全球各地主要金融機構正投入大量資源，升級交易系統與市場基礎設施。業界專家指出，如今市場供應商正面臨日益複雜與波動，「迫切需要現代化落後的基礎設施」，才能維持競爭力。
交易基礎設施現代化進行中
許多交易所以及銀行正站在十字路口；根據德勤 2024 前景觀察，「他們現在的策略決定將影響未來是否能持續成長甚至維持市佔」。實際上，這意味著在新技術上的大量投資，讓交易更快、更高效、也更具韌性。
銀行積極全面翻新前後台交易運作。例如，2025 年初，滙豐銀行與金融科技公司 Delta Capita 簽訂多年合作協議，目標是簡化其後交易流程。此合作將為滙豐場外衍生性金融商品業務帶來一套全新全球確認與結算服務。滙豐參考基礎設施即服務（IaaS）模式，目標自動化與優化交易確認、合規（如 KYC 查核）及結算程序。這類升級正反映一個更廣泛的趨勢：市場參與者紛紛用雲端及外包解決方案取代過去老舊（常有數十年歷史）的系統，以降低成本並提升可靠度。
甚至連交易所營運者也將核心系統轉向雲端；Amazon Web Services 指出，2024 上半年，多家交易所、清算所及託管機構已將核心業務遷移至 AWS 雲端，成為此轉型的一環。納斯達克執行長 Adena Friedman 表示，慎重的基礎設施升級**「可帶來多年成長」**，但她也提醒，此舉需事前投入大筆資金強化韌性。儘管挑戰不少，但訊息明確：現代化，否則就會被淘汰。
區塊鏈與數位資產成為金融新主流
隨著基礎設施升級，許多領先銀行與交易所亦著手利用區塊鏈及數位資產，重新構想交易及結算流程。過去只是實驗的方案，如今正迅速躍升為核心策略。各大主流金融機構現正探索將區塊鏈運用於傳統資產的交易及結算。 全球大型銀行——包括 Avaloq 客戶名單上的滙豐、德意志銀行和法國興業銀行等——近期均啟動數位資產相關業務。
部分銀行著重於數位資產證券化及託管。例如滙豐 2024 年將推出新一代數位資產託管平台，為客戶保管證券化資產（如債券），並配合旗下「Orion」區塊鏈平台發行數位債券。滙豐證券服務創新主管指出，「資產管理人及擁有人對數位資產託管及基金管理的需求持續提升」，市場規模也不斷成長。
德意志銀行則與瑞士加密公司 Taurus 合作，首次為機構客戶提供加密幣和證券化資產託管。雖然該行目前尚未涉足加密貨幣交易，證券服務主管 Paul Maley 強調數位資產潛力巨大，預期未來**「將涵蓋數兆美元資產」**，並成為投資人及企業的重點發展項目。
他補充，德意志銀行關注的是支持客戶在**「整體數位資產生態圈」**的需求，而不僅是加密幣的投機操作。
舉例來說，連交易平台本身也開始擁抱區塊鏈。摩根大通多年來利用私有區塊鏈網路進行銀行間交易，自 2020 年以來交易總額超過 1.5 兆美元（如隔日回購、跨境支付等）。2024 年底，摩根大通將原本「Onyx」的區塊鏈平台更名為**「Kinexys」**，拓展多幣種鏈上外匯結算。
項目負責人 Umar Farooq 形容目標在於**「打破分隔系統，提升互通性，減少當前金融基建之限制」**。
歐洲方面，法國興業銀行 Forge 單位已在區塊鏈發行數位債券與歐元穩定幣，倫敦證券交易集團也正開發基於區塊鏈的傳統資產市場。共通之處是：銀行與交易所視分散式帳本技術為即時安全結算、提升市場效率的最佳途徑。根據路透社報導，多家銀行（渣打、BNY Mellon、SocGen 等）如今皆提供加密資產託管，並公開討論區塊鏈在主流金融業的巨大潛能。從前由加密新創主導的領域，現在已由主流銀行接棒領航。
AI 登陸交易場
另一股席捲交易市場的科技浪潮，則是人工智慧。過去一年，全球頂級投資銀行已積極將 AI 工具推向交易員、銀行家與後勤團隊。例如高盛最近推出內部AI 助理，號稱「就像和另一位同事對話」。該 AI 助理用大型語言模型打造，目前已提供萬名高盛員工使用，未來還將推廣到全公司，協助處理摘要研究、程式編寫等工作。
根據高盛資訊長 Marco Argenti 表示，這套系統會學習公司的業務流程，未來將自動承擔更多自主工作，成為一名隨時可用、超級智慧的同事。
此趨勢不只在一家銀行出現。
全球三大投資銀行（金、摩、高盛與摩根士丹利和摩根大通）均「積極」推動生成式 AI 工具讓員工應用。 摩根士丹利已利用 GPT-4 助理協助理專查找資訊，而摩根大通則投入 AI 用於風險管理及交易策略洞察。
交易所與清算機構也探索 AI 於市場監控（偵測異常交易行為）及優化交易演算法。
吸引力顯而易見：AI 能在極短時間分析龐大市場數據、新聞、歷史資料，協助交易員提升決策優勢，並幫運營團隊自動化例行工作。交易場上，AI 驅動分析協助即時微調交易執行、管理複雜投資組合；後台方面，機器學習預測失敗交易、自動處理異常，大幅提升清算與結算效率。
雖然仍處於起步階段，但金融業文化轉型已開始——以 AI 補強人類專業。有評論者形容，目前最夯的是「AI 賦能金融」新淘金潮，沒人想被甩在隊伍後方。對市場而言，這可能意味著更高效率、甚至出現全新預測型交易策略。不過這也使基礎設施壓力倍增：必須因應 AI 高密運算和資料洪流需求。
這亦是銀行積極升級科技的理由之一——過去年舊系統未針對 AI 設計，而現代雲端基建可靈活擴展 AI 工作負載。
急增的成交量考驗市場體質
