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Swiss otc blockchain

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We have implemented a solution for the OTC trade based on Ethereum and IPFS, covering the regulations of Mifid 2 and Finfrag. OTC is an abbreviation of Over-the-Counter (trading). It has always been an important pillar of activity for financial institutions. Bilateral OTC trading is attractive, because transactions can be kept more private than when trading via a market exchange (a central counterparty CPP), and there are less fees to be paid. We have set out to build a Blockchain-based Clearing and Settlement system that fixes the deficiencies of OTC trading, without scarifying the advantages. Blockchain technology is ideal to achieve this.

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Swiss otc blockchain

  1. 1. Consulting. Design. Agile Projects. Products. Innovation Hosting. Swiss OTC BlockchainInformation about the Swiss OTC Blockchain Michele Forte, michele.forte@ti8m.ch Walter Strametz, CTO, walter.strametz@ti8m.ch
  2. 2. 24.02.2017 2 SWISS OTC CHAIN For people who believe in enterprises, not in institutions.
  3. 3. 24.02.2017 3 Konsumenten haben keine direkten Zugriff auf den Markt und können keine Anteile halten. OTC – Der Ablauf heute ist der von gestern Buyer Assets Capital Emittent (Buy) Broker (Sell) Broker Central Compliance Aktienbuch Bank Bank Orders Seller
  4. 4. 24.02.2017 4 … die Swiss OTC Blockchain kommt theoretisch ohne Broker und Custodians!!! OTC – Ablauf mit der Blockchain Shared Database Smart Contract Smart Contract Smart Contract Smart Contract Smart Contract Swiss OTC Blockchain Broker Seller Buyer Smart Contract Read access according to authorization Share Registrar Custodian Regulatory/ Central Counterparty Payment disruptive! buy & sell
  5. 5. 24.02.2017 5 Manueller Prozess kann weitgehend automatisiert werden OTC – Automatisierte Compliance planning scope Transactions Overview Blockchain Vorteile - Transparenz, keine Zeitverzögerung - Automatisierbarer Review - Niedrigere Fehlerquote - Compliance durch Smart Contract durchsetzbar - Neue Services – Steuer, Nationalbank u.a. Kritische Bedingungen: - Kann nur durch gemeinsame Anstrengung erreich werden - Lokale Datenhaltung erst am Anfang - Effiziente Systeme müssen abgelöst werden – Kostenfaktor
  6. 6. 24.02.2017 6 OTC – Ablauf mit der Blockchain Custodian Bank Broker Share registry manager FINMA - Order entry mask / API - Trade entry mask / API - Trade confirmation mask / API - Trade registering mask / API - Settled trades - Trades registered in share registry - Orders to be filled - Trades to be confirmed - Trades to be registered - MIFID II Report UI & Tools Information
  7. 7. 24.02.2017 7 OTC – Von OTC über ICO bis zu Derivativen Architektur der OTC Post-Trade Capturing ist Basis für einen komplett dezentralisierten Markt aus Basis Blockchain. Post Trade Capturing and Smart Contracts as derivatives Order book and market making (matching) on the chain and Remove central exchange institution KYC and decentral orderbook Fully decentralized ledger  Automatisiert: Derivative werden durch «Smart Contracts» abgebildet. Transaktionen werden direkt auf der Blockchain ausgeführt. Kein Paperwork oder Verwaltungsaufwand.  Peer-to-peer: Die Blockchain übernimmt die Funktion des Marktes, bringt Angebot und Nachfrage zusammen.  Verteilt: Zustand der Derivative ist jederzeit für alle einsehbar – oder je nach Inhalt des Smart Contracts – auch für alle änderbar.  Compliance und Anforderungen und Reports an eine «Central Counterparty» werden automatisch durchgeführt, neue Anforderungen durch Updates automatisch propagiert.  Betrieb der «Börse» ist hoch flexibel – z.B. können die Betriebskosten durch das «Mining» abgedeckt werden; Switching Cost: 0.  Neue Marktfelder durch deutlich geringere Kosten.  OTC & ICO  Derivatives  KYC Services  Compliance
  8. 8. 24.02.2017 8 OTC – Detaillierter Ablauf auf der Blockchain KYC database Custodian Bank S Blockchain ID (uPort) PPK / SK infrastructure IPFS Ethereum Blockchain Legacy order management SIC payment system Share registry management Broker S Custodian Bank BBroker B SIX Share registrar FINMA Order / Trade entry masks 2 4 8 17 15 18a 19 23 24 21a 21b 25 28 29 16 20b20a 26 3 1 5 6 7 9 10 11 2 412 3 1 5 6 7 18b 22 27 13 14
  9. 9. 24.02.2017 9 OTC – Detaillierter Ablauf auf der Blockchain Steps Step Description Interfaces 1 Custodian Bank customer is represented on Blockchain (has unique Blockchain Address). This address will be part of a Blockchain ID system in the future, but not yet in this stage of development. Blockchain 2 Customer ID is linked to KYC database / legacy system of Custodian bank, and can be retrieved. Legacy KYC system/ DB 3 Custodian Bank retrieves customer ID, and encrypts it with public keys of itself, of registry manager, and of regulation authority Encryption infrastructure 4 Custodian bank creates order file with Asset and quantity to be traded. Custodian bank also includes info about execution broker and the 3 encrypted Customer ID copies into order file Order entry mask. Interface to Valoren- Nb DB (Standardized ID of companies) 5 Order file is encrypted with keys from Custodian Bank and Execution Broker Encryption infrastructure 6 Both encrypted order file copies are saved in IPFS IPFS 7 IPFS order files are hashed, and hash stored on Blockchain. Attribute “pending” is set. Execution Brokers are notified about new Orders that are entered for execution Ethereum Blockchain 8 Broker S creates trade file, after having off-chain executed the