CFTC 小組委員會建議在衍生性商品交易中使用代幣化非現金抵押品

商品期貨交易委員會 (CFTC) 的一個小組委員會建議在衍生性商品交易中使用代幣化的非現金抵押品

The Commodity Futures Trading Commission (CFTC) Global Markets Advisory Committee (GMAC) has submitted a proposal to the Commission, recommending the use of tokenized non-cash collateral in derivatives trading. The proposal highlights the potential of distributed ledger technology (DLT) to enhance the operational infrastructure for assets already eligible to serve as collateral, without requiring any changes to the relevant rules.

商品期貨交易委員會（CFTC）全球市場諮詢委員會（GMAC）已向委員會提交了一份提案，建議在衍生性商品交易中使用代幣化非現金抵押品。該提案強調了分散式帳本技術（DLT）在增強已有資格作為抵押品的資產的營運基礎設施方面的潛力，而無需對相關規則進行任何更改。

“Market participants can also use their existing policies, procedures, practices, and processes to identify, assess, and manage risks to using DLT, like they do for other forms of market infrastructure and technologies,” the subcommittee noted in its report.

該小組委員會在報告中指出：「市場參與者還可以利用現有的政策、程序、實踐和流程來識別、評估和管理使用DLT 的風險，就像他們對其他形式的市場基礎設施​​和技術所做的那樣。

The proposal is sponsored by CFTC Commissioner Caroline Pham, who has consistently advocated for pro-Bitcoin agendas and highlighted the opportunities for digital assets within the regulatory framework.

該提案由 CFTC 專員 Caroline Pham 發起，她一直倡導支持比特幣的議程，並強調了監管框架內數位資產的機會。

“Globally, successful commercial tokenization projects have proven that DLT works in the capital markets,” Pham said.

Pham 表示：“在全球範圍內，成功的商業代幣化項目已經證明了 DLT 在資本市場中的作用。”

“This includes digital bond issuances across Europe and Asia and over $1.5 trillion notional volume in institutional repo and payments transactions on enterprise blockchain platforms. Now, we can finally begin to make progress on U.S. regulatory clarity for digital assets with today’s GMAC recommendation on tokenized non-cash collateral.”

「這包括歐洲和亞洲的數位債券發行，以及企業區塊鏈平台上超過 1.5 兆美元的機構回購和支付交易名目交易量。現在，透過今天 GMAC 關於代幣化非現金抵押品的建議，我們終於可以開始在美國數位資產監管清晰度方面取得進展。

“The benefits include real-time transfers all year round without the use of multiple intermediaries,” the report reads.

報告稱：“好處包括全年即時轉賬，無需使用多個中介機構。”

“Importantly, the use of DLT has the potential to both increase the velocity of transfer of assets currently utilized as collateral, as well as the potential to expand the pool of assets available for use.”

“重要的是，DLT 的使用有可能提高目前用作抵押品的資產的轉移速度，並有可能擴大可用資產池。”

Industry stakeholders have welcomed the proposal, highlighting its potential to transform the sector.

行業利益相關者對該提案表示歡迎，強調其改變該行業的潛力。

“We oftentimes feel much more confident in our risk management processes when we know we can have a 24/7 real-time settlement capability with these counterparties. I think that will transfer very directly to the collateral management side for derivatives-based businesses under the CFTC’s purview,” DRW’s prop trader Chris Zuehlke told Blockworks in an interview.

「當我們知道我們可以與這些交易對手進行 24/7 即時結算能力時，我們常常對我們的風險管理流程更有信心。我認為這將直接轉移到 CFTC 職權範圍內的衍生品業務的抵押品管理方面，」DRW 的自營交易員 Chris Zuehlke 在接受 Blockworks 採訪時表示。

The full GMAC meeting was held virtually on Dec. 13. The meeting covered a wide range of topics, including an update on the committee's work on digital assets, a discussion of the CFTC's recent rulemaking on margin requirements for uncleared swaps, and a presentation on the role of technology in derivatives markets.

GMAC 全體會議於 12 月 13 日以虛擬方式舉行。衍生性商品市場中的作用。

The meeting was attended by a diverse group of industry participants, including representatives from banks, exchanges, hedge funds, and technology firms. The participants engaged in a lively and informative discussion of the key issues facing derivatives markets today.

出席會議的有不同的行業參與者，包括來自銀行、交​​易所、對沖基金和科技公司的代表。與會者就當今衍生性商品市場面臨的關鍵問題進行了熱烈且內容豐富的討論。

The GMAC's work on digital assets is particularly noteworthy. The committee has been exploring the use of DLT in derivatives markets for several years, and its recommendations on the use of tokenized non-cash collateral are a significant step forward in this effort.

GMAC 在數位資產方面的工作尤其值得關注。該委員會多年來一直在探索 DLT 在衍生性商品市場中的使用，其關於使用代幣化非現金抵押品的建議是這項努力向前邁出的重要一步。

If adopted by the CFTC, the recommendations would pave the way for the use of a broader range of assets as collateral in derivatives trades, which could increase efficiency, reduce costs, and enhance risk management in these markets.

如果美國商品期貨交易委員會(CFTC)採納，這些建議將為在衍生性商品交易中使用更廣泛的資產作為抵押品鋪平道路，這可以提高這些市場的效率、降低成本並加強風險管理。