Shanghai Stock Exchange (SSE) Seeks Blockchain DLT Benefits Despite Legal Uncertainties

2018-7-13 07:05

Shanghai Stock Exchange Demands New Regulations To Clear Way For DLT

One of the largest securities trading venues in the world, Shanghai Stock Exchange, has shown interest that it is keen on using distributed ledger technology (DLT) in the securities market. On a research paper which the stock exchange published on Tuesday, it analyzed the use of DLT in a number of phases in a safe transaction.

These include pre-trading client registration, safety issuance and trading, as well as post-trading clearance. The paper goes ahead to give a summary of some of the main benefits of embracing the use of DLT in the nation’s fiscal infrastructure. Some of these benefits include enhancing the settlement effectiveness by replacing the present model, which only allowed transactions to be completed after one business day.

The 4th Largest Stock Exchange in the World

By virtue of it being the 4th largest stock exchange with a market cap of $5.2 trillion by end of last year, the SSE is a non-profit entity which is directly managed by China’s Securities Regulatory Commission.

SSE took cue from other large financial markets like Hong Kong and Australia, whereby it was able to recognize prospective areas in the report in which DLT could be of benefit to the emerging super power. The research paper asserts that there is a universal international consensus that DLT is an emerging revolution in the fiscal industry.

Over and above, the research paper also suggests that a prospective deployment of DLT at the SSE will definitely face a number of regulatory hurdles. This is due to the fact that DLT is in conflict with the present national registration and clearance structure.

One of the hurdles the DLT has to overcome is the fact that the SSE presently makes use of a third-party authority as custodian for settling transactions after trading. However, the use of DLT has the potential of doing away with the system.

In its conclusion, the paper asserts that the new technology ought to be adopted, with an urgent need to treat the DLT issue as a crucial element for progress. This is because the system will help develop a solid regulatory structure for taking up fiscal novelty.

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