全球主要金融機構正投放大量資源升級交易系統及市場基礎設施。業內專家指出，當今市場參與者面對日益複雜與波動，「更急切需要現代化落伍基建」，以維持競爭力。
交易基礎設施現正現代化
許多交易所及銀行正處於十字路口；德勤 2024 年展望指出，「他們現時所作出的策略選擇，將決定能否繼續增長，甚至保住市場份額」。在實際操作上，這意味著金融機構正大舉投資新科技，務求令交易更快、更高效、更具彈性。
銀行正積極重整前端到後端的交易運作。例如，滙豐於 2025 年初與科技公司 Delta Capita 簽訂多年合作協議，以簡化其交易後流程。這宗交易將為滙豐場外衍生品業務引進一套全新全球確認及結算服務。運用「基礎設施即服務」模式，滙豐期望自動化並優化交易確認、合規（如 KYC 審查）及結算。這類升級反映整體趨勢︰市場參與者以雲端及外判方案取代老舊（往往超過十年歷史）的系統，以降低成本及提升穩定性。
即使是交易所營運方亦把核心系統遷移到雲端；Amazon Web Services 指 2024 上半年已多間交易所、結算所及託管機構在 AWS 上部署工作負載作轉型)。納斯達克 CEO Adena Friedman 曾表示，認真升級基礎設施**「可釋放多年增長動力」**，但她提醒，這需要大量前期投入以增強韌性。儘管挑戰重重，訊息已十分明確：不現代化就會落後。
區塊鏈與數碼資產成為主流
除了一般基建升級，不少領先銀行和交易所亦投身區塊鏈與數碼資產，想像全新交易和交收方式。數年前只是試驗計劃，如今已快速成為核心策略**。多家主流金融機構正探索利用區塊鏈於傳統資產的交易及結算**。多間國際銀行——包括 Avaloq 客戶如滙豐、德意志銀行及法興——近期都推出數碼資產計劃。
有些銀行專注於資產的代幣化及託管。滙豐 於 2024 推出新的數碼資產託管平台，為客戶保存代幣化證券（如債券），並配合「Orion」區塊鏈平台發行數碼債券。滙豐證券服務部主管指，隨市場發展，「資產管理人及擁有人對數碼資產託管及基金管理需求日增」。
同樣，德意志銀行與瑞士加密科技公司 Taurus 合作，為機構客戶提供加密貨幣及代幣資產託管——這是德銀首次為客戶託管虛擬貨幣。德銀雖審慎行事（尚未涉足實際虛擬貨幣交易），但其證券服務主管 Paul Maley 強調潛力巨大，指數碼資產領域**「預計將涉及數萬億美元資產」**，並成為投資者與企業的重點。
他補充，德銀的重點是在**「整個數碼資產生態圈」**支持客戶，而非單純投機。
就連交易平台本身亦引進區塊鏈。摩根大通多年以專用區塊鏈網絡執行銀行間交易，自 2020 年來處理超過 $1.5 萬億美元（如隔日回購及跨境付款）。到 2024 年底，摩根大通把該平台由 Onyx 改名為**「Kinexys」**，並擴展至鏈上多種貨幣外滙結算。
計劃負責人 Umar Farooq 解釋目標是**「打破各自為政系統，提高互通性，減少現有金融基礎設施的限制」**。
歐洲方面，法興的 Forge 單位已在區塊鏈發債，甚至推出歐元穩定幣；倫敦證券交易所集團則研發結合區塊鏈的傳統資產市場。共同點是：銀行和交易所認為分布式帳本技術可達即時且安全結算，並為市場帶來新效率。路透報道，多間銀行（渣打、BNY Mellon、SocGen 等）現已設加密貨幣託管，並公開討論區塊鏈在主流金融的潛力。以往專屬加密新創公司的領域，如今正由大型銀行帶頭推進。
人工智能登場交易大堂
另一波席捲交易市場的技術浪潮：人工智能。過去一年，全球頂級投資銀行已積極在交易員、銀行家和支援團隊推行 AI 工具。如高盛最近推出了自家AI 助理，稱之為「如同與同事對話」。這款基於先進大語言模型的 AI 助手，現已提供予約一萬名員工試用，將逐步全行推行，協助總結研究或撰寫程式碼等工作。
高盛資訊總監 Marco Argenti 指，系統會學習公司的操作流程，日後將能更自主地處理工作，成為隨時可用的「超級同事」。
這一趨勢並非僅限於一間銀行。
全世界三大投資銀行（金、摩、摩根大通）均已「積極」推 AI 工具至旗下員工。如摩根士丹利亦用上 GPT-4 助手協助財務顧問獲取資訊，摩根大通更投資 AI 處理風險管理及交易策略洞察。
交易所和結算所同樣研究以 AI 進行市場監控（偵測可疑交易模式）及優化交易算法。
優勢顯而易見：AI 能極速處理大量市場數據、新聞及歷史模式，有望為交易員帶來決策優勢、並令營運人員自動化日常工序。在交易地板，AI 分析正協助優化交易執行實時管理複雜投資組合。後勤方面，機器學習模型正簡化清算及結算，能預測交易可能失敗並自動處理異常情況。
雖然尚處於早期階段，業界文化轉變已開展 —— 金融界正擁抱 AI 以強化人類專長。有評論更戲言「AI 金融」成新淘金潮，無人希望被拋下。這亦意味，現今系統所需運算及數據處理能力大大提升，基礎設施需配合集群式 AI 工作量。
這正是銀行升級科技的又一主因 —— 舊有系統未針對 AI 而建，而現今雲端基建則可按需擴展支持 AI 應用。
飆升交易量考驗市場底層系統
各項科技推動下，不爭事實是：全球交易量大幅上升，舊有基建首當其衝。近年各類資產均創新高成交，凸顯靈活穩健基建的重要。CME 集團作為全球最大衍生品交易所，2024 年第三季全球平均每日成交達 2,830 萬張合約，按年升 27%。某些產品（如利率期貨）更創紀錄新高，投資者湧入對沖經濟風險。波動加劇亦推高單日交易峰值 —— CME 2023 年單日成交超過 6,700 萬張再創新高。股票及外匯市場於動盪時期同樣錄得龐大成交。每一宗交易均需撮合、清算及結算，為基礎設施帶來巨大壓力。 workload on exchange engines and post-trade systems.
