Infrastructure in the form of payment systems is a necessity to allow for payments to reach from payer to payee, but it is also subject to product differentiation between banks. In the euro countries, a domestic-integration zone termed SEPA that consolidates payment systems into a singular system has been regulated, providing market efficiencies for customers and companies. However, in Sweden, banks use unstandardized file communication that is costly for stakeholders to interface against, and is becoming increasingly difficult to oversee. With the introduction of novel payment solutions (e.g. mobile payments), there is also an increase in competitors that access the infrastructure. A rising customer demand for faster, global and integrated payments has been identified. This increased fragmentation of the market requires large investments for banks and reduces customer mobility, which motivates the need for consolidation of payment flows. The purpose of this thesis is to identify the roles of stakeholders in the clearing and settlement mechanism, and to identify the drivers and inhibitors that affect business decisions to change the systems in place. These results are categorized according to co-opetition theory. Furthermore, the thesis brings forward the global industry standard for financial messaging ISO 20022 to the business context, and discusses its implications in the Swedish market from an interoperability point of view. The study has been conducted using mixed methods with a qualitative approach. It includes: Analysis of documents and materials, non-participative observation, interviews with 9 industry experts and an in-depth case study of real-time payments in Sweden (Betalningar i Realtid). Results show that actors’ perceptions of one another are ambiguous, but cooperation is well-established and reaps many positive effects for firms. Co-opetition activities in banks are inclined to drive change, while competitive moves are likely to leave the system unchanged. Co-opetition is only possible under certain pre-agreed rules such as differentiation by implementing flexible payment solutions. The main implication for migration to an improved, standardized payment flow is connected to the governance of infrastructure. It is suggested that if agreements between stakeholders are not reached in due time then SEPA-like regulation put forward by higher instances is a likely outcome.

區塊鏈技術藉著比特幣而發揚光大，經過將近十年的考驗，區塊鏈被視為足 以改變全球經濟模式的火紅科技，各種應用的想法如雨後春筍般出現，本文趁勢 提出台灣股票結算交割的區塊鏈應用。本文從最原始的區塊鏈系統——比特幣介 紹起，深入討論區塊鏈運作的機制，包括共識的形成與交易的驗證方式。比特幣 的區塊鏈系統中的某些設定對於股票結算交割來說是缺陷，本文提出改良的方式， 包括許可制的區塊鏈、引入特殊功能節點及採用實名制等，試圖讓區塊鏈技術能 夠完美的應用於結算交割系統。最後分析應用區塊鏈之後所能夠達到的經濟與社 會效益。 / After nearly ten-year challenge, blockchain was known because of Bitcoin, and regarded as the most famous technology that could change the way how the whole world works. Lots of application ideas appear at this moment, this paper tries to follow the trend and discuss about the Taiwan stock clearing and settlement system. Begin with the original blockchain system, Bitcoin, reveal how actually blockchain works including the formation of consensus and the way of transactions verification. There are some defects when implementing the application by using Bitcoin system directly. This thesis proposes the way to improve the blockchain system which includes permission blockchain system, special functional nodes and implementation of real name blockchain system, and try to make modified blockchian system applicable to clearing and settlement system. Last but not least, this thesis analyzes the benefit of economy and society when the application is employed.

Les législations concernant les marchés financiers régissent non seulement les marchés, mais également les acteurs, les produits ainsi que les activités dans les marchés. En utilisant ces outils juridiques indispensables, les législateurs des deux côtés de l'Atlantique visent, entre autres, à protéger les investisseurs dont la confiance est primordiale pour les marchés, d'une part, et à diminuer les risques systémiques dont le déclenchement pourrait survenir dans un contexte financier de plus en plus globalisé, d'autre part. En effet, après la crise financière globale de 2008, les risques systémiques ont attiré davantage l'attention législative. À partir desdits objectifs que les législateurs veulent atteindre, nous essayons de trouver et analyser les particularités des législations concernées, tant en France ou dans l'Union européenne qu'aux États-Unis, en passant par la comparaison des dispositions législatives ou des initiatives législatives à travers l'Atlantique, avec la considération de l'évolution législative respective. Nous apportons aussi nos réflexions sur les insuffisances ou les déficiences à l’égard de mesures ou d’efforts législatifs pris en compte par les législateurs transatlantiques en vue de réaliser ces objectifs. Face à une crise financière sans précédent à nos jours, et donc à l'exigence d'une réaction législative active, appropriée, opportune et raffinée, il nous semble qu’il est le temps pour les législateurs en France, dans l'Union et aux États-Unis d'approfondir leurs connaissances sur des produits financiers en innovation sans cesse, de mieux adapter leurs stratégies législatives aux développement des activités financières et des entités finiancières, et de renforcer leurs coopérations et coordinations en profondeur dans le domaine de réglementation et supervision financière, et enfin, de mieux réaliser leurs buts poursuivis. / The legislations concerning financial markets govern not only the markets, but also the participants, the products and the activities as well in the markets. By using these indispensable legal tools, the legislators of both sides of Atlantic aim at, among others, protecting the investors whose confidence is of top priority to the markets, on the one hand, and reducing the systemic risk which would occur in a more and more globalised financial context, on the other. Indeed, after the global financial crisis of 2008, systemic risk has drawn more legislative attention. From the abovementioned objectives which the legislators would like to achieve, we try to find and analyze the particularity of the legislation concerned, both in France or in the European Union and in the USA, by way of comparison of legislative dispositions or legislative initiatives across the Atlantic, with the consideration about their respective legislative evolution. We also give our reflections on the insufficiencies or the deficiencies with regard to the legislative measures or efforts taken by the transatlantic legislators to realize those objectives. Facing the actual and unprecedented financial crisis, and thus a requirement of dynamic, appropriate, timely and refined legislative reaction, it seems to us that it is the time for legislators in France, in the EU and in the USA to deepen their knowledge about financial products of non-stop innovation, to better adapt their legislative strategies to the development of financial activities and financial entities, to reinforce their cooperation and coordination in depth and in width in the field of financial regulation and supervision, and finally, to better fulfill their pursuing goals.