2025-05-13-国际清算银行-Meridian_FX项目_探索外汇同步结算（英）_50页_3mb

Project Meridian FX Summary

Project Meridian FX is a collaborative initiative involving institutions like the Bank for International Settlements (BIS), central banks, and experts. It builds on earlier work to explore synchronous settlement in foreign exchange (FX) using technologies such as distributed ledger technology (DLT) and interoperability with traditional payment systems.

The primary goal was to enable atomic settlement of FX transactions, ensuring that payments occur entirely or not at all, thereby reducing risks and improving efficiency. This is achieved through a Synchronisation Operator (SO) prototype, which orchestrates coordinated transfers across different ledgers, such as RTGS systems and DLT platforms. Tests demonstrated technical feasibility for GBP-EUR transactions, showcasing benefits like liquidity savings and support for cross-border interoperability.

Key insights include the agnosticism of the SO to transaction types and underlying technologies, allowing flexibility in applications. The project identified enhancements for future innovations, such as optimizing liquidity and enabling chained transactions. Overall, Project Meridian FX highlights potential for transforming FX settlements, fostering global payment ecosystem evolution, and supporting central bank initiatives in digital finance.

Lessons learned include the need for interoperable designs and the importance of collaboration. Future work focuses on integrating these findings into ongoing projects and exploring broader asset classes.

This summary covers the core findings, methodology, and implications based on the provided content extract.