在这一集里， 沃顿瓦尔, 存董事总经理, 机构贸易加工总经理 discusses how 存’s 机构贸易处理 (ITP) is supporting accelerated settlement globally through leading the way in creating enhanced trade flows, driving the adoption of UTIs and partnering with non-U.S. csd和ccp.
记录:
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Hi, 我是瓦尔·沃顿, 机构贸易加工总经理, and I'm here to talk to you about our 中医 and 警报 Global Strategy.
I’m excited to get the opportunity to speak to you today. I'm very focused around how we can build out on the flows and workflows that we've built out in the U.S. 从国际视角看. What we really want to do is take the concept of match to instruct – the golden transaction, if you like – that we flow down into 直接转矩 and NSCC and export across the globe. And there's a couple of use cases where we're looking to do that more broadly.
I'll focus on two different flows as we think about the international space. The first one would be the CSD, or bilateral settlement flow. 在中医中，我们匹配一致的交易. Those transactions are enriched with SSIs and also place of settlement - essentially, 在我心中, 创建“黄金交易”.”
你知道, 可悲的是，在全球范围内, what actually happens is that rather than being able to flow that transaction downstream as we do in the U.S. into 直接转矩 or NSCC, the broker dealer and the custodian actually take it out of the golden process. You could even say this turns it into a “copper” transaction and flows that independently down into the CCP or CSD. 从我们的角度来看, it's highly inefficient when we think about markets that are moving to a T+1 model outside of the US.
The idea of being able to flow transactions straight down into the CCP and CSD has a lot of virtue to it and there are a couple of examples in flight that I want to share with you.
在双边定居点方面, 或者是CSD这边, there was recently a press release by the Hong Kong Exchange announcing a product line called Synapse. What that's doing is taking the match agreed 中医 transaction and, 而不是将其从中医中分离出来, it's fundamentally sending it all the way down into Synapse at the Hong Kong Exchange. What they've done there is built an authorization layer where the local and global custodian will come in and actually agree to the transactions before it's in settlement as part of the local stock connects market in China. What you can see there is entire efficiency from 中医 match all the way through to settlement within the CSD.
The other interesting thing there is that as part of that initiative, the Hong Kong Exchange mandates the use of the UTI or unique transaction identifier, 今天中医已经产生了哪些东西. 当然, you've seen more from us around how we can advocate that across the securities market more broadly, 不仅在国际上，而且在美国.S. 侧面也一样.
The second flow that I'd like to talk to you about today is our CCP flow, or the prime broker flow that we're looking to build out. This is focused on the prime broker volume and how we get that PB volume onto 中医 in the first place. So, we’re in the process of going live with a prime broker workflow for the international flow or a non-U.S. 中医上流动. What that's looking to do is create a tri-party match to the hedge fund, 执行经纪人, 一级经纪人. 这将使所有通知自动化. 更重要的是, 降低结算风险是因为再次, 你不仅要匹配交易, but it’ll be also enriched with both the SSIs and the place of settlement more broadly. The second step is building connectivity down into the CCP and we're working with a license in Europe exactly on that, where not only do we take the match agreed transactions, 丰富了地方聚落的SSI, but we also automatically feed it downstream into the CCP.
What that really means is that firms will be able to benefit from the netting process that happens within the CCP. Which will lead to not only far more efficiency optimization in their workflow, 但从资产负债表和净值的角度来看也是如此, 企业将看到显著的收益.
So hopefully what you can see the whole concept of taking a golden transaction and keeping it within a single pipe that flows all the way down to that market infrastructure in the U.S. (很明显，我们在直接转矩和NSCC都是这样做的). We'll export that globally with both the bilateral flow and the example I gave around the Hong Kong Exchange and then with the prime broker workflow that we're about to go live with on 中医.
而这仅仅是个开始. We're really looking at how we work far more closely with other CCPs and CSDs to maximize these flows, 确保我们没有进行黄金交易, breaking them and turning them into “copper” and then having bilateral notifications downstream which creates an efficiency and essentially leads to fails. 关键是我们如何加快结算速度, how do we ensure a no touch workflow and how do we drive efficiency through the end-to-end security processing workflow today. 如果你想了解更多的信息, 请随意自言自语, 你的客户经理, 或浏览存.com.