{"id":186913,"date":"2026-08-21T10:32:13","date_gmt":"2026-08-21T10:32:13","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/186913\/"},"modified":"2026-08-21T10:32:13","modified_gmt":"2026-08-21T10:32:13","slug":"prichazi-zabijak-etf-muze-prepsat-pravidla-financnich-trhu","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/186913\/","title":{"rendered":"P\u0159ich\u00e1z\u00ed zabij\u00e1k ETF? M\u016f\u017ee p\u0159epsat pravidla finan\u010dn\u00edch trh\u016f"},"content":{"rendered":"

Tokenizace investic znamen\u00e1 p\u0159eveden\u00ed vlastnictv\u00ed nebo pod\u00edlu na re\u00e1ln\u00e9m finan\u010dn\u00edm aktivu, tedy nap\u0159\u00edklad akcii, dluhopisu nebo fondu, do podoby digit\u00e1ln\u00edho tokenu na blockchainu. Tento token lze pak rychleji p\u0159ev\u00e1d\u011bt, obchodovat s\u00a0n\u00edm a\u00a0programovat jej. Krom\u011b jin\u00e9ho tokenizace usnad\u0148uje zav\u00e1d\u011bn\u00ed obchodov\u00e1n\u00ed na trz\u00edch v\u00a0re\u017eimu 24\/7\u00a0a\u00a0umo\u017e\u0148uje okam\u017eit\u00e9 vypo\u0159\u00e1d\u00e1n\u00ed transakc\u00ed.<\/p>\n

A nejde u\u017e jen o\u00a0teorii. Americk\u00e1 Depository Trust & Clearing Corporation (DTCC) v\u00a0\u010dervenci provedla prvn\u00ed \u017eiv\u00e9 produk\u010dn\u00ed transakce s\u00a0tokenizovan\u00fdmi cenn\u00fdmi pap\u00edry a\u00a0ozn\u00e1mila pl\u00e1n na \u0159\u00edjnov\u00e9 spu\u0161t\u011bn\u00ed sv\u00e9 tokeniza\u010dn\u00ed slu\u017eby. Do testov\u00e1n\u00ed byly zahrnuty mimo jin\u00e9 akcie, ETF a\u00a0americk\u00e9 st\u00e1tn\u00ed dluhopisy. <\/p>\n

Je to dal\u0161\u00ed velk\u00e1 revoluce, nebo pouze nov\u00e1 cesta, jak zabalit a\u00a0prodat n\u011bco, co se u\u017e tak prod\u00e1v\u00e1 velice dob\u0159e?<\/p>\n

\u00datok na ETF<\/p>\n

P\u0159edstavme si, \u017ee si investor koup\u00ed pod\u00edl ve fondu, kter\u00fd dr\u017e\u00ed americk\u00e9 akcie. V\u00a0principu se nic zvl\u00e1\u0161tn\u00edho ned\u011bje, stejn\u011b jako dnes si koup\u00ed ETF. Jeho investice ale nebude existovat pouze jako z\u00e1znam v\u00a0tradi\u010dn\u00edch finan\u010dn\u00edch syst\u00e9mech, ale jako token na blockchainu. A\u00a0tento token nebude jen potvrzen\u00edm vlastnictv\u00ed, bude to programovateln\u00e1 sou\u010d\u00e1st finan\u010dn\u00ed infrastruktury.<\/p>\n

V tom mnoz\u00ed vid\u00ed doslova revoluci. \u201eTokenizovan\u00e1 aktiva mohou b\u011bhem p\u0159\u00ed\u0161t\u00edch deseti let ud\u011blat z\u00a0ETF zastaral\u00fd produkt,\u201c v\u011b\u0159\u00ed Louis Sykes ze spole\u010dnosti All Star Charts. Jeho argument je p\u0159itom jednoduch\u00fd. \u201eTrhy u\u017e n\u011bkolikr\u00e1t zm\u011bnily zp\u016fsob, jak \u201abalit\u2018 ta sam\u00e1 aktiva. Po investi\u010dn\u00edch trustech p\u0159i\u0161ly pod\u00edlov\u00e9 fondy, je\u017e pozd\u011bji doplnily a\u00a0mnohdy p\u0159ev\u00e1lcovaly ETF. Tokeny jsou dal\u0161\u00ed na \u0159ad\u011b.\u201c<\/p>\n

