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© finoryx 2015
Blockchain & Capital Markets A cost-reduction opportunity ?
Olivier Roucloux
3rd November 2015
Welcome
Thanks to
Introduction
Are Capital Markets complex and expensive ?
A bit costly but efficient
Supports high volumes
Prevent systemic riskAverage 20 messages exchanged per trade
So, why looking at the Blockchain ???
Raise of Alternative Finance
Crowdfunding becomes very popular, volume grows
But …
Needs financial intermediary
Use traditional unsuitable post-trade mechanism
« lending » model (when it’s not gift)
No shares (or rarely bonds) issuance
No dividend distribution, no vote
More expectationsInvestors want:
• Regular Returns
• Transparency & Trust
• Speed and Simplicity
• Involvement
Key Drivers
The Move is On…
Potential Solution ?
Let’s Imagine …
A “proprietary” blockchain
Launched by a major infrastructure, group of banks, …
Configured using recommendation of market representatives working groups and committees
Mined by regulated market participants
Using business standards edited by most recognized bodies, implemented within autonomous smart contracts
Accessible to all but with different access rights if you are an individual, a bank, a regulator, …
It could look like …
Market Makers & brokers
Exchange & CSD
Custodian
Central
BankRegulator
CustodianCustodian
Issuer
Crowd funding platform
A single safe source of information (no reconciliation needed)
Direct holding transparent model (direct communication between actors)
Enforced competition between custodian banks on added value services
Facilitated exchange of assets thru liquid stock exchanges
3rd Ptyservice
providers
CSD
(CCP?)
Cost effectiveness
Question ?
Contact details
Olivier RouclouxVision & Product Strategy
Mobile : +32.470 / 24 12 04
olivier @ finoryx.com
Add me,
mention this conference
And ask questions …