兔子还是刺猬?法律在塑造证券交易后系统当前技术趋势中的作用

Pub Date : 2022-10-13 DOI:10.1515/ael-2022-0029
Thomas Bernhard Droll, Andrea Minto
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引用次数: 1

摘要

摘要本文探讨了当前证券交易后系统的技术趋势以及法律在塑造这些发展中的作用。在此背景下,我们分析了(i)最近旨在从技术上改进传统交易后系统的举措,(ii)旨在通过使用分布式账本技术提高与传统证券相关的交易后流程效率的项目,以及(iii)与加密资产和去中心化金融兴起相关的交易后问题。我们认为,在这三种情况下,法律在塑造这些技术趋势方面的当前作用是不同的。关于加密资产,法律可以比作格林兄弟(Brother grimm)著名童话故事中的兔子:它徒劳地努力跟上加密资产系统中的开发者(他们代表童话中的刺猬)。对于那些旨在将分布式账本技术引入传统证券交易后的项目,在我们看来,角色是相反的——法律扮演了刺猬的角色,可能不公平地阻止了创新者(野兔)的成功。最后,关于我们在本文中分析的传统交易后系统中的两个重要技术趋势,不同的关系出现了:在一种情况下,法律(就像刺猬一样)“指导”行业(就像兔子一样)寻求实施技术改进。在另一种情况下,法律(作为刺猬)需要刺激行业(兔子)采取相关行动。
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Hare or Hedgehog? The Role of Law in Shaping Current Technological Trends in the Securities Post-trading System
Abstract This article examines current technological trends in the securities post-trading system and the role of law in shaping these developments. Against this backdrop, we analyse (i) recent initiatives that aim at technologically improving the traditional post-trade system, (ii) projects that aim at enhancing the efficiency of post-trade processes related to traditional securities by using distributed ledger technology and (iii) post-trade issues related to the rise of crypto-assets and decentralised finance. We argue that the current role of law in shaping these technological trends is different in these three contexts. Regarding crypto-assets, the law can be likened to the hare in the Brother Grimms’ well-known fairy tale: It struggles in vain to keep up with developers in the crypto-asset system (who represent the hedgehog in the fairy tale). With regard to projects that aim at bringing distributed ledger technology to the post-trading of traditional securities, the roles are, in our view, reversed – the law plays the role of the hedgehog that, maybe unfairly, prevents the innovators (the hare) from succeeding. Finally, as regards two important technological trends in the traditional post-trading system that we analyse in this article different relationships emerge: In one case, the law (as hedgehog) “coaches” the industry (as hare) in its quest to implement technological improvements. In the other case, the law (as hedgehog) needs to prod the industry (the hare) into relevant action.
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