{"id":4582,"date":"2019-07-24T15:24:15","date_gmt":"2019-07-24T14:24:15","guid":{"rendered":"https:\/\/www.newmoneyreview.com\/?p=4582"},"modified":"2019-09-12T11:18:27","modified_gmt":"2019-09-12T10:18:27","slug":"a-new-money-infrastructure-could-end-bank-bailouts","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2019\/07\/24\/a-new-money-infrastructure-could-end-bank-bailouts\/","title":{"rendered":"A new money infrastructure could end bank bailouts"},"content":{"rendered":"

In the latest New Money Review podcast<\/a><\/em>, Paul Amery interviews Robert Sams, founder and chief executive of Clearmatics, a technology company based in London.<\/p>\n

In the podcast, Sams explains why he believes a shift away from the current centralised financial infrastructure is inevitable, and why initiatives such as Clearmatics\u2019 own Utility Settlement Coin and Facebook\u2019s new Libra project are only the start of a much bigger trend.<\/p>\n

In due course, says Sams, a more decentralised system could help address the moral hazard problem symbolised by the 2008 bailouts of big banks, as well as reducing the security risks inherent in the current infrastructure.<\/p>\n

To listen to the podcast, click here<\/a>.<\/p>\n

\"\"<\/p>\n

Robert Sams<\/em><\/p>\n

Here are some key quotes from the recording:<\/p>\n

Clearmatics\u2019 Utility Settlement Coin (USC) project<\/strong><\/p>\n

\u201cUSC is a digital cash settlement asset that is fully collateralised by cash at the central bank. Strictly speaking, it\u2019s not central bank money\u2014it\u2019s not a direct liability of the central bank\u2014but the structure of USC gives it a credit risk profile that\u2019s very similar.\u201d<\/p>\n

\u201cFor years, central banks have been moving the market towards a model where final settlement takes place in central bank money, because of the potential systemic risks of having settlement take place in commercial bank money. We\u2019re creating a third category of cash settlement asset that sits between the two existing categories.\u201d<\/p>\n

\u201cUSC is designed to support a lot of the new use cases people want to deploy, such as tokenised securities and new settlement models that require a cash leg.”<\/p>\n

“For a while, it is meant to operate as a parallel universe to the existing settlement system. We see change happening not through the disruption of existing markets, but by means of the liquidity in the legacy infrastructure eventually gravitating to the new infrastructure.\u201d<\/p>\n

\u201cThe financial crisis saw renewed interest in liberalising access to central bank money\u201d<\/p><\/blockquote>\n

\u201cGiven the crucial role they play in cash settlement, banks are the initiators of the USC project. But the project was never designed to be a bank-only consortium. It\u2019s designed to include other fintech and market infrastructures and broaden access to direct participation in cash settlement.\u201d<\/p>\n

\u201cAfter the financial crisis, there was renewed interest in liberalising access to central bank money. We\u2019re massively in favour of this liberalisation and the USC project was designed to be fully consistent with that policy objective, and to some extent even to help achieve it.\u201d<\/p>\n

The future of settlement<\/strong><\/p>\n

\u201cIntraday settlement will become more common. But what needs to change are primarily the market conventions around what happens during the lifecycle from trade to settlement. The changing settlement infrastructure will help enable those changes.\u201d<\/p>\n

\u201cThere will be a greater role for bilateral credit mitigation\u201d<\/p><\/blockquote>\n

\u201cIt\u2019s not a case of the shorter you make the settlement period, the better. If you had immediate settlement, you\u2019d have to pre-fund all trades. That\u2019s not a generalisable model for the financial markets.\u201d<\/p>\n

\u201cThere will be a greater role for bilateral credit mitigation. What was previously intermediated by prime brokers may happen directly between counterparts.\u201d<\/p>\n

JPM Coin and bank token projects<\/strong><\/p>\n

\u201cJP Morgan coin is commercial bank money, whereas the USC system is built around something collateralised by central bank money. The functions these different forms of money play are very different.\u201d<\/p>\n

\u201cI expect to see more commercial bank moneys being introduced\u201d<\/p><\/blockquote>\n

\u201cI expect to see more commercial bank moneys being introduced, whether in the form of e-money or commercial bank notes in digital form. These initiatives are very consistent with what we\u2019re trying to do.\u201d<\/p>\n