交易引擎同後交易系統嘅工作負載。
Perhaps the most striking figures come from the clearing side.
最令人震驚嘅數字，可能都係嚟自結算方面。
DTCC, the U.S. clearinghouse backbone, processed approximately $2.5 quadrillion (yes, quadrillion) worth of securities in 2022.
美國嘅結算系統骨幹DTCC，喺2022年處理咗大約$2.5萬萬億（無錯，係萬萬億）美元嘅證券。
That averages to around **$2.1 trillion in transactions cleared per day. These mind-boggling sums reflect just how much financial activity the “pipes” of the system carry.
平均每日結算交易金額高達約**$2.1萬億美金**。呢啲令人咋舌嘅數字，正正反映系統「管道」承載住幾多金融活動。
When trading volumes spike – for example, during a crisis or a meme-stock frenzy – the stress on infrastructure is immense. Outdated systems can become bottlenecks or points of failure. (Notably, a few years ago the Tokyo Stock Exchange had a full-day outage due to a hardware glitch, and Australia’s ASX had to halt a blockchain-based clearing system project because it couldn’t handle the load.) With volumes only trending higher, the capacity and reliability of trading networks have become paramount concerns. Regulators, too, are pushing for risk reduction in the plumbing, shortening settlement cycles (U.S. markets are moving to T+1 settlement) and demanding better resiliency to avoid systemic issues. All this sets the stage for new approaches that can handle scale and eliminate single points of failure – which is exactly where Yellow comes in.
當交易量暴增——例如金融危機時或meme股熱潮——基礎設施所承受嘅壓力極大。過時嘅系統有機會成為瓶頸或出現故障。（例如數年前，東京證券交易所因硬件問題全日停市，澳洲ASX更加因新嘅區塊鏈結算系統頂唔順而要腰斬項目。）而家交易量只係愈嚟愈高，所以交易網絡嘅容量同可靠性已經成為重中之重。監管機構都積極推動減低系統風險，好似縮短結算周期（美國市場正向T+1邁進），同時要求系統更有彈性，防止系統性問題出現。呢啲背景令市場急需新方案，既要有規模，又要清除單點故障——正正就係Yellow嘅切入點。
Yellow: Toward a Trustless, Planet-Scale Trading Network
Yellow：邁向無需信任、全球級交易網絡
While banks and exchanges fortify their infrastructure in incremental steps, Yellow.org and Yellow.com are leaping forward with a groundbreaking solution. Yellow is building a next-generation clearing network that aims to be infinitely scalable, trustless, and eliminate counterparty risk altogether – all while playing nicely with regulations. In essence, Yellow’s network is a decentralized clearing and settlement layer (often called a “Layer-3” network) that can interconnect trading venues across the globe. Using state-of-the-art blockchain technology (specifically state channels and smart contracts), Yellow allows trades to be executed and settled securely without relying on a central counterparty or custodian.
