Response to ESMA/2016/773: 'The Distributed Ledger Technology Applied to Securities Markets'

8 Pages Posted: 17 Nov 2018

See all articles by Ferdinando M. Ametrano

Ferdinando M. Ametrano

Digital Gold Institute; Università Milano-Bicocca - Department of Statistics and Quantitative Methods; Politecnico di Milano - Department of Mathematics; QuantLib

Emilio Barucci

Politecnico di Milano - Department of Mathematics

Daniele Marazzina

Polytechnic University of Milan - Department of Mathematics

Stefano Zanero

Independent

Date Written: September 2, 2016

Abstract

Distributed Ledger Technology (DLT) is in a very early stage of development. Sometimes confused with the blockchain technology underlying bitcoin, it is supposed to be its evolution designed to avoid the architectural choices that make bitcoin and blockchain unsuitable for securities settlement and financial applications. DLT is enjoying the blockchain hype originating from the resiliency of bitcoin operations, but it still lacks a reference implementation or strict technical specifications, beyond being a shared ledger using cryptographic tools. As such, it is difficult to discuss its promises and limitations. Nonetheless, some considerations are possible starting from the existing market infrastructure, the experience with operational blockchains, and the available elements of the public debate about DLT.

Keywords: Blockchain, DLT, Distributed Ledger Technology, Securities, Derivatives, Clearing, Bitcoin, ESMA

Suggested Citation

Ametrano, Ferdinando M. and Barucci, Emilio and Marazzina, Daniele and Zanero, Stefano, Response to ESMA/2016/773: 'The Distributed Ledger Technology Applied to Securities Markets' (September 2, 2016). Available at SSRN: https://ssrn.com/abstract=3265776 or http://dx.doi.org/10.2139/ssrn.3265776

Ferdinando M. Ametrano (Contact Author)

Digital Gold Institute ( email )

Italy

HOME PAGE: http://dgi.io

Università Milano-Bicocca - Department of Statistics and Quantitative Methods ( email )

Milano, 20126
Italy

Politecnico di Milano - Department of Mathematics ( email )

Via Bonardi, 9
Milano, MI 20133
Italy

QuantLib ( email )

HOME PAGE: http://quantlib.org

Emilio Barucci

Politecnico di Milano - Department of Mathematics ( email )

Piazza Leonardo da Vinci
Milan, Milano 20100
Italy

Daniele Marazzina

Polytechnic University of Milan - Department of Mathematics ( email )

Via Bonardi, 9
Milano, MI 20133
Italy

Stefano Zanero

Independent

No Address Available

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