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GRA · 支付与市场基础设施

空间金融资本与危害、风险暴露和转型的交汇之处

面向支付与市场基础设施的分布式账本与数字资产

Distributed ledger technology records transactions on shared ledgers maintained by several parties. On this platform it is examined as a possible basis for tokenised settlement, with attention to finality, governance, interoperability and 操作风险.

提出咨询 Back to STEM foundation of Payments and Market Infrastructure
01登记

Distributed ledgers and digital assets for payments and market infrastructure on the record.

方法记录STEM 方法
  1. 方法分布式账本与数字资产
  2. 管理者Fintech Nexus
  3. 应用于支付与市场基础设施
  4. 数据3 inputs
  6. 规范页面STEM 公共资源
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 financial stability, cyber and digital resilience and digital public infrastructure, 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.

Settlement finality on ledgers

Whether and when a transaction on a distributed ledger becomes legally and operationally final is compared with conventional settlement.

Tokenised settlement experiments

Central bank and industry experiments with tokenised money and securities are reviewed for their design and stated findings.

Governance of shared ledgers

Who can change rules, admit participants and fix errors on a shared ledger is examined as a resilience question.

03压力测试

资产冲击如何演变为系统性损失。

银行间传染之后系统损失的权益，相对于最初的冲击，随杠杆、互联程度和回收率变化而变化，这是宏观审慎 压力测试的核心。这是带有明示示意数值的教学模型，不是预测。

控制措施

外部资产下降
2.0%
杠杆率（资产与权益之比）
10 倍
银行间资产占比
10%
银行间债权的回收
40%
体系内的银行
20
核心银行
占银行的 20%

读数

初始冲击造成的权益损失
18.0%
传染后的权益损失
45.0%
传染新增（DebtRank）
27.0 个点
违约银行
0
数字、方法与来源
轮次系统权益损失（%）违约银行
018.000
128.800
235.280
339.170
441.500
542.900
643.740
744.240
844.550
944.730
1044.840
1144.900
1244.940
1344.960
1444.980
1544.990
1644.990
1745.000
1845.000
1945.000
2045.000
2145.000
2245.000
2345.000
2445.000
2545.000
2645.000
2745.000
2845.000
2945.000
3045.000

方法

  1. DebtRank Battiston 等（2012），Scientific Reports 2:541
  2. 差异化 DebtRank Bardoscia and others (2015), PLOS ONE 10
  3. 金融网络中的传染 Gai and Kapadia (2010), Proc. R. Soc. A 466
  4. 金融网络中的清算 Eisenberg 和 Noe（2001），Management Science 47
  5. 不确定性扇形图（参数蒙特卡罗） Spiegelhalter, Pearson and Short (2011), Visualising uncertainty about the future, Science 333
  6. 单因素敏感性（龙卷风图） Saltelli and others (2008), Global Sensitivity Analysis: The Primer, Wiley

数据

No observed data enters this model: it runs on the teaching values set by the controls, to be replaced with a programme’s own evidence.

资产冲击如何演变为系统损失。示意性教学模型：它依据控件设定的数值运行，而不是实测数据。方法：DebtRank（Battiston 等（2012），Scientific Reports 2:541）；Differential DebtRank（Bardoscia 等（2015），PLOS ONE 10）；金融网络中的传染（Gai 和 Kapadia（2010），Proc. R. Soc. A 466）。

贯穿六大支柱，由 Nexus Consortium 牵头

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
BIS Innovation Hub reportsExperiment designs已报告
Legal analyses of finalityLegal certainty已报告
Stablecoin and token disclosuresArrangement terms已声明
05风险暴露、损失与资本

What it 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。

传导渠道

How a shock in distributed ledgers and digital assets for payments and market infrastructure reaches credit, market, underwriting, liquidity and operational risk, and feeds back.

Channel structure after the Basel Committee’s work on climate-related risk drivers and transmission channels; links shown are typical paths, not estimated exposures.
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
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
Finality statedEach design states its legal and technical finality point
Experiment versus productionExperimental results are not presented as operating 系统
互操作性Links to existing systems are described

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

07关联

依赖该方法的主题。

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.

Canonical page: Distributed ledgers and digital assets

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）支付与市场基础设施战略系统情景与压力测试

切勿发送个人数据、敏感基础设施细节或您无权分享的任何内容。贡献在使用前会经过审查；发送贡献不赋予署名权或编辑权，赞助也绝不能换取研究结论。

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