世界各地，主要金融機構正投入大量資源升級交易系統和市場基礎設施。業界專家指出，現今的市場服務商面對越來越複雜且動盪的市場環境，「亟需現代化舊有基礎設施」才能保持競爭力。
交易基礎設施現代化進行中
許多交易所和銀行正處於關鍵十字路口；德勤 2024 年展望報告中指出，「他們現在的策略抉擇，將決定能否持續成長、甚至保有市占率」。實際上，市場機構已大舉投入新科技，使交易更快速、高效且具韌性。
銀行積極重新打造前端及後端的交易業務。例如，2025 年初，HSBC 與金融科技公司 Delta Capita 簽訂多年合作，優化其後交易流程。這項合作將為HSBC 的場外衍生性金融商品業務帶來全新的全球確認與結算服務。透過導入「基礎設施即服務」模型，HSBC 目標自動化並優化交易確認、法遵（如 KYC 檢查）及結算流程。這類升級正反映更廣泛趨勢：市場參與者以雲端化及外包方案取代老舊（常數十年）的系統，以降低成本並提升可靠性。
甚至交易所營運商也將核心系統搬上雲端；亞馬遜網絡服務（AWS）報告指出，2024 年上半年已有大量交易所、清算所及託管機構將工作負載部署至 AWS，作為轉型步驟)。納斯達克執行長 Adena Friedman 指出，審慎的基礎設施升級**「可釋放長期成長潛力」**，但她也提醒這需要大規模前期投資於韌性。儘管挑戰不少，訊息已明確：唯有現代化，才能不被淘汰。
區塊鏈與數位資產在金融成主流
隨著一般基礎設施升級，許多領先銀行及交易所亦轉向區塊鏈與數位資產，重新構想交易與結算。幾年前還只是實驗性的計畫，如今正迅速成為核心策略。**多家主流金融機構現正探索以區塊鏈技術進行傳統資產交易與結算。**包含 Avaloq 服務的 HSBC、德意志銀行、興業銀行等全球大型銀行近來陸續展開數位資產相關計畫。
有些銀行聚焦於數位資產的代幣化與託管，例如 HSBC 在 2024 年推出全新數位資產託管平台，為客戶儲存代幣化證券（如債券），並補足其發行數位債券用「Orion」區塊鏈平台。HSBC 證券服務創新主管表示，「資產管理人及資產擁有者對數位資產託管及基金管理的需求正大幅提升」，此一市場正快速發展。
同樣地，德意志銀行與瑞士加密公司 Taurus 合作，為機構客戶提供加密貨幣及代幣資產託管——這是德國銀行巨頭首度為客戶持有加密資產。雖然德意志銀行採審慎步伐（暫未涵蓋加密貨幣交易），證券服務負責人 Paul Maley 強調這一領域的龐大潛力，認為數位資產市場**「預計將涵蓋數兆美元規模」**，未來將是投資人及企業決策重點。
他補充，德意志銀行的重點是協助客戶參與**「整體數位資產生態圈」**，而不僅僅是加密貨幣投機。
連交易場域本身都擁抱區塊鏈。摩根大通——一向走在金融科技最前線——多年來透過私有區塊鏈網路處理銀行間交易，自 2020 年以來已執行逾 1.5 兆美元的交易（如隔日回購及跨境支付）。2024 年底，摩根大通將此平台自 Onyx 重新品牌為 「Kinexys」，並擴展至鏈上多幣種外匯結算。
該計畫負責人 Umar Farooq 解釋，目標在於**「打破分散系統，實現更高互通性，減少現行金融基礎設施侷限」**。
歐洲方面，興業銀行子公司 Forge 發行了區塊鏈數位債券，甚至曾發行歐元掛鉤穩定幣，倫敦證券交易所則建立基於區塊鏈的傳統資產市場。共同主題為：銀行與交易所將分散式帳本視為實現即時、安全結算與解鎖市場效率的關鍵。如路透社報導，**標準渣打、BNY Mellon、興業銀行等多家銀行現已提供加密貨幣託管服務，並坦言區塊鏈可望成為主流金融核心技術。**曾屬加密新創的領域，如今由金融業巨頭主導。
人工智慧登上交易大廳
另一波席捲交易領域的科技浪潮——人工智慧。過去一年，全球頂尖投資銀行積極將 AI 工具導入交易員、銀行家及後勤團隊。例如高盛近期推出自家 AI 助理，其形容為「就像與另位同事對話」。該 AI 助理採用先進大型語言模型，目前已提供逾 1 萬名高盛員工使用，未來將拓展到全公司，協助研究摘要、程式碼撰寫等多項工作。
根據高盛 CIO Marco Argenti 表示，這套系統會學習公司流程，未來將承擔更多自主性任務，相當於一位隨選的超智慧同事。
這不僅限於一間銀行。
全球前三大投資銀行（高盛、摩根士丹利、摩根大通）都已「積極」將生成式 AI 工具引入員工工作。 摩根士丹利已利用 GPT-4 助理協助財務顧問即時查詢資訊，摩根大通則將 AI 投入於風險管理及交易策略分析。
各種交易所及清算所也探索導入 AI 監控市場異常（偵測不法交易模式），並優化自家交易演算法。
吸引力十分明顯：AI 能遠超人類速度消化大量市場數據、新聞及過往模式，為交易員決策提供優勢，也讓營運人員自動化例行性工作。目前，AI 驅動的分析工具幫助即時調校交易執行，管理複雜投資組合。後勤方面，機器學習模型則透過預測高風險交易並自動處理例外情況，簡化清算與結算程序。
雖普及仍在早期，這場文化轉型已然開啟——金融業積極以 AI 增強人類專業。正如評論者所言，如今市場掀起的是「AI 金融淘金熱」，沒有人願意落後。市場因此預期效率將大幅提升，同時也可能誕生更多由預測算法驅動的新交易策略。但這也意味著基礎設施考驗升高：系統必須能支援 AI 工作負載的龐大運算與資料流。
