This white paper aims to assess the poten­ti­al impact of the many com­plex and con­cur- rent deve­lo­p­ments we are curr­ent­ly wit­nessing on the secu­ri­ty value chain. It does so by describ­ing the future in terms of pos­si­ble sce­na­ri­os. The insights have been gai­ned from work­shops, in-per­son inter­views and secon­da­ry sources (artic­les, books, reports, blogs and white papers). Important­ly, all sce­na­ri­os make an impli­cit under­ly­ing assump­ti­on: the­re will still be enti­ties in the future wan­ting to issue nan­cial pro­ducts and inves­tors wan­ting to buy tho­se nan­cial pro­ducts. We do not deal with the alter­na­ti­ve sce­na­rio in which this is no lon­ger the case (and the secu­ri­ties value chain would beco­me red­un­dant) becau­se we belie­ve this to be a very low-pro­ba­bi­li­ty sce­na­rio becau­se the reasons for issuing nan­cial pro­ducts (exter­nal nan­cing, hedging, liqui­di­ty pro­vi­si­on, spe­cu­la­ti­on, capi­tal gains etc.) will con­ti­nue to be rele­vant, as will the reasons for investing/​trading in them (capi­tal gains, hedging, socie­tal impact, spe­cu­la- tion etc.). Last­ly, we can­not under­stand the secu­ri­ties value chain wit­hout under­stan­ding its broa­der con­text and we the­r­e­fo­re extend the thin­king to nan­cial pro­ducts inde­pendent­ly of whe­ther they qua­li­fy as securities. …

Quel­le /​ Link: The Future of the Secu­ri­ties Value Chain