贸易 sits down with Nadine Chakar, global head of 数字资产, to discuss how digital assets are impacting traditional financial markets, 它们对传统交易实践的影响，以及市场基础设施如何帮助将这两个独立的世界连接在一起.
Related: Bringing Traditional Assets to Digital Networks
What impact has digital assets had on traditional financial markets?
If we were having this conversation just three months ago, 我想告诉你的是，数字市场和传统市场是在完全不同的世界里运作的. 现在，我认为我们已经到了一个转折点，双方都开始趋同. We’re hearing a lot more chatter now on the traditional side, especially after the arrival of bitcoin ETFs in the US, and with crypto prices on a recent tear.
Until both sides come together, 可以肯定地说，到目前为止，我们还没有看到数字资产对传统方面产生重大影响. We see companies exploring blockchain technology with their own pilots, but much of this experimentation is occurring in siloes, rather than at an industry level.
While we haven’t seen meaningful, industry-wide collaboration on digital assets yet, 我们似乎在一件事上非常一致:标记化提供的巨大承诺. 整个行业, 我们中的许多人都明白，代币化有可能改变金融市场:帮助公司更快地开展业务, 更便宜的, 简单地说——更好.
传统金融公司应继续探索如何利用数字资产技术来释放其现有的全部潜力, traditional capabilities. 代币化可以给金融市场的几乎每个角落带来许多好处. It can help facilitate efficient capital management, optimising operations like corporate actions, 分布, 贷款, and pricing through automation. It can give firms access to new markets and new ways of unlocking liquidity.
数字资产对传统交易方式的影响有哪些?
我们肯定看到买方正在涉足数字领域. 我认为很多传统交易者对他们在数字市场中发现的属性很感兴趣. The ability to trade 24/7 in a peer-to-peer network environment is exciting. 他们也认识到区块链提供的透明度的潜力.
Let’s first consider the trading platforms themselves. Traders are always looking for faster, more integrated trading platforms to streamline their operations. 使交易者能够与传统资产一起与数字资产进行交互显然是期望的结果. Traders recognise that this would be a game-changer.
另一个例子是抵押品管理，并赋予公司将抵押品代币化的能力. This would make them more agile and give them better liquidity. 实时抵押品管理可以降低风险，提高资本效率.
当然，另一个可能继续受到影响的领域是算法交易. Leveraging smart contracts, or automating and simplifying complex financial transactions, coupled with the power of AI – spells big potential for making trading faster, transparent and more efficient.
How can market infrastructure help bridge these two separate worlds together?
市场基础设施是将这些世界连接在一起所需的基础部分. 当然，企业并不打算放弃现有的系统，转而采用新的系统. The ability to connect traditional systems with digital is critical. 我们还需要确保我们能够促进资产和流程在多个区块链之间的移动. 我们的解决方案，资本市场平台，帮助客户协调和整合这些技术. Infrastructure can also support firms with data, 使他们能够扫描和提取链上和链下数据，以支持监管和市场要求.
基础设施将使这种整合成为可能，但建立控制和标准的明确法律和监管框架是必不可少的. That includes standards for data, including its use and collection, methods that protect private data, and establishing exactly what data is allowed on-chain. We need harmonised standards across processes, platforms and jurisdictions, 类似于我们在金融危机后看到的反洗钱(AML)和了解你的客户(KYC)规则的全球统一.
幸运的是，存已经将这种专业知识带入市场50年了. 我们为世界上最大的资本市场提供最大的市场基础设施. 随着时间的推移，我们可以帮助指导监管框架的演变，以支持数字资产. 我们在创建安全且大规模运行的系统方面已经有了丰富的经验. 我们为传统证券建立的生态系统是坚实的基础，在此基础上，我们可以帮助为该行业铺设数字铁路.
作为其中的一部分, 我们最近与Euroclear和Clearstream一起发布了一份行业文件，呼吁加强合作，以推进目前包括碎片化标准的生态系统, varying regulatory treatment, 与机构级支付渠道的整合有限，流动性匮乏——这些都是全球金融市场进一步数字化的限制因素.
What are the key elements necessary for the wider adoption of digital assets?
Aside from a legal and regulatory framework, as well as the infrastructure to help inject confidence into the system, there are other key hurdles. The role of education is also really important, 并继续确保人们理解我们不一定专注于加密货币，而是专注于标记化, the underlying technology of crypto, 以一种我们从未见过的方式实现金融民主化的真正潜力是什么.
正如我所提到的，我们看到整个行业都在进行数字资产实验. 这个实验是令人鼓舞的，但它只会导致这个领域更加分裂.
我们呼吁改变方法:我们需要摆脱这些分散的实验，更好地促进全行业的合作，优先考虑广泛的生态系统发展. 很重要的一点是，我们要把我们的方法转向增量试验和相互建立的过程探索, as part of a larger interconnected ecosystem. Our industry sandbox, 存Testnet, is a DLT ecosystem designed to support innovation at-scale, 为行业提供了一个探索数字系统与传统流程交互的安全场所, 并允许他们对这些程序进行微调，以确保它们支持现有的和新兴的法律和监管结构.
我要给你们留下一个结论:我们需要共同努力，想出这种新的数字语言, one that will allow us to better communicate and do business with each other. 这包括确保监管机构对我们以负责任和透明的方式行事感到放心. At 存, we are excited for the opportunity ahead. 加入我们，继续我们的道路，建立一个有效的数字市场结构，使传统的金融体系更快, 更便宜的, better and accessible to all.
This article was originally published to 贸易 2024年3月15日.