The BBA is now integrated into UK Finance. Please go to www.ukfinance.org.uk for new content and updates from UK Finance.
Material published by BBA prior to 1st July 2017 is still available on this website.
From 1 July 2017, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. It will represent around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.x
Blockchain technology has the potential to revolutionise the profitability of capital markets. The promise of risk mitigation, capital efficiency and operational benefits can only be realised through legal and regulatory change.
Blockchain has generated significant interest in capital markets, as FinTech start-ups, global banks and other providers evaluate technology and potential use cases. Yet, many questions remain unanswered as to how blockchain, or other forms of distributed ledger technology (DLT), fit into the current regulatory and legal infrastructure.
To deliver viable and valuable solutions in the highly-regulated environment of capital markets, blockchain will need to navigate the legal and regulatory landscape – either by evolving solutions which conform or by engaging policymakers to reshape its current contours.
Innovate Finance has partnered with Hogan Lovells and EY to produce Blockchain and the Capital Markets Journey which outlines the legal and regulatory challenges of using DLT in capital markets, including the over-the-counter (OTC) derivatives market. This report focuses on the UK’s regulatory and legal environment as a stepping-stone to understanding analysis and issues that are similar to those in other jurisdictions.
We outline key themes that we believe will help shape the future architecture of blockchain:
In this report, we have helped to kick-start the debate by addressing important legal and regulatory questions that will impact the development of blockchain. Questions range from organisational to philosophical – all designed to encourage a wider agenda where regulators and law makers will collaborate with the industry to enact change.
Download the report here. Please don’t hesitate to get in touch if you’d like to discuss any of these issues in more detail.