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Interledger DvP Settlement on Amazon Managed Blockchain

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Interledger DvP Settlement on Amazon Managed Blockchain

  1. 1. Interledger DvP Settlement on Amazon Managed Blockchain Andrew Koay Head of Blockchain Technology Singapore Exchange Limited S e s s i o n I D Paul Sin, PhD Partner, FinTech Practice & Asia-Pacific Blockchain Lab Deloitte Consulting (China) Jointly Presented by: Michael Edge Senior Cloud Architect AWS Professional Services
  2. 2. Introduction to Singapore Exchange A diversified exchange group that runs key market infrastructure including the Singapore stock market and a pan-Asian derivatives exchange covering all major asset classes. High annual dividend of 28 cents for the past 5 years Strong cash-flow with debt- free Balance Sheet Anchored in Singapore, Asia’s only AAA-rated economy Jointly Presented by:
  3. 3. SGX Global Footprint SGX is headquartered in Singapore, with overseas offices in Beijing, Chicago, Hong Kong, London, Mumbai, New York, San Francisco, Shanghai and Tokyo. London Tokyo Mumbai Singapore Hong Kong Shanghai Beijing Chicago New YorkSan Francisco Jointly Presented by:
  4. 4. End of an era through marketplace innovation The closure of Trading Pits brought back the most memorable experiences, the tradition of Open-Outcry trading…  Buyers and Sellers stood on steps that descend into the pit  Orders were shouted or flashed to the trading specialist through hand gestures/signals, or delivered to the pit by runners  Each pit specialised in a specific commodity, and was the only place to trade that commodity Jointly Presented by:
  5. 5. BIG Experiments! Jointly Presented by:
  6. 6. About Project Ubin – A multiphase journey Project Ubin is a collaborative project between the Monetary Authority of Singapore (MAS) and the industry to explore the use of Distributed Ledger Technologies (DLT) for clearing and settlement of payments and securities. Source: http://www.mas.gov.sg/Singapore-Financial-Centre/Smart-Financial-Centre/Project-Ubin.aspx Domestic Delivery vs Payment for Securities Settlement Use of digital currency in Real-Time Gross Settlement (RTGS) Achieved gridlock resolution and liquidity savings mechanism (LSM) on a distributed system without compromising on privacy Phase 1 Phase 2 Current phase Delivery vs Payment vs Payment (DvPvP) for Cross-border settlement of payments and securities Payment vs Payment (PvP) for Cross-border settlement Current Phase Future Phase Trading Post Trade Clearing Settlement DepositoryCapital Raising Jointly Presented by:
  7. 7. Our Objectives 1. Interconnect separate DLTs of various characteristics and features 2. Mitigate counterparty risks in DvP with recovery on cash and securities ledgers 3. Achieve DvP settlement finality with Clearing Members 4. Strengthen investor confidence and experience with safety and reliability Jointly Presented by:
  8. 8. And why Amazon Managed Blockchain? Ease of creating and managing scalable business networks Quickly create blockchain networks that span multiple AWS accounts. Easily add or remove members and monitor the network Fully managed Choice of Hyperledger Fabric or Ethereum (coming soon) Improves ReliabilityScalable and secure Easily scale your blockchain network as the usage grows. Also, Managed Blockchain secures your network certificates with KMS Choose the right framework for your needs, whether you are building a permissioned or public network Managed Blockchain improves the reliability of the “ordering service,” by replacing the default technology with QLDB. This improves durability. Jointly Presented by:
  9. 9. Our Architecture Seller’s Securities (e.g. Singapore Government Securities) Buyer’s Cash (e.g. Central Bank-issued Digital Currency) “Blockchain A” “Blockchain B” Delivery of Securities versus Payment of Cash settlement across separate DLTs; each of varied characteristics and features Arbitrator Jointly Presented by:
  10. 10. Our Preview on Amazon Managed Blockchain Single Region, Single Country Deployment Arbitrator Fabric Certificate Authority Bank A Peer Node VPC Endpoint Fabric Client Node VPC Endpoint API Server Fabric Client Node API Server (Ordering Service) Fabric Certificate Authority Bank B Peer Node Fabric Certificate Authority RMO Peer Node Fabric Certificate Authority Central Bank Peer Node Amazon VPC PrivateLink Blockchain X Arbitrator VPC Endpoint Fabric Client Node API Server VPC Recognized Market Operator (RMO) Hyperledger Fabric Network by Amazon Managed Blockchain VPC Central Bank / FIs VPC Bank B Buyer/Seller VPC Bank A Buyer/Seller Digital Asset Digital Currency Jointly Presented by:
