Regulatory changes for redesigned securities markets with distributed ledger technology

2020 ◽  
Vol 35 ◽  
Author(s):  
Muthukkumarasamy Thuvarakan
Keyword(s):  
Information Disclosure ◽  
Regulatory Compliance ◽  
Securities Market ◽  
Securities Markets ◽  
Payment Systems ◽  
Regulatory Changes ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Potential Applications ◽  
The Impact

Abstract Distributed ledger technology (DLT) is regarded as a revolutionary solution that offers immutability, transparency, trust, and efficiency while ‘transcending law and regulation’. One of the potential applications of DLT is in the securities market. Share registration, settlement, regulatory compliance, information disclosure, payment systems, and market service requirements can be redesigned with the use of DLT. This paper will examine the impact that such changes will have on legal theories and governance, while also discussing the effects on enforcement techniques. In addition, general blockchain-legal issues will be critically analyzed in the context of securities markets.

scholarly journals The mechanism of using distributed ledger technology by payment systems: advantages and disadvantages

2020 ◽  
Vol 19 (2) ◽  
pp. 122-130
Author(s):  
Umar Kaplanov
Keyword(s):  
Payment System ◽  
Payment Systems ◽  
Advantages And Disadvantages ◽  
Distributed Ledger ◽  
Distributed Ledger Technology

In this article, the author considers the role of distributed registries in improving the modern payment system. The essence of the distributed ledger mechanism is analyzed. The advantages and disadvantages of using distributed registries in the development and implementation of payment systems are identified.

scholarly journals Novel Payment Wallet Management with Blockchain Based Cryptocurrency

2019 ◽  
Vol 8 (2S4) ◽  
pp. 228-233
Keyword(s):  
Regulatory Authority ◽  
Payment Systems ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Payments System ◽  
Enterprise Technology ◽  
Business Application ◽  
The World ◽  
Actual Life

Blockchain for business is a new concept which enables many industries and organizations to implement even the basic of systems on foundation of blockchain technology. Using this technology, our goal is to develop a payments system that enables transfer of funds for a monetary transaction between two parties. Hyperledger is an open source community oriented effort which was made to propel cross-industry blockchain advances that were available. The Linux Foundation has it. It has partners from everywhere throughout the world , at a worldwide dimension and incorporates ventures like funding, banking, Internet of Things, supply chains, assembling and Technology. Using Blockchain for Enterprise technology, we are going to develop a new payments system that makes use of regulated cryptocurrency. Using this system, we want to create a new cryptocurrency specific to the payment portal for people to buy, sell and pay or earn rewards using this cryptocurrency. This system will majorly consist of participants and admins that will be divided based on the certificates assigned to every participant. Our implementation involves. using the fabric for creating a payment system run on the backend of blockchain technology. This will involve having a regulatory authority to maintain the cryptocurrency, ledger and authenticity of the users. Theoretically, the blockchain technology maintains anonymity for transactions. It uses a distributed ledger to record transactions for people to be able to make secure transactions without any repercussions. Blockchain for Enterprise implements Blockchain technology by using concepts like Trust, Privacy and Smart contracts in addition to the distributed ledger to create an industry friendly Blockchain business application. Blockchain is a rapidly growing field with multiple implementations which can be explored not just on anonymity but also on actual life implementations. Distributed ledger technology is applied to the payment systems. Cryptocurrency would now not only be used for anonymous transactions but also for regular day to day transactions.

Abstract: Institutional Portfolio Restrictions, Diverse Investor Opportunity Sets, and Securities Market Equilibrium

1977 ◽  
Vol 12 (4) ◽  
pp. 637-637 ◽  
Author(s):  
David W. Glenn
Keyword(s):  
Securities Market ◽  
Securities Markets ◽  
Expected Return ◽  
Market Prices ◽  
Risky Assets ◽  
Opportunity Sets ◽  
Market Portfolio ◽  
Risk Dimensions ◽  
The Impact ◽  
Two Parameter

This paper utilizes a two-parameter model of segmented securities markets to develop equilibrium implications concerning the impact of statutory investment restrictions upon the market prices and allocation of risky securities. The distinguishing feature of the model is the existence of a subset of securities common to the opportunities of all investors and therefore said to “span” the investor population. These common opportunities are shown to permit intersubset security transactions which integrate the various market segments and lead to the following theorem and tendency concerning equilibrium prices and portfolios:Theorem: In the absence of active barriers against short positions, the equilibrium expected return for any security spanning the investor population is an exact linear function of its contribution to total market risk, irrespective of the number of distinct investor segments that may exist.Tendency: The economic characteristics of the equilibrium risky portfolio for any investor, irrespective of the market segment to which he or she may belong, will approximate the characteristics of the market portfolio of all risky assets in the economy in all relevant risk dimensions.

scholarly journals Optimizing Disease Surveillance with Blockchain

2018 ◽  
Author(s):  
Flávio Codeço Coelho
Keyword(s):  
Infectious Diseases ◽  
Surveillance System ◽  
Disease Surveillance ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Reporting Process ◽  
Technical Specifications ◽  
The Impact