當銀行同交易所都係慢慢加強佢哋基建時，Yellow.org同Yellow.com已經飛躍式咁帶出一個嶄新方案。Yellow 正係打造一個新一代結算網絡 —— 目標係無限擴展、無需信任，並徹底消除對手風險，而且可以兼容監管要求。本質上，Yellow嘅網絡係一個去中心化嘅結算層（俗稱「Layer-3」網絡），可以連結全球唔同交易平台。用上最先進嘅區塊鏈技術（特別係state channel同智能合約），Yellow令交易執行同結算都可以安全咁進行，唔使靠中央對手方或者第三方託管。
How does it work? The Yellow Clearing Network uses state channel protocols to open direct, high-speed payment channels between participating brokers and exchanges. Imagine every exchange and brokerage can transact with every other peer-to-peer, in real time, with cryptographic guarantees instead of trust. Orders from different platforms can be matched through Yellow’s network and settled via smart contracts that enforce the trades.
點解得呢？Yellow結算網絡利用state channel協議，喺參與嘅券商同交易所之間開通直連、高速嘅支付通道。即係話，所有交易所同券商都可以peer-to-peer實時交易，靠密碼學保證，唔係靠傳統信任。唔同平台嘅訂單可以透過Yellow網絡撮合，再用智能合約嚟強制執行同結算。
Critically, assets don’t have to be moved to a single centralized exchange – *Yellow enables real-time cross-chain trading without the need to bridge assets. This means traders can exchange value across different blockchains and markets seamlessly, all under the hood of the Yellow network. Multiple exchanges essentially share a unified order book through Yellow, aggregating liquidity that was previously fragmented.
最關鍵係，資產唔使轉到單一中心化交易所 —— Yellow容許即時跨鏈交易，無須做資產bridge。即係交易者可以無縫咁喺唔同區塊鏈同市場間進行價值交換，全靠Yellow網絡底層功能。多個交易所本質上經Yellow共享同一個order book，整合以往分散咗嘅流動性。
A trade can be executed between two parties on different exchanges, and Yellow’s smart clearing ensures each side’s funds are locked in a smart contract and then swapped atomically. The result is instant, atomic settlement with zero counterparty risk.
一單交易可以由兩個唔同交易所嘅參加者完成，Yellow嘅智能結算系統會確保雙方資金鎖定喺智能合約入面，再進行原子交換。咁就可以即時、原子結算，無任何對手方風險。
Yellow’s design directly addresses the pain points traditional systems are grappling with. Counterparty default risk – a perpetual worry in centralized clearing – is eliminated because **exchanges on Yellow don’t hold users’ funds at risk; assets are held in secure multi-signature smart contracts until settlement. This trustless, non-custodial approach means no more fear of an intermediary going bust or misusing funds. It’s a stark contrast to the conventional model where participants must trust clearinghouses or each other (and as recent exchange failures have shown, that trust can be breached).
Yellow設計正正針對傳統結算系統最大痛點。對手方違約風險 —— 向來係中心化結算嘅老問題 —— 於Yellow下被消除了，因為用戶資產唔會由交易所暫存，而係安放喺多重簽名智能合約直至結算。咁樣無需信任嘅、非託管方式，就唔怕有中介倒閉或者濫用資金。對比傳統模式參與者要信結算所或互相信任（而近年交易所失誤已證明呢種信任可以失效），呢種新方法差天共地。
By removing the central custody, Yellow also potentially avoids the need for massive collateral buffers and default funds, while still guaranteeing trade completion. From a regulatory perspective, this is attractive: it reduces systemic risk and increases transparency (since all trades and collateral can be recorded on-chain), aligning with regulators’ goals of safer, more accountable markets.
