The Promise of Blockchain Technology for Global Securities and Derivatives Markets: The New Financial Ecosystem and the ‘Holy Grail’ of ... View Full Text


Ontology type: schema:ScholarlyArticle     


Article Info

DATE

2019-03

AUTHORS

Emilios Avgouleas, Aggelos Kiayias

ABSTRACT

Weaknesses in investor control over their investments and in warehousing systemic risk in modern Financial Market Infrastructure (FMI) are the result of a combination of market failures and of structural flaws deeply ingrained in modern financial markets. Yet the utility of complex FMI comprising long custodial chains and large global Central Counterparties (CCPs) for the operation of modern markets is not seriously disputed. The change in the technology paradigm with the introduction of DLT systems for securities and derivatives FMI can increase investor control, the efficiency of risk management and, to some extent, augment the distribution of systemic risk. It can thus create a more diverse and resilient financial ecosystem. This cross-disciplinary paper identifies a multitude of reasons that favour a paradigm shift in FMI technology. It also sketches a comprehensive blockchain-based framework for the development of permission-based platforms for derivatives clearing and settlement and the handling of liquidity shortages within DLT systems. Arguably, the impact of technological change should lead to a reduction of industry rents for the benefit of end investors and of the end users of finance (entrepreneurs and businesses) enhancing market welfare. Therefore, the use of blockchain technology in FMI can transform the structure and future direction of the financial services industry as a whole. More... »

PAGES

81-110

Identifiers

URI

http://scigraph.springernature.com/pub.10.1007/s40804-019-00133-3

DOI

http://dx.doi.org/10.1007/s40804-019-00133-3

DIMENSIONS

https://app.dimensions.ai/details/publication/pub.1112459713


Indexing Status Check whether this publication has been indexed by Scopus and Web Of Science using the SN Indexing Status Tool
Incoming Citations Browse incoming citations for this publication using opencitations.net

JSON-LD is the canonical representation for SciGraph data.

TIP: You can open this SciGraph record using an external JSON-LD service: JSON-LD Playground Google SDTT

