CFTC 小组委员会建议在衍生品交易中使用代币化非现金抵押品

商品期货交易委员会 (CFTC) 的一个小组委员会建议在衍生品交易中使用代币化的非现金抵押品

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.

商品期货交易委员会（CFTC）全球市场咨询委员会（GMAC）已向委员会提交了一份提案，建议在衍生品交易中使用代币化非现金抵押品。该提案强调了分布式账本技术（DLT）在增强已有资格作为抵押品的资产的运营基础设施方面的潜力，而无需对相关规则进行任何更改。

“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.

该小组委员会在报告中指出：“市场参与者还可以利用现有的政策、程序、实践和流程来识别、评估和管理使用 DLT 的风险，就像他们对其他形式的市场基础设施和技术所做的那样。”

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.

该提案由 CFTC 专员 Caroline Pham 发起，她一直倡导支持比特币的议程，并强调了监管框架内数字资产的机遇。

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

Pham 表示：“在全球范围内，成功的商业代币化项目已经证明了 DLT 在资本市场中的作用。”

“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.”

“这包括欧洲和亚洲的数字债券发行，以及企业区块链平台上超过 1.5 万亿美元的机构回购和支付交易名义交易量。现在，通过今天 GMAC 关于代币化非现金抵押品的建议，我们终于可以开始在美国数字资产监管清晰度方面取得进展。”

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

报告称：“好处包括全年实时转账，无需使用多个中介机构。”

“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资产的转移速度，并有可能扩大可用资产池。”

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

行业利益相关者对该提案表示欢迎，强调其改变该行业的潜力。

“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.

“当我们知道我们可以与这些交易对手进行 24/7 实时结算能力时，我们常常对我们的风险管理流程更有信心。我认为这将直接转移到 CFTC 职权范围内的衍生品业务的抵押品管理方面，”DRW 的自营交易员 Chris Zuehlke 在接受 Blockworks 采访时表示。

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 全体会议于 12 月 13 日以虚拟方式举行。会议涵盖了广泛的主题，包括委员会在数字资产方面的工作最新情况、CFTC 最近关于未清算掉期保证金要求的规则制定的讨论，以及关于技术在衍生品市场中的作用。

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.

出席会议的有不同的行业参与者，包括来自银行、交易所、对冲基金和科技公司的代表。与会者就当今衍生品市场面临的关键问题进行了热烈且内容丰富的讨论。

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 在数字资产方面的工作尤其值得关注。该委员会多年来一直在探索 DLT 在衍生品市场中的使用，其关于使用代币化非现金抵押品的建议是这一努力向前迈出的重要一步。

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.

如果美国商品期货交易委员会(CFTC)采纳，这些建议将为在衍生品交易中使用更广泛的资产作为抵押品铺平道路，这可以提高这些市场的效率、降低成本并加强风险管理。