1、1.11.21.31.41.51.61.71.81.91.101.111.121.131.141.15Table of Contents71234567“-”1/James Schneider,Ph.D.Jordan FoxPierre Safa2Alexander Blostein,CFAIngrid Groer,CFAConor FitzgeraldEric Beardsley,CFAGrayson Barnard,CFABrian Lee,CFAMichael LapidesHank Elder/Steven Kent,CFALara FourmanRobert Boroujerdi/D
2、avid.Li/DavidthePangwaer1Gfwdth3auowBNPShWMBMotfyUc2pR3gKF345010Airbnb7577P2PAirbnbP2P25-7020-40202010%110-120“”30-50P2P30-902422-55-1021065202030-90Airbnb,HomeAway,FlipKey,OneFineStay25-70TransActive Grid,Grid Singularity20-40BitFury,Factom/Epigraph110-1207Digital Asset Holdings,R3CEV,C,Australian
3、Securities Exchange,itBit,Axoni,Ripple30-50SWIFT81(ASX)IBMVisaMastercardO182636Location#55Transaction#3393”ID9%241016%4530%30%323052020P2P99.9%735005611121UberAirbnb2020Airbnb2792RevPAR800-1200bpsP2PP2PAirbnbHomeAwayFlipKey OneFineStaySteven KentAirbnb-Airbnb20151014Airbnb5AirbnbP2PP2P2000.13P2PP2P2
4、4P2PP2PAirbnb246P2PP2P54%1547P2PP2P54%1548P2PP2P54%1549P2PP2PP2P142000P2PP2P5P2PAirbnbHomeAway FlipKey OneFineStayAirbnb1912006000P2P1.2.Airbnb243.Airbnb500P2P3(1)ID(3)(2)AirbnbP2PAirbnb10P2P15-IDID24ID“”“”161120164AirbnbChangeCoin.20163AirbnbCTONathan BlecharczykAirbnbAirbnb”“17P2PP2PAirbnbP2P“IDAi
5、rbnb“IDIDAirbnb(1)ID(2)Facebook,Google,LinkedInAirbnb(3)AirbnbAirbnbIDIDIDAirbnb201639Airbnb CFO Laurence Tosi40%ID24AirbnbP2PIDAirbnbSteven KentAirbnb201323002014440020157900Airbnb20153.6%202014.1%.20151.2%Airbnb140bps2.6%.Airbnb2020Airbnb4.9%.AirbnbAirbnb201520202.2%6.5%.1.5%Airbnb1012201513202012
6、AirbnbAirbnb18Airbnb201513%202046%.Steve Kent 2015101Airbnb20205.06Airbnb1.2.3.P2P(OTA)IDP2PID3Airbnb65%6-9P2P2%200-600bpsP2P3%-10%36%20206.2523%2015200bps2020290,000(RevPAR)800bps.600bpsRevPAR1200bps.14AirbnbAirbnb1915600bpRevPARAirbnb200bps400bps600bps600bps46%16AirbnbAirbnb2015-2020P2PSteven Kent
7、 2015101AirbnbP2PAirbnbHomeAway FlipKeyP2PP2PP2PP2PAirbnb20151.5%20206.5%.200bpsAirbnb20207.9%600bps11.3%Airbnb20Airbnb201552,0002020Airbnb260,000200bps/400bps/600bps320,000/391,000/473,000.RevPARAirbnbAirbnb2020RevPAR200-400bps172020600bps1020560Airbnb2015-202018RevPARIDExpeida212P2P25-703600/1%/19
8、1990-2014202015-2040EEIEIA21VS-20232014222015-203022EIA8%-9%250-750EIA10%8%-9%23242000-2015EIA23193000450,00040580025NERCFERC1.2.3.FERC24TransActive GridP2PGrid Singularity“26TransActive Grid272525-7020305%160GWSolarCity60%-80%50%50%0.12%-3%3265%203060GW20%105,120GWh50%0.12.5%20300.1433%0.05-10%0.05
9、0.10.132551691.252.910%10%693.9512825-70271%./28320-402014110/2%-5%5%-7%292%-5%2005-2014Y29330%1,0001,800275,0000.4%-0.6%(abstractor)(curator)75%3030120901186903323171343070%30%1,0004-121,800275,0000.4%-0.6%3130%1.2.70%3.4a.4b.5.6.30%4-12313230%15%15%13%12%6%4%2%2%1%3345%16%15%13%7%2%34321.2.+/3.4.2
