맞춤형 암호화 자산 지수S&P DJI 는 유명 블록체인 기반 기술회사인 Lukka 와 협력하여 금융기관이 암호화폐 추적 지수를 포함하여맞춤형 암호화 자산 지수를 만들 수 있도록 지원합니다. 당사의 최고 수준의 독립지수 계산과 Lukka 의심층적인 업계 전문지식이 결합된 당사의 맞춤형 암호화 자산 지수 기능은 다양한 투자자 요구를 충족합니다.

성장하는 암호화 자산시장블록체인은 암호화를 사용하여 자산에 접근성과유동성을 높일 수 있는 주요 기술 혁신입니다. 이러한방식으로 교환되는 자산을 암호화 자산이라고하며,암호화 자산을 생성하는 프로세스를 종종 토큰화라고
합니다. 거의 모든 자산을 토큰화할 수 있으며비트코인이 11 년 전에 만들어진 이후 수천 개의자산이 토큰화되었습니다. 동시에 전세계 혁신가들은
블록체인 기술을 사용하여 암호화 자산 거래를촉진하기 위해 비즈니스를 형성했습니다. 이 기술은전통적인 자본시장의 범위를 벗어나는 자산에 투자할때 사용자에게 더 많은 접근성과 자율성을 제공할 수있는 능력을 지니고 있습니다.

비트 코인이 만들어진 이후 글로벌 암호화 자산산업이
성장해왔고 2020 년 12 월에는 시가총액이 미화 6 천억달러를 넘어섰습니다. 해당 자산군이 점점 더 많이인식되고 수용됨에 따라 투자자들은 암호화 자산을포트폴리오에 통합하는 방법을 점점 더 찾고 있습니다.
해당 산업은 먼 길을 걸어왔지만 여전히 투자자들이고려해야 할 고유한 위험이 있는 실험적인 영역입니다.

암호화 자산 투자자에 대한 위험
Asset Risk

Market Risk

Environment Risk

Choosing an asset

Speculation-driven market

There are more than 7,000 crypto assets
with wide dispersion in returns; wheninvestors pick one asset over another,
they are exposed to active risk.

Because the majority of transactions
are speculative, the crypto asset market
can be highly volatile.

Inconsistent levels of security
across exchanges

Reliance on digital wallets

No recognized benchmarking standard

Limited regulation

Most crypto asset users store theirassets using a personal digitalwallet, which is associated with a
private key known only to the owner.
If the owner loses their private key,
in many cases there is no way torecover the assets in the wallet.

Unlike traditional markets, the crypto
asset market lacks well-establishedinstitutional-grade benchmarks.

Unlike conventional assets, theregulations and laws surrounding
crypto assets are still minimal andconstantly evolving.

Cyberattack and fraud

No reliable data convention

In 2019, losses from crypto asset fraud
and theft totaled USD 4.52 billion.3
Investors have minimal legal recourse
for recovering stolen crypto assets.

These assets have no universal,unique identifiers, and are referred toby multiple names/tickers on various
exchanges. Information is scatteredacross multiple sources
and frequently changes.

1

There are over 500 crypto asset
exchanges offering varying levelsof cyber security and investor protection,such as insurance. In 2019, twelve
exchanges were hacked, with overUSD 292 million stolen.2

Source: “Cryptocurrency Prices, Charts and Market Capitalizations.” CoinMarketCap. Accessed December 2020.
Source: Thompson, Patrick. “Most Significant Hacks of 2019 – New Record of Twelve in One Year.” Cointelegraph, Jan. 5, 2020.
3
Source: Schlabach, Adam. “Q4 2019 Cryptocurrency Anti-Money Laundering Report.” CipherTrace, Feb. 21, 2020.
2왜 암호화 지수인가?
널리 알려진 독립 산출기관이 관리하는 규칙기반암호화 자산 지수는 기관에서 인정하는 자산군으로서암호화 지위를 강화하는 데 도움이 될 수 있습니다.
또한 대표적인 벤치마크 수립은 전체 시장에서 투기둔화로 이어질 수 있습니다. 기관 및 개인 투자자모두에게 암호화 자산 지수를 기반으로 하는 전략은진화하는 기술기반 시장에 대한 노출을 제공하는동시에 관련 위험을 완화할 수 있습니다. 지수는다양한 암호화 자산에 걸쳐 다각화도 제공할 수있습니다.

