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EY Global Blockchain
Summit
San Francisco, CA
April 26, 2017
Page 1 EY Global Blockchain Summit
Blockchain in capital markets and structured finance
Page 2 EY Global Blockchain Summit
178.42
490.48 497.33
46.93
0
100
200
300
400
500
600
2014 2015 2016 2017 (YTD)
Investment($m)
$1b investment
884.73
185.07
95.99
20.78
14.5
6.5
4.29
1.3
0 200 400 600 800 1000
U.S. and Canada
Europe
Asia
Latin America
Middle East
Other
Africa
South America
Investment ($millions)
North America focus
Financial
Services,
42%
Targeting financial
services
"RegTech" (Regulation Technology) Exchange
Financial Services Infrastructure
Mining Payment processor
Universal Venture Capital
Wallet Other
Source: Coindesk.com, "Blockchain Venture Capital,"
http://www.coindesk.com/bitcoin-venture-capital
Blockchain: investments
Page 3 EY Global Blockchain Summit
Research and
development
28 of the top 30 banks engaging in blockchain proofs
of concept
28 banks
Blockchain: approach in capital markets
Page 4 EY Global Blockchain Summit
Research and
development
28 of the top 30 banks are engaging in blockchain
proofs-of-concept
28 banks
Consortia
and industry
groups
Global consortia working on implementing blockchains25
Blockchain: approach in capital markets
Page 5 EY Global Blockchain Summit
Research and
development
28 of the top 30 banks engaging in blockchain proofs
of concept
28 banks
Consortia
and industry
groups
Global consortia working on implementing blockchains
and distributed ledgers
25
Adoption Number of banks that expect to have blockchain in
commercial production in four years
66%
Blockchain: approach in capital markets
Page 6 EY Global Blockchain Summit
Capital markets applications
Know your customer and
anti-money laundering
Tokenization Securitization
Asset documentation Derivative transactionsAsset servicing
Managing customer
identities throughout
the organization
Digitizing and tokenizing
traditionally physical
assets
Securitizing tokenized
assets for streamlined
reconciliation
Documenting the
ownership and rights
of assets
Removing the need for
reconciliation through
distributed identities
Determining ownership
of complex derivative
instruments
Structured finance applications
Syndicated loans CMOs CDOs
Collateralized bond
obligations
Tranche documentationCredit default swaps
Simplified syndication
process so all parties
have full visibility into
loan structure and
cash flows
Readily available
mortgage borrower credit
details, even when in
pooled vehicle
Same benefits as
commercial mortgage
organizations, but
include other debt
obligations, such as car
loans and bonds
Full clarity and
traceability of each
underlying bond within
a tranche
Increased transparency
of contract terms and
details
All tranches of securities
“sliced” by smart
contracts and slices
automatically are
documented by profile,
e.g., risk, class, rating
Blockchain: applications
Page 7 EY Global Blockchain Summit
Blockchain: attributes
Asset
creation and
transfer
1
Page 8 EY Global Blockchain Summit
Data
reconciliation
Asset
creation and
transfer
1
Blockchain: attributes
2
Page 9 EY Global Blockchain Summit
Unique
identification
Data
reconciliation
Asset
creation and
transfer
1
Blockchain: attributes
2 3
Page 10 EY Global Blockchain Summit
Risk management tool
Unique
identification
Data
reconciliation
Asset
creation and
transfer
1
Blockchain: attributes
32
Page 11 EY Global Blockchain Summit
Revenue streams
Risk management tool
Unique
identification
Data
reconciliation
Asset
creation and
transfer
1