T\u0159eba spole\u010dnost General Electric b\u011bhem t\u00e9 dlouh\u00e9 doby sice r\u016fzn\u011b m\u011bnila sv\u00e9 zam\u011b\u0159en\u00ed, byla to ale st\u00e1le General Electric. Jin\u00e9 byly pouze obal, v\u00a0jak\u00e9m si ji investor mohl po\u0159\u00eddit, zp\u016fsoby evidence, mo\u017enosti p\u0159evod\u016f a\u00a0vypo\u0159\u00e1d\u00e1n\u00ed.<\/p>\n

ETF se uk\u00e1zaly b\u00fdt v\u00fdrazn\u011b lep\u0161\u00edm \u201eobalem\u201c ne\u017e klasick\u00e9 pod\u00edlov\u00e9 fondy. Investo\u0159i je m\u016f\u017eou obchodovat na burze, jejich cena je pru\u017en\u00e1 a\u00a0n\u00e1klady n\u00edzk\u00e9. Dnes u\u017e je v\u00a0USA dokonce v\u00edce ETF ne\u017e jednotliv\u00fdch akci\u00ed a\u00a0trh se bl\u00ed\u017e\u00ed momentu, kdy celkov\u00fd objem pen\u011bz v\u00a0nich p\u0159ekon\u00e1 ten v\u00a0klasick\u00fdch pod\u00edlov\u00fdch fondech.<\/p>\n

<\/a><\/p>\n

Tokenizace k\u00a0tomu m\u00e1 p\u0159idat dal\u0161\u00ed vrstvu. Token m\u016f\u017ee existovat a\u00a0obchodovat se 24\u00a0hodin denn\u011b, sedm dn\u00ed v\u00a0t\u00fddnu. Vypo\u0159\u00e1d\u00e1n\u00ed nemus\u00ed trvat jeden nebo dva pracovn\u00ed dny, aktivum lze prakticky okam\u017eit\u011b p\u0159ev\u00e9st, pou\u017e\u00edt jako kolater\u00e1l nebo zapojit do jin\u00e9 finan\u010dn\u00ed transakce. A\u00a0p\u0159edev\u0161\u00edm\u00a0\u2013 token je k\u00f3d.<\/p>\n

Co je tokenizace?<\/p>\n

P\u0159eveden\u00ed vlastnictv\u00ed nebo pod\u00edlu na finan\u010dn\u00edm aktivu do digit\u00e1ln\u00edho tokenu na blockchainu, kter\u00fd lze rychle p\u0159ev\u00e1d\u011bt, obchodovat a\u00a0programovat.<\/p>\n

To znamen\u00e1, \u017ee n\u011bkter\u00e9 vlastnosti finan\u010dn\u00edho produktu lze naprogramovat p\u0159\u00edmo do n\u011bj. M\u016f\u017ee t\u0159eba automaticky reagovat na ur\u010ditou zm\u011bnu ceny, distribuovat v\u00fdnos, prov\u00e9st rebalancov\u00e1n\u00ed nebo kontrolovat, kdo jej sm\u00ed dr\u017eet. Tokenizovan\u00fd fond tak nemus\u00ed b\u00fdt pouze pasivn\u00edm potvrzen\u00edm vlastnictv\u00ed, m\u016f\u017ee se st\u00e1t sou\u010d\u00e1st\u00ed dal\u0161\u00edch finan\u010dn\u00edch slu\u017eeb.<\/p>\n

