Evolving Technologies Working Group

Purpose

The Evolving Technologies Working Group (WG) will focus on looking at solutions for the Securities Services industry which are enabled by various evolving technologies. The WG will consist of four streams, three new streams plus a continuation of the transversal efforts and key topics such as the “DLT in the Real-World annual survey“. The four streams are:

• Client experience
  • Data and Analytics
  • UX and UI design
  • APIs
• Digital Transformation
  • Cloud
  • Confidential computing
  • AI & LLMs (hard link with CX – Data and analytics)
  • Digitization (incorporating Digitization WG)
  • Quantum
• Value chain transformations
  • DLT and Digital Assets
  • Tokenization of Collateral
  • Real World Asset Tokenization
• WG-wide transversal efforts
  • SIBOS and Industry engagements
  • Podcasts
  • DLT in the Real-World annual survey

Scope

In the first instance the WG scope will be limited to the following facets of Evolving technology:

• Digital Transformation including Cloud, Confidential computing, AI & LLMs (hard link with CX  – Data and analytics), Digitization (incorporating Digitization WG) and Quantum
• Client experience including Data and Analytics, UX and UI design and APIs
• Value chain transformations including: DLT and Digital Assets, Tokenization of Collateral, Real World Asset (RWA) Tokenization and DLT in the Real-World annual survey
• Presentations to the WG by significant SS IT partners such as Google, MS, Snowflake and projects of significance to the market to enable members to see the latest application of solutions.

The WG will decide how many individual projects to pursue at any time.

Key Deliverables

The first priorities for the WG are:

Topic 1

• Year 6 of DLT in Real world Survey. (Glen)
• In conjunction with Value Exchange
• Sponsors to be identified (Barney and Colin) – volunteers?
• Longitudinal view – so changes rather than re-write
• Needs to capture new trends in questions but at the margins
• Small group of volunteers needed to review questions
• Big group to push within their organisations to complete and increase validity yet further
• 2025 February – April design, May – June deployment, September publish

Topic 2

• Digitalisation – completion. (Micheal McPolin and Ian Pledger)
• Outline published
• WG Members needed:
  • Complete drafting
  • Incorporate client service examples particularly C/I and C/X 2025 Feb – May document creation and revisions, June publish

Topic 3

•  Best Practices for collaboration with “Big Tech” (Chair TBC)
• Presentations have shown:
• Risk management needed especially ability to avoid lock-in and data security
• Multiple future models of working possible
• Ensuring service provision does not fall within regulated activities
• Value accretion models vary
• WG Members needed:
  • Start drafting – including the correct chapters
  • Experts per theme thereafter 2025 Feb – October document creation and revisions, year-end publish

Topic 4

• DLT Use Case 1. DLT supporting securitisation and/of collateral management (Chair TBC)
• Examples of various use cases using DLT for securitisation and collateralisation
• Lessons learnt from these use cases (positive and learning experiences)
• WG Members needed:
  • Start drafting – including the correct chapters
  • Experts per theme thereafter 2025 Feb – September document creation and revisions, November publish

This would potentially be the first in a number of DLT Value Chain Transformation examples.

Key Outcomes

• Further the knowledge of the WG
• Produce articles and papers of use cases within the scope on a regular basis
• Enable the DLT in the Real World Survey

Publications

• TBC

Working Group Co-Chairs

• Steve Everett, TMX Group Limited
• Glen Fernandes, Euroclear

Executive Sponsor

• Caroline Butler, BNY

Institutions Represented by Experts in the Working Group

• ABN AMRO
• Accenture Plc
• Acupay System LLC
• Archax Holding Ltd
• B3 Brazilian Exchange and OTC
• Bloomberg LP
• BNP Paribas S.A
• BNY
• Citi
• ClearToken Holding Limited
• CMU OmniClear Limited
• Deposito Central de Valores (DCV)
• Deutsche Bank AG
• Deutsche Börse Group
• Digital Asset Holding, LLC
• DZ Bank AG
• Euroclear
• Global Legal Entity Identifier Foundation GLEIF
• Hong Kong Exchanges and Clearing Limited
• KDD Central Securities Clearing Corporation
• Montran
• MUFG Bank, Ltd
• MYRIAD Group Technologies Ltd
• Northern Trust Corporation
• NowCM
• Rand Merchant Bank – Custody Services
• Royal Bank of Canada
• S&P Global
• State Street Corporation
• SWIFT SCRL
• Swiss Re Ltd
• Tata Group
• Taurus
• The Depository Trust & Clearing Corporation
• The Global Blockchain Business Council
• The Mauritius Commercial Bank Ltd
• TMX Group Limited
• U.S. Bank N.A
• Zurcher Kantonalbank