\u201cThe benefit of the introduction of new, tokenised commercial bank moneys will come from these things being interoperable. Even if I\u2019m not part of the JP Morgan network, I can still pay you if I\u2019ve got JPM coin.\u201d<\/p>\n

Facebook\u2019s Libra project<\/strong><\/p>\n

\u201cThis is a very interesting project. The technology architecture has a lot of similarities with what we\u2019re doing.”<\/p>\n

\u201cOne of the stated goals of Libra is to become permissionless over time. But for governance reasons, it\u2019s not really possible to have a permissionless system built around a token that\u2019s backed by real-world assets. You can\u2019t fork a system like that and create two versions of Libra. So you will have to have centralisation at the protocol governance level.\u201d<\/p>\n

\u201cLibra has definitely created a problem for the regulators and central banks\u201d<\/p><\/blockquote>\n

\u201cI expect Libra to counter that there\u2019s no dichotomy between permissioned and permissionless systems, and that there\u2019s more than one way to define things. That will be an interesting and constructive discussion, because a lot of these concepts are currently used in ways that are not well-defined.\u201d<\/p>\n

\u201cThis project has definitely created a problem for the regulators and central banks. There\u2019s going to be a challenging journey ahead to create a legal and governance structure that\u2019s acceptable to them. But that doesn\u2019t mean that Libra can\u2019t do it.\u201d<\/p>\n

\u201cOne of the big benefits of Libra is that will bring a much larger audience to a set of topics around market infrastructure, money and credit.\u201d<\/p>\n

\u201cThe stated objective of Libra is to help bring money to the large section of society that\u2019s disenfranchised by the existing financial system. There\u2019s going to be a very interesting debate about this between the regulators and big tech. It\u2019s too early to say what the outcome will be. But it will galvanise the regulators to ensure that innovation that serves the public interest can happen in a constructive way.\u201d<\/p>\n

\u201cThe idea of having a large proportion of global payments being done in the settlement asset of one issuer would be a really bad outcome. But I don\u2019t see it happening.\u201d<\/p>\n

Why market infrastructure is important<\/strong><\/p>\n

\u201cThe financial market\u2019s infrastructure has a much greater effect on society than most people realise. The stakes are very high\u201d<\/p><\/blockquote>\n

\u201cThe financial market\u2019s infrastructure has a much greater effect on society than most people realise. The stakes are very high and the general public should be more engaged with the topic. That\u2019s because they are often not correctly represented in decisions about how the infrastructure is designed.\u201d<\/p>\n

The monetary system in 2039<\/strong><\/p>\n

\u201cI think there will be a large variety of private sector issuers of money liabilities. It won\u2019t be driven exclusively by commercial banks, as it has in the past.\u201d<\/p>\n

\u201cThere will be easier, cheaper, wider access to direct, peer-to-peer cash settlement, including for people who don\u2019t have bank accounts. And it will be a much more decentralised system.\u201d<\/p>\n

\u201cIt\u2019s quite possible that the tight coupling between credit creation\u2014banks making loans and increasing the money supply\u2014and the payments infrastructure could end. That would go a long way towards removing the risks around moral hazard and too-big-to-fail institutions.\u201d<\/p>\n

Digital security risk means we need a new infrastructure<\/strong><\/p>\n

\u201cThe technology infrastructure that\u2019s behind a lot of today\u2019s systems is insecure almost by design\u201d<\/p><\/blockquote>\n

\u201cI don\u2019t think this topic gets enough attention. The technology infrastructure that\u2019s behind a lot of today\u2019s systems is insecure almost by design. There\u2019s no fix to it and the risk is getting greater. And the sophistication of the attacks is increasing a lot. I hope that within twenty years we\u2019ll have the transfer of value happening over an infrastructure that\u2019s secure by design.\u201d<\/p>\n

Don\u2019t miss any more New Money Review content:\u00a0sign up here<\/strong><\/a>\u00a0for our newsletter<\/em><\/p>\n

Support New Money Review on Patreon <\/a><\/em>or in cryptocurrency<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In the latest New Money Review podcast, Paul Amery interviews Robert Sams, founder and chief executive of Clearmatics, a technology company based in London. 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