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GRA · Capital Markets Nexus

التمويل المكانيحيث يلتقي رأس المال بالخطر والتعرّض والتحول

السجلات الموزعة في أسواق رأس المال

Distributed ledgers and digital assets reach capital markets through tokenised securities, stablecoins and on-chain settlement. Analysis covers settlement finality, smart contract risk, reserve backing and the links between digital asset markets and traditional funding markets, with the limits of on-chain data stated.

01سجّل

Distributed ledgers in capital markets on the record.

سجل المنهجمنهج STEM
  1. المنهجدفاتر الأستاذ الموزعة والأصول الرقمية
  2. مُطبَّق في⁨Capital Markets Nexus⁩
  3. البيانات4 مدخلات
  4. الصفحة المرجعية⁨STEM Commons⁩
02الطلب

What distributed ledgers and digital assets does here.

Distributed ledgers and digital assets use shared, replicated records maintained by consensus among participants. They support new forms of payment, asset registration and contracting, with distinct operational and financial risks. In capital markets and investment and financial stability, ledger analysis informs how digital asset failures could spill into payments and markets. It supports evaluation of ledgers for transparent registries and aid distribution. The canonical description is on STEM Commons.

Tokenised settlement design review

Designs for tokenised securities are reviewed for the settlement asset, legal finality, key custody and interoperability with existing depositories and payment نظم.

Stablecoin reserve and redemption analysis

Circulating supply from public ledgers is compared with reserve attestations, and redemption scenarios trace which reserve assets would be sold into which markets.

On-chain flow analysis

Transfers between trading platforms, issuers and large holders are traced on public ledgers to describe concentration and flows, without inferring the identity of individuals.

03التعرّض والخسائر ورأس المال

What distributed ledgers in capital markets means for exposure, loss and capital.

عروض التعرّض والخسائر والسيناريوهات ورأس المال التي يطلبها مسؤول المخاطر أو الجهة الرقابية أو وزارة المالية، مع الأطر التي يقدّمون التقارير وفقًا لها. وتتبع الهياكل الممارسات الرقابية والاكتوارية. والقيم توضيحية: وليست أبدًا أسعارًا أو تصنيفات أو مشورة.

مؤشرات رأس المال والملاءة والمالية العامة

The indicators a risk officer, supervisor or ministry of finance reads first on distributed ledgers in capital markets.

المؤشرالوحدةمن يقرؤهالإطار
نسبة ⁨CET1⁩% من الأصول المرجحة بالمخاطرالمصارف، الجهات الرقابيةإطار بازل
نسبة تغطية السيولة% من التدفقات الخارجة في ظل الإجهادالمصارف، المصارف المركزيةإطار بازل
نسبة الملاءة% من متطلب رأس مال الملاءةشركات التأمين، الجهات الرقابيةالمبادئ الأساسية للتأمين الصادرة عن ⁨IAIS⁩
النسبة المجمّعة% من الأقساط المكتسبةشركات التأمينالممارسة الاكتوارية
فجوة الحمايةالحصة غير المؤمَّن عليها من الخسارة الاقتصاديةشركات التأمين، وزارات الماليةإحصاءات الخسائر المنشورة
الدين العام% من الناتج المحلي الإجماليوزارات المالية، صندوق النقد الدوليإطار القدرة على تحمّل الدين
إجمالي الاحتياجات التمويلية% من الناتج المحلي الإجمالي سنويًاوزارات المالية، المستثمرونإطار القدرة على تحمّل الدين
Source: the frameworks named in each row. Indicator names, units and frameworks only; values belong to each institution’s own reporting and are never shown here.
سيناريوهات ⁨NGFS⁩ المناخية · شبكة تخضير النظام المالي⁨IFRS S2⁩ الإفصاحات المتعلقة بالمناخ · ⁨ISSB⁩توصيات ⁨TCFD⁩ · مجلس الاستقرار المالي ⁨TCFD⁩مبادئ الإدارة الفعالة للمخاطر المالية المرتبطة بالمناخ · لجنة بازل للرقابة المصرفية
04البيانات

ما يستهلكه المنهج.

Datasets and records used by distributed ledgers and digital assets on this platform, with the role each plays and the label its values carry. Sources are listed in سجل المصادر.

البياناتالدورالوسم
Public blockchain ledgersSupply, transfers and holdingsمرصود
Stablecoin reserve attestationsReserve compositionمُعلَن
Smart contract audit reportsالرمز تقييم المخاطرمُبلَّغ عنه
Crypto-asset trading venue order booksسيولة السوقمرصود
05العملية

كيف تُسيَّر العملية.

