Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Raport w sprawie reżimu pilotażowego DLT. Badanie sposobu rejestrowania transakcji na instrumentach finansowych w różnych technologiach rozproszonej księgi rachunkowej

05 October 2023

ESMA12-2121844265-3183

Report on the DLT Pilot Regime

Study on how financial instrument transactions are registered in various Distributed Ledger Technologies

1 Executive Summary

Reasons for publication

The DLT Pilot Regime (DLTR) entered into force on 23 June 2022 and aims to foster innovation in the European Union’s capital markets sector. It allows eligible firms to operate DLT market infrastructures to be used for trading and settlement purposes. A survey conducted during the ESMA workshop on the DLTR on 31 March 2022, identified three main DLTs (Corda, Ethereum, and Hyperledger Fabric) that might be used by DLT market infrastructures. The three DLTs are analysed in this study with respect to transaction reporting.

Transaction reporting plays a crucial role in current financial markets as it provides regulators with insights into market movements and trends as well as overall market stability. The objective of this study is to understand the implications of the use of...