The Future of the Securities Value Chain

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

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