  11. 11. Instituting key designs for Laws and Regulations  Time Boundaries  Account Controls with multiple-signatures  Contract locks with secure secrets 1 2 3  Smart contracts between buyer and seller are created with time-boundaries  Contracts must be discharged within those specified time boundaries  If contracts are not discharged within time-boundary, design allows to protect investors interest (arbitration and recovery)  Multi-signature conditions starting with 2-of-3 to enable the Exchange (e.g. Securities Arbitrator or Cash Arbitrator) to safe keep Escrow Private Keys  ‘Off-chain’ and ‘out-of-band’ secure Secrets for enhanced security  Enhances security with blockchain-independent transfer of secret Jointly Presented by:
  12. 12. Our Secure Secrets Layout 0----+----1----+----2----+----3----+----4----+----5----+----6----+----7----+----8----+----9----+ 2 Digital@SGX 3 DATE/TIME: 12-FEB-2018, 22:02:28 Electronic Password Mailer 4 5 AAAAAAAAA1AAAAAAAAA2AAAAAAAAA3AAAAAAAAA4AAAAAAAAA5 6 7 AAAAAAAAA1AAAAAAAAA2AAAAAAAAA3AAAAAAAAA4AAAAAAAAA5 8 AAAAAAAAA1AAAAAAAAA2AAAAAAAAA3AAAAAAAAA4AAAAAAAAA5 9 AAAAAAAAA1AAAAAAAAA2AAAAAAAAA3AAAAAAAAA4AAAAAAAAA5 0 1 Dear Sir/Madam, 2 3 These are your details required to approve the transaction at Digital@SGX. 4 5 TRANSACTION REFERENCE : 6 AAAAAAAAA1AAAAAAAAA2AAAAAAAAA3AAAAAAAAA4AAAAAAAAA5AAAAAAAAA6AAAAAAAAA7AAAAAAAAA8AAAAAA 7 8 9 NOTES: 0 Please follow the security guidelines below to safeguard against fraudulent transactions: 1 1. You will need your password (found in this password mailer) to approve the transaction. 2 2. For security reasons, do not disclose your password to anyone. 3 3. If you need further assistance, contact us at +65 6535 7511 or asksgx@sgx.com. 4 5 TRANSACTION PASSWORD : 6 Line# Field Name Column Length Field Description 3 PrintDateTime 16 to 37 21 Format in DD-MON-YYYY, HH24:MI:SS 5 UserLegalName 5 to 55 50 User Legal Name 7 Address Line 1 5 to 55 50 Address Line 1 8 Address Line 2 5 to 55 50 Address Line 2 9 Address Line 3 5 to 55 50 Address Line 3 16 TransactionRef 5 to 91 86 Transaction Hash (e.g., SHA-512 bit) in Base64 Encoding 25 PasswordImage 70 to 80 8 Password Image (e.g., case-sensitive, alpha-numeric) 25 PasswordQRCode 85 to 90 5 Password Quick Response Code (QR Code) For the experiment, we’ve selected “secp384r1” (aka “P-384”) which is NIST/SECG approved cryptography for Elliptic-Curve over a 384 bit prime field. Jointly Presented by:
  13. 13. Our Conclusions “Higher Investor Confidence” Design for Arbitrator Role • Designing for arbitrator’s role provide avenue for recourse for disputed transactions • Maintains a central role to monitor and facilitate market functionalities Potential for Round-the-Clock Operations Underlying DvP Design can be further explored for cross-border transactions where time-zone differences could mean a delay in settlement time, exposing participants to unnecessary FX fluctuations and principal risks. • Smart contracts can be used to apply obligations and rights consistently and coherently • Compliance enforcement through smart contracts reduces costs “Flexibility to Reduce Settlement time” • Tokenized currency coupled with smart contracts allows for significant reduction in settlement time on trade by trade basis 1 2 3 4 5 6 • Distributed control prevents account compromise • Layered security with blockchain- independent transfer of secret Enhances investors’ security Multi-Sig, off-chain, out-of-band secure Secrets Project DvP’s underlying design, architecture & benefits can be scaled for other asset classes beyond central bank- issued digital currencies including securities, corporate bonds, commodities etc. and other investor types such as retail etc. Potential broadening of asset classes & investor types “Consistently” applied Rights & Obligations Jointly Presented by:
  14. 14. Key Takeaways We worked with AWS Professional Services to move our existing investments in Hyperledger Fabric to Amazon Managed Blockchain without changing any code. We can now focus on adding business value and not worry about managing or scaling the underlying platform. Andrew Koay Head of Blockchain Technology Singapore Exchange Jointly Presented by:
  15. 15. Key Driver 1: B2B, Not B2C For enterprise applications, DLT has been proven to solve one key problem: B2B Data Synchronization. Consumer Business Mobile App Web Portal Open API I won’t use my competitor’s system. I can’t depend on my partner for high resiliency. I can’t send sensitive information across border. Jointly Presented by:
  16. 16. Key Driver 2: Untangling API Spaghetti It eliminates many-to-many API integrations, and facilitates: Real-Time B2B Data Synchronization. DLT Platform Jointly Presented by:
  17. 17. Payment DLT Key Driver 3: Ecosystem of Ecosystems It allows cross-organization, cross-industry, and cross-border data exchange with: Secured Real-Time B2B Data Synchronization. Liquidity Provider OTC Post-Trade DLT Platform Custodian Bank Bank Futures Commissions Merchants (FCM) Central Counterparty (CCP) Payment and Delivery can be conducted simultaneously through smart contract execution. Regulator can have a real-time visibility of credit and liquidity exposure in the system, meeting latest requirements such as BASEL III intraday liquidity monitoring. Regulator Broker Asset Management Banks will submit confirmations of executed trades, and will shorten settlement time as well as other operations such as static data preparation, fixing, payment, maturing, reconciliation, etc. 1 2 2 3 1 2 3 Confirmation on Executed Trade Settlement instruction Payment Instruction 2 Delivery Instruction Delivery will be processed real-time, and duplicated financing (pledging same collateral) will be detected. (If they still have a role,) real-time visibility of trade status and calculation of commission will be enabled. Jointly Presented by:
  18. 18. Critical Success Factors Data Standard Consortium Governance Regulatory Support Adoption Open Commercial Model Security Business Case Interoperability Distributed Ledger Technology (DLT) is best used for B2B data synchronization, hence adoption is the key to return on investment. Scalability Jointly Presented by:
  19. 19. Deployment Approach Ecosystem players can choose to use a common application, host a DLT node themselves for data synchronization, or integrate with cloud-hosted APIs. On Premise UI Exchange Platform API Smart Contract DLT Data Cloud UI Settlement & Clearing API Smart Contract DLT Data UI Regulatory Supervision API Smart Contract DLT Data UI Portfolio Management API Non-DLT Platform UI Trading System API Non-DLT PlatformCloud UI Custodian System API Smart Contract Exchange Custodian Banks BrokerRegulator Asset Management DLT Data Jointly Presented by:
  20. 20. Technology Convergence FinTech is defined with ABCDs, which are now meshing together. Jointly Presented by:
  21. 21. © 2019, Amazon Web Services, Inc. or its affiliates. All rights reserved. Scan the QR code on your badge and complete the online survey to receive an AWS passport holder or a travel organizer at the reception counter AFTER 3pm. YOUR FEEDBACK IS IMPORTANT TO US
  22. 22. Thank you! Andrew Koay andrew.koay@sgx.com Paul Sin, PhD psin@deloitte.com.hk Scan me! Forward Looking Statements This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties. Statements in this presentation that are not historical facts are statements of future expectations with respect to the financial conditions, results of operations and businesses, and related plans and objectives. These forward-looking statements are based on SGX’s current intentions, plans, expectations, assumptions and views about future events and are subject to risks, uncertainties and other factors, many of which are outside SGX’s control. Because actual results, performance or events could differ materially from SGX’s current intentions, plans, expectations, views and assumptions about the future, such forward-looking statements are not, and should not be construed as a representation as to future performance of SGX. It should be noted that the actual performance of SGX may vary significantly from such statements. This presentation is being made available to certain authorised recipients for their general information only. While SGX and its affiliates have taken reasonable care to ensure the accuracy and completeness of the information provided in this presentation, they will not be liable for any loss or damage of any kind (whether direct, indirect or consequential losses or other economic loss of any kind) suffered due to any omission, error, inaccuracy, incompleteness, or otherwise, any reliance on such information. Neither SGX nor any of its affiliates shall be liable for the content of information provided by or quoted from third parties. Examples provided are for illustrative purposes only. The information in this presentation is subject to change without notice. Any recirculation, transmission or distribution of this presentation or any part thereof by any third party requires the prior written permission of SGX. SGX and its affiliates disclaim all responsibility and liability arising in connection with any unauthorised recirculation, transmission or distribution of this presentation or any part thereof. © Singapore Exchange Limited Jointly Presented by: Michael Edge edgema@amazon.com