[
  {
    "@context": "https://springernature.github.io/scigraph/jsonld/sgcontext.json", 
    "about": [
      {
        "id": "http://purl.org/au-research/vocabulary/anzsrc-for/2008/1502", 
        "inDefinedTermSet": "http://purl.org/au-research/vocabulary/anzsrc-for/2008/", 
        "name": "Banking, Finance and Investment", 
        "type": "DefinedTerm"
      }, 
      {
        "id": "http://purl.org/au-research/vocabulary/anzsrc-for/2008/15", 
        "inDefinedTermSet": "http://purl.org/au-research/vocabulary/anzsrc-for/2008/", 
        "name": "Commerce, Management, Tourism and Services", 
        "type": "DefinedTerm"
      }
    ], 
    "author": [
      {
        "affiliation": {
          "alternateName": "Guido Carli Free International University for Social Studies", 
          "id": "https://www.grid.ac/institutes/grid.18038.32", 
          "name": [
            "Chair in International Banking Law and Finance, University of Edinburgh, Edinburgh, UK", 
            "Visiting Research Professor, Faculty of Law, Hong Kong University, Hong Kong, People\u2019s Republic of China", 
            "Senior Fellow and Visiting Professor, School of European Political Economy, LUISS, Rome, Italy"
          ], 
          "type": "Organization"
        }, 
        "familyName": "Avgouleas", 
        "givenName": "Emilios", 
        "type": "Person"
      }, 
      {
        "affiliation": {
          "alternateName": "University of Edinburgh", 
          "id": "https://www.grid.ac/institutes/grid.4305.2", 
          "name": [
            "Chair in Cyber Security and Privacy, School of Informatics, University of Edinburgh, Edinburgh, UK", 
            "Director of Blockchain Technology Laboratory, School of Informatics, University of Edinburgh, Edinburgh, UK"
          ], 
          "type": "Organization"
        }, 
        "familyName": "Kiayias", 
        "givenName": "Aggelos", 
        "type": "Person"
      }
    ], 
    "citation": [
      {
        "id": "https://doi.org/10.1016/0022-0531(82)90099-0", 
        "sameAs": [
          "https://app.dimensions.ai/details/publication/pub.1015186011"
        ], 
        "type": "CreativeWork"
      }, 
      {
        "id": "https://doi.org/10.1093/rapstu/rar001", 
        "sameAs": [
          "https://app.dimensions.ai/details/publication/pub.1020174382"
        ], 
        "type": "CreativeWork"
      }, 
      {
        "id": "https://doi.org/10.1017/s0008197315000598", 
        "sameAs": [
          "https://app.dimensions.ai/details/publication/pub.1053916535"
        ], 
        "type": "CreativeWork"
      }, 
      {
        "id": "https://doi.org/10.1086/296343", 
        "sameAs": [
          "https://app.dimensions.ai/details/publication/pub.1058606169"
        ], 
        "type": "CreativeWork"
      }, 
      {
        "id": "https://doi.org/10.1086/466971", 
        "sameAs": [
          "https://app.dimensions.ai/details/publication/pub.1058751621"
        ], 
        "type": "CreativeWork"
      }, 
      {
        "id": "https://doi.org/10.1093/rfs/3.1.133", 
        "sameAs": [
          "https://app.dimensions.ai/details/publication/pub.1060005477"
        ], 
        "type": "CreativeWork"
      }, 
      {
        "id": "https://doi.org/10.21314/jfmi.2016.056", 
        "sameAs": [
          "https://app.dimensions.ai/details/publication/pub.1068977247"
        ], 
        "type": "CreativeWork"
      }, 
      {
        "id": "https://doi.org/10.5089/9781463923952.001", 
        "sameAs": [
          "https://app.dimensions.ai/details/publication/pub.1072581091"
        ], 
        "type": "CreativeWork"
      }, 
      {
        "id": "https://doi.org/10.5089/9781498355995.001", 
        "sameAs": [
          "https://app.dimensions.ai/details/publication/pub.1072583646"
        ], 
        "type": "CreativeWork"
      }, 
      {
        "id": "https://doi.org/10.5089/9781475599343.001", 
        "sameAs": [
          "https://app.dimensions.ai/details/publication/pub.1085868086"
        ], 
        "type": "CreativeWork"
      }, 
      {
        "id": "https://doi.org/10.1017/cbo9781316181553.014", 
        "sameAs": [
          "https://app.dimensions.ai/details/publication/pub.1089433410"
        ], 
        "type": "CreativeWork"
      }, 
      {
        "id": "https://doi.org/10.1017/cbo9781139019446", 
        "sameAs": [
          "https://app.dimensions.ai/details/publication/pub.1098666373"
        ], 
        "type": "CreativeWork"
      }, 
      {
        "id": "https://doi.org/10.2139/ssrn.1340660", 
        "sameAs": [
          "https://app.dimensions.ai/details/publication/pub.1102261154"
        ], 
        "type": "CreativeWork"
      }, 
      {
        "id": "https://doi.org/10.2139/ssrn.1710802", 
        "sameAs": [
          "https://app.dimensions.ai/details/publication/pub.1102297030"
        ], 
        "type": "CreativeWork"
      }, 
      {
        "id": "https://doi.org/10.2139/ssrn.2262248", 
