A: 实时结算是一种简单的技术解决方案,但市场结构变化非常复杂. While the industry should continue to aspire to real-time, 更务实的做法是分阶段缩短结算周期,以更快地获取收益. With real-time settlement in today’s market structure, the entire industry – clients, 经纪人, 投资者-失去了流动性和降低风险的净额收益, 在波动性和交易量加剧的时期,这一点尤为重要. 例如,在一个典型的交易日,澳门金沙城中心处理平均约1美元.7 trillion in equities transactions. 多边净额结算程序将这一数字减少了约98%, and the total value settled is around $38 billion. 这380亿美元的净额只允许券商在交易结束时在交易双方之间转移一次. In a real-time settlement scenario, 净赚是不可能的,数万亿美元的现金和证券必须在整个交易日连续不断地通过金融系统. This creates massive market and capital inefficiencies, increases credit and operational risks, and increases costs between trading parties, possibly undermining the stability of the markets.
Accelerating settlement requires careful consideration, 行业协调, 一种平衡的方法,使结算尽可能接近交易(例如), T+1或T+1 / 2), 不会造成资本效率低下和引入新的, unintended market risks, 例如消除多边净额结算的巨大好处和成本节约.