Consultation on the Distributed Ledger Technology Applied to Securities Markets

Consultation on the Distributed Ledger Technology Applied to Securities Markets

from 02 June 2016 to 02 September 2016

Details

Responding to this paper

ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they:

  • use the provided reply form;
  • respond to the question stated;
  • indicate the specific question to which the comment relates;
  • contain a clear rationale; and
  • describe any alternatives ESMA should consider.

ESMA will consider all comments received by 2 September 2016.

All contributions should be submitted online using the Reply Form at www.esma.europa.eu under the heading ‘Your input - Consultations’.

Publication of responses

All contributions received will be published following the close of the consultation, unless you request otherwise.  Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman.

Data protection

Information on data protection can be found at www.esma.europa.eu under the heading Legal Notice.

Who should read this paper?

This discussion paper is meant to be read by technologists such as Fintech companies and any financial institutions interested in the use of the Distributed Ledger Technology (DLT) in securities markets such as banks, central counterparties, central securities depositaries, custodians, asset managers, investors, etc. ESMA expects that persons who read this paper have already a good understanding of the mechanics of the DLT.  Indeed, this paper is not meant to explain in detail how the DLT works but rather how it could be applied to securities markets and what would be the possible benefits, risks and challenges of such an application.

2 RELATED DOCUMENTS
Documents available for this Consultation
DateReferenceTitleDocument
02/06/20162016/773Discussion Paper on the Distributed Ledger Technology Applied to Securities Markets
02/06/20162016/773 RFReply form for the Discussion Paper on the Distributed Ledger Technology Applied to Securities Markets

Responses

Operations
Activity Institution Download
Die Deutsche Kreditwirtschaft - German Banking Industry Committee
DTCC
Asset Management Irish Funds
Banking The Luxembourg Bankers’ Association (ABBL)
Banking European Association of Cooperative Banks
Banking European Banking Federation
Banking Polish Bank Association
Banking Polish Bank Association
Banking The Bank of New York Mellon
Banking CACEIS
Banking Fédération bancaire française
Banking Deutsche Bank
Banking European Savings and Retail Banks Group
Banking ABN AMRO Clearing Bank N.V.
Banking HSBC
Investment Services AMAFI
Invididuals Politecnico di Milano
Legal and Accountancy Jones Day
Regulated markets EURONEXT
Regulated markets London Metal Exchange
Regulated markets Nasdaq
Regulated markets Nasdaq
Exchanges and Trading Systems DisLedger
Exchanges and Trading Systems ICAP Plc
Exchanges and Trading Systems CME Group
Others SWIFT
Others Instytut Badan nad Gospodarka Rynkowa
Others Chamber of Digital Commerce
Others SWIFT
Others TheFundsChain
Others ISITC Europe
Others Modular FX Services Limited
Others AFTI
Others European Association of CCP Clearing Houses (EACH)
Others Austrian Federal Economic Chamber Division Bank and Insurance
Others BBA
Others ISDA
Others BBA
Others AFME
Others Reply S.p.A.
Others IQ Solutions
Others PTDL Group
Insurance, pension & asset management CFA Institute
Regulated markets, exchanges & trading systems Federation of European Securities Exchanges
Regulated markets, exchanges & trading systems Group Deutsche Börse
Regulated markets, exchanges & trading systems London Stock Exchange Group
Regulated markets, exchanges & trading systems BOLSAS Y MERCADOS ESPAÑOLES - BME
Regulated markets, exchanges & trading systems World Federation of Exchanges
Central Securities Depository (CSD) European Central Securities Depositories Association (ECSDA)
Central Securities Depository (CSD) Euroclear S.A.
Central Securities Depository (CSD) Euroclear S.A.
Central Securities Depository (CSD) Euroclear S.A.
Fintech IBM
Fintech IHS Markit
Fintech R3CEV
Fintech XNotes Alliance
Fintech Lykke Corp
Fintech Coin Center
Fintech Coinfirm Ltd