The governing document of the Capital Markets SIG is the charter. This preliminary charter should be ratified by members after review by the Hyperledger team.
The Capital Markets Special Interest Group (CMSIG) represents industry professionals working together to study how Hyperledger DLTs interact with Capital Markets use cases. These use cases cover issuance and trading of traditional and digital instruments to continued market-making, management of risk, program-trading, regulations, capital requirements, traceability, post trade settlement, custody including corporate actions and more. This group also explores architecture, standards, regulations, identity and performance related considerations specific to Capital Markets and DLTs.
Capital Markets are a way to connect investors and borrowers for long term provision of capital. Capital markets are a venue to invest in enterprises, so that funds from investors are put to productive use. Investors or lenders can be individuals or other entities. Borrowers are companies and governments. Although the term market applies to exchanges and associated infrastructure; financial intermediaries like banks connect the various parties together. Investors are compensated directly by borrowers or are rewarded by appreciation of long-term securities. Capital Markets include the stock market and the bond market dealing with equities, bonds, and credit markets. They can also include derivatives. Securities are a way to tokenise underlying assets and have had a long history.
This large vertical is not currently covered by any SIG in Hyperledger. Finance is the Ur Use Case for blockchain.
The Capital Markets SIG will focus on Markets which deal in securities that are fungible, open, regulated heavily and have a lot more flow and participation. Please see the scope section below to get a better feel for the Capital Markets proposal.
The Capital Markets SIG studies how Hyperledger DLTs interact with Capital Markets use cases. From issuance and trading of instruments to continued market-making, management of risk ; program-trading; regulation; capital requirements; traceability; pre-trade analysis and valuation; post-Trade settlement with custody; bookkeeping and corporate actions. Architecture, identity, performance related considerations specific to Capital markets and DLTs are questions to be answered by this SIG. In the beginning, we attempt to develop a taxonomy of the domain by viewing it in multiple dimensions.
We may not discuss commodities and currency markets; although there are integration points with respect to hedging. No macro economic or general policy discussions. Payment systems remain a question mark. Retail banking also a question mark. Even if we do not discuss these, we may have to build bridges to them.
Just like the Healthcare SIG, this may have a number of sub-groups to be decided by the participants and by the natural sub-domains, but the Capital Markets SIG can remain the overall umbrella over these sectors. The use of DLTs which is a collaborative and unifying technology unify the sub-domains under the Capital Markets SIG.
What are the oracles (external sources) needed, pricing/market data, analytics- rules and regulations, continuous KYC and other concerns and emerging trends are also the domain of the Capital Markets SIG.
The bullet list of items for scope are represented in the link from the heading. Please go there to review and change the cope items.
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|SIG Vice Chair||Kirthi K|
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Links to External Resources
Euroclear sponsored work from Oliver Wyman on Capital Markets: BlockChain-In-Capital-Markets.pdf
Euroclear conference on collateral management- 2018: Video
Walker, Martin, Bridging the Gap between Investment Banking Architecture and Distributed Ledgers (March 22, 2017). Available at SSRN: https://ssrn.com/abstract=2939281 or http://dx.doi.org/10.2139/ssrn.2939281
Payment systems from the Fed Fednow
FinOS: Financial Services Open Source
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