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 系统.
GRA · Capital Markets Nexus
空间金融资本与危害、风险暴露和转型的交汇之处
资本市场中的分布式账本
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.
01登记
Distributed ledgers in capital markets on the record.
方法记录STEM 方法
02申请
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.
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.
03风险暴露、损失与资本
What distributed ledgers in capital markets means for exposure, loss and capital.
风险官、监管者或财政部会要求的风险暴露、损失、情景和资本视图，以及它们据以报告的框架。结构遵循监管和精算实务。数值为说明性：绝非价格、评级或建议。
资本、偿付能力和财政指标
The indicators a risk officer, supervisor or ministry of finance reads first on distributed ledgers in capital markets.
| 指标 | 单位 | 谁来阅读 | 框架 |
|---|---|---|---|
| CET1 比率 | 占风险加权资产的百分比 | 银行、监管机构 | 巴塞尔框架 |
| 流动性覆盖率 | 压力流出的 % | 银行、中央银行 | 巴塞尔框架 |
| 偿付能力充足率 | 占偿付能力资本要求的百分比 | 保险公司、监管机构 | IAIS《保险核心原则》 |
| 综合成本率 | 占已赚保费的百分比 | 保险公司 | 精算实践 |
| 保护缺口 | 未投保部分占经济损失的比例 | 保险公司、财政部 | 已公布的损失统计 |
| 公共债务 | 占 GDP 的 % | 财政部、IMF | 债务可持续性框架 |
| 总融资需求 | 每年占 GDP 的 % | 财政部、投资者 | 债务可持续性框架 |
NGFS 气候情景 · 央行与监管机构绿色金融网络IFRS S2 气候相关披露 · ISSBTCFD 建议 · 金融稳定理事会 TCFD有效管理气候相关金融风险的原则 · 巴塞尔银行监管委员会
04数据
该方法使用的输入。
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 来源登记册.
| 数据 | 角色 | 标签 |
|---|---|---|
| Public blockchain ledgers | Supply, transfers and holdings | 观测 |
| Stablecoin reserve attestations | Reserve composition | 已声明 |
| Smart contract audit reports | 代码 风险评估 | 已报告 |
| Crypto-asset trading venue order books | 市场流动性 | 观测 |
05流程
流程如何运行。
Process explorer · Process
Distributed ledgers in capital markets: Payment from instruction to finality
8 个步骤·4 个阶段
流程
Distributed ledgers in capital markets: Payment from instruction to finality
实时全额结算（RTGS）系统检查支付，在资金不足时将其排队，实时进行全额结算并实现最终结算。
01 受理
- 01支付指令来源 · 参与者系统应使用或至少兼容相关的国际公认通信程序和标准。
- 04有效性与条件性检查步骤 · 系统运营者支付在通过有效性和条件性检查（如资金或信贷）后即被接受。无效支付通常会被拒绝。
02 结算
- 02流动性数据集 · 参与者参与者需要流动性来完成付出款项：中央银行或商业银行余额、收到的款项以及日间信贷。
- 05队列模型 · 系统运营者未通过条件性检查的有效支付会被排队或拒绝。排队及其他节约流动性的工具可以减少流动性需求。
- 06实时全额结算步骤 · 系统运营者RTGS 持续逐笔结算支付，不予延迟。资金结算在可行时应使用中央银行货币。
03 最终性
- 07最终结算记录 · 系统运营者系统至少在起息日结束前提供清晰、确定的最终结算，必要时在日间或实时提供。
- 08对账步骤 · 系统运营者对账检查两个不同实体签发的记录是否一致。所阅读的页面未说明支付 系统.
04 韧性
- 03业务连续性 与备用场所演练 · 系统运营者该计划使用备用场所，目标是在两小时内恢复关键 IT 系统并在当日结束前完成结算。相关安排定期进行测试。
根据公开来源对一项外部标准或方法的概述。它描述的是该框架的内容，而非任何运行的记录。它并不表明 Nexus 或任何合作伙伴执行、认证或批准某个步骤。关口是方法中的一个步骤，绝不是 Nexus 的批准。来源是 CPMI-IOSCO《金融市场基础设施原则》。业务连续性计划涵盖中断情形。
06验证
结果如何核查。
Protocols and contracts are checked through formal verification, audits and adversarial testing. On-chain data allow independent reconciliation of balances and flows.
| 核查 | 如何开展 |
|---|---|
| Ledger reconciliation | On-chain supply is reconciled with issuer disclosures and any difference is reported |
| Code review evidence | Reliance on smart contracts is checked against independent audits and formal verification where available |
| Attribution caution | Address 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.
08管理责任
由谁维护该方法。
Fintech Nexus stewards distributed ledgers and digital assets for the Consortium and reviews how it is applied across platforms.
09已关联
本页在整个联合体中通向何处。
10问题
问题与解答。
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.
结果如何核查？
Protocols and contracts are checked through formal verification, audits and adversarial testing. On-chain data allow independent reconciliation of balances and flows.
本页面上的数值是真实的吗？
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.
该方法还应用于何处？
维持社会运转的各个 规范方法页面 列出应用该方法的每个平台。
报告贡献
从本页贡献证据。
报告 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.
全球风险联盟（Global Risks Alliance）Capital Markets Nexus全球部门风险与韧性情景与压力测试
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法律
法律文件。
本网站上的地图、数据和图表仅作为背景和一般信息展示。它们不是建议、预测或预警；信息的局限见免责声明和数据说明。