Meridian FX项目：探索外汇同步结算

Project Meridian FX Exploring synchronisedsettlement in FX Contents List of abbreviations and acronyms4Executive summary5Background7Project Meridian FX Overview10Project Meridian FX interoperability solutions12The Meridian FX synchronisation operator prototype14Insights, learnings and areas for future exploration22Project participants and acknowledgements26References28Technical annex29 Glossary batch settlement– the settlement of groups of payments, transfer instructions or other obligationstogether at one or more discrete, often pre-specified times during the processing day. central bank money– a liability of a central bank, in this case in deposits held at the central bank,which can be used for settlement purposes. cross-border payments– a payment in which the financial institutions of the payer and the payeeare located in different jurisdictions. delivery versus payment (DvP)– a securities settlement mechanism that links a securities transferand a funds transfer in such a way as to ensure that delivery occurs if and only if the correspondingpayment occurs. digital assets– a digital representation in value that can be used for payment or investmentpurposes or to access a good or service. distributed ledger technology (DLT)– protocols and supporting infrastructure that allowcomputers in different locations to propose and validate transactions and update records in asynchronised way across a network. foreign exchange– the exchange of one country’s currency for another country’s currency. interoperability–is the technical or legal compatibility that enables a system or mechanism to beused with other systems or mechanisms. It allows participants in different systems to conduct clearand settled payments or financial transactions across systems without participating in multiplesystems. netting– offsetting obligations between or among participants in the netting arrangement, therebyreducing the number and value of payments or deliveries needed to settle a set of transactions. payment versus payment (PvP)– a settlement mechanism that ensures that the final transfer ofa payment in one currency occurs if and only if the final transfer of a payment in another currencyor currencies occurs. List of abbreviations and acronyms Executive Summary Project Meridian FX (Project MFX) is a joint project between the Bank for International Settlements(BIS) Innovation Hub (London and Eurosystem Centres), Bank of England, Bank of France, Bank ofItaly, Deutsche Bundesbank and the European Central Bank. It explores how operators of wholesalepayment infrastructures can enable interoperability with new technologies, such as distributedledger technology (DLT), with a focus on foreign exchange (FX) transactions. There is demand amongst market participants to settle digital asset financial transactions in centralbank money atomically (Cipollone (2024)). Atomic settlement is the transfer of money or assetsbetween parties that either succeeds or fails, eliminating the risk of partial or incomplete multi-party transactions. The ability to settle in central bank money enhances the efficiency and safetyof financial market infrastructures. It provides the safest and most liquid settlement asset formarket participants and serves as the cornerstone for financial stability. As technology continuesto transform the provision of financial services, it is therefore important that central bank moneyremains compatible with new technologies. One approach being explored to meet this demand is “synchronisation”. It can potentially expandatomic settlement in central bank money to a broad spectrum of assets and funds. Synchronisationinvolves coordinating the movement of central bank money between accounts in wholesalepayment infrastructures, including Real-Time Gross Settlement (RTGS) systems, transferring assetsor funds across one or more other, external ledgers. Enhancing wholesale payment infrastructuresto enable synchronisation will allow for central bank money to be settled atomically. In 2023, Project Meridian explored the concept of synchronisation through the development ofa synchronisation operator (SO) (BISIH (2023)). This prototype was designed to orchestrate thesimultaneous transfer of digital assets and funds in a hypothetical UK housing transaction. Project MFX subsequently builds on the concept of synchronisation to demonstrate its technicalfeasibility in a multicurrency FX transaction. Through the experiments conducted during theproject, SOs enabled atomically settled FX transactions between different RTGS systems in variousjurisdictions, as well as between an RTGS system and a DLT platform. Project MFX provides important insights that can serve as building blocks for future innovations inwholesale payment infrastructures. Through its experiments, the project was able to demonstratethat a synchronisation model can: •be agnostic to both the asset or fund of the transaction involved and the technology of theledgers on wh