所有這些科技創新背後有個不容忽視的事實：全球成交量持續攀升，傳統市場結構備受壓力。近年各資產類型成交量屢創新高，凸顯對可擴展、堅固基礎設施之需求。全球最大衍生品交易所 CME Group 報告 2024 年第三季全球日均成交量達 2,830 萬口新高，較去年同期成長 27%。某些品種（如利率期貨）單日成交躍居歷來最高峰，投資人鑑於經濟不確定性積極避險。波動率飆升亦造就單日極端高量， CME 2023 年單日成交高達六千七百萬口，刷新紀錄。股票及外匯市場在動盪時期亦出現交易爆量。每一筆交易均需撮合、清算與結算，對市場基建帶來巨大壓力。 workload on exchange engines and post-trade systems.
交易引擎與交易後系統的工作負載。
Perhaps the most striking figures come from the clearing side.
也許最令人震撼的數據來自結算端。
DTCC, the U.S. clearinghouse backbone, processed approximately $2.5 quadrillion (yes, quadrillion) worth of securities in 2022.
美國結算骨幹機構 DTCC，於 2022 年處理了約 [$2.5 quadrillion (是的，千兆)] 的證券價值。
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.
這代表每日平均有約 2.1 兆美元的交易完成結算。這些驚人的金額正說明這個金融系統「管道」所承載的交易量有多麼龐大。
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.
當交易量激增——例如在危機或迷因股熱潮時——基礎設施所承受的壓力異常巨大。過時的系統往往會成為瓶頸或故障點。（值得注意的是，幾年前東京證券交易所因硬體故障整天無法運作，而澳洲 ASX 也因為負載過重而被迫終止其區塊鏈結算系統專案。）隨著交易量持續上升，交易網路的容量與可靠性成為首要課題。監管單位也正在推動降低系統風險，例如縮短結算週期（美國市場正朝向 T+1 結算），並要求更高的韌性以避免系統性問題。這一切正預告著需要能在大規模下運作、同時消除單點故障的新型解決方案——而這正是 Yellow 要解決的問題。
Yellow: Toward a Trustless, Planet-Scale Trading Network
Yellow：邁向去信任、全球規模的交易網路
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.
當銀行和交易所正在逐步強化其基礎架構時，Yellow.org 與 Yellow.com 正以突破性方案大步領先。Yellow 正在打造次世代結算網路，目標是實現無限擴展性、去信任，並完全消除對手方風險，同時兼容合規要求。簡而言之，Yellow 的網路是一個去中心化的結算與交收層級（通常被稱為「Layer-3」網路），可將全球各地的交易場所互相連接。利用最先進的區塊鏈技術（特別是狀態通道與智慧合約），Yellow 允許交易能夠在無需依賴中心對手方或托管人的情況下，安全完成撮合與結算。
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.
它是怎麼運作的？Yellow 結算網路採用狀態通道協議，在參與的券商與交易所之間開啟直接且高速的支付通道。想像每個交易所和券商都能以點對點方式，實時與其他參與者進行加密保障、無需信任的交易。不同平台的訂單可以透過 Yellow 網路撮合，並藉由強制執行交易的智慧合約完成結算。
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.
更重要的是，資產不需被移動到某個單一中心化交易所——*Yellow 實現了即時跨鏈交易，無需資產跨鏈橋。這代表交易員能夠在不同區塊鏈與市場間，於 Yellow 網路底層無縫地交換價值。多個交易所實質上藉由 Yellow 共享統一的訂單簿，將原本分散的流動性聚合在一起。
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.
不同交易所上的雙方可以完成一筆交易，Yellow 的智慧結算確保各方資金均被鎖定於智慧合約中，並以原子方式同步交換。最終實現即時、原子結算，完全消除對手方風險。
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 的設計正面回應傳統系統無法克服的痛點。對手方違約風險——這是中心化結算長期的隱憂——在 Yellow 上被徹底消除，因為**在 Yellow 上的交易所不會持有用戶資金風險，資產在結算前都是存在安全的多重簽章智慧合約裡。這種去信任、非託管的方式，消除了中介倒閉或挪用資金的擔憂。這與傳統模式下，參與者必須互信或信任結算機構（而近期多起交易所倒閉也證明這種信任並不可靠）形成強烈對比。
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.