Process explorer · Process

Distributed ledgers in capital markets: Payment from instruction to finality

8 خطوات4 مراحل

العملية

Distributed ledgers in capital markets: Payment from instruction to finality

An RTGS system checks a payment, queues it if funds are short, settles it gross in real time and gives final settlement.

  1. 01 الاستقبال

    1. 01Payment instructionSource · ParticipantThe system should use, or at least accommodate, relevant internationally accepted communication procedures and standards.
    2. 04Validity and conditionality checksStep · System operatorA payment is accepted once it passes validity and conditionality checks, such as funds or credit. An invalid payment is generally rejected.
  2. 02 Settlement

    1. 02السيولةDataset · ParticipantParticipants need liquidity for outgoing payments: central or commercial bank balances, incoming payments and intraday credit.
    2. 05QueueModel · System operatorA valid payment that fails conditionality checks is queued or rejected. Queuing and other liquidity-saving tools can cut liquidity needs.
    3. 06Settle in real time, grossStep · System operatorRTGS settles payments continuously, without deferral, usually one by one. Money settlements should use central bank money where practical.
  3. 03 Finality

    1. 07Final settlementRecord · System operatorThe system gives clear, certain final settlement by the end of the value date at least, intraday or real time where needed.
    2. 08ReconciliationStep · System operatorReconciliation checks that records issued by two different entities match. The pages read state no timing for payment نظم.
  4. 04 Resilience

    1. 03Business continuity and secondary siteExercise · System operatorThe plan uses a secondary site and aims to resume critical IT within two hours and settle by end of day. Arrangements are regularly tested.

Outline of an external standard or method, from its public sources. It describes what the framework says, not a record of any run. It does not show that Nexus or any partner performs, certifies or approves a step. A gate is a step of the method, never a Nexus approval. The source is the CPMI-IOSCO Principles for financial market infrastructures. A business continuity plan covers disruption.

06التحقق

كيف تُفحص النتائج.

Protocols and contracts are checked through formal verification, audits and adversarial testing. On-chain data allow independent reconciliation of balances and flows.

التحققكيف يُنفَّذ
Ledger reconciliationOn-chain supply is reconciled with issuer disclosures and any difference is reported
Code review evidenceReliance on smart contracts is checked against independent audits and formal verification where available
Attribution cautionAddress clustering is labelled as estimated; ownership is not asserted without authority records

Code defects and governance disputes can cause irreversible losses. Links to the traditional financial system are often opaque.

07الروابط

الموضوعات التي تعتمد على هذا المنهج.

08الرعاية

من يحتفظ بالمنهج.

⁨Fintech Nexus⁩ stewards distributed ledgers and digital assets for the Consortium and reviews how it is applied across platforms.

10أسئلة

أسئلة وأجوبة.

What are the limits of distributed ledgers and digital assets in this field?
Code defects and governance disputes can cause irreversible losses. Links to the traditional financial system are often opaque.
كيف تُفحص النتائج؟
Protocols and contracts are checked through formal verification, audits and adversarial testing. On-chain data allow independent reconciliation of balances and flows.
هل القيم المعروضة في هذه الصفحة حقيقية؟
The data names, roles and checks are real descriptions of practice. The canvas shows a design of the method’s use, not a run; no result is reported here.
أين يُطبَّق هذا المنهج أيضًا؟
مرصد صفحة المنهج المرجعية كل منصة تطبّقه.
⁨Reports⁩ساهم

ساهم بأدلة من هذه الصفحة.

⁨Reports⁩ is the Consortium’s quarterly publication. What you know about this subject can become evidence, a case or a correction in the next edition, credited to you and published under CC BY 4.0 where it is your own work.

⁨Global Risks Alliance⁩⁨Capital Markets Nexus⁩مخاطر القطاعات والصمود على الصعيد العالميالسيناريو واختبار الإجهاد
⁨Capital Markets Nexus⁩

اعرض على التحالف سؤالًا يتعلق بالتعرّض أو رأس المال.

المعلومات والاستفسارات متاحة اليوم. ويحصل الاستفسار على رقم مرجعي ويحدد الخطوة التالية؛ ولا تُفتح الطلبات والمدفوعات وتخصيصات الحوسبة والتسجيلات إلا حين يتوافر فريقها وشروطها وقدرة المراجعة.