Page 36 - 期货和衍生品行业监管动态（2024年11月）

期货和衍生品行业监管动态

CFTC 一贯允许使用非现金资产作为担保品，以满足集中清算和未集中清算

衍生品的监管保证金要求，但须符合特定条件和限制，以降低信用、市场和流动

性风险。然而，各种操作挑战限制了非现金担保品的使用，从而对市场效率造成

负面影响。通过改进现有合格担保品的操作基础设施，区块链或其他分布式账本

技术可以帮助减少或消除这些挑战，而无需更改担保品合规规则。

本建议为市场参与者如何应用其现有政策、程序、实践和流程提供了法律和

监管框架，以符合保证金要求的方式支持将分布式账本技术用于非现金担保品。

CFTC’s Global Markets Advisory Committee Advances Recommendation on

Tokenized Non-Cash Collateral (2024/11/21)

The Commodity Futures Trading Commission’s Global Markets Advisory

Committee, sponsored by Commissioner Caroline D. Pham, today advanced a

recommendation to expand the use of non-cash collateral through the use of

distributed ledger technology. The GMAC’s Digital Asset Markets Subcommittee

also presented on the progress of its Utility Tokens workstream.

“All over the world, there have been successful and proven commercial use cases

for tokenization of assets, such as digital government bond issuances in Europe and

Asia, over $1.5 trillion notional volume in institutional repo and payments

transactions on enterprise blockchain platforms, and more efficient collateral and

treasury management,” Commissioner Pham said. “Now, we can finally begin to

make progress on U.S. regulatory clarity for digital assets with today’s GMAC

recommendation on tokenized non-cash collateral. This marks a significant first step

toward realizing these opportunities for our derivatives markets — with exactly the

same guardrails and protections in place. Embracing new technology does not mean

compromising on market integrity. I’m also excited by the progress of the Utility

Tokens workstream and their extensive efforts on a regulatory solution for these key

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