透過移除中心託管，Yellow 也可能無需大規模保證金與備用違約基金，同時可保障交易履行。從監管的角度來看，這樣的設計極具吸引力：它降低了系統性風險並提升透明度（所有交易與抵押品都能上鏈紀錄），與監管單位推動更安全、更負責市場的目標一致。
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.
網路上參與者依然是已知並經過審查的實體（如交易所、券商），因此合規查核（KYC/AML）可在端點執行，確保整張網路友善合規。
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.
擴展性是 Yellow 的另一大核心。傳統結算所每秒僅能處理有限交易筆數，但 Yellow 的去中心化通道網路能水平擴充。此架構可處理極高交易頻寬——有潛力支援每秒數十萬筆交易——關鍵就在於將大部分交易活動以鏈下狀態通道完成。
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.
簡單來說，Yellow 只會把最終結算狀態寫入底層區塊鏈，絕大多數撮合與成交都在鏈下以極高速完成。因此隨交易量成長，網路只需新增通道與節點即可承載更高載荷，無硬性天花板。如此設計本質上等同網際網路般無限擴展——只需增加節點即可。
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.
另外 Yellow 是開放網路，創造了公平競爭環境：任何合規交易所或券商，不論大型銀行還是新創科技企業，都可接軌全球流動性。
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.
總結來說，Yellow 正實現產業越來越迫切需要的願景：一個智能化、服務全球市場的結算網路——結合區塊鏈即時效率與現代化基礎設施的韌性，徹底消除風險與摩擦。銀行投資區塊鏈、交易所導入雲端、企業採用 AI，都是同一拼圖的部件——大家都在追求更快、更安全、更整合的交易生態。而 Yellow 的創新正好將這一切串連起來。透過連接各自為政的市場並實現去信任的跨平台交易，Yellow 解決流動性碎片問題。以智慧合約鎖定資金而非中央帳戶，則保障安全並處理對手方風險。作為一個去中心化層，Yellow 天生具備韌性（無單點故障）與擴展能力。
Bridging Trends: From Finance 1.0 to Finance 3.0
連接趨勢：從金融 1.0 走向金融 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.
如今全球金融產業正經歷雲端遷移、區塊鏈試點、AI 協作、交易量創新高等變革——明顯意謂著產業正在改寫底層架構。而 Yellow 網路的崛起，展示了這些趨勢如何融合為一種突破性的市場新典範。
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.
你可以把 Yellow 想成「市場網際網路」的骨幹：一個價值流動如同網路資訊一樣自由且安全的網路。這是市場基礎建設 3.0 的願景，從過去的侷限中學到教訓。信任不再只靠機構，而是透過數學與程式碼建立。擴展性要靠去中心化，而不是越建越大的單一系統。合規是從源頭透過智慧合約透明紀錄與節點身份管理內建，而非事後才事務報告。
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.
Yellow 並非要取代銀行或交易所，而是要賦能現有機構、提升交易世界的效率與安全。大型銀行升級其交易引擎後，可透過 Yellow 迅速串聯到更豐沛流動性並確保每筆交易都絕對落實結算。交易所若採用 AI 做監控，也能利用 Yellow 的智慧合約審計紀錄，更完善地追蹤交易。簡言之，Yellow 在現有體系下，提供一個統一結算層，協助並加速既有機構科技升級。這是大膽的路徑，但來得正是時候。隨著交易量暴增、市場涵蓋從傳統股票到數位資產，舊有輻射狀架構已現老態。Yellow 的出現正符合此一時機。
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.
市場交易的各種痛點——碎片化、延遲、對手風險、作業複雜——都在被銀行與金融科技公司從不同面向攻克。但唯有將這些解方融合，才能誕生真正的突破。Yellow 的次世代結算網路正是這種整合。它運用最前沿科技（區塊鏈、分布式網路）剷除金融業長年難題，同時加強——而非忽略——現有合規與制度架構。這也呼應產業大趨勢：所有人都在追求更安全、更快捷、更透明的市場。
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.
Yellow 從本質上來說，已將這個願景提前實現。隨著全球市場參與者不斷投資現代基礎設施與新技術，Yellow 以全方位回應所有需求而脫穎而出。它展現了一種新典範：交易可以去信任且安全、去中心化且合規、大規模擴展卻有效率。全球金融正往這趨勢邁進，而 Yellow 則是往前跨出的巨大一步。
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，當交易量不斷刷新紀錄且數位資產與傳統資產逐漸融合，像 Yellow 這樣的網路很可能會成為聯繫整個生態系的關鍵骨幹。一位紐約交易員能在數毫秒內，透過 Yellow 與新加坡交易所、Ethereum 流動性池完成交易——過程中彼此無需信任，也無新衍生風險。這就是對所有市場參與者都有利的未來。更重要的是，憑藉像 Yellow 這樣的創新者，這個未來正比以往任何時候都接近實現。