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| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | Tokenisation the new securitisation? |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 33 |
| Date | 2023 |
| Zusammenfassung | In recent years, crypto-related projects experienced a huge capital inflow. Whether this influx was justified or not is up to this day the subject of lively debate. The fact that securitisation was one of the main causes for the Global Financial Crisis, lets tokenisation, with its close resemblance to securitisation, appear particularly worrisome. This thesis aims to gain fundamental insights by drawing a comparison between securitisation and tokenisation, discussing implications of securitisation and tokenisation for the financial system, and briefly elaborating on the regulatory status quo of tokenisations. The first part of this thesis elaborates on the key characteristics of securitisation and tokenisations and compares the aforementioned in terms of assets, transfer, issuance, credit enhancement, trading and purpose. The second part discusses implications of securitisation and tokenisation for the financial system in regard to liquidity creation, liquidity mismatch, moral hazard, adverse selection, multilayered tranching, and speculation. The last part mentions briefly the status quo of the implemented regulations. This work concludes that securitisation and tokenisation do indeed have many similarities. |
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