Blockchain: attributes
2 3
Page 12 EY Global Blockchain Summit
Current pain pointsRevenue streams
Risk management tool
Unique
identification
Data
reconciliation
Asset
creation and
transfer
1
Blockchain: attributes
2 3
Page 13 EY Global Blockchain Summit
Blockchain-enabled securitization life cycle tracking
Page 14 EY Global Blockchain Summit
I. Loans
Tokenize data sets
Loan securitization: asset creation
A
B
D
C
E
F
Page 15 EY Global Blockchain Summit
II. Financial structuring
C1
C2
C3
F1
F2
F3
I. Loans
A
B
D
C
E
F
Loan securitization: asset creation
Track and create
new data sets
A
B
D
C
E
F
Page 16 EY Global Blockchain Summit
II. Financial structuring
C1
C2
C3
F1
F2
F3
I. Loans
A
B
D
C
E
F
Loan securitization: asset creation
Track and create
new data sets
Accounts
receivable X
Accounts
receivable Y
Accounts
receivable Z
A
B
D
C
E
F
Page 17 EY Global Blockchain Summit
II. Financial structuring
C1
C2
C3
F1
F2
F3
I. Loans
A
B
D
C
E
F
Loan securitization: asset creation
Track and create
new data sets
Accounts
receivable X
Accounts
receivable Y
Accounts
receivable Z
A/R
X
M
L
A
B
D
C
E
F
Page 18 EY Global Blockchain Summit
II. Financial structuring
C1
C2
C3
F1
F2
F3
I. Loans
Loan securitization: asset creation
Track and create
new data sets
Accounts
receivable X
Accounts
receivable Y
Accounts
receivable Z
A/R
X
M
L
Security A
Security B
A
B
D
C
E
F
A
B
D
C
E
F
Page 19 EY Global Blockchain Summit
II. Financial structuring
C1
C2
C3
F1
F2
F3
I. Loans
A
B
D
C
E
F
Loan securitization: asset creation
Accounts
receivable X
Accounts
receivable Y
Accounts
receivable Z
A/R
X
M
L
Security A
Security B
Full
visibility of
underlying
data sets
Investors
Security B
C3 F3
L
A/R
X
M
III. Unbundled view
A
B
D
C
E
F
Page 20 EY Global Blockchain Summit
II. Financial structuring
C1
C2
C3
F1
F2
F3
A/R X
A/R Y
A/R Z
M
LX
Security A
Security B
AAA
AA
A
BBB
Regulators
Due
diligence
Issuing bank
Loan and
borrower
data
1
Due
diligence
1
Loan securitization: pain points
I. Loans
A
B
D
C
E
F
A
B
D
C
E
F
Page 21 EY Global Blockchain Summit
II. Financial structuring
C1
C2
C3
F1
F2
F3
A/R X
A/R Y
A/R Z
M
LX
Security A
Security B
AAA
AA
A
BBB
Regulators
Due
diligence
Issuing bank
Loan and
borrower
data
1
Due
diligence
1
Loan securitization: pain points
I. Loans
A
B
D
C
E
F
2
Investors
2
Reporting2
A
B
D
C
E
F
Page 22 EY Global Blockchain Summit
II. Financial structuring
C1
C2
C3
F1
F2
F3
A/R X
A/R Y
A/R Z
M
LX
Security A
Security B
AAA
AA
A
BBB
Regulators
Due
diligence
Issuing bank
Loan and
borrower
data
1
Due
diligence
1
Loan securitization: pain points
I. Loans
A
B
D
C
E
F
2
Investors
2
Reporting2
Investors
3 3
Liability
exposure
3
Security
B
C3 F3
LX M
III. Unbundled view
A
B
D
C
E
F
Page 23 EY Global Blockchain Summit
II. Financial structuring
C1
C2
C3
F1
F2
F3
A/R X
A/R Y
A/R Z
M
LX
Security A
Security B
AAA
AA
A
BBB
Regulators
Due
diligence
Issuing bank
Loan and
borrower
data
Loan securitization: investor value approach
I. Loans
A
B
D
C
E
F Investors
Security
B
C3 F3
LX M
III. Unbundled view
Investors
► Risk models
A
B
D
C
E
F
Page 24 EY Global Blockchain Summit
II. Financial structuring
C1
C2
C3
F1
F2
F3
A/R X
A/R Y
A/R Z
M
LX
Security A
Security B
AAA
AA
A
BBB
Regulators
Due
diligence
Issuing bank
Loan and
borrower
data
Loan securitization: investor value approach
I. Loans
A
B
D
C
E
F Investors
Security
B
C3 F3
LX M
III. Unbundled view
Investors
► Risk models
► ReconciliationsA
B
D
C
E
F
Page 25 EY Global Blockchain Summit
II. Financial structuring
C1
C2
C3
F1
F2
F3
A/R X
A/R Y
A/R Z
M
LX
Security A
Security B
AAA
AA
A
BBB
Regulators