trade with buyer broker. To do so, Broker S indicates the file of a specific sell order, which was executed. Hash of sell order file is saved in trade file. The order details (Asset, quantity,, side (buy|sell), ordertype (at market | limit),limit price, currency (always CHF), Broker S, Custodian S, and encrypted ID of Seller) are automatically filled in with the info from the order file The broker S adds the following information: Price, fee, broker B. Trade entry mask Order overview GUI for broker 9 A copy of the trade file is encrypted respectively with Public key of Seller broker S and buyer broker B Encryption infrastructure 10 Encrypted trade files are saved in IPFS. IPFS 11 IPFS trade files are hashed, and hash stored on Blockchain. Trade attribute is set to “open” Sell order attribute is set to “processing” Buyer broker (trade counterparty) is notified about new trade to be confirmed Ethereum Blockchain 12 Broker B confirms trade in entry mask. To do so, Broker B indicates the file of a specific buy order, which was executed. The trade entry mask double checks info about Asset, q, and adds the 3 encrypted Customer B IDs from the buy order file. Buy order file hash is saved in trade file. Broker B double-checks price of trade. Trade entry mask link to order file 13 A copy of the trade file is encrypted respectively with Public key of Seller broker S and buyer broker B, share registry manager, SIC, and of regulation authority (5 copies) Encryption infrastructure 14 Encrypted trade files are saved in IPFS. IPFS 15 IPFS trade files are hashed, and the previous hash of the trade replaced on Blockchain. Trade attribute is set to “confirmed” Buy order attribute is set to “processing” Ethereum Blockchain 16 SIC is notified about a confirmed trade that needs payment processing Ethereum Blockchain 17 SIC reads file of confirmed trade and executes required payments:  Payment from Custodian bank B to Broker B  Payment from Broker B to Broker S  Payment from Broker S to Custodian Bank S Interface SIC - Blockchain 18a 18 b 18 c 18 d SIC Account of Custodian Bank B is debited with the transaction Amount SIC Account of Broker B shows net zero (debit and credit offset) SIC Account of Broker S shows net zero (debit and credit offset) SIC account of Custodian Bank S is credited with transaction amount - 19 SIC confirms payment and sets Trade record attribute to “paid” SIC sets Sell order attribute (as identified by order file hash in trade file) to “filled” SIC sets Buy order attribute (as identified by order file hash in trade file) to “filled” Ethereum Blockchain 20a 20b Custodian Bank S gets notified by Ethereum Blockchain about new trade that has settled, and updates positions in securities accounts correspondingly Custodian Bank B gets notified by Ethereum Blockchain about new trade that has settled, and updates positions in securities accounts correspondingly Ethereum Blockchain Custodian Bank legacy system 21a 21b (Optional, once Customer has ID and PPK): Custodian Bank S saves the trade transaction hash to Blockchain ID file of Seller. Custodian Bank B saves the trade transaction hash to Blockchain ID file of Seller. Ethereum Blockchain Functionality to update Customer ID file 22 Share registrar is informed about new trades that need processing GUI / Interface to Blockchain system 23 Share registrar unlocks IPFS trade file with Private Key IPFS 24 Share registrar updates share registry with info from trade file. For shares that need approval, it reaches out to company and gets decision about registering of the shares - 25 Share registrar updates status of trade record on Ethereum Trade Attribute is set to “Registered”, or: “Rejected” Interface to Ethereum with write rights 26 Custodian B gets notified by Blockchain about trade registration, and updates its Database with the registration status of customer B. GUI / Interface to Blockchain system 27 Finma identifies suspect via Blockchain ID Interface to Blockchain 28 Finma unlocks all trade transactions GUI / Interface to Blockchain system 29 Finma filters all transactions according to suspect Blockchain ID, and compiles report GUI / Interface to Blockchain system Steps Step Description Interfaces Steps Step Description Interfaces
  10. 10. 24.02.2017 10 Die Unveränderbarkeit der Smart Contracts treibt das Design! OTC – Design Pattern Ethereum Smart Contracts BusinessLogic V2 Robustness AccessControl DataStorage LibraryN Library1 Library2 BusinessLogic V1 DAO
  11. 11. 24.02.2017 11 Daten sind «öffentlich» aber nicht für alle lesbar. OTC – Design Pattern Ethereum Smart Contracts
  12. 12. 24.02.2017 12 Swiss OTC Blockchain is designed to be a public shared ledger! OTC – 100 % disruptive architecture of the Swiss OTC Blockchain The “Shared Ledger Vision” is, where participants collaborate to maintain a shared record, assured to be consistent between them, consuming the services of existing and new service providers and market infrastructure providers on an open and competitive basis. Source: Corda non-technical white paper
  13. 13. Slide ti&m – Vielen Dank Wir digitalisieren Ihr Unternehmen. Consulting. Design. Agile Projects. Products. Innovation Hosting. ti&m Garage. ti&m AG Buckhauserstrasse 24 CH-8048 Zürich Monbijoustrasse 68 CH-3007 Bern Ch. de Mornex 6 CH-1003 Lausanne Telefon +41 44 497 75 00 E-Mail info@ti8m.ch Twitter @ti8m_ag Facebook ti8m.com/fb www.ti8m.com ti&m AG Theodor-Heuss-Allee 112 60486 Frankfurt am Main Deutschland Telefon +49 69 - 66 77 41 395 E-Mail info@ti8m.ch Twitter @ti8m_ag Facebook ti8m.com/fb

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