AbstractDisease surveillance, especially for infectious diseases, is a complex and inefficient process. Here we propose an optimized, blockchain-based monitoring and reporting process which can achieve all the desired features of an ideal surveillance system while maintaining costs down and being transparent and robust. We describe the technical specifications of such a solution and discuss possibilities for its implementation. Finally, the impact of the adoption of distributed ledger technology for disease surveillance is discussed.

scholarly journals The impact of the distributed ledger technology on the Single Euro Payments Area development

Equilibrium ◽  
2017 ◽  
Vol 12 (3) ◽  
Author(s):  
Elżbieta Jantoń-Drozdowska ◽  
Alicja Mikołajewicz-Woźniak
Keyword(s):  
Technology Implementation ◽  
Business Models ◽  
Banking Sector ◽  
Value Added ◽  
Time Frame ◽  
Current Status ◽  
Real Time Processing ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
The Impact

Research background: The year 2016 ended the period of the migration from national payment services to the SEPA instruments. At the same time, however, it has become apparent that some problems remained unresolved. Overcoming them requires finding suitable technological solutions. The potential of the distributed ledger technology (DLT) is currently being explored by the financial sector and its implementation may affect the SEPA schemes in a variety of dimensions. Purpose of the article: The aim of the article was to determine the potential impact that the DLT transfer to the banking sector may have on the functioning of the SEPA in the future. The paper presents SEPA’s assumptions and the current status of the project as well as the DTL’s concept.  It describes the technology transfer implications for the banking industry and compares the SEPA schemes currently operating with those based on the DLT. It also indicates the opportunities and threats that are the consequence of the new technology implementation and examines their significance for the SEPA. Methods: In the article, a qualitative analysis is supplemented with a quantitative one. Elements of descriptive statistics have been used to characterize the functioning of the main pillars of the SEPA schemes.  The final conclusions are based on the comparative analysis of the SEPA schemes and developed DLT applications. Findings & value added: The existing problems might be solved by supplementing the SEPA payment schemes currently operating with the applications based on the DLT. The systems that will be subsequently developed will provide the required real-time processing and a global reach. They will also extend the functionalities of the SEPA schemes with the ability to transfer other currencies. The implementation of this technology will result not only in new financial products but, first of all, in creating new business models. Consequently, we may expect a modification of the currently operating SEPA schemes, based on their supplementation rather than total replacement in a short time frame.

Understanding the Impact of Securities Markets Reform on the Economy of Brazil

2014 ◽  
pp. 339-349
Author(s):  
Deboshree Banerji ◽  
Rituparna Das
Keyword(s):  
Global Economy ◽  
Developing Economies ◽  
The Other ◽  
Securities Market ◽  
Securities Markets ◽  
The Past ◽  
The World ◽  
International Standing ◽  
The Impact ◽  
Insight Into

The economic strength of a country depicts the international standing of a nation and also reflects the significance of the country in moulding the trends of the global economy equally. The Brazilian economy, like many developing economies, has many facets that have developed and matured with time. The Brazilian securities market has undergone much change over the past decade. The reforms that started with the implementation of the “Plano Real” have accelerated the Brazilian market and economy exponentially, thus making the economy one of the major investment destinations, with some calling it the “next superpower.” The fact that the Brazilian economy is a commodities-dominated economy has led the authors to probe into the various nuances related to the securities markets of Brazil, leading to this chapter through which we get a glimpse into the reforms in the securities market and the effect it has on the country as well as the world. The chapter meanders through the development of the Brazilian economy and provides insight into the heart of the Brazilian economy, thereby discussing the effect of the reforms on the economy of the country, how the same strikes the global economy, and the lessons that the country can learn from the other BRICS counterparts, through which it can consolidate its position.

scholarly journals Empirical Analysis of Non-Financial Reporting by Spanish Companies

2018 ◽  
Vol 8 (3) ◽  
pp. 29 ◽  
Author(s):  
Laura Sierra-Garcia ◽  
Maria Garcia-Benau ◽  
Helena Bollas-Araya
Keyword(s):  
Financial Reporting ◽  
Information Disclosure ◽  
Listed Companies ◽  
Regulatory Compliance ◽  
Financial Information ◽  
The European Union ◽  
Royal Decree ◽  
Additional Information ◽  
Eu Directive ◽  
The Impact

Spain is one of the European countries that is the most strongly committed to the presentation of non-financial information. In 2017, Spain adapted its legislation to Directive 2014/95/EU through Royal Decree-Law 18/2017, which required Public Interest Entities (PIEs) to provide information in accordance with the requirements of the European Union (EU) Directive, with respect to financial years from 1 January 2017. Our research is focused on Spanish IBEX-351 listed companies and seeks to identify current trends in non-financial reporting. To our knowledge, the present paper is the first study to examine the impact made in Spain by the legislative changes. Our aim is to analyse the publication of non-financial information by Spanish listed companies whose first reports in this regard were made from early 2018. Specifically, we consider the impact of this information disclosure, determining whether the companies in question restrict themselves to meeting regulatory requirements or whether they go further and voluntarily supply additional information. Our findings show that the level of regulatory compliance produced is associated with the business sector in which the company operates. We also show that the highest rates of disclosure of non-financial information correspond to companies that provide this information in the sustainability report.

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