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Bank of England says blockchain roll-out across all markets too challenging

Skylar Shaw

Sep 29, 2022 14:17

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According to Bank of England Deputy Governor Jon Cunliffe, using the blockchain technology that underlies cryptoassets to provide rapid trading and settlement across all financial markets is not desired given the difficulties it would provide.


The same amount of resilience that regulators anticipate from the current system must be delivered by new trading and settlement systems, according to Cunliffe.


It was not apparent how blockchain-based platforms and current technology would interact, and instantaneous settlement necessitates that money and securities be available at the moment a deal is made.


"There is just not enough time to find or fix mistakes before they are carried out. In other words, we may not desire completely instantaneous trading and settlement in all markets, Cunliffe said at a conference organized by the trade group AFME.


Since stock and bond transactions are now resolved two business days after the transaction, banks are exposed to risk and may experience significant market fluctuations during this period, which they must cover with cash for margin and capital.


In order to reduce this to one working day, the United States has set a target of March 2024, putting pressure on Europe to follow suit.


For quick trading and trade settlement to reduce costs and risks, distributed ledger technology or blockchain is already being tested in experimental programs.


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