As an emerging technology, the value of blockchain is generally recognized. And it has application potential in many fields. Among them, the financial field has the characteristics of low trust between participants and high requirements for transaction record security and completeness, which naturally fits the blockchain . As the securities industry is an important component of the financial system, a wide range of business scenarios has also become a potential market for blockchain technology applications.
Recently, the Securities Association of China released its first application in the "China Securities Chain"-the investment banking business electronic papers supervision system, to promote the standardization of the investment banking business electronic papers submission, and to perform the self-discipline management duties of the association. As the first batch of securities companies to join the "China Securities Chain" node, they will work with the Association to undertake the functions of the "China Securities Chain" service industry.
The first application of "China Securities Chain"
The "Securities Daily" reporter was informed that in order to promote the construction of technological supervision capabilities, promote the digital transformation of the securities industry, form an industry digital ecosystem of co-construction, co-governance and sharing , and improve the service efficiency and quality of the securities industry, the Securities Association of China launched the "China Securities Chain". "China Securities Chain" is a securities industry alliance chain based on blockchain technology. China Securities Association has signed alliance chain cooperation agreements with Haitong Securities, Guotai Junan, China Merchants Securities, GF Securities, China Galaxy Securities, and Zheshang Securities. This six companies as the first to join "in the certificate chain" node securities companies , will jointly assume the functions of "CSI chain" service industries and associations.
A few days ago, the Association released its first application on the "China Securities Chain"-an investment banking business electronic draft supervision system. According to the reporter’s understanding , the investment banking business electronic papers supervision system is based on the blockchain technology led by the China Securities Association. It uses a unified data interface to interface with the investment banking paper systems of various securities companies, receives investment banking business project work papers, and implements relevant electronic Manuscripts are checked and supervised online to improve the technical system for internal control of investment banking business.
In this regard , the reporter interviewed two brokers who were the first to join the alliance chain.
In an interview with a reporter from Securities Daily, Galaxy Securities stated that its main task is to actively cooperate with the association to complete the establishment of the China Securities Chain Alliance and actively participate in the subsequent development planning and implementation . The first step of the task is to establish an alliance docking relationship and complete the access work of self-sustained nodes. At present, the company's internal hardware , software, network and other related configuration work have been completed, and deployment and docking tasks are in progress . All docking is expected to be completed before the Spring Festival . It is expected that after the completion of the above-mentioned basic work debugging, Galaxy Securities will start the optimization and upgrade work, complete the investment bank work paper and submit the system development content on the chain through the self-owned node, give full play to the distributed and reliable characteristics of the blockchain, and implement the regulatory requirements of the securities industry. , Node management adopts the principle of strengthened supervision and multi-point maintenance, and provides data recording and verification services.
The reporter learned from relevant securities companies : "This electronic papers supervision system is mainly to solve the pain points of supervision , and there is still a difference in positioning with the securities companies' own papers system."
Taking GF Securities as an example, the reporter learned that the electronic paper management system of GF Securities' investment banking business has been officially used for more than 2 years. It can cover various investment banking businesses and dynamically reflect the entire life cycle of the project. The business process is clear and the control process is complete. Strict management of manuscripts. GF Securities relevant person in charge of the "Securities Daily" correspondent, said: "GF Securities has been put into use a new generation of investment banking management system construction projects, papers electronically is an important part of the new system, using feedback accordance with regulatory requirements and business people , the first One version was launched in 2018, which mainly includes functions such as uploading, reviewing, storing, previewing, searching, manuscript logs, permissions, and template management of electronic manuscripts."
GF Securities is also a member of the "China Securities Chain" alliance chain . "In terms of technical support, GF Securities has undertaken the deployment of the blockchain node of the'China Securities Chain' in the Guangzhou area and assisted the association to build the prototype of the'China Securities Chain'. Follow-up This node will become a part of the distributed ledger of the'China Securities Chain', and complete the node accounting of blockchain applications in related industries; in terms of application promotion, GF Securities has passed the association's draft supervision and submission test at the end of 2020, and It was put into use at the beginning of this year . This application is the first attempt of GF Securities in the application of the "China Securities Chain". In the follow-up, the company will adapt to the actual situation of the industry and combine the features of blockchain technology with anti-tampering and traceability. , Letter and certificate mutual recognition and other fields to conduct research to promote the application of China Securities Chain in the industry." Guangfa Securities said.