10、0-402330%20%&35363523VS-3336VS&34%24%18%13%7%4%37%23%20%12%5%2%5%-7%/30%75%5.55.5/VS37-34302%-5%1,2000.5%8640.3%1148438382%-5%VS-35600-8002%(Iowa Finance Authority)39275,000-403020-4036201435%27%Old Republic15%Stewart Title12%BitFury Factom374%1.25%0.75%2%.3%-6%2%-4%9%-14%.7%-11%50bps604142-+-43/384
11、4394/(DTCC)20602015702770DTCDTCCDTCC1320172/DTCC4540DTCC1./BATS2./3./DTCCDTCCDTCC4.T+332017T+2DTCC/DTCC/411./10%/DTCC/DTCC/2./453.T+32017T+2/20/6.59IT57DTCC5DTCC.DTCCNSCCDTCDTCOMGED IDNSCC1.14201511047020%88-35%4010IT/IDC2015IT5%4046GSe 9GSe47036011020%8839103942IDCIT134033%.IT2110%2015IT50%10234713
12、GSe3926134810IT5%GSe/2015ITIT2122110IDCIT10%43IT50%.50%-70%60%1416%.IT16%4914GSeITX13YIT10IDC2.DTCNSCC.2015DTCNSCC58DTCNSCC80%47201530%126775%10%50550DTCC50ROE10%5DTCC2015DTCCGSeNSCCDTC80%476775%5017544DTCC/DTCCBATS2007201594%930571372550%/(1)&(2)(3)2605145&“”peering2(1)(T+0)(2)DTCCDTCC/98%2008461./
13、DTCC2.3./4.5.6./47-ASXDigital Asset HoldingsCHESSCHESS/43R3404HyperledgerRipple./ASX200ASX201110Chi-X18%ASX-ASX-CHESSChi-X(TAS)CHESS.2016318NSX,SIMSSX(Settlement Facilitation Service)CHESSCHESS52ASXVS20152CHESS.CHESSASX(DLT)/2015ASXDigital Asset Holdings.20161ASXDAHASX14905%ASX5%Digital Aseet Holdin
14、gsASX6-12ASX2016816ASX182017ASX48ASXASX10CHESSASXGenium INETASXASXASX40-50ASX4500-5000ASXASXASXASX/betaASX/ASXT+3T+2ASXT+04952.85020152.8repo53repo2.8reporepoVS54reporepo46%repo54%1.31.5SIFMA2008SLR201315%50(1)(2)repo.54%1.546%1.3(GCF)repoDTCCFICC/55/FICC51/56repo/(1)(2)(3)1.52LCRSLRNSFR2.GSe20%repo
15、50%-60%.repo3.Digital Asset HoldingsDTCCreporepo1505%SLR5006,000reporepo/repo1.4-1.720%1repo2.8repo/repo50%-70%57repo60%153SLR5%SLR60%10%5058ROE10%SLR5%60%56ROEGSe Repo54/3(1)(2)(3)556206-81.11.35-63198020152570201437702013456059FICC&ProcensusT+211.3%101300LSTA 20155900562.85FATCA320141022CLO(Dodd-F
16、rank)2016CLOCLO5%.CLO60CLO60CLOLSTA2121611.32.7575.58.914.419.421.12014461,000(ESP)ESPMarkit Loan Settlement.ESPESP(SDC)SDCSDCSDCLSTA201654LSTAT+6(1)(2)T+7LSTA2016718LSTAT+7T+212162VS761T+0158/1.32.71ESP5.5T+18.914.4SDCSDC19.413137SDCSDCBCA&A SDCMarkit Loan Settlement LSTA63LSTA1.3(1)ESP(2)ESP1.4ESP
17、T+01ESP.2.8T+1.3.4595.5(SDC)SDC5FATCA.FATCA31.11.35-6LSTA20155900(1)1.3%(2)100%(3)10%(4)20%.201624591.212006420155910LSTA20151.520151.559106560ROE.ROE10%1.510%420121ROE9%ROE10%3212200ROE14%310014%ROE10%2161.166ROE10%2161.1VSROE55225bps825020+729005500615,500(bps)2252082.528.953.6675500730%1.31800682