모든 암호화 지수가 동일하게만들어지는 것은 아닙니다: 왜S&P DJI 일까요?
S&P DJI 맞춤형 클라이언트는 10,000 개가 넘는 맞춤형헤드라인 지수를 생성하고 산출하는 당사의 광범위한 경험을활용합니다. 맞춤형 지수를 만들 때 고객은 다음 사항에의존합니다.
– 정확한 지수 유지관리를 위한 신뢰할 수있 는 계산시스템 및 가격결정 자원– 데이터 제공업체 선정시 실사– 고객 요구를 충족하는 유연성고객이 선택할 경우, 독립성과 투명성을 우선시하는세계적 수준의 지수 거버넌스 인프라에 접근할 수도있습니다.

암호화 지수화 문제 해결지수 구축 유연성Crypto Indexing Challenge

S&P DJI Solution

Not all providers are able to offer representative coverage ofthis vast market, which encompasses over 7,000 assets andmore than 500 exchanges.

Lukka offers data on more than 550 of the top-traded crypto
assets, making it possible to establish broad index universes.

Currently, very few benchmarks provide an alternative to thetypical process of selecting and weighting top crypto assets
by market cap and rebalancing monthly.

S&P DJI’s custom capabilities allow clients to adopt targeted

The crypto asset indexing market lacks establishedapproaches for idea-testing.

In this novel market, opportunities abound for innovative
designs and strategies. Our Custom R&D team supplies
backtests and analytics based on client specifications
to help clients make decisions about index rules.

strategies that deviate from traditional screening andweighting schemes. Having the option to apply more frequentor ad hoc rebalances, for instance, may be valuable in arisky asset class.

일일 지수 계산Crypto Indexing Challenge

S&P DJI Solution

Many crypto price providers are unequipped for end-of-day
business practices.

Due to crypto assets being borderless in nature and trading
around the clock, it can be difficult to provide end-of-day pricing.
Lukka Prime (Lukka’s Fair Market Value pricing methodology)
end-of-day prices ensure maximum accuracy and data captureof minute-by-minute asset pricing by capturing a full day’s
trading activity before reporting. S&P DJI uses end-of-day prices
in index calculation.

지수 데이터 소싱
Crypto Indexing Challenge

S&P DJI Solution

The few data providers that specialize in crypto assets
suffer inconsistencies in quality of data.

It is challenging and resource-intensive to produce the reliabledata fields necessary for index construction. Lukka provides
institutional-quality data by tracking historical changes inthe ecosystem such as changes in ticker symbols, verifying
transactional data, and reconciling inconsistent and scatteredinformation across exchanges.

Different trading platforms refer to the same asset bydifferent identifiers.

Lukka reconciles assets to a single unique identifier acrossplatforms using Lukka Reference Data.

Most available crypto pricing sources are plagued by poorly
defined or minimally transparent pricing methodologies.

Lukka Prime uses a transparent and well-documented pricing
methodology based on fair-value approaches, as outlined by
the SEC’s new fair-value rules.

It can be difficult to determine crypto asset prices due

Lukka Prime prices are based on executed trade dataand verifiable at any given time. Prices are monitored
and maintained by comprehensive data quality checks.

to ambiguous trading status, disreputable sales, andinconsistent exchange references.

지수 거버넌스
Crypto Indexing Challenge

S&P DJI Solution

Many pricing providers in the market currently fall shortwhen it comes to regulatory compliance.

Lukka Prime has notable regulatory and compliancestandards. One of its core competitive advantages is itsalignment with new SEC rules on fair-value determinations.
Additionally, Lukka’s pricing methodology aligns U.S. GAAP
and IASB guidelines by using a primary market, fair-value
framework based on executed trade data. All prices used
to generate a Lukka Prime price are stored for audit andtransparency purposes.

Unlike traditional indexing, the crypto asset indexing
space doesn’t have a well-established framework ofcompliance principles.

S&P DJI builds on the IOSCO principles to maintain crypto
asset indices until crypto benchmark regulation is established.
As regulations emerge, S&P DJI has the capabilities and legal
expertise to respond quickly to the changing landscape.

Inconsistent data and frequent extraordinary events in

Custom clients can leverage S&P DJI’s expertise when it comesto governance and oversight by subscribing to our benchmark
administration services. This service not only helps clients todesign sound methodologies, but also gives them the benefitof our index committee’s experience and expertise as they
provide continuous oversight to ensure the index remainsaligned with its objective over time.

the market can make it difficult to maintain a rules-based
crypto asset index.

To learn more about all our custom indexing capabilities,
please visit www.spglobal.com/spdji/en/custom-indices/solutions/.

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