the EU's 'Capital Markets Union' initiative, which seeks to eliminate regulatory fragmentation and boost the EU's competitiveness. The related proposals are expected to be presented in December as part of the 'Market Integration Package.'#EU #financialmarketinfrastructure #ESMA #cryptoservices #capitalmarketsunion #regulatoryfragmentation #marketintegration #EUcompetitiveness #stockexchanges #crossborderentities