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Distributed Ledger Technology Experiments in Payments and Settlements

Distributed Ledger Technology Experiments in Payments and Settlements
Author: Mr.Ghiath Shabsigh
Publisher: International Monetary Fund
Total Pages: 22
Release: 2020-06-24
Genre: Business & Economics
ISBN: 1513536338
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Major transformations in payment and settlements have occurred in generations. The first generation was paper-based. Delivery times for payment instruments took several days domestically and weeks internationally. The second generation involved computerization with batch processing. Links between payment systems were made through manual or file-based interfaces. The change-over period between technologies was long and still some paper-based instruments like checks and cash remain in use. The third generation, which has been emerging, involves electronic and mobile payment schemes that enable integrated, immediate, and end-to-end payment and settlement transfers. For example, real-time gross settlement systems have been available in almost all countries. DLT has been viewed as a potential platform for the next generation of payment systems, enhancing the integration and the reconciliation of settlement accounts and their ledgers. So far, experiments with DLT experimentations point to the potential for financial infrastructures to move towards real-time settlement, flatter structures, continuous operations, and global reach. Testing in large-value payments and securities settlement systems have partly demonstrated the technical feasibility of DLT for this new environment. The projects examined analyzed issues associated with operational capacity, resiliency, liquidity savings, settlement finality, and privacy. DLT-based solutions can also facilitate delivery versus payment of securities, payment versus payment of foreign exchange transactions, and efficient cross-border payments.

Distributed Ledger Technology and Digital Assets

Distributed Ledger Technology and Digital Assets
Author: Asian Development Bank
Publisher: Asian Development Bank
Total Pages: 90
Release: 2019-06-01
Genre: Business & Economics
ISBN: 9292616471
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This report offers an analytical framework that allows for more systemic assessments of distributed ledger technology (DLT) and its applications. It examines the evolution and typology of the emergent technology, its existing and projected applications, and regulatory and policy issues that they entail. This report highlights the trends, concerns, and potential opportunities of DLTs, especially for Asian markets. It also identifies the benefits and risks to using DLT and offers a functional and proportional approach to these issues.

The Economics of Distributed Ledger Technology for Securities Settlement

The Economics of Distributed Ledger Technology for Securities Settlement
Author: Evangelos Benos
Publisher:
Total Pages: 33
Release: 2017
Genre:
ISBN:
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Distributed ledger technology (DLT) is a database architecture which enables the keeping and sharing of records in a distributed and decentralized way, while ensuring its integrity through the use of consensus-based validation protocols and cryptographic signatures. In principle, DLT has the potential to reduce costs and increase the efficiency of securities settlement, the ultimate step of every security transaction. In this paper, we first examine to what extent DLT could add value and change securities settlement. We then characterize the innovation process in the post-trade industry and finally, we describe the economics of a hypothetical DLT-based security settlement industry.Our main conclusions are that: i) DLT has the potential to improve efficiency and reduce costs in securities settlement, but the technology is still evolving and it is uncertain at this point what form, if any, a DLT-based solution for securities settlement will ultimately take, ii) technological innovation in the post-trade industry is more likely to achieve its potential with some degree of co-ordination which could be facilitated by the relevant authorities, and iii) if DLT-based securities settlement becomes a reality, then it is likely to be concentrated among few providers which, in the absence of regulation, could result in inefficient monopoly pricing or efficient price discrimination with service providers capturing much of the market surplus.

Distributed Ledger Technology for Securities Clearing and Settlement

Distributed Ledger Technology for Securities Clearing and Settlement
Author: Randy Priem
Publisher:
Total Pages: 39
Release: 2018
Genre:
ISBN:
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This article outlines the benefits and risks of the distributed ledger technology (DLT) for the clearing and settlement phase of the trade life cycle and describes its potential role for central counterparties and central securities depositories. Although the industry is attempting to solve the technological and operational issues that DLT systems still face, such as the harmonization of technical standards, outstanding legal risks are such that the financial industry is asking for regulatory guidance and intervention. This article wants to contribute to the debate whether to regulate DLT by first presenting potential regulatory barriers that may have to be removed for this technology to be fully adopted and then identifying areas requiring an update of the legal framework in order to address certain prudential and conduct risks that this technology could introduce.

Clearing and Settlement

Clearing and Settlement
Author: Dermot Turing
Publisher: Bloomsbury Publishing
Total Pages: 900
Release: 2021-02-12
Genre: Law
ISBN: 1526514974
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The post-trading industry is one in which financial firms make money and one in which risk issues need careful management. Reliable payment, clearing and settlement structures are perceived to be essential to enable financial firms to withstand shocks. A great deal of the cost of trading and cross-border investment is attributed to the very complex process of clearing and settlement. This book describes and explains: 1. what happens in clearing and settlement, and the roles of (and risks assumed by) the various participants in the post-trade marketplace 2. the law applicable to infrastructures, how they are are regulated, and the other topographical features of their legal landscape 3. the legal and practical aspects of risk management and operations of infrastructures 4. the risks faced by participants in payment, clearing and settlement systems - the agent banks - along with practical and operational issues which they face in their roles. Fully revised, updates for the 3rd edition include: - Implications and impact of Brexit - CPMI and IOSCO paper on central counterparty default (CCP) management auctions - cyber-security and the resilience of financial market infrastructures (FMIs) and the wider market ecosystem.

