The financial sector is no stranger to innovation. Nevertheless, over the past few years, the exponential growth of FinTech companies suggests that more disruptive changes will be required in order to bring the financial system fully into the 21st century. Providers of investment services have begun to revisit their product portfolios and distribution channels, making massive investments in FinTech start-ups, accelerator/incubator programmes and even appointing chief innovation officers.
Distributed ledger technology (DLT) has the potential to bring issuers and investors into direct contact, leading to further disintermediation in the securities industry. It can achieve greater efficiency, transparency and even ‘democratisation’ of finance (financial inclusion). Trading and post-trading operators have already started to test blockchain technologies and to integrate them into their business models. Potential savings for investors could be significant.
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