Pr\u00e1v\u011b programovatelnost je mo\u017en\u00e1 nejv\u011bt\u0161\u00ed rozd\u00edl oproti ETF. U\u00a0klasick\u00e9ho fondu jsou pravidla pops\u00e1na v\u00a0prospektu a\u00a0jejich zm\u011bna vy\u017eaduje administrativu, pr\u00e1vn\u00ed procesy a\u00a0v n\u011bkter\u00fdch p\u0159\u00edpadech i\u00a0schv\u00e1len\u00ed regul\u00e1tora. U\u00a0tokenu m\u016f\u017ee b\u00fdt \u010d\u00e1st pravidel p\u0159\u00edmo sou\u010d\u00e1st\u00ed jeho k\u00f3du.<\/p>\n

<\/a><\/p>\n

\u201eTokenizovan\u00fd pod\u00edl ve fondu se d\u00e1 pou\u017e\u00edt jako kolater\u00e1l, automaticky reinvestovat, zapojit do dal\u0161\u00edch finan\u010dn\u00edch slu\u017eeb nebo skl\u00e1dat s\u00a0jin\u00fdmi produkty. Fond tak p\u0159est\u00e1v\u00e1 b\u00fdt statick\u00fdm aktivem a\u00a0st\u00e1v\u00e1 se prvkem, na kter\u00e9m se d\u00e1 d\u00e1l stav\u011bt,\u201c \u0159\u00edk\u00e1 Tom\u00e1\u0161 Kacerovsk\u00fd, portfolio mana\u017eer fondu Blockchain+ ze skupiny Wood & Company.<\/p>\n

Nejde jen o\u00a0nov\u00fd fond<\/p>\n

Pr\u00e1v\u011b tady se za\u010d\u00edn\u00e1 ukazovat, \u017ee tokenizace nen\u00ed jen prost\u00e9 nahrazen\u00ed ETF. Jan Berka, hlavn\u00ed ekonom Portu, tokenizaci dokonce v\u016fbec nevn\u00edm\u00e1 jako konkurenci sou\u010dasn\u00fdch investi\u010dn\u00edch n\u00e1stroj\u016f. Podle n\u011bj jde p\u0159edev\u0161\u00edm o\u00a0novou infrastrukturu, kter\u00e1 m\u016f\u017ee urychlit n\u00e1kup, p\u0159evod a\u00a0vypo\u0159\u00e1d\u00e1n\u00ed aktiv. \u201eNejde o\u00a0to, \u017ee by se m\u011bnila podstata produktu, ale jeho vypo\u0159\u00e1dac\u00ed a\u00a0eviden\u010dn\u00ed princip,\u201c \u0159\u00edk\u00e1 Berka.<\/p>\n

Podobn\u011b uva\u017euje analytik Petr Lajsek z\u00a0Purple Trading. ETF podle n\u011bj za posledn\u00ed dv\u011b desetilet\u00ed vytvo\u0159ily obrovsk\u00fd ekosyst\u00e9m, maj\u00ed vysokou d\u016fv\u011bru investor\u016f a\u00a0jsou levn\u00e9. \u201eSp\u00ed\u0161e ne\u017e souboj ETF proti token\u016fm o\u010dek\u00e1v\u00e1m, \u017ee \u010d\u00e1st ETF bude v\u00a0budoucnu existovat pr\u00e1v\u011b v\u00a0tokenizovan\u00e9 podob\u011b,\u201c \u0159\u00edk\u00e1.<\/p>\n

A podobn\u00fd n\u00e1zor m\u00e1 i\u00a0Petr \u017dab\u017ea, \u0159editel investi\u010dn\u00edch produkt\u016f v\u00a0Air Bank. ETF podle n\u011bj z\u016fstanou v\u00a0horizontu p\u011bti a\u017e deseti let dominantn\u00edm n\u00e1strojem pro v\u011bt\u0161inu drobn\u00fdch i\u00a0institucion\u00e1ln\u00edch investor\u016f. Tokenizace s\u00a0nimi bude sp\u00ed\u0161e koexistovat a\u00a0roz\u0161\u00ed\u0159\u00ed jejich mo\u017enosti.<\/p>\n

