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The Depository Trust & Clearing Corporation or DTCC publishes a report on the stability of the global financial system every year and has done so every year since 2013. Describes this report in these terms:
"[T]The DTCC risk system risk survey serves as an annual wrist check to monitor existing and emerging risks that may affect the security, resilience and stability of the global financial system. It is designed to help identify trends and promote industry-wide dialogue on potential threats to financial stability ".
This year's report might seem like Bitcoin fans and the blockchain as it should have come out in 2013, when the mountain. Gox and associated events have shaken the foundations of cryptocurrency as the revelations surrounding his disappearance came to light and the price fell from $ 1,000, gradually touching the bottom a couple of years later. Because in the report of this year there is a mouthful of Stephen Scharf, DTCC Chief Security Officer [emphasis added]:
"The increased concern about the impact of fintech on systemic risk demonstrates a growing awareness of potential risk and underlines the need to assess both the risks and benefits associated with the fintech initiatives." DTCC embraces the promise that innovations fintech further mitigates risks and reduces post-trade costs. But as the industry continues to adopt fintech innovations such as blockchain, AI and cloud solutions, we must ensure that these innovations do not jeopardize the security and security of the current global financial market. "
The report does not elaborate on the way in which the blockchain will actually do the opposite of its purpose, which is to stabilize and modernize archaic and opaque systems that often fail to achieve their purpose or, worse, to work against their users. The quote is mild in terms of anti-blockchain sentiment, but continues to speak of the fundamental reluctance of some parts in the finance of the old world to simply adapt, modernize and survive the changes that will be made regardless of whether they get on board or not.
The report also contains other interesting metrics within it. The number of people who consider interconnection as a systemic risk for funding decreased by 8% from last year's survey, while the percentage of people who see Brexit as a potential problem has increased by a factor of approximately 40%. ; 11%. Excessive borrowing was included for the first time in the report and 28% of respondents listed it among the top five concerns.
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