這也是銀行努力升級科技設備的另一重要原因——舊有系統未考慮 AI，現代雲端基礎架構則可隨需擴充，支援 AI 運算。
飆升的交易量考驗市場基礎設施
在所有這些科技革新背後，有個不可忽視的事實：全球交易量快速激增，老舊市場基礎設施已面臨壓力。近年來各類資產的交易量節節創新高，凸顯急需擴充、健全的基礎設施。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，年增 27%。在部分商品（如利率期貨）中，成交創歷史紀錄，投資人紛紛避險經濟不確定性。波動高點導致單日交易量創新紀錄——CME 單日交易突破 6,700 萬口，寫下新高（2023 年）。股市匯市在大幅波動時同樣呈現爆炸性成交。每筆交易都必須撮合、清算、結算，導致巨大... 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.
最引人注目的數據或許來自結算領域。
DTCC, the U.S. clearinghouse backbone, processed approximately $2.5 quadrillion (yes, quadrillion) worth of securities in 2022.
美國的結算核心機構 DTCC，於 2022 年處理了約 2.5 千兆美元的證券交易量（是的，是「千兆」）。
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.
平均每天清算約 2.1 兆美元的交易。這些令人難以置信的天文數字，反映金融基礎設施「管道」所承載的龐大資金流動。
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.
當交易量激增時——例如危機期間或迷因股熱潮——基礎設施所承受的壓力達到頂點。過時的系統很容易成為瓶頸或失效點。（值得一提的是，數年前東京證券交易所就因硬體故障癱瘓了一整天，澳洲 ASX 也被迫中止區塊鏈清算系統專案，因為無法負荷。）交易量持續攀升，網絡的容量與穩定性已成為當務之急。監管機構也積極要求降低風險，縮短結算週期（美國市場正朝 T+1 結算邁進），並強化韌性以預防系統性問題。這一切正鋪路給新一代的基礎設施，以因應規模、消除單點故障——這正是 Yellow 所著眼的領域。
Yellow: Toward a Trustless, Planet-Scale Trading Network
Yellow：邁向無信任、全球規模的交易網絡
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.
當銀行和交易所逐步加強自身基礎建設時，Yellow.org 和 Yellow.com 則以突破性的方案大步向前。Yellow 正在打造新一代結算網絡，目標是無限擴展、去信任化並徹底消除對手方風險，同時與法規友好共存。本質上，Yellow 的網絡是一個去中心化的結算與清算層（通常稱為「Layer-3」網絡），可連接全球各大交易場所。透過先進的區塊鏈技術（特別是狀態通道與智能合約），Yellow 讓交易能安全執行並結算，完全不需依賴中央對手方或託管機構。
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.
它如何運作？Yellow 清算網絡採用狀態通道協議，在參與的券商與交易所之間開啟直接且高速的支付通道。試想每個交易所、券商都能以點對點、實時的方式，彼此無需信任、僅靠密碼學保障進行交易。各平台的訂單可透過 Yellow 網絡配對，並由智能合約自動結算和執行。
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.
更關鍵的是，資產不必被集中轉進單一中心化交易所——*Yellow 支援即時跨鏈交易，無須資產橋接轉移。這意味著交易者能在 Yellow 網絡下無縫跨鏈與跨市場交換價值。多個交易所藉由 Yellow 實現訂單簿共享，合併原本分散的流動性。
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.
不同交易所的雙方可完成交易，而 Yellow 的智能清算確保雙方資金預先鎖定於智能合約，並以原子方式對換。最終結果是：即時、原子級結算，完全沒有對手方風險。
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 的架構直擊傳統金融面臨的痛點。中心化清算最擔心的對手違約風險，在 Yellow 已被消除，因為**Yellow 上的交易所不會持有用戶資產；資產由安全的多重簽章智能合約保管，直到完成結算。這種去信任、非託管方式，讓參與者無須再擔心中介機構破產或挪用資金。這和傳統模式形成鮮明對比——傳統體系下，大家只能信任清算所或彼此（但連年交易所倒閉都說明，這種信任難以保障）。
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.