18、0166962HaverLSTA201597637“(AML)30-501002-3.53%-5%GDP1%18020148070+2009-2014-64”(CDD)”15,00050,0002%5%99.9%.6080%.7110077%23%8061%21%18%65“”ID3%2%-5%99.9%726630-5025+10%1.630%,30%,144.220%4-57325VS-6747%42%23%31%16%14%14%13%74VS6820148010%40%5-25755-25VS7630-50ActimizeMantasPrime AssociatesACI Worldw
19、ideSAS InstituteInfrasoft.69/ABA70Digital Asset Holdings.Digital Asset HoldingsDigitalAsset156000/DTCCDigital Asset2014Digital AssetR3 CEV.R3 CEVR340R32014R3 CEVitBit/Bankchain.itBititBit3000Tradeblock/Axoni.Tradeblock/2016AxoniBankchainitBit2013TradeblockTradeblock2013300C.ChainChain/Chain2014Rippl
20、e.RippleRipple201230004000TransActive Grid.TransActive GridLO3TransActive Grid71ASXASXASXASX17.5XCY16E EPS1239.10/ASXASX5%Digital Asset HoldingsASXASX6-12CHESS2017ASX40-50ASX/AGMIBMIBMIBM10X2017E EPS12150IBMITIBMACNIBM LinuxFoundation5Hyperledger19&19X2017E EPS12119SaaS72Digital Asset HoldingsLinuxF
21、oundationVisaVisaHyperledgerFinTech Innovation LabVVisaVisaNetVisaVisaVisa ElectronPLUSInterlinkVisa28X2017E EPS1297ChainR3VisaEpiphyteMADocuSignVisaMsaterCardMasterCardVisaMasterCardMasterCardMaestroCirrus.MasterCard28X2017E EPS12122MasterCardDigital CurrencyNDAQ415.5X2017E EPS126573NASDAQ LinqNASD
22、AQ PrivateLinqNASDAQ LinqNASDAQNASDAQChain.BK291.61312.8X2017E EPS1248BKITBKAPPR3HyperledgerSTT272.312.0X2017E EPS1263R33HyperledgerNTRS&(C&IS)6.2900015.8X2017E EPS1282-R374BitFury20112015.7.19C2060BlockStream20142016.2.3A5576C20142015.9.15B3043.7Circle20132015.4.15C5076Civic20152016.1.272.82.8Digit
23、alAssetHoldings20142016.1.25B5060Factom20142015.12.151.13.0Gem2014API2016.1.15A7.17.1HyperledgerProject2015-itBit(BankChain)2012Bankchain2015.5.15A2432.5Onename20142014.11.161.31.5OSTKOO2014OT?T?OverstockO7717521,Inc20132015.3.10116121Abra20142015.9.10A1214AlignCommerce20142015.11.15A12.512.5BitAcce
24、ss2013ATM2014.7.16111Bitex.la20142014.1.1522bitFlyer20142016.4.25C2714BitGo20132014.9.4A1212Bitnet20132014.10.20A1214.5BitPay2011P2P2014.5.13A3032.5Ripple20132015.5.15A3234.8SETL2015-Shocard20152015.7.151.51.5Symbiont20152016.1.1677Tradeblock(Axoni)2013Axoni2014.7.152.8TransactiveGrid2015P2P-R3(R3CE
25、V)201440-TechCrunch78176Bitso20142016.4.281.91.9Bitstamp20112013.12.17A1010Bitt20142016.4.2B45.5Bitx20132015.12.8A48.8Blockchain20112014.10.7A3030BlockCypher2013API2014.1.53.13.1BTCC20112013.11.18A55BTCjam2013P2P2015.10.29A1.99.2Coinbase20122015.1.20C75106.7CoinJar20132015.2.230.71.1Elliptic20132016.3.20A57GoCoin20132014.3.26A1.52.1Korbit20132014.8.25A33.5Kraken20112016.4.13B6.5OKCoin2013P2P2014.3.16A1010Purse20142015.12.711.3ShapeShift20142015.9.81.62.4BitPesa20132016.2.29A1.11.177Snapcard20132015.12.241.54.5Xapo20122014.7.8A2040Zebpay20142016.1.6A11.1Simplex20142016.2.15A787879
