Mansion House: HMT policy paper on wholesale financial markets digital strategy

HM Treasury has published a policy paper on the wholesale financial markets digital strategy. The purpose of the strategy is to ensure the UK benefits from opportunities to improve its wholesale financial markets, by using new technologies effectively. This policy spans trading venues, clearing houses, settlement systems, payment systems and other elements of the UK's financial ecosystem that support the operation of financial markets. The policy is structured as focusing on three areas: (i) market optimisation – which includes removing paper-based and manual processes, and using data effectively; (ii) market transformation – which centres on proactive innovation for new models across the range of market activities and includes taking forwards the issuance of the UK's digital gilt instrument (DIGIT) using distributed ledger technology (please see above for HM Treasury's policy paper for further detail); and (iii) market leadership – where the UK government has committed to working with the sector to develop a cross-cutting approach which will seek to reduce potential fragmentation and regulatory barriers, and to appointing an industry expert "Digital Markets Champion".

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