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A lot of this is purely speculative, but in 10 or 20 years, the equity markets might behave very differently.
It’s interesting to imagine how this might affect the balance of power between shareholders, managers, analysts, and other people who populate the markets.
Yermack, the Albert Fingerhut Professor of Finance and Business Transformation at New York University Stern School of Business, has researched blockchain technology extensively in recent years.
His Stigler lectures touched on the potential implications of blockchains for the future of finance, as well as for managers, institutional investors, small shareholders, auditors, central banks, and other groups in the financial world.
The company involved is the DTCC, the Depository Trust & Clearing Corporation, which does a lot of the back-office clearing and settlement, not only for equity trades but for many of the financial markets in the U. It says [that] following a series of tests, the DTCC has picked a start-up company called Axoni to use a blockchain, which is the networking system for digital currencies, to start tracking credit derivative payouts between big banks. The investors behind it are Wells Fargo, Goldman Sachs, J. The IT company that’s going to run this thing is IBM.What they do is track who owes money to who and when they actually make payments.This is the kind of thing that you never give much thought to, but it involves many, many people doing a pretty boring job on Wall Street.I want to move past that and talk about some other topics as well.[In] accounting, which I mentioned a little bit [in the pervious lecture], there’s an idea for making accounting something done on the blockchain on an open ledger basis, where everybody could see each other’s transactions.