冇咗中央託管，Yellow都未必再需要大量抵押品buffer同違約基金，但都可以保證交易一定完成。對監管嚟講，咁就好吸引：因為可以降低系統風險，提高透明度（交易同抵押品可以全部on-chain），同監管機構推動更安全、更可問責市場目標一致。
Participants on the network are still known and vetted entities (exchanges, brokerages), so compliance checks (KYC/AML) can be enforced at the endpoints, keeping the network regulation-friendly.
網絡上嘅參與者都係識得、做咗盡職調查嘅機構（交易所、券商），所以端點可以做足合規檢查（KYC/AML），確保網絡支持監管。
Scalability is another cornerstone. Traditional clearinghouses can only process so many trades per second, but Yellow’s decentralized channel network can scale horizontally. The architecture is designed to handle extremely high throughput – potentially hundreds of thousands of transactions per second – by leveraging off-chain state channels for most activity.
可擴展性亦係重心所在。傳統結算所只可以處理有限交易數，但Yellow嘅去中心化通道網絡可以「橫向擴展」：黃金架構用off-chain state channel處理絕大部分交易，設計時已經預咗高吞吐量——可以高達每秒幾十萬單交易。
In simple terms, Yellow only writes final settlement states to the underlying blockchain(s), while the bulk of order matching and execution can happen off-chain at lightning speed. This approach means that as trading volumes grow, the network can accommodate the load by opening more channels and nodes, rather than hitting a hard capacity limit. It is, effectively, infinitely scalable in the way the internet itself scales – by adding more nodes.
簡單講，Yellow只會將最後結算寫落區塊鏈，訂單撮合同成交過程99%都係off-chain閃電進行。咁就算交易量再升，唔需要「爆標」，只要加多啲通道同節點就得——好似互聯網咁無限擴展。
And because Yellow is an open network, it creates a level playing field: any compliant exchange or brokerage can plug in to access global liquidity, from major banks to upstart fintech firms.
而且Yellow係開放網絡，等於開放平等市場：只要合規，任何交易所或券商都可以接駁進嚟，無論大銀行定新創fintech都可連接全球流動性。
In summary, Yellow is delivering what the industry increasingly realizes it needs: a “smart” clearing network for the planet’s markets – one that combines the real-time efficiency of blockchain with the robustness of modern infrastructure to remove risk and friction. Banks investing in blockchain, exchanges moving to the cloud, and firms adopting AI are all pieces of the same puzzle – they’re striving toward a faster, safer, more unified trading ecosystem. Yellow’s innovation brings those pieces together. By connecting siloed markets and enabling trustless cross-platform trading, Yellow addresses fragmentation of liquidity. By locking funds in smart contracts instead of centralized accounts, it tackles security and counterparty risk. By operating as a decentralized layer, it inherently provides resilience (no single point of failure) and scale.
總括來講，Yellow正正帶嚟業界漸漸明白需要嘅嘢：一個地球級「智能結算網絡」——既有區塊鏈實時效率，又有現代基建堅固性，去除市場風險同摩擦。銀行投資區塊鏈、交易所上雲端、企業引入AI——其實都係為咗更快、更安全、更一體化交易生態。而Yellow就將呢啲拼圖砌埋一齊。靠連接分隔市場、打造無需信任跨平台交易，Yellow解決流動性碎片化問題。用智能合約鎖資金而唔係中央帳戶，Yellow治理安全及對手風險。用去中心化方式運作，自然有更高抗風險（冇單點失靈）同可擴展性。
Bridging Trends: From Finance 1.0 to Finance 3.0
銜接大勢：由金融1.0步入金融3.0
The developments we’re seeing across global finance – cloud migrations, blockchain pilots, AI augmentation, record volumes – all point to an industry reinventing its foundations. The parallel rise of Yellow’s network shows how these trends can coalesce into a radically new market paradigm.
環球金融發生緊嘅巨變——轉用雲端、區塊鏈試驗、AI增能、成交量爆新高——都反映產業重建基礎。而Yellow網絡亦同時崛起，完美展示晒點樣將呢啲趨勢結合成一個新時代市場。
Think of Yellow as the backbone for an internet of markets: a network where value can flow as freely and securely as information does on the web. It’s a vision of market infrastructure 3.0 that learns from past limitations. Trust is established by math and code, not only by institutions. Scalability is achieved by decentralization, not by ever-bigger monolithic systems. And regulatory compliance is built-in via transparent smart contracts and identity-managed nodes, rather than after-the-fact reporting.
