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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 study analyses the potential of the Distributed Ledger Technology Pilot Scheme (RPTRD), introduced by Regulation (EU) 2022/858, as a key strategic tool to move towards a Financial Single Market in Europe through the tokenisation of capital markets. As part of the European Union's digital finance strategy, the RTRP fosters innovation by facilitating regulatory exemptions for the application of distributed ledger technologies (DLTs) in financial markets, driving more effective integration into the Single Market. The research examines DLT-based market infrastructures, including Multilateral Trading Facilities (MTFs), Securities Settlement Systems (SSs) and combined Trading and Settlement Systems (TSS), addressing licensing requirements and analysing how each infrastructure responds to various market demands, thus contributing to European financial integration. In addition, strategic opportunities are identified for TRD infrastructure providers, such as the optimization of trading and settlement operations to reduce costs and times, in a framework that balances technological innovation with financial stability. Despite challenges, such as the development of technical skills, the need for interoperability and adapting to an ever-evolving regulation, the RTRP positions the European Union as a global leader in regulation and fintech. This pioneering framework not only strengthens the EU's internal market, but also puts Europe in a privileged position to set international standards, consolidating itself as a benchmark in tokenized and digital financial markets globally.
  
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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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==Resumen==
  
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Este estudio analiza el potencial del Régimen Piloto de Tecnología de Registro Distribuido (RPTRD), introducido por la Regulación (UE) 2022/858, como una herramienta estratégica clave para avanzar hacia un Mercado Único Financiero en Europa mediante la tokenización de los mercados de capitales. Como parte de la estrategia de finanzas digitales de la Unión Europea, el RPTRD fomenta la innovación facilitando exenciones regulatorias para la aplicación de tecnologías de registro distribuido (TRD) en los mercados financieros, impulsando una integración más efectiva en el mercado único. La investigación examina las infraestructuras de mercado basadas en TRD, incluyendo Instalaciones Multilaterales de Negociación (MTF), Sistemas de Liquidación de Valores (SS) y Sistemas combinados de Negociación y Liquidación (TSS), abordando los requisitos de licencia y analizando cómo cada infraestructura responde a diversas demandas del mercado, contribuyendo así a la integración financiera europea. Además, se identifican oportunidades estratégicas para proveedores de infraestructura TRD, tales como la optimización de operaciones de negociación y liquidación para reducir costos y tiempos, en un marco que equilibra la innovación tecnológica con la estabilidad financiera. A pesar de los retos, como el desarrollo de competencias técnicas, la necesidad de interoperabilidad y la adaptación a una regulación en constante evolución, el RPTRD posiciona a la Unión Europea como un líder global en regulación y tecnología financiera. Este marco pionero no solo refuerza el mercado interno de la UE, sino que también coloca a Europa en una posición privilegiada para establecer estándares internacionales, consolidándose como un referente en mercados financieros tokenizados y digitales a nivel mundial
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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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Most of the documents in Scipedia are written in English (write your manuscript in American or British English, but not a mixture of these). Anyhow, specific publications in other languages can be published in Scipedia. In any case, the documents published in other languages must have an abstract written in English.
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Latest revision as of 15:54, 4 November 2024

Abstract

This study analyses the potential of the Distributed Ledger Technology Pilot Scheme (RPTRD), introduced by Regulation (EU) 2022/858, as a key strategic tool to move towards a Financial Single Market in Europe through the tokenisation of capital markets. As part of the European Union's digital finance strategy, the RTRP fosters innovation by facilitating regulatory exemptions for the application of distributed ledger technologies (DLTs) in financial markets, driving more effective integration into the Single Market. The research examines DLT-based market infrastructures, including Multilateral Trading Facilities (MTFs), Securities Settlement Systems (SSs) and combined Trading and Settlement Systems (TSS), addressing licensing requirements and analysing how each infrastructure responds to various market demands, thus contributing to European financial integration. In addition, strategic opportunities are identified for TRD infrastructure providers, such as the optimization of trading and settlement operations to reduce costs and times, in a framework that balances technological innovation with financial stability. Despite challenges, such as the development of technical skills, the need for interoperability and adapting to an ever-evolving regulation, the RTRP positions the European Union as a global leader in regulation and fintech. This pioneering framework not only strengthens the EU's internal market, but also puts Europe in a privileged position to set international standards, consolidating itself as a benchmark in tokenized and digital financial markets globally.


Resumen

Este estudio analiza el potencial del Régimen Piloto de Tecnología de Registro Distribuido (RPTRD), introducido por la Regulación (UE) 2022/858, como una herramienta estratégica clave para avanzar hacia un Mercado Único Financiero en Europa mediante la tokenización de los mercados de capitales. Como parte de la estrategia de finanzas digitales de la Unión Europea, el RPTRD fomenta la innovación facilitando exenciones regulatorias para la aplicación de tecnologías de registro distribuido (TRD) en los mercados financieros, impulsando una integración más efectiva en el mercado único. La investigación examina las infraestructuras de mercado basadas en TRD, incluyendo Instalaciones Multilaterales de Negociación (MTF), Sistemas de Liquidación de Valores (SS) y Sistemas combinados de Negociación y Liquidación (TSS), abordando los requisitos de licencia y analizando cómo cada infraestructura responde a diversas demandas del mercado, contribuyendo así a la integración financiera europea. Además, se identifican oportunidades estratégicas para proveedores de infraestructura TRD, tales como la optimización de operaciones de negociación y liquidación para reducir costos y tiempos, en un marco que equilibra la innovación tecnológica con la estabilidad financiera. A pesar de los retos, como el desarrollo de competencias técnicas, la necesidad de interoperabilidad y la adaptación a una regulación en constante evolución, el RPTRD posiciona a la Unión Europea como un líder global en regulación y tecnología financiera. Este marco pionero no solo refuerza el mercado interno de la UE, sino que también coloca a Europa en una posición privilegiada para establecer estándares internacionales, consolidándose como un referente en mercados financieros tokenizados y digitales a nivel mundial

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