存 outlined its agenda for modernizing and transforming 帖子-trade services to the industry at the recent SIFMA Ops Virtual Forum 2020. In an hour-long discussion moderated by 存 Head of 清算 Agency Service and Global Business Operations Murray Pozmanter, 五位存领导人讨论了2021年及以后推动这一议程的优先事项. 他们的评论摘要如下.
林恩·毕晓普，存董事总经理 & 首席信息官
大流行要求行业退后一步，重新评估我们的计划和优先事项. 以及其他关键的行业驱动因素, 比如降低风险和增强复原力, 解决我们的内部战略目标, 今年是推进现代化进程的关键一年.
例如，我们现代化计划的核心是改善客户体验, 使用api为客户端提供访问数据的方式和时间. 存的现代化工作遵循三个原则:重新构想、重用和弹性. Reimagining means we don’t approach it as a “lift and shift” to replace technologies like for like. 相反，IT与业务线合作，设想新的功能, introduce efficiencies and simplify the environment with the right technology choices based on individual business use cases.
重用意味着, 而不是根据资产类别开发定制的解决方案, 我们将转向具有跨企业跨功能协同作用的公共服务模型. We have close partnerships internally between our business architecture and IT architecture functions to drive this vision forward.
弹性包括从物理场景到网络威胁的一系列内容. We’ve created a refined set of test principles that will be embedded in our modernization efforts and a robust, 多方面的战略，推动我们的能力向前发展.
Ann Bergin, 存董事总经理 & 财富管理服务总经理 & 资产服务
我们的现代化计划包括实物证券的非物质化. 我们现在有840人,价值1万亿美元的000张实物证书——只占我们业务的很小一部分. We will leverage SIFMA’s committee structure to form groups of stakeholders to help us come up with a plan of action. 这一努力的某些方面将非常容易做到, 其他的将是复杂的-所以我们将分类努力.
We’ll work with the exchanges to stop creating new paper and take the opportunity to move more agents and their activity to our Fast Automated Securities Transfer (FAST) process. First to be transformed into electronic certificates will be bank CDs; this will happen the end of 2020. 市政债券和企业是接下来的目标，它们将在未来18-24个月内成为目标.
受限证券是我们想要解决的另一组实物证书. 我们将与范围广泛的利益相关者接触，以围绕它建立工作流程.
We also see significant opportunities to improve our corporate actions processing and it is on the calendar for the second half of 2021.
Lallande de Gravelle, 存董事总经理 & 企业策略主管
We’re not undertaking modernization for its own sake; it’s a critical component of our strategy. 我们将转型视为重塑后贸易时代的机会.
Our strategy has four key themes: 1) Modernization of technology and creation of adaptable infrastructure; 2) Reimagining of existing solutions and development of new ones as we reshape 帖子-trade for 存 and our clients. 其中一些将发生在去物质化和承保变化的过程中, 制度性贸易加工中的无接触STP, 重新思考清算和结算, 以我们在FICC的赞助为基础，并将赞助范围扩大到股票. 3)在我们的技术和流程中建立下一代弹性. 4)提升客户体验，提供数字化互动和卓越的客户服务. 我们如何与客户整合是至关重要的. We’re moving more and more to an API strategy and will look to rationalize our client portals to ensure the best client interaction possible.
存’s biggest strategic challenge is delivering value to our clients and doing it in digestible, well-sequenced组件. The age-old challenge is how to strategically sequence these efforts in ways that minimize disruption and maximize value – and It’s the only way to ensure the industry will sign on to our vision for modernization.
Jennifer Peve, 存业务创新董事总经理
Our innovation efforts are moving away from paper exercises to real experiments built around targeted use cases. 这种方法也是一种评估客户需求以及技术可行性的方法, 并在任何可能的实施之前识别风险和挑战. 其中三个项目正在进行中:
项目惠特尼: This effort is driven by companies staying private longer and the fact that private markets run on many manual processes. We’ve built a prototype of a digital securities management platform to support the issuance and secondary transfer of tokenized and traditional exempt securities in the private market space. The prototype introduces standardization and has the ability to increase operational efficiency in this market space
项目的黎明在这里，我们正在使用多种技术创建一个基于实用程序的数字平台, 包括api, 获取证券发行和登记的黄金参考数据. We’re starting with MMIs and are working with a couple of clients to assess business opportunities for potential cost reductions and operational efficiencies.
项目离子: ION focuses on two of our core capabilities – netting and settlement – and aims to drive down margin requirements for clients. 该项目正在探索DLT的应用，以实现可选的加速结算. ION’s next phase will deliver a functional prototype – which is very different from a production-ready solution.
We are excited by the feedback we get from clients because it helps us build confidence in what we design or, 根据需要, 当我们无法为客户提供有效的服务时，它告诉我们该转向哪里.
几十年来，该行业一直在现代化和变化, so there must be high business value – in terms of cost and operational efficiency – for clients to prioritize their resources and budgets so they can implement innovative approaches.
迈克尔·麦克莱恩，存董事总经理 & 股本结算部总经理 & 结算服务
Modernization is an opportunity to deliver some capabilities we’ve wanted to provide for a long time. But this effort doesn’t mean we’ve put other functionality on hold: we’ve also built out our legacy systems for important buy-side services like FICC triparty repo and equity finance for NSCC.
虽然每个业务线都在现代化，但我们并没有采取孤立的方法. We’re asking questions like, can we build one clearing system that can clear multiple asset classes? 我们希望变得更加灵活, 利用规模经济，创造更和谐的客户体验.
The innovation work we’re doing through projects like ION is also a tremendous help to the business. ION allows us to test the technology and functionality of these big ideas for Equities Clearance and 结算 -- like DLT, 盘中片, T-0解决方案-看看他们如何在现实生活中工作. Not every idea will make it to the finish line but two of them likely will be part of our modernization plans: the DVP settlement model and T-0 settlement. 在客户中遥遥领先的DVP降低了他们的保证金要求. T-0 settlement, although tough to implement, also gets an enthusiastic response from our members.
We plan to make a number of these new services – probably less than half – optional for clients, 但其他人将要求整个行业与我们一起改变. 对于这些，我们需要确保他们的投资价值远远超过他们的成本. We will not make any decisions unilaterally: they will all be considered in collaboration and consultation with our stakeholders – including small, 大中型客户, 在买方和卖方. Different firms and market segments will derive different levels of benefits from various modernization changes and long transition periods, 两到三年, 在很多情况下都需要api, 例如，让公司做出必要的改变.