大家可以將Yellow想像為「市場互聯網」骨幹：值可以如資訊般自由、安全流轉。呢個3.0市場基建願景，正正係吸收晒過去落後經驗：信任由數學同程式碼建立，唔再限定係機構。擴展由去中心化做到，唔使靠日漸肥大嘅單一巨型系統。監管合規亦已成為底層設計——靠智能合約同身份管理節點自動實現，而唔再係清算後才報表。
In making the trading world more efficient and safe, Yellow doesn’t seek to replace banks or exchanges – rather, it empowers them. A large bank upgrading its trading engine can integrate with Yellow to instantly reach more liquidity and ensure every trade it does is settled with finality. An exchange adopting AI for surveillance can leverage Yellow’s audit trail of smart contracts to better monitor transactions. In short, Yellow complements and accelerates the tech upgrades underway at incumbents by providing a unifying clearing layer beneath them. It’s a bold approach, but one whose time has come. As volumes grow and markets span from traditional stocks to digital assets, the old hub-and-spoke frameworks are creaking. Yellow’s timing, therefore, could not be better.
要令市場交易更快更安全，Yellow冇諗住取代銀行或交易所——而係賦能佢哋。大銀行升級交易引擎時，只要對接Yellow，即刻可以連結更多流動性，而且確保每單交易最終都能實現結算。交易所引入AI偵測功能，可以用Yellow智能合約留下的審計紀錄，強化追蹤監控。總之，Yellow係喺底層幫所有現有機構補足統一結算層，協助同加快佢哋技術升級步伐。夠大膽，但而家就係時機。當成交量愈嚟愈大，市場由傳統股票走向數碼資產，舊式「輪輻式」結構已經跟唔上。Yellow出現得啱啱好。
The pain points of market trading – fragmentation, latency, counterparty risk, operational complexity – are being tackled from different angles by banks and fintechs alike. But it is when these solutions are combined that the real breakthrough happens. Yellow’s next-generation clearing network is exactly that synthesis. It leverages the cutting-edge (blockchain, distributed networks) to solve age-old problems in finance, while enhancing – not disregarding – regulatory and institutional frameworks. In doing so, it draws a parallel to the broader industry trajectory: everyone is striving for safer, faster, more transparent markets.
市場交易痛點——碎片化、延遲、對手風險、操作複雜——無論銀行定fintech都用唔同方法應對緊。但當呢啲方案結合時，先至有真正突破。Yellow新一代結算網絡正正係呢個集大成者。利用頂尖技術（區塊鏈、分散式網絡）去解決金融老本傷，同時提升（而唔係拋棄）監管及體制基礎。呢個過程其實反映住整個業界走勢：所有人都追求更安全、更快、更透明市場。
Yellow is essentially offering the endgame of that quest, right now. As global market players continue to invest in modern infrastructure and technologies, Yellow stands out by addressing all of those needs holistically. It represents a new paradigm where trading can be trustless yet secure, decentralized yet compliant, and massively scalable yet efficient. The financial world is taking steps in this direction; Yellow is a giant leap.
其實Yellow正係為呢個願景提供最終解答。全球市場參與者都努力投入新基建同新科技，Yellow凸顯每個痛點嘅系統性解決方法。Yellow代表住一種新範式：交易可以無需信任但又安全、去中心化但又合規、極大規模但又高效率。金融世界一齊向前行，Yellow就係歷史大躍進。
In the coming years, as trading volumes break new records and digital assets blend into traditional portfolios, networks like Yellow’s could well become the backbone that knits the entire ecosystem together. A trader in New York could execute a transaction with an exchange in Singapore and a liquidity pool on Ethereum, all in milliseconds via Yellow – with no single party having to trust the other and no undue risk introduced. That is a future that benefits all players in the market. And it’s a future that, thanks to innovators like Yellow, is closer than ever to reality.
未來幾年，當交易量刷新記錄、數位資產融入傳統組合，Yellow呢類網絡有機會成為整個金融生態嘅中樞骨幹。紐約交易員可以同新加坡交易所、Ethereum流動池，同步用Yellow喺毫秒間成交——唔需要單方面信任對家，亦唔會引入多餘風險。呢個未來，全體市場參與者都得益。而家多得好似Yellow咁嘅創新者，呢個願景已經近在眼前。