Due
diligence
Issuing bank
Loan and
borrower
data
Loan securitization: investor value approach
I. Loans
A
B
D
C
E
F Investors
Security
B
C3 F3
LX M
III. Unbundled view
Investors
► Risk models
► Reconciliations
► Improved
reporting
A
B
D
C
E
F
Page 26 EY Global Blockchain Summit
II. Financial structuring
C1
C2
C3
F1
F2
F3
A/R X
A/R Y
A/R Z
M
LX
Security A
Security B
AAA
AA
A
BBB
Regulators
Due
diligence
Issuing bank
Loan and
borrower
data
Loan securitization: investor value approach
I. Loans
A
B
D
C
E
F Investors
Security
B
C3 F3
LX M
III. Unbundled view
Investors
► Risk models
► Reconciliations
► Improved
reporting
► Fraud
resolution
A
B
D
C
E
F
Page 27 EY Global Blockchain Summit
Asset scan: uncovering hidden assets
Page 28 EY Global Blockchain Summit
Servicer
Master
servicer
Calculation
agent
Trustee
Bond
administrator
Originator Investor
Administration and reporting processes and data flows
Data flow considerations
PaymentC
Due diligenceA
Reconciliation: (i) data
tape, (ii) delinquency
and default
B
B B B B
Issuer and
underwriter
B
B
C
C
Processes
Payment informationC
Due diligence dataA
(i) Data tape, (ii)
original loan
information
B
A
B
A
C C
*
*Indicates later-stage investment and
certain asset classes
Affiliates
Loan securitization: servicing function
Current state
Page 29 EY Global Blockchain Summit
Servicer
Master
servicer
Calculation
agent
Trustee Bond admin
Originator Investor
Administration and reporting processes and data flows
Data flow considerations
PaymentC
Due diligenceA
Reconciliation: (i) data
tape, (ii) delinquency
and default
B
B B B B
Issuer and
underwriter
B
B
C
C
Processes
Payment informationC
Due diligence dataA
(i) Data tape, (ii)
original loan
information
B
A
B
A
C C
*Indicates later-stage investment and
certain asset classes
Affiliates
Loan securitization: servicing function
Future state
*
X X
X X
X X X X
X X
XX
Page 30 EY Global Blockchain Summit
Blockchain data marketplace
Page 31 EY Global Blockchain Summit
I. Loans
A
B
C
E
F D
A
B
C
D
E
F Regulators
Other
participants
II. Blockchain-enabled marketplace
1
Upload data sets1
How it works
1
1
Issuer
Credit card
company
Blockchain-enabled marketplace
A
B
D
C
E
F
Page 32 EY Global Blockchain Summit
I. Loans
A
B
C
E
F D
A
B
C
D
E
F Regulators
Other
participants
II. Blockchain-enabled marketplace
1
Upload data sets1
How it works
1
1
Issuer
Credit card
company
Blockchain-enabled marketplace
2
Dynamic identity
creation
2
F
Loan position
Borrower
position
A
B
D
C
E
F
Page 33 EY Global Blockchain Summit
I. Loans
A
B
C
E
F D
A
B
C
D
E
F Regulators
Other
participants
II. Blockchain-enabled marketplace
1
Upload data sets1
How it works
1
1
Issuer
Credit card
company
Blockchain-enabled marketplace
F
Loan position
Borrower
position
2
Dynamic identity
creation
2
Regulators
Due
diligence
Issuing bank
Investors
III. Reporting
3
Rating
agency
3
Autonomous
position reporting
3
A
B
D
C
E
F
Page 34 EY Global Blockchain Summit
Key contact
Obreahny O’Brien
+1 212 360 9523
obreahny.obrien@ey.com
Twitter @Obreahny
LinkedIn: https://www.linkedin.com/in/obreahny
EY | Assurance | Tax | Transactions | Advisory
About EY
EY is a global leader in assurance, tax, transaction and advisory
services. The insights and quality services we deliver help build trust
and confidence in the capital markets and in economies the world
over. We develop outstanding leaders who team to deliver on our
promises to all of our stakeholders. In so doing, we play a critical role
in building a better working world for our people, for our clients and
for our communities.
