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==1 Title, abstract and keywords<!-- Your document should start with a concise and informative title. Titles are often used in information-retrieval systems. Avoid abbreviations and formulae where possible. Capitalize the first word of the title.
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==Abstract ==
  
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This article analyzes the Pilot Regime for Distributed Ledger Technology (DLT), introduced by Regulation (EU) 2022/858 as part of the European Union's digital finance strategy. This regulatory framework promotes innovation by allowing exemptions from existing regulations to facilitate the use of DLT in financial markets, positioning itself as the necessary tool to create the long-awaited Single Financial Market in Europe.
  
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An abstract is required for every document; it should succinctly summarize the reason for the work, the main findings, and the conclusions of the study. Abstract is often presented separately from the article, so it must be able to stand alone. For this reason, references and hyperlinks should be avoided. If references are essential, then cite the author(s) and year(s). Also, non-standard or uncommon abbreviations should be avoided, but if essential they must be defined at their first mention in the abstract itself. -->==
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A central part of the document focuses on the different DLT market infrastructures: DLT Multilateral Trading Facilities (MTFs), DLT Settlement Systems (SS), and DLT Trading and Settlement Systems (TSS). The requirements for obtaining licenses to operate these infrastructures are discussed in detail, highlighting how each type of infrastructure addresses different market needs and contributes to the integration of the European financial market.
  
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Additionally, the strategic opportunities for DLT market infrastructure providers are highlighted. The implementation of these technologies offers possibilities to integrate trading and settlement more efficiently and transparently, reducing costs and operation times. However, significant challenges are also presented, such as the need to develop technical expertise, ensure interoperability between different DLT platforms, and adapt to an evolving regulatory environment.
  
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The regime, therefore, seeks to balance technological innovation with the security and stability of the financial market, preparing the ground for a future where DLT technology plays a central role in the creation and consolidation of the Single Financial Market in Europe.
  
  
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==2 The main text<!-- You can enter and format the text of this document by selecting the ‘Edit’ option in the menu at the top of this frame or next to the title of every section of the document. This will give access to the visual editor. Alternatively, you can edit the source of this document (Wiki markup format) by selecting the ‘Edit source’ option.
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Este artículo analiza el Régimen Piloto de Tecnología de Registro Distribuido (DLT), introducido por la Regulación (UE) 2022/858 como parte de la estrategia de finanzas digitales de la Unión Europea. Este marco regulatorio fomenta la innovación al permitir exenciones de las regulaciones existentes para facilitar la utilización de DLT en los mercados financieros, posicionándose como la herramienta necesaria para crear el esperado Mercado Único Financiero en Europa.
  
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Una parte central del documento se enfoca en las diferentes infraestructuras de mercado DLT: Instalaciones Multilaterales de Negociación DLT (MTF), Sistemas de Liquidación de Valores DLT (SS) y Sistemas de Negociación y Liquidación DLT (TSS). Se discuten en detalle los requisitos para obtener licencias para operar estas infraestructuras, destacando cómo cada tipo de infraestructura aborda distintas necesidades del mercado y contribuye a la integración del mercado financiero europeo.
  
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Además, se destacan las oportunidades estratégicas para los proveedores de infraestructura de mercado DLT. La implementación de estas tecnologías ofrece posibilidades para integrar trading y liquidación de manera más eficiente y transparente, reduciendo costos y tiempos de operación. Sin embargo, también se presentan desafíos significativos, como la necesidad de desarrollar expertise técnico, asegurar la interoperabilidad entre diferentes plataformas DLT y adaptarse a un entorno regulatorio en evolución.
  
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Divide your article into clearly defined and numbered sections. Subsections should be numbered 1.1, 1.2, etc. and then 1.1.1, 1.1.2, ... Use this numbering also for internal cross-referencing: do not just refer to 'the text'. Any subsection may be given a brief heading. Capitalize the first word of the headings.
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El régimen busca, por tanto, equilibrar la innovación tecnológica con la seguridad y la estabilidad del mercado financiero, preparando el terreno para un futuro en el que la tecnología DLT juegue un papel central en la creación y consolidación del Mercado Único Financiero en Europa.
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Latest revision as of 10:23, 1 June 2024

Abstract

This article analyzes the Pilot Regime for Distributed Ledger Technology (DLT), introduced by Regulation (EU) 2022/858 as part of the European Union's digital finance strategy. This regulatory framework promotes innovation by allowing exemptions from existing regulations to facilitate the use of DLT in financial markets, positioning itself as the necessary tool to create the long-awaited Single Financial Market in Europe.

A central part of the document focuses on the different DLT market infrastructures: DLT Multilateral Trading Facilities (MTFs), DLT Settlement Systems (SS), and DLT Trading and Settlement Systems (TSS). The requirements for obtaining licenses to operate these infrastructures are discussed in detail, highlighting how each type of infrastructure addresses different market needs and contributes to the integration of the European financial market.

Additionally, the strategic opportunities for DLT market infrastructure providers are highlighted. The implementation of these technologies offers possibilities to integrate trading and settlement more efficiently and transparently, reducing costs and operation times. However, significant challenges are also presented, such as the need to develop technical expertise, ensure interoperability between different DLT platforms, and adapt to an evolving regulatory environment.

The regime, therefore, seeks to balance technological innovation with the security and stability of the financial market, preparing the ground for a future where DLT technology plays a central role in the creation and consolidation of the Single Financial Market in Europe.


Resumen

Este artículo analiza el Régimen Piloto de Tecnología de Registro Distribuido (DLT), introducido por la Regulación (UE) 2022/858 como parte de la estrategia de finanzas digitales de la Unión Europea. Este marco regulatorio fomenta la innovación al permitir exenciones de las regulaciones existentes para facilitar la utilización de DLT en los mercados financieros, posicionándose como la herramienta necesaria para crear el esperado Mercado Único Financiero en Europa.

Una parte central del documento se enfoca en las diferentes infraestructuras de mercado DLT: Instalaciones Multilaterales de Negociación DLT (MTF), Sistemas de Liquidación de Valores DLT (SS) y Sistemas de Negociación y Liquidación DLT (TSS). Se discuten en detalle los requisitos para obtener licencias para operar estas infraestructuras, destacando cómo cada tipo de infraestructura aborda distintas necesidades del mercado y contribuye a la integración del mercado financiero europeo.

Además, se destacan las oportunidades estratégicas para los proveedores de infraestructura de mercado DLT. La implementación de estas tecnologías ofrece posibilidades para integrar trading y liquidación de manera más eficiente y transparente, reduciendo costos y tiempos de operación. Sin embargo, también se presentan desafíos significativos, como la necesidad de desarrollar expertise técnico, asegurar la interoperabilidad entre diferentes plataformas DLT y adaptarse a un entorno regulatorio en evolución.

El régimen busca, por tanto, equilibrar la innovación tecnológica con la seguridad y la estabilidad del mercado financiero, preparando el terreno para un futuro en el que la tecnología DLT juegue un papel central en la creación y consolidación del Mercado Único Financiero en Europa.

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