        "sameAs": [
          "https://app.dimensions.ai/details/publication/pub.1102378080"
        ], 
        "type": "CreativeWork"
      }, 
      {
        "id": "https://doi.org/10.2139/ssrn.2588986", 
        "sameAs": [
          "https://app.dimensions.ai/details/publication/pub.1102430354"
        ], 
        "type": "CreativeWork"
      }, 
      {
        "id": "https://doi.org/10.2139/ssrn.2625579", 
        "sameAs": [
          "https://app.dimensions.ai/details/publication/pub.1102434824"
        ], 
        "type": "CreativeWork"
      }, 
      {
        "id": "https://doi.org/10.2139/ssrn.2941643", 
        "sameAs": [
          "https://app.dimensions.ai/details/publication/pub.1102475157"
        ], 
        "type": "CreativeWork"
      }, 
      {
        "id": "https://doi.org/10.5089/9781484347300.001", 
        "sameAs": [
          "https://app.dimensions.ai/details/publication/pub.1103352633"
        ], 
        "type": "CreativeWork"
      }, 
      {
        "id": "https://doi.org/10.2139/ssrn.2786972", 
        "sameAs": [
          "https://app.dimensions.ai/details/publication/pub.1103575325"
        ], 
        "type": "CreativeWork"
      }, 
      {
        "id": "https://doi.org/10.21314/jfmi.2018.085", 
        "sameAs": [
          "https://app.dimensions.ai/details/publication/pub.1105059442"
        ], 
        "type": "CreativeWork"
      }
    ], 
    "datePublished": "2019-03", 
    "datePublishedReg": "2019-03-01", 
    "description": "Weaknesses in investor control over their investments and in warehousing systemic risk in modern Financial Market Infrastructure (FMI) are the result of a combination of market failures and of structural flaws deeply ingrained in modern financial markets. Yet the utility of complex FMI comprising long custodial chains and large global Central Counterparties (CCPs) for the operation of modern markets is not seriously disputed. The change in the technology paradigm with the introduction of DLT systems for securities and derivatives FMI can increase investor control, the efficiency of risk management and, to some extent, augment the distribution of systemic risk. It can thus create a more diverse and resilient financial ecosystem. This cross-disciplinary paper identifies a multitude of reasons that favour a paradigm shift in FMI technology. It also sketches a comprehensive blockchain-based framework for the development of permission-based platforms for derivatives clearing and settlement and the handling of liquidity shortages within DLT systems. Arguably, the impact of technological change should lead to a reduction of industry rents for the benefit of end investors and of the end users of finance (entrepreneurs and businesses) enhancing market welfare. Therefore, the use of blockchain technology in FMI can transform the structure and future direction of the financial services industry as a whole.", 
    "genre": "research_article", 
    "id": "sg:pub.10.1007/s40804-019-00133-3", 
    "inLanguage": [
      "en"
    ], 
    "isAccessibleForFree": false, 
    "isPartOf": [
      {
        "id": "sg:journal.1136586", 
        "issn": [
          "1566-7529", 
          "1741-6205"
        ], 
        "name": "European Business Organization Law Review", 
        "type": "Periodical"
      }, 
      {
        "issueNumber": "1", 
        "type": "PublicationIssue"
      }, 
      {
        "type": "PublicationVolume", 
        "volumeNumber": "20"
      }
    ], 
    "name": "The Promise of Blockchain Technology for Global Securities and Derivatives Markets: The New Financial Ecosystem and the \u2018Holy Grail\u2019 of Systemic Risk Containment", 
    "pagination": "81-110", 
    "productId": [
      {
        "name": "readcube_id", 
        "type": "PropertyValue", 
        "value": [
          "507b18000fe0e3c05d1bc42b2cb146332a3f0c1b954436f985f606ef451c384b"
        ]
      }, 
      {
        "name": "doi", 
        "type": "PropertyValue", 
        "value": [
          "10.1007/s40804-019-00133-3"
        ]
      }, 
      {
        "name": "dimensions_id", 
        "type": "PropertyValue", 
        "value": [
          "pub.1112459713"
        ]
      }
    ], 
    "sameAs": [
      "https://doi.org/10.1007/s40804-019-00133-3", 
      "https://app.dimensions.ai/details/publication/pub.1112459713"
    ], 
    "sdDataset": "articles", 
    "sdDatePublished": "2019-04-11T11:54", 
    "sdLicense": "https://scigraph.springernature.com/explorer/license/", 
    "sdPublisher": {
      "name": "Springer Nature - SN SciGraph project", 
      "type": "Organization"
    }, 
    "sdSource": "s3://com-uberresearch-data-dimensions-target-20181106-alternative/cleanup/v134/2549eaecd7973599484d7c17b260dba0a4ecb94b/merge/v9/a6c9fde33151104705d4d7ff012ea9563521a3ce/jats-lookup/v90/0000000359_0000000359/records_29200_00000003.jsonl", 
    "type": "ScholarlyArticle", 
    "url": "https://link.springer.com/10.1007%2Fs40804-019-00133-3"
  }
]
 