透過消除中心託管，Yellow 也有望免除動輒需要巨額保證金與違約基金，仍能保障交易完成。從監管層面來看，這非常吸引人：它降低系統性風險、提升透明度（所有交易和保證金都可上鏈紀錄），與監管者對於更安全、更負責市場的目標完全一致。
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.
參與網絡的主體仍是受驗證的法人（交易所、券商），因此 KYC/AML 等合規措施能在網絡端點實施，保持網絡友善於監管。
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.
可擴展性同樣是核心優勢。傳統結算所每秒可清算的交易數有限，但 Yellow 的去中心化通道網絡能橫向無限擴張。這個架構設計可因應極高吞吐量——透過鏈下狀態通道，處理每秒高達數十萬筆交易。
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.
簡而言之，Yellow 只會將最終結算狀態寫入底層區塊鏈，絕大多數訂單撮合與執行都可在鏈下閃電完成。這表示交易量增長時，網絡只需增加通道與節點即可擴充容量，不會遇到瓶頸。這種方式等同於網際網路的無限擴展：加點就有更大容量。
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.
Yellow 是開放式網絡，打造公平競爭環境：只要合規，無論是大型銀行還是新創金融科技公司，都能接入黃網絡，一同取得全球流動性。
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 正提供業界越來越需要的關鍵基礎設施：一個為全球市場量身打造的「智慧」結算網絡——結合區塊鏈即時高效與現代基建韌性的方案，消除風險與摩擦。銀行投資區塊鏈、交易所擁抱雲端、機構引入 AI，這些都是組成快速、安全、統一交易生態的拼圖，而 Yellow 的創新正使這些拼圖完整契合。藉由連接各自為政的市場、讓去信任的跨平台交易成為可能，Yellow 解決了流動性分散的難題。透過將資金鎖定於智能合約而非中心化賬戶，則大幅降低安全與對手方風險。作為去中心化結算層，Yellow 天然具備韌性（無單點故障）與擴展性。
Bridging Trends: From Finance 1.0 to Finance 3.0
承先啟後——從 Finance 1.0 邁向 Finance 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.
當今全球金融業的種種發展——雲端遷移、區塊鏈試點、AI 強化、交易量創新高——都預示產業正重新打造其根基。與此同時，Yellow 網絡的興起也證明這些潮流正鋪陳出全新市場典範。
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.
你可以將 Yellow 視為「市場互聯網」的主幹：一個讓價值傳遞如同網路資訊般自由且安全的網路。這就是市場基礎建設 3.0 的藍圖，吸取過去的侷限教訓。信任來自數學與程式，而不單靠機構背書。可擴展性由去中心化實現，而非一味放大傳統巨型系統。監管合規也是系統本身透明實踐（智能合約、身份節點），而非事後報表。
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.
Yellow 的目標不是取代銀行或交易所，而是賦能於他們。大型銀行升級自身交易引擎時，可藉由接入 Yellow，馬上取得更多流動性、且確保每一筆交易都能最終結算。交易所運用 AI 做監控時，也能善用 Yellow 的智能合約審計鏈，更精準地追蹤交易。簡言之，Yellow 是底層結算整合層，有效補足、加速傳統機構的技術升級。這是大膽但及時的創舉——當交易量不斷攀升、市場範疇跨足傳統股票和數位資產，舊有「中心輻射」架構明顯吃緊，Yellow 的出現正當其時。
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.
交易市場的痛點——分裂、延遲、對手方風險、作業複雜度——銀行與新創皆從不同角度積極解決。但唯有當這些解方整合，才會出現真正的突破。Yellow 的新世代清算網絡正是這種匯聚。它活用最新科技（區塊鏈、分散式網絡）來解決金融業長期難題，同時強化而非無視監管和制度。這正如整個產業的大方向：所有人都在追求更安全、更快速、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 正是這股革命的終極方案，並已付諸實踐。全球市場參與者持續投入現代化基礎建設、技術，Yellow 則以整體性解決方案脫穎而出。它代表一種全新典範：無信任但安全，去中心卻合規，極大規模同時高效能。金融世界正朝這方向邁進，而 Yellow 已走出了關鍵一大步。
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，隨著交易量再創新高、數位資產持續融入傳統投資組合，Yellow 這類新型網絡，很可能成為串聯整個金融生態的骨幹。紐約的交易員可在毫秒內與新加坡交易所、以太坊流動性池進行交易，全程無須任何一方彼此信任，也不會衍生額外風險。這是所有市場參與者都能獲益的未來。多虧像 Yellow 這樣的創新者，這個未來也比以往任何時候都來得更近了。