EY refers to the global organization, and may refer to one
or more, of the member firms of Ernst & Young Global Limited,
each of which is a separate legal entity. Ernst & Young
Global Limited, a UK company limited by guarantee, does not
provide services to clients. For more information about our
organization, please visit ey.com.
© 2017 EYGM Limited.
All Rights Reserved.
EYG no. 04033-173GBL
1705-2288253
ED None
This material has been prepared for general informational purposes
only and is not intended to be relied upon as accounting, tax or other
professional advice. Please refer to your advisors for specific advice.
ey.com

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Blockchain in capital markets and structured finance

  • 1. EY Global Blockchain Summit San Francisco, CA April 26, 2017
  • 2. Page 1 EY Global Blockchain Summit Blockchain in capital markets and structured finance
  • 3. Page 2 EY Global Blockchain Summit 178.42 490.48 497.33 46.93 0 100 200 300 400 500 600 2014 2015 2016 2017 (YTD) Investment($m) $1b investment 884.73 185.07 95.99 20.78 14.5 6.5 4.29 1.3 0 200 400 600 800 1000 U.S. and Canada Europe Asia Latin America Middle East Other Africa South America Investment ($millions) North America focus Financial Services, 42% Targeting financial services "RegTech" (Regulation Technology) Exchange Financial Services Infrastructure Mining Payment processor Universal Venture Capital Wallet Other Source: Coindesk.com, "Blockchain Venture Capital," http://www.coindesk.com/bitcoin-venture-capital Blockchain: investments
  • 4. Page 3 EY Global Blockchain Summit Research and development 28 of the top 30 banks engaging in blockchain proofs of concept 28 banks Blockchain: approach in capital markets
  • 5. Page 4 EY Global Blockchain Summit Research and development 28 of the top 30 banks are engaging in blockchain proofs-of-concept 28 banks Consortia and industry groups Global consortia working on implementing blockchains25 Blockchain: approach in capital markets
  • 6. Page 5 EY Global Blockchain Summit Research and development 28 of the top 30 banks engaging in blockchain proofs of concept 28 banks Consortia and industry groups Global consortia working on implementing blockchains and distributed ledgers 25 Adoption Number of banks that expect to have blockchain in commercial production in four years 66% Blockchain: approach in capital markets
  • 7. Page 6 EY Global Blockchain Summit Capital markets applications Know your customer and anti-money laundering Tokenization Securitization Asset documentation Derivative transactionsAsset servicing Managing customer identities throughout the organization Digitizing and tokenizing traditionally physical assets Securitizing tokenized assets for streamlined reconciliation Documenting the ownership and rights of assets Removing the need for reconciliation through distributed identities Determining ownership of complex derivative instruments Structured finance applications Syndicated loans CMOs CDOs Collateralized bond obligations Tranche documentationCredit default swaps Simplified syndication process so all parties have full visibility into loan structure and cash flows Readily available mortgage borrower credit details, even when in pooled vehicle Same benefits as commercial mortgage organizations, but include other debt obligations, such as car loans and bonds Full clarity and traceability of each underlying bond within a tranche Increased transparency of contract terms and details All tranches of securities “sliced” by smart contracts and slices automatically are documented by profile, e.g., risk, class, rating Blockchain: applications
  • 8. Page 7 EY Global Blockchain Summit Blockchain: attributes Asset creation and transfer 1