Download the RDF metadata as:  json-ld nt turtle xml License info

HOW TO GET THIS DATA PROGRAMMATICALLY:

JSON-LD is a popular format for linked data which is fully compatible with JSON.

curl -H 'Accept: application/ld+json' 'https://scigraph.springernature.com/pub.10.1007/s40804-019-00133-3'

N-Triples is a line-based linked data format ideal for batch operations.

curl -H 'Accept: application/n-triples' 'https://scigraph.springernature.com/pub.10.1007/s40804-019-00133-3'

Turtle is a human-readable linked data format.

curl -H 'Accept: text/turtle' 'https://scigraph.springernature.com/pub.10.1007/s40804-019-00133-3'

RDF/XML is a standard XML format for linked data.

curl -H 'Accept: application/rdf+xml' 'https://scigraph.springernature.com/pub.10.1007/s40804-019-00133-3'


 

This table displays all metadata directly associated to this object as RDF triples.

135 TRIPLES      21 PREDICATES      48 URIs      19 LITERALS      7 BLANK NODES

Subject Predicate Object
1 sg:pub.10.1007/s40804-019-00133-3 schema:about anzsrc-for:15
2 anzsrc-for:1502
3 schema:author N06762c36d9594bd1ae0f737ad153d932
4 schema:citation https://doi.org/10.1016/0022-0531(82)90099-0
5 https://doi.org/10.1017/cbo9781139019446
6 https://doi.org/10.1017/cbo9781316181553.014
7 https://doi.org/10.1017/s0008197315000598
8 https://doi.org/10.1086/296343
9 https://doi.org/10.1086/466971
10 https://doi.org/10.1093/rapstu/rar001
11 https://doi.org/10.1093/rfs/3.1.133
12 https://doi.org/10.21314/jfmi.2016.056
13 https://doi.org/10.21314/jfmi.2018.085
14 https://doi.org/10.2139/ssrn.1340660
15 https://doi.org/10.2139/ssrn.1710802
16 https://doi.org/10.2139/ssrn.2262248
17 https://doi.org/10.2139/ssrn.2588986
18 https://doi.org/10.2139/ssrn.2625579
19 https://doi.org/10.2139/ssrn.2786972
20 https://doi.org/10.2139/ssrn.2941643
21 https://doi.org/10.5089/9781463923952.001
22 https://doi.org/10.5089/9781475599343.001
23 https://doi.org/10.5089/9781484347300.001
24 https://doi.org/10.5089/9781498355995.001
25 schema:datePublished 2019-03
26 schema:datePublishedReg 2019-03-01
27 schema:description Weaknesses in investor control over their investments and in warehousing systemic risk in modern Financial Market Infrastructure (FMI) are the result of a combination of market failures and of structural flaws deeply ingrained in modern financial markets. Yet the utility of complex FMI comprising long custodial chains and large global Central Counterparties (CCPs) for the operation of modern markets is not seriously disputed. The change in the technology paradigm with the introduction of DLT systems for securities and derivatives FMI can increase investor control, the efficiency of risk management and, to some extent, augment the distribution of systemic risk. It can thus create a more diverse and resilient financial ecosystem. This cross-disciplinary paper identifies a multitude of reasons that favour a paradigm shift in FMI technology. It also sketches a comprehensive blockchain-based framework for the development of permission-based platforms for derivatives clearing and settlement and the handling of liquidity shortages within DLT systems. Arguably, the impact of technological change should lead to a reduction of industry rents for the benefit of end investors and of the end users of finance (entrepreneurs and businesses) enhancing market welfare. Therefore, the use of blockchain technology in FMI can transform the structure and future direction of the financial services industry as a whole.
