Tra­ding, clea­ring and sett­le­ment are in flux. Dome­sti­cal­ly and across bor­ders, efforts are under way to impro­ve the safe­ty and effi­ci­en­cy of “tra­di­tio­nal” finan­cial mar­ket infra­struc­tures (FMIs).

At the same time, a new gene­ra­ti­on of FMIs based on dis­tri­bu­ted led­ger tech­no­lo­gy (DLT) is emer­ging. In Switz­er­land, for exam­p­le, SIX Digi­tal Exch­an­ge (SDX) offers tra­ding and sett­le­ment of so-cal­led toke­nis­ed assets. At this ear­ly stage, SDX and other DLT-based infra­struc­tures depend on pri­va­te­ly issued forms of money to sett­le toke­nis­ed asset tran­sac­tions. Howe­ver, this might chan­ge in future. For ins­tance, if such infra­struc­tures were to beco­me sys­te­mi­cal­ly important, inter­na­tio­nal regu­la­to­ry stan­dards sug­gest that obli­ga­ti­ons should be sett­led in cen­tral bank money when­ever prac­ti­cal and available. In addi­ti­on, cen­tral banks might con­sider exten­ding mone­ta­ry poli­cy imple­men­ta­ti­on to toke­nis­ed asset mar­kets or faci­li­ta­ting the build-up of a toke­nis­ed ecosystem.

Pro­ject Hel­ve­tia is a respon­se to this pos­si­ble tran­si­ti­on to a toke­nis­ed finan­cial eco­sys­tem. It is a mul­ti-pha­se inves­ti­ga­ti­on into how cen­tral banks could offer sett­le­ment in cen­tral bank money pro­vi­ded that the­re is signi­fi­cant adop­ti­on of this new gene­ra­ti­on of FMIs. The pro­ject is expe­ri­men­tal and does not indi­ca­te that the SNB intends to issue wCBDC. …

Quel­le /​ Link: Pro­ject Hel­ve­tia Pha­se II Sett­ling toke­nis­ed assets in who­le­sa­le CBDC