  • 9. Page 8 EY Global Blockchain Summit Data reconciliation Asset creation and transfer 1 Blockchain: attributes 2
  • 10. Page 9 EY Global Blockchain Summit Unique identification Data reconciliation Asset creation and transfer 1 Blockchain: attributes 2 3
  • 11. Page 10 EY Global Blockchain Summit Risk management tool Unique identification Data reconciliation Asset creation and transfer 1 Blockchain: attributes 32
  • 12. Page 11 EY Global Blockchain Summit Revenue streams Risk management tool Unique identification Data reconciliation Asset creation and transfer 1 Blockchain: attributes 2 3
  • 13. Page 12 EY Global Blockchain Summit Current pain pointsRevenue streams Risk management tool Unique identification Data reconciliation Asset creation and transfer 1 Blockchain: attributes 2 3
  • 14. Page 13 EY Global Blockchain Summit Blockchain-enabled securitization life cycle tracking
  • 15. Page 14 EY Global Blockchain Summit I. Loans Tokenize data sets Loan securitization: asset creation A B D C E F
  • 16. Page 15 EY Global Blockchain Summit II. Financial structuring C1 C2 C3 F1 F2 F3 I. Loans A B D C E F Loan securitization: asset creation Track and create new data sets A B D C E F
  • 17. Page 16 EY Global Blockchain Summit II. Financial structuring C1 C2 C3 F1 F2 F3 I. Loans A B D C E F Loan securitization: asset creation Track and create new data sets Accounts receivable X Accounts receivable Y Accounts receivable Z A B D C E F
  • 18. Page 17 EY Global Blockchain Summit II. Financial structuring C1 C2 C3 F1 F2 F3 I. Loans A B D C E F Loan securitization: asset creation Track and create new data sets Accounts receivable X Accounts receivable Y Accounts receivable Z A/R X M L A B D C E F
  • 19. Page 18 EY Global Blockchain Summit II. Financial structuring C1 C2 C3 F1 F2 F3 I. Loans Loan securitization: asset creation Track and create new data sets Accounts receivable X Accounts receivable Y Accounts receivable Z A/R X M L Security A Security B A B D C E F A B D C E F
  • 20. Page 19 EY Global Blockchain Summit II. Financial structuring C1 C2 C3 F1 F2 F3 I. Loans A B D C E F Loan securitization: asset creation Accounts receivable X Accounts receivable Y Accounts receivable Z A/R X M L Security A Security B Full visibility of underlying data sets Investors Security B C3 F3 L A/R X M III. Unbundled view A B D C E F
  • 21. Page 20 EY Global Blockchain Summit II. Financial structuring C1 C2 C3 F1 F2 F3 A/R X A/R Y A/R Z M LX Security A Security B AAA AA A BBB Regulators Due diligence Issuing bank Loan and borrower data 1 Due diligence 1 Loan securitization: pain points I. Loans A B D C E F A B D C E F
  • 22. Page 21 EY Global Blockchain Summit II. Financial structuring C1 C2 C3 F1 F2 F3 A/R X A/R Y A/R Z M LX Security A Security B AAA AA A BBB Regulators Due diligence Issuing bank Loan and borrower data 1 Due diligence 1 Loan securitization: pain points I. Loans A B D C E F 2 Investors 2 Reporting2 A B D C E F
  • 23. Page 22 EY Global Blockchain Summit II. Financial structuring C1 C2 C3 F1 F2 F3 A/R X A/R Y A/R Z M LX Security A Security B AAA AA A BBB Regulators Due diligence Issuing bank Loan and borrower data 1 Due diligence 1 Loan securitization: pain points I. Loans A B D C E F 2 Investors 2 Reporting2 Investors 3 3 Liability exposure 3 Security B C3 F3 LX M III. Unbundled view A B D C E F
  • 24. Page 23 EY Global Blockchain Summit II. Financial structuring C1 C2 C3 F1 F2 F3 A/R X A/R Y A/R Z M LX Security A Security B AAA AA A BBB Regulators Due diligence Issuing bank Loan and borrower data Loan securitization: investor value approach I. Loans A B D C E F Investors Security B C3 F3 LX M III. Unbundled view Investors ► Risk models A B D C E F
