Page 20 - 期货和衍生品行业监管动态（2025年6月）

期货和衍生品行业监管动态

“Over the last several years, we have seen a growing recognition among our

members that tokenisation could have a practical use case in how we manage the

movement of collateral,” said FIA president and CEO Walt Lukken. “By creating a

digital representation of an asset on a distributed ledger, tokenisation can allow us to

move collateral in close to real time. That can unlock liquidity and reduce risks and

costs associated with traditional settlement processes.”

The paper calls attention to four main benefits of tokenisation:

1. It would increase the speed of asset transfers, especially for non-cash collateral,

by cutting the settlement time from days to minutes.

2. It would allow for extended trading hours, including the potential for 24/7

trading, by decoupling the settlement system from the operational hours of traditional

banking system payment rails.

3. Using distributed ledger technology would reduce the errors that arise when

each entity keeps its own record of the transaction on its own system and the

inefficiencies that arise from the duplication of processes across financial institutions.

4.It could help automate certain functions with "smart contracts," whereby code

attached to the tokenised asset fulfils certain actions when specified conditions are
met.

“Years of work on this technology are starting to bear fruit,” said Will Acworth,

global head of market intelligence. “We are seeing that scepticism give way to

genuine interest as firms see real-world benefits in terms of operational efficiency and

real-time risk management. Although there are many issues that will need addressing

before it can be deployed at scale, we think the time has come for both the industry

and its regulators to recognize the benefits of technology and work together on

adoption.”

The paper outlines four recommendations:

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