ESMA predicts cost, speed benefits from increased use of ledgers

first_imgIt said it understood the use of DLT could bring benefits to the market but that it wished to understand fully any detriment that could arise through reliance on such ledgers.The supervisor predicted the clearing and settlements markets could see significant benefits, as the use of DLT could cut back on the number of intermediaries needed in any transaction.“Certain proponents of the DLT believe the clearing and settlement of transactions could effectively combine into a single step, which would be (almost) instantaneous,” the discussion paper adds.“This could create a number of additional benefits, including reduced counterparty risk and less need to post collateral.”ESMA also predicted the use of DLT could reduce costs for providers, as certain back-office functions – including reporting and monitoring of transactions – could be automated.“Also, the use of distributed ledgers could reduce or even eliminate maintenance costs of individual ledgers at company level and reduce the need for costly business continuity plans,” the paper states.“In addition, by reducing the need for multiple intermediaries, the DLT could also reduce transactions costs.”ESMA has asked for feedback from the industry by 2 September.,WebsitesWe are not responsible for the content of external sitesLink to ESMA discussion paper The European securities supervisor has launched a consultation on the use of ledgers to verify clearinghouse and other transactions, predicting its use could reduce the need for collateral.According to the discussion paper by the European Securities and Markets Authority (ESMA), the use of distributed ledger technology (DLT) – one example of which is blockchain, used to validate transactions of virtual currency Bitcoin – could see significant benefits for the clearing and settlement markets and reduce counterparty risk.Saying it was “mindful” of issues raised by the use of Bitcoin, ESMA nevertheless stressed its research on DLT would be limited to how the technology could be used within the securities markets.It noted that any regulation of payments of virtual currencies would be for the European Central Bank or the European Banking Authority to consider.last_img read more

Nuclear Affair, Future King win Guineas classics

first_imgTHE 42nd running of the Post to Post 1000 and 2000 Guineas – the season’s first classics over a mile – went according to the script at Caymanas Park yesterday.Victory went to the favourites NUCLEAR AFFAIR and FUTURE KING in the 1000 and 2000 Guineas races, respectively, both closing from well off the pace to win in contrasting fashion.In the 1000 Guineas for native bred three-year-old fillies, the Gary Subratie-trained NUCLEAR AFFAIR, with three-time champion Dane Nelson riding for popular owner Michros, circled the leaders GOLD MINER (35-1) and BIRD CATCHER (6-1), entering the straight and streaking away in a flash to win by resounding margin of 91/2 lengths in the good time of 1:39.2.The improving A THOUSAND STARS (18-1), with Robert Halledeen riding for 15-time champion trainer Wayne DaCosta, stayed on well to pip Philip Feanny’s filly, SORRENTINO’S STAR (5-2), under leading all-time jockey Winston Griffiths by a neck for second in a field of 14.Unbeaten in three starts this season, NUCLEAR AFFAIR is now on course for the Jamaica Oaks over 2000 metres on April 30 as, according to Subratie, ‘this should be a mere formality as she is leagues ahead of the other fillies at this stage”.TERRIFIC TURN OF FOOTContinuing, the second-generation trainer proclaimed: “In fact, she is so talented that she is as good as the top colts or even better, and given her terrific turn of foot, the classics is hers for the taking so long as she remains healthy.”Bred by Michael Bernard (Michros), NUCLEAR AFFAIR is a chestnut filly by Nuclear Wayne out of Commandra Affair. She has now won four races from seven starts.Later in the afternoon, the DaCosta-trained FUTURE KING, running as the 9-5 favourite in the 2000 Guineas for colts and geldings, stormed through on the inside from a furlong out, going by long-time leader CHACE THE GREAT (3-1) to win by 11/4 lengths from ORPHEUS (3-1), who closed strongly for second, with champion jockey Shane Ellis aboard.CHACE THE GREAT, the recent Prince Consort Stakes (Guineas Trial) winner, was another half a length away in third ahead of highly fancied BIGBADYKOOL (3-1), closing late for fourth.FUTURE KING, who beat NUCLEAR AFFAIR by a head over a mile when they last met in the $4.25 million Supreme Ventures 2-Y-O Stakes last Boxing Day, recovered from a setback (hoof injury) over three weeks ago to provide jockey Halledeen and DaCosta with their second 2000 Guineas winner, following ALI BABA last year.DaCosta said: “It was a race against time to prepare him for the race due to the setback, but his class saw him through and I expect great things from him in the months ahead.”Owned by Alfred Lee and Jeffrey Mordecai and bred by Y.S. (1955) Limited, FUTURE KING is a dark bay colt by Natural Selection out of Millenium Princess.This was his third win from seven starts, but his time of 1:39.4 was slower than that of NUCLEAR AFFAIR, sparking a debate as to who is better.last_img read more