Weaknesses in investor control over their investments and in warehousing systemic risk in modern Financial Market Infrastructure (FMI) are the result of a combination of market failures and of structural flaws deeply ingrained in modern financial markets. Yet the utility of complex FMI comprising long custodial chains and large global Central Counterparties (CCPs) for the operation of modern markets is not seriously disputed. The change in the technology paradigm with the introduction of DLT systems for securities and derivatives FMI can increase investor control, the efficiency of risk management and, to some extent, augment the distribution of systemic risk. It can thus create a more diverse and resilient financial ecosystem. This cross-disciplinary paper identifies a multitude of reasons that favour a paradigm shift in FMI technology. It also sketches a comprehensive blockchain-based framework for the development of permission-based platforms for derivatives clearing and settlement and the handling of liquidity shortages within DLT systems. Arguably, the impact of technological change should lead to a reduction of industry rents for the benefit of end investors and of the end users of finance (entrepreneurs and businesses) enhancing market welfare. Therefore, the use of blockchain technology in FMI can transform the structure and future direction of the financial services industry as a whole.

中文翻译：

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区块链技术对全球证券和衍生品市场的承诺：新的金融生态系统和系统性风险控制的“圣杯”

现代金融市场基础设施 (FMI) 中投资者对其投资的控制和仓储系统性风险的弱点是市场失灵和现代金融市场根深蒂固的结构性缺陷相结合的结果。然而，由长保管链和大型全球中央对手方 (CCP) 组成的复杂 FMI 在现代市场运作中的效用并没有受到严重争议。随着证券和衍生品 FMI 的 DLT 系统的引入，技术范式的变化可以增加投资者控制、风险管理效率，并在一定程度上增加系统性风险的分布。因此，它可以创建一个更加多样化和更具弹性的金融生态系统。这篇跨学科论文确定了支持 FMI 技术范式转变的多种原因。它还概述了一个基于区块链的综合框架，用于开发基于许可的衍生品清算和结算平台以及处理 DLT 系统内的流动性短缺。可以说，技术变革的影响应该导致行业租金的降低，以造福终端投资者和金融终端用户（企业家和企业），从而提高市场福利。因此，在 FMI 中使用区块链技术可以改变整个金融服务行业的结构和未来方向。技术变革的影响应导致行业租金的降低，以造福最终投资者和最终金融用户（企业家和企业），从而提高市场福利。因此，在 FMI 中使用区块链技术可以改变整个金融服务行业的结构和未来方向。技术变革的影响应导致行业租金的降低，以造福最终投资者和最终金融用户（企业家和企业），从而提高市场福利。因此，在 FMI 中使用区块链技术可以改变整个金融服务行业的结构和未来方向。