Die Implementierung der Distributed Ledger Technology in Systemen zur Abwicklung von Wertpapiertransaktionen

Distributed Ledger Technology (DLT) is the technological basis of Bitcoin and facilitates the implementation of distributed information management structures and the coordinated management of information changes within a ledger. This technology could remove the need for intermediation in the securities market, thus enhancing efficiency. This thesis analyses the risks arising from the implementation of this technology, the effects on risk management, but also the opportunities for supervision. After all, a securities settlement system based on DLT also allows technically determined supervision of information changes by so-called supervisory nodes.