2020-11-18
- Vipin Bharathan
- Tomaz Sedej
Date
Attendees
- Natalia Garciagonzalez
- Daniel Schwartz
- Tom Menner
- @stephane Mouy
- @Criss Didier
- kamlesh nagware
- Kumaravel N
- Karen Ottoni
- @Rick toman
- Isaac Kunkel
- mohan@itpeoplecorp.com
- @KANTITAT AREECHITRANUSORN
- @S. CHAWISA PHUMDONTREE
- Eugenio Reggianini
Goals
- Discuss the BoT's sovereign bond program. The Bond Issuance and Trading Platform
Discussion items
| Time | Item | Who | Notes |
|---|---|---|---|
| 5 min | Intro+Anti-Trust+ | VB | |
| 40 min | Bank of Thailand sovereign bonds | KA&CP |
Reference Paper on project Inthanon & Scripless bond platform
- General description of platform including members and participants including target investors. - Members are 7. All investors access the platform using APIs and wallets provided by the platform.
- Issuance and due diligence pre-issuance, are any of the bond details available on the platform a priori for bond marketing.- Not really!, Bond registration is available.
- Order management including matching and allocation - Off chain using RabboitMQ for part of OMS
- Settlement (including payment integration) - Not at the momemnt
- Custody (self or institutional) - Institutional custody
- Coupon payments and continuing disclosures - Routed via selling agents
- Secondary Markets. - Not on DLT at the moment.
Recording
Details of business network and Before and After were presented.
Only primary issuance and allocation are covered, total issuance is around 50 billion baht (1.5 billion USD)
Discussion
Is blockchain really needed?
Strictly speaking no, more of an efficiency play right now (shortens settlement time by a lot)- also for BoT to gain knowledge of doing things on a Blockchain
Also, a certain amount of decentralization helps transparency & resiliency
In the DeFi<->CeFi- this is defintely CeFi-
What are the next steps? Integration of payment rails? Integration of secondary market?
Payment from investors (Thai citizens over 15, Non Profits) is routed through the Selling Agents and the RTGS system underpining the current wholesale payments.
Most of the work had to be done at the Selling Agent level.
Discussion about the choice and use of Hyperledger Fabric (through IBM Blockchain)
- IBM blockchain/HL fabric had a foothold as an integrated solution in participant banks (Selling Agents)
- Architecturally privacy is implemented using different fabric channels (i.e. 1 channel for all participants for registration info) and 1 channel per Selling Agent with the network operators and other important players (the issuer, BoT, etc.)for segregating private data relevant to selling agent (txn data applicable to the participants)
- This will breakdown in other networks where lots of participants run nodes directly on the blockchain.
- Choices are Private Data Collections, Other ways of segregating data (using IPFS or data stores with symmetric key exchange for such data)- these were immature when project started.
When will Blockchains be successful?
When they disappear (Tom Menner )- also seconded by VB
Most interesting factors about this project:
- Actual issuance of $1.5 Billion USD, subscribed and sold out fast
- Measured approach, integrating many aspects of legacy systems, only doing parts of the issuance on the blockchain.