Building on the fast developing – yet not consolidated – literature on blockchain and the financial system, this paper aims to investigate how Distributed Ledger Technologies (DLTs) may affect the banking sector performance by influencing the efficiency of the securities post-trading process. Three different scenarios have been developed and used as a framework to assess the impact of the adoption of blockchain technologies on the cost reduction in a sample of 12 Global Systemic Banks in Europe. By using DLT systems, the expected savings in the post-trading processes are sizable and mainly concentrated in IT expenditures and wages associated with core post-trade functions. Moreover, DLT systems emerge as a catalyst for innovation in post-trade process, as they improve timing window and data quality.

本文以区块链和金融系统的快速发展但尚未整合的文献为基础，旨在研究分布式账本技术（DLT）如何通过影响证券交易后流程的效率来影响银行业的表现。已经开发了三种不同的场景并将其用作评估采用区块链技术对欧洲 12 家全球系统性银行样本降低成本的影响的框架。通过使用 DLT 系统，交易后流程的预期节省是可观的，主要集中在与核心交易后功能相关的 IT 支出和工资上。此外，DLT 系统成为交易后流程创新的催化剂，因为它们改善了时间窗口和数据质量。