Cover image source | Pixabay
Author丨Li Wen Zhang Bo
Source丨Securities Daily
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 among 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. As the first batch of securities companies to join the "China Securities Chain" node, these six companies will jointly assume the "China Securities Chain" service industry functions with the Association.
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 draft supervision system is based on blockchain technology led by the China Securities Association. It uses a unified data interface to interface with the investment banking draft system of various securities companies, receives investment banking business project work drafts, 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 credible 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 related 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. The relevant person in charge of GF Securities told the "Securities Daily" reporter: "GF Securities has already put into use a new generation of investment banking business management system construction project. The electronic manuscript is an important part of the new system. According to regulatory requirements and feedback from business personnel, 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 nodes 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 learned during interviews with relevant persons from the investment banking department and information technology department of a number of securities firms that the electronic papers supervision system for investment banking business can solve many problems in the supervision of investment banking business.
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 reviewing and consulting has been improved, and the operation mode has been effectively promoted, 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 all based on timely support of electronic manuscripts, and each key node is controlled through system functions. An industry insider told reporters: “For example, when a business person submits a project for approval, the system can determine whether the draft at the project approval stage has reached the pre-reviewer review stage, otherwise it is not allowed to submit the project; 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.
At present, most of them belong to the deposit application
The industry generally believes that the blockchain is essentially a credible database that multiple parties participate in and maintain, which can reduce a certain amount of operating costs for brokers while increasing credibility. 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 that need to be recorded to give industry data the characteristics of non-tampering, non-deleting, openness and transparency, traceability, and confidentiality, and enhance the credibility of the electronic data of the brokerage."
“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 evidence deposit scenarios, some cross-border data scenarios, multi-institution joint operations, multi-institution letter certification mutual recognition, industry-level data sharing and risk disclosure can also be implemented through the idea of blockchain and rely on A consortium chain with credibility, such as "Certificate Chain," will be used for landing exploration.
In addition, there are also brokers who are 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. Authenticity and integrity.