Services of postcontracting face its adjustment to phenomena as the tokenización or the ‘stablecoins’ while still get ready for the standard T+1 that shortens the term of settlement
The transformation of the vehicles of traditional investment and the boom and consolidation of other new ones went the central axis of the XII Meeting of Securities Services, that with the leitmotif Building future: resilience, innovation and service, organised Expansión and Cecabank, with the collaboration of FundsPeople, on 23 April in Madrid.
The market of digital assets is already a phenomenon of extent overall: according to estimates of the IMF its added value is already of 4.2 trillion dollars. Soledad Núñez, subgovernor of the Banco de España, defined this boom as a structural and long-term trend, before which results necessary to have updated regulatory frameworks, in addition to ponder on the role of the central banks. «Our intention is suit the bases for a progressive transition in Europe towards a digital tidy»market, remarked.
Our intention is suit the bases for a progressive transition in Europe towards a digital tidy»market Soledad Núñez, subgovernor of the Banco de España
To the time, is necessary to move forward in the integration of the European securities markets, according to stated Carlos St Basilio, chairman of the CNMV. Considering the legislative initiative of integration and monitoring of markets that is being negotiated in Brussels, stressed its importance to earn competitiveness: «Without some comprehensive share markets, is going to be very difficult that the European economies can compete with other markets more comprehensive and more innovative».
Changes
Returning to the transformations that lives the sector of securities services, Ainhoa Jáuregui, chief executive officer of Cecabank, emphasised that the digital «assets are transforming the way in which understand the management, the distribution and the custody» of the financial assets. Before these changes, «is precise a close collaboration between all the actors that were part of the system: regulators, managers, suppliers of services…».
Deepening in the digital assets, Ernesto Olmedo, Head of Strategy & DeFi of Qivalis, pointed out that the issuance of the first one stablecoin called in available euros to overall level will be «a strategic»reply. «Europe has understood that to defend the digital economic sovereignty owes build its own infrastructure», added.
When it comes to the tokenización, «are being given the conditions so that the industry starts to enter of bouncier way in the assets tokenizados», according to Artur Callau, person responsible for Corporate Innovation Digital Assets of CaixaBank. Carlos Matilla, CEO of ioBuilders, considered positively that in Europe, «in the projects of tokenización the technology has been gone developing thanks to the regulation». Even so, these solutions must offer incentives both to the investor and to the intermediary and to the client.
Without some comprehensive share markets, is going to be very difficult that the European economies can compete»Carlos St Basilio, chairman of the CNMV
Amparo García, General Manager of Securitize Europe, predicted that in the future ecosystem will remain the traditional intermediaries owing to the fact that, «beyond the technology, the confidence and the knowledge that they contribute will be still valued», although in some cases, as the guards, will change its functions.
Investment and ‘posttrading’
With respect to the shortening of the term of settlement to a single business day that supposes the new European standard T+1, the transition to T+1 is, in the opinion of Marta López, director hHead Relationship Management Europe of Euroclear, «a challenge of coordination and of times», before that which «have use the best tools so that the best values are in the best space in the best moment». Iñaki Beach her, general assistant manager of Means of Kutxabank Investment, furthermore, considered that «the T+1 does not suppose a structural change », but yes must «persevere with more intensity in which we come doing until now in the posttrading in Spain and in Europe, because the quality standards are already tall».
The digital assets are transforming the way in which understand the management, the distribution and the custody»Ainhoa Jáuregui, chief executive officer of Cecabank
In the same round table on the posttrading in Spain the recent authorisation was considered to managers of collective investment to do securities lendings. For Daniel Zaplana, director of Operations of TREA Asset Management, «the securities lending does not go of being the first one in implementing, but instead of doing in the sturdiest » way and in a selective way more than massive.
Venture capital
When it comes to the venture capital, has been consolidated as one of the engines of the industry of asset management, graces, according to Miguel Cacho, financial partner of Arcane Capital, to that «contributes diversification and stability, and the long-term return that looks for the investor». From Pivotal Dunes, its Managing Director and Head of Alternatives & Underit structures, Borja of Luis, explained that they try «propose products that still offer the preservation of value». Furthermore, Carlos Conti, member of Inveready, trusted in which the «future of the venture capital drives to be less alternative and more mainstream», offering strategies of more attractive investment and with less risk.
Lastly, with respect to the ETF, Silvia Senra, Digital Distribution person responsible for of BlackRock Iberia, ensured that «there is not an instrument of the industry of assets that it grows in a so high»way, with an annualised growth of almost 20% from 2008. And it emphasised three trends: ETF of active management, ETF that they use swaps or derivatives, and access to digital assets.