  • 25. Page 24 EY Global Blockchain Summit II. Financial structuring C1 C2 C3 F1 F2 F3 A/R X A/R Y A/R Z M LX Security A Security B AAA AA A BBB Regulators Due diligence Issuing bank Loan and borrower data Loan securitization: investor value approach I. Loans A B D C E F Investors Security B C3 F3 LX M III. Unbundled view Investors ► Risk models ► ReconciliationsA B D C E F
  • 26. Page 25 EY Global Blockchain Summit II. Financial structuring C1 C2 C3 F1 F2 F3 A/R X A/R Y A/R Z M LX Security A Security B AAA AA A BBB Regulators Due diligence Issuing bank Loan and borrower data Loan securitization: investor value approach I. Loans A B D C E F Investors Security B C3 F3 LX M III. Unbundled view Investors ► Risk models ► Reconciliations ► Improved reporting A B D C E F
  • 27. Page 26 EY Global Blockchain Summit II. Financial structuring C1 C2 C3 F1 F2 F3 A/R X A/R Y A/R Z M LX Security A Security B AAA AA A BBB Regulators Due diligence Issuing bank Loan and borrower data Loan securitization: investor value approach I. Loans A B D C E F Investors Security B C3 F3 LX M III. Unbundled view Investors ► Risk models ► Reconciliations ► Improved reporting ► Fraud resolution A B D C E F
  • 28. Page 27 EY Global Blockchain Summit Asset scan: uncovering hidden assets
  • 29. Page 28 EY Global Blockchain Summit Servicer Master servicer Calculation agent Trustee Bond administrator Originator Investor Administration and reporting processes and data flows Data flow considerations PaymentC Due diligenceA Reconciliation: (i) data tape, (ii) delinquency and default B B B B B Issuer and underwriter B B C C Processes Payment informationC Due diligence dataA (i) Data tape, (ii) original loan information B A B A C C * *Indicates later-stage investment and certain asset classes Affiliates Loan securitization: servicing function Current state
  • 30. Page 29 EY Global Blockchain Summit Servicer Master servicer Calculation agent Trustee Bond admin Originator Investor Administration and reporting processes and data flows Data flow considerations PaymentC Due diligenceA Reconciliation: (i) data tape, (ii) delinquency and default B B B B B Issuer and underwriter B B C C Processes Payment informationC Due diligence dataA (i) Data tape, (ii) original loan information B A B A C C *Indicates later-stage investment and certain asset classes Affiliates Loan securitization: servicing function Future state * X X X X X X X X X X XX
  • 31. Page 30 EY Global Blockchain Summit Blockchain data marketplace
  • 32. Page 31 EY Global Blockchain Summit I. Loans A B C E F D A B C D E F Regulators Other participants II. Blockchain-enabled marketplace 1 Upload data sets1 How it works 1 1 Issuer Credit card company Blockchain-enabled marketplace A B D C E F
  • 33. Page 32 EY Global Blockchain Summit I. Loans A B C E F D A B C D E F Regulators Other participants II. Blockchain-enabled marketplace 1 Upload data sets1 How it works 1 1 Issuer Credit card company Blockchain-enabled marketplace 2 Dynamic identity creation 2 F Loan position Borrower position A B D C E F
  • 34. Page 33 EY Global Blockchain Summit I. Loans A B C E F D A B C D E F Regulators Other participants II. Blockchain-enabled marketplace 1 Upload data sets1 How it works 1 1 Issuer Credit card company Blockchain-enabled marketplace F Loan position Borrower position 2 Dynamic identity creation 2 Regulators Due diligence Issuing bank Investors III. Reporting 3 Rating agency 3 Autonomous position reporting 3 A B D C E F
  • 35. Page 34 EY Global Blockchain Summit Key contact Obreahny O’Brien +1 212 360 9523 obreahny.obrien@ey.com Twitter @Obreahny LinkedIn: https://www.linkedin.com/in/obreahny
  • 36. EY | Assurance | Tax | Transactions | Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. © 2017 EYGM Limited. All Rights Reserved. EYG no. 04033-173GBL 1705-2288253 ED None This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice. ey.com