Virtual Currencies and Beyond

Virtual Currencies and Beyond
Author: Mr.Dong He
Publisher: International Monetary Fund
Total Pages: 42
Release: 2016-01-20
Genre: Business & Economics
ISBN: 1498321305
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New technologies are driving transformational changes in the global financial system. Virtual currencies (VCs) and the underlying distributed ledger systems are among these. VCs offer many potential benefits, but also considerable risks. VCs could raise efficiency and in the long run strengthen financial inclusion. At the same time, VCs could be potential vehicles for money laundering, terrorist financing, tax evasion and fraud. While risks to the conduct of monetary policy seem less likely to arise at this stage given the very small scale of VCs, risks to financial stability may eventually emerge as the new technologies become more widely used. National authorities have begun to address these challenges and will need to calibrate regulation in a manner that appropriately addresses the risks without stifling innovation. As experience is gained, international standards and best practices could be considered to provide guidance on the most appropriate regulatory responses in different fields, thereby promoting harmonization and cooperation across jurisdictions.

Sequences II

Sequences II
Author: Renato Capocelli
Publisher: Springer Science & Business Media
Total Pages: 485
Release: 2012-12-06
Genre: Computers
ISBN: 146139323X
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This volume contains all papers presented at the workshop "Sequences '91: Methods in Communication, Security and Computer Science," which was held Monday, June 17, through Friday, June 21, 1991, at the Hotel Covo dei Saraceni, Positano, ltaly. The event was sponsored by the Dipartimento di Informatica ed Applicazioni of the University of Salerno and by the Dipartimento di Matematica of the University of Rome. We wish to express our warmest thanks to the members of the program Committee: Professor B. Bose, Professor S. Even, Professor Z. Galil, Professor A. Lempel, Professor J. Massey, Professor D. Perrin, and Professor J. Storer. Furthermore, Professor Luisa Gargano provided effective, ceaseless help both during the organization of the workshop and during the preparation of this vol ume. Finally, we would like to express our sincere gratitude to all participants of the Workshop. R. M. C. A. D. S. U. V. Salerno, December 1991 Contents Preface. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Vll Contributors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Xill Communication On the Enumeration of Dyadic Distributions I. F. Blake, GH. Freeman, and P. R. Stubley . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Detection of Skew in a Sequence of Subsets M. Blaum and J. Bruck . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Asymmetric Error Correcting Codes B. Bose and S. Cunningham . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Binary Perfect Weighted Coverings (PWC) GoO. Cohen, S. N. Litsyn, and H. F. Mattson, Jr. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 Read/Write Isolated Memory M. Cohn . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 Polynomial-Time Construction of Linear Codes with Almost Equal Weights G. Lachaud and J. Stern . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 Welch's Bound and Sequence Sets for Code-Division Multiple-Access Systems J. L. Massey and T. Mittelholzer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."

The Rise of Digital Money

The Rise of Digital Money
Author: Mr.Tobias Adrian
Publisher: International Monetary Fund
Total Pages: 20
Release: 2019-07-15
Genre: Business & Economics
ISBN: 1498324908
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This paper marks the launch of a new IMF series, Fintech Notes. Building on years of IMF staff work, it will explore pressing topics in the digital economy and be issued periodically. The series will carry work by IMF staff and will seek to provide insight into the intersection of technology and the global economy. The Rise of Digital Money analyses how technology companies are stepping up competition to large banks and credit card companies. Digital forms of money are increasingly in the wallets of consumers as well as in the minds of policymakers. Cash and bank deposits are battling with so-called e-money, electronically stored monetary value denominated in, and pegged to, a currency like the euro or the dollar. This paper identifies the benefits and risks and highlights regulatory issues that are likely to emerge with a broader adoption of stablecoins. The paper also highlights the risks associated with e-money: potential creation of new monopolies; threats to weaker currencies; concerns about consumer protection and financial stability; and the risk of fostering illegal activities, among others.

Bitcoin and Cryptocurrency Technologies

Bitcoin and Cryptocurrency Technologies
Author: Arvind Narayanan
Publisher: Princeton University Press
Total Pages: 335
Release: 2016-07-19
Genre: Computers
ISBN: 1400884152
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An authoritative introduction to the exciting new technologies of digital money Bitcoin and Cryptocurrency Technologies provides a comprehensive introduction to the revolutionary yet often misunderstood new technologies of digital currency. Whether you are a student, software developer, tech entrepreneur, or researcher in computer science, this authoritative and self-contained book tells you everything you need to know about the new global money for the Internet age. How do Bitcoin and its block chain actually work? How secure are your bitcoins? How anonymous are their users? Can cryptocurrencies be regulated? These are some of the many questions this book answers. It begins by tracing the history and development of Bitcoin and cryptocurrencies, and then gives the conceptual and practical foundations you need to engineer secure software that interacts with the Bitcoin network as well as to integrate ideas from Bitcoin into your own projects. Topics include decentralization, mining, the politics of Bitcoin, altcoins and the cryptocurrency ecosystem, the future of Bitcoin, and more. An essential introduction to the new technologies of digital currency Covers the history and mechanics of Bitcoin and the block chain, security, decentralization, anonymity, politics and regulation, altcoins, and much more Features an accompanying website that includes instructional videos for each chapter, homework problems, programming assignments, and lecture slides Also suitable for use with the authors' Coursera online course Electronic solutions manual (available only to professors)