Solve multiple pain points of investment bank supervision
"Securities Daily" reporters in the interview process for a number of brokerage investment banking and information technology stakeholders learned , investment banking, electronic papers regulatory system can solve more problems in investment banking regulation.
First , realize paperless review and review, reducing the risk of paper manuscripts being lost. From the previous paper-based manuscripts to the electronic manuscripts, the convenience of review and inspection has been improved , and the operation mode has been changed, work efficiency has been improved, and operating costs have been reduced.
Second, it makes the due diligence work more standard and normative. The manuscript system comprehensively records the results of due diligence. The key processes such as project initiation, core verification, declaration, continuous supervision, and document approval at each stage are based on timely electronic manuscript support, and each key node is controlled through system functions. Insiders told reporters: "For example, business people at the time of submission project approval, the system can determine whether the project has reached the stage of papers investigators, auditable stage, otherwise not allowed to submit project; electronic papers trace all operations have to be investigated , from a technical Level supports the soundness of internal control."
Third, through the "China Securities Chain" and the electronic papers supervision system, the "cloud" interaction between brokerages and associations will be realized, which will also greatly solve the problems of large inspection workloads and difficult management coordination of supervisory institutions , making supervision smarter and more complex. Efficient.
Fourth, reduce the risk of untrustworthy data. Relying on the blockchain data structure based on the time stamp sequence, the historical version can be traced, and the supervisory agency can trace the source of the manuscript catalog , manuscript files, and information changes. At the same time, the blockchain uses encryption to record data. Although the data is visible and verifiable, the original text cannot be deciphered, providing security for the business data of participating securities companies.
Currently most of them belong to the application
Widely believed, the block chain is essentially a multi-party participation trusted database maintenance, brokerage can reduce certain operating costs , while increasing reliability. In the "Research Report on Promoting the Digital Transformation and Development of the Securities Industry" issued by the China Securities Association last year, it was also proposed to encourage securities companies to increase investment in artificial intelligence, blockchain and other fields, promote the in-depth integration of information technology and securities business, and promote business And the improvement of the digital application level of management models.
The relevant person in charge of Galaxy Securities told reporters: “Blockchain has a broad application space in the securities industry. According to our communication and research , many leading securities firms are actively exploring this aspect. It is a multi-scenario deposit certificate business for securities firms. As the earliest and relatively mature application direction of blockchain development, deposit certificates have good landing cases in various industries. The securities industry has abundant data and high requirements for data authenticity. There are many business scenarios needed as evidence , to impart industry data can not be tampered with, can not be deleted, openness and transparency, traceability, confidentiality and other features to enhance the credibility of electronic data broker. "
“Galaxy Securities has built and put into use a one-stop blockchain-based certificate deposit management platform, including the underlying blockchain management operation and maintenance platform , the blockchain certificate deposit management platform, and the distributed file storage platform. Important business links such as agency sales, investor suitability management, credit transactions, product management, etc., have completed the chain of business scenarios such as the core business deposit certificate of high-end wealth management products, the deposit certificate of important customer notification information, and the deposit certificate of customer qualified investor certification results. "
In addition to the scene as evidence, the scene of some of the data cross-border, multi-agency co-operation, mutual recognition of multi-agency confirmations, industry-level data sharing and risk disclosure , also can block chain of ideas, and relying on "the A consortium chain with credibility, such as "Certificate Chain," will be used for landing exploration.
In addition, there are also brokers exploring new business models. For example, the use of blockchain in supply chain finance scenarios to enhance trust and improve efficiency, and reduce the financing costs of downstream companies . The "Securities Daily" reporter learned that GF Securities began to explore blockchain applications based on its own business characteristics at the end of 2016. In 2018, it launched a trusted ABS cloud and used the blockchain to store evidence of basic asset data and prove that the data Authenticity and integrity.