28 schema:genre research_article
29 schema:inLanguage en
30 schema:isAccessibleForFree false
31 schema:isPartOf N976ab1d12ac641c59088fc7db70f30e0
32 N9fb3b6dd34e747f4b0ee154091f7ee3e
33 sg:journal.1136586
34 schema:name The Promise of Blockchain Technology for Global Securities and Derivatives Markets: The New Financial Ecosystem and the ‘Holy Grail’ of Systemic Risk Containment
35 schema:pagination 81-110
36 schema:productId N05bd8e3ee699477a8254600bacb559c2
37 N07484291e1e34fdab569a3131e9e5153
38 Ncef2ca62d33b478f8d390d825c4d00bf
39 schema:sameAs https://app.dimensions.ai/details/publication/pub.1112459713
40 https://doi.org/10.1007/s40804-019-00133-3
41 schema:sdDatePublished 2019-04-11T11:54
42 schema:sdLicense https://scigraph.springernature.com/explorer/license/
43 schema:sdPublisher Ncdb76145e66b43b6a0511ecd3c11521e
44 schema:url https://link.springer.com/10.1007%2Fs40804-019-00133-3
45 sgo:license sg:explorer/license/
46 sgo:sdDataset articles
47 rdf:type schema:ScholarlyArticle
48 N05bd8e3ee699477a8254600bacb559c2 schema:name doi
49 schema:value 10.1007/s40804-019-00133-3
50 rdf:type schema:PropertyValue
51 N06762c36d9594bd1ae0f737ad153d932 rdf:first Ndb6aacae13a44222a3627d54e13b578e
52 rdf:rest N1e7605557e6e434881ed573c112d12f8
53 N07484291e1e34fdab569a3131e9e5153 schema:name readcube_id
54 schema:value 507b18000fe0e3c05d1bc42b2cb146332a3f0c1b954436f985f606ef451c384b
55 rdf:type schema:PropertyValue
56 N1e7605557e6e434881ed573c112d12f8 rdf:first N519407c7252548b8b81fd0fdd6487e24
57 rdf:rest rdf:nil
58 N519407c7252548b8b81fd0fdd6487e24 schema:affiliation https://www.grid.ac/institutes/grid.4305.2
59 schema:familyName Kiayias
60 schema:givenName Aggelos
61 rdf:type schema:Person
62 N976ab1d12ac641c59088fc7db70f30e0 schema:issueNumber 1
63 rdf:type schema:PublicationIssue
64 N9fb3b6dd34e747f4b0ee154091f7ee3e schema:volumeNumber 20
65 rdf:type schema:PublicationVolume
66 Ncdb76145e66b43b6a0511ecd3c11521e schema:name Springer Nature - SN SciGraph project
67 rdf:type schema:Organization
68 Ncef2ca62d33b478f8d390d825c4d00bf schema:name dimensions_id
69 schema:value pub.1112459713
70 rdf:type schema:PropertyValue
71 Ndb6aacae13a44222a3627d54e13b578e schema:affiliation https://www.grid.ac/institutes/grid.18038.32
72 schema:familyName Avgouleas
73 schema:givenName Emilios
74 rdf:type schema:Person
75 anzsrc-for:15 schema:inDefinedTermSet anzsrc-for:
76 schema:name Commerce, Management, Tourism and Services
77 rdf:type schema:DefinedTerm
78 anzsrc-for:1502 schema:inDefinedTermSet anzsrc-for:
79 schema:name Banking, Finance and Investment
80 rdf:type schema:DefinedTerm
81 sg:journal.1136586 schema:issn 1566-7529
82 1741-6205
83 schema:name European Business Organization Law Review
84 rdf:type schema:Periodical
85 https://doi.org/10.1016/0022-0531(82)90099-0 schema:sameAs https://app.dimensions.ai/details/publication/pub.1015186011
86 rdf:type schema:CreativeWork
87 https://doi.org/10.1017/cbo9781139019446 schema:sameAs https://app.dimensions.ai/details/publication/pub.1098666373
88 rdf:type schema:CreativeWork
89 https://doi.org/10.1017/cbo9781316181553.014 schema:sameAs https://app.dimensions.ai/details/publication/pub.1089433410
90 rdf:type schema:CreativeWork
91 https://doi.org/10.1017/s0008197315000598 schema:sameAs https://app.dimensions.ai/details/publication/pub.1053916535
92 rdf:type schema:CreativeWork
