金融科技在证券市场与数字支付领域的发展与前景

The development and prospects of financial technology in the securities market and digital payment

近年来,信息技术正在挑战和变革传统的金融中介,由内而外地改变着金融市场结构。本文就此分析了美国证券经纪业在信息技术下的变革历程,阐述了从电话通讯到网络通讯的经纪人替代性活动以及在线经纪公司和电子交易网络的兴起。然后,分析了信息技术在数字支付领域的两项革新——区块链数字货币和移动端在线支付,并提出这两次技术变革对国际支付与结算体系的可能影响在于:一是未来不大可能出现超越国家权益或区域组织权益的去中心化数字货币;二是全球有望在金融科技的推动下迎来新的国际货币,理由就是移动端在线支付与电子结算的全球化。这些变革提示了新的市场动向并为人民币成为世界储备货币提供了机遇。

In recent years,information technology is transforming traditional financial intermediaries,and changing the structure of financial markets from the inside out.This paper analyzes the role of information technology in changing the trading mechanism of U.S.securities market,expounds the course of telephone communication to network communication and the rise of both the online brokerage companies and the electronic trading networks.Furthermore,it analyzes the blockchain digital currency and the mobile online payment--the two major breakthroughs of information technology in the field of digital payment.The possible impact of these two technological changes on the international payment and settlement system are also discussed.Firstly,it is unlikely that there will be decentralized digital currency transcending national rights in the future.Secondly,it is expected to usher in a new international currency driven by financial technology,citing the global mobile payment and electronic settlement.It presents new market trends and offers the opportunity of RMB for the world’s reserve currency.