金融市场基础设施的演变:从数字化到代币化

IF 2.1 Q3 BUSINESS
Dong Guo, Peng Zhou
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引用次数: 0

摘要

本文考察了金融市场基础设施(FMI)的历史发展和横断面异质性。从进化的角度,我们回顾和比较了美国、欧洲和中国的金融中介机构。我们确定了一种新兴趋势,即随着分布式账本技术(DLT)的兴起,FMI的发展正在从数字化向令牌化过渡。数字化加强了中心化,而代币化促进了去中心化,对监管框架构成了复杂的挑战,而监管框架也是FMI的一部分。然后,我们具体分析了债券市场中基于dlt的FMI,评估了不同的代币化模型,并提出了一个异构联盟区块链解决方案。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The Evolution of Financial Market Infrastructure: From Digitalization to Tokenization
This paper examines the historical development and cross-sectional heterogeneities of Financial Market Infrastructure (FMI). From an evolutionary perspective, we review and compare FMIs in the US, Europe, and China. We identify an emerging trend in which the development of FMI is transitioning from digitalization to tokenization with the rise of Distributed Ledger Technology (DLT). Digitalization reinforces centralization, while tokenization promotes decentralization, posing complex challenges to regulatory framework which is also part of FMI. We then specifically analyze DLT-based FMI in the bond market, evaluate different models of tokenization, and propose a heterogeneous consortium blockchain solution.
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来源期刊
CiteScore
4.80
自引率
29.60%
发文量
46
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