93 https://doi.org/10.1086/296343 schema:sameAs https://app.dimensions.ai/details/publication/pub.1058606169
94 rdf:type schema:CreativeWork
95 https://doi.org/10.1086/466971 schema:sameAs https://app.dimensions.ai/details/publication/pub.1058751621
96 rdf:type schema:CreativeWork
97 https://doi.org/10.1093/rapstu/rar001 schema:sameAs https://app.dimensions.ai/details/publication/pub.1020174382
98 rdf:type schema:CreativeWork
99 https://doi.org/10.1093/rfs/3.1.133 schema:sameAs https://app.dimensions.ai/details/publication/pub.1060005477
100 rdf:type schema:CreativeWork
101 https://doi.org/10.21314/jfmi.2016.056 schema:sameAs https://app.dimensions.ai/details/publication/pub.1068977247
102 rdf:type schema:CreativeWork
103 https://doi.org/10.21314/jfmi.2018.085 schema:sameAs https://app.dimensions.ai/details/publication/pub.1105059442
104 rdf:type schema:CreativeWork
105 https://doi.org/10.2139/ssrn.1340660 schema:sameAs https://app.dimensions.ai/details/publication/pub.1102261154
106 rdf:type schema:CreativeWork
107 https://doi.org/10.2139/ssrn.1710802 schema:sameAs https://app.dimensions.ai/details/publication/pub.1102297030
108 rdf:type schema:CreativeWork
109 https://doi.org/10.2139/ssrn.2262248 schema:sameAs https://app.dimensions.ai/details/publication/pub.1102378080
110 rdf:type schema:CreativeWork
111 https://doi.org/10.2139/ssrn.2588986 schema:sameAs https://app.dimensions.ai/details/publication/pub.1102430354
112 rdf:type schema:CreativeWork
113 https://doi.org/10.2139/ssrn.2625579 schema:sameAs https://app.dimensions.ai/details/publication/pub.1102434824
114 rdf:type schema:CreativeWork
115 https://doi.org/10.2139/ssrn.2786972 schema:sameAs https://app.dimensions.ai/details/publication/pub.1103575325
116 rdf:type schema:CreativeWork
117 https://doi.org/10.2139/ssrn.2941643 schema:sameAs https://app.dimensions.ai/details/publication/pub.1102475157
118 rdf:type schema:CreativeWork
119 https://doi.org/10.5089/9781463923952.001 schema:sameAs https://app.dimensions.ai/details/publication/pub.1072581091
120 rdf:type schema:CreativeWork
121 https://doi.org/10.5089/9781475599343.001 schema:sameAs https://app.dimensions.ai/details/publication/pub.1085868086
122 rdf:type schema:CreativeWork
123 https://doi.org/10.5089/9781484347300.001 schema:sameAs https://app.dimensions.ai/details/publication/pub.1103352633
124 rdf:type schema:CreativeWork
125 https://doi.org/10.5089/9781498355995.001 schema:sameAs https://app.dimensions.ai/details/publication/pub.1072583646
126 rdf:type schema:CreativeWork
127 https://www.grid.ac/institutes/grid.18038.32 schema:alternateName Guido Carli Free International University for Social Studies
128 schema:name Chair in International Banking Law and Finance, University of Edinburgh, Edinburgh, UK
129 Senior Fellow and Visiting Professor, School of European Political Economy, LUISS, Rome, Italy
130 Visiting Research Professor, Faculty of Law, Hong Kong University, Hong Kong, People’s Republic of China
131 rdf:type schema:Organization
132 https://www.grid.ac/institutes/grid.4305.2 schema:alternateName University of Edinburgh
133 schema:name Chair in Cyber Security and Privacy, School of Informatics, University of Edinburgh, Edinburgh, UK
134 Director of Blockchain Technology Laboratory, School of Informatics, University of Edinburgh, Edinburgh, UK
135 rdf:type schema:Organization
 




Preview window. Press ESC to close (or click here)


...