To je d\u016fle\u017eit\u00e1 p\u0159ipom\u00ednka k\u00a0velice odv\u00e1\u017en\u00e9 Sykesov\u011b tezi. Pokud se tokenizuje nap\u0159\u00edklad ETF sleduj\u00edc\u00ed americk\u00fd akciov\u00fd index S&P 500, nen\u00ed pot\u0159eba to vn\u00edmat tak, \u017ee dan\u00fd ETF skon\u010dil. M\u016f\u017ee jen dostat nov\u00fd technologick\u00fd \u201ekab\u00e1t\u201c.<\/p>\n

Prvn\u00ed na \u0159ad\u011b nemus\u00ed b\u00fdt ETF<\/p>\n

Pokud m\u00e1 tokenizace m\u00edt ekonomick\u00fd efekt, nem\u011bla by se omezit na nejjednodu\u0161\u0161\u00ed a\u00a0nejlikvidn\u011bj\u0161\u00ed akciov\u00e9 ETF. Mnohem logi\u010dt\u011bj\u0161\u00ed jsou oblasti, kde dnes finan\u010dn\u00ed infrastruktura vytv\u00e1\u0159\u00ed nejv\u011bt\u0161\u00ed n\u00e1klady a\u00a0zpo\u017ed\u011bn\u00ed.<\/p>\n

Osloven\u00ed dom\u00e1c\u00ed experti jsou v\u00a0tomto ohledu celkem ve shod\u011b. Jako prvn\u00ed zmi\u0148uj\u00ed fondy pen\u011b\u017en\u00edho trhu, kr\u00e1tkodob\u00e9 st\u00e1tn\u00ed dluhopisy, pokladni\u010dn\u00ed pouk\u00e1zky, repo operace, kolater\u00e1l a\u00a0slu\u017eby custody a\u00a0clearingu. N\u00e1sledovat podle nich mohou alternativn\u00ed aktiva, nap\u0159\u00edklad soukrom\u00e9 \u00fav\u011bry nebo nemovitosti, kde je tradi\u010dn\u00ed p\u0159evod vlastnictv\u00ed podstatn\u011b komplikovan\u011bj\u0161\u00ed.<\/p>\n

Kde m\u016f\u017ee poslou\u017eit tokenizaceFondy investuj\u00edc\u00ed p\u0159edev\u0161\u00edm do kr\u00e1tkodob\u00fdch a relativn\u011b bezpe\u010dn\u00fdch n\u00e1stroj\u016f, nap\u0159\u00edklad st\u00e1tn\u00edch dluhopis\u016f \u010di bankovn\u00edch vklad\u016f. Slou\u017e\u00ed hlavn\u011b k ulo\u017een\u00ed pen\u011bz s n\u00edzk\u00fdm rizikem, ale i s pom\u011brn\u011b n\u00edzk\u00fdm v\u00fdnosem.<\/p>\n

Kr\u00e1tkodob\u00e9 st\u00e1tn\u00ed dluhopisy<\/p>\n

Dluhopisy se splatnost\u00ed maxim\u00e1ln\u011b do t\u0159\u00ed let (nejde o p\u0159esnou definici).Kr\u00e1tkodob\u00e9 dluhov\u00e9 cenn\u00e9 pap\u00edry vyd\u00e1van\u00e9 st\u00e1tem, obvykle se splatnost\u00ed do jednoho roku. V p\u0159\u00edpad\u011b USA pova\u017eovan\u00e9 za prakticky bezrizikovou investici, ale s minim\u00e1ln\u00edm v\u00fdnosem.<\/p>\n

Zobrazit v\u0161e<\/p>\n

Je to logick\u00e9. U\u00a0americk\u00e9 akcie, kter\u00e1 se obchoduje v\u00a0obrovsk\u00fdch objemech a\u00a0jej\u00ed vypo\u0159\u00e1d\u00e1n\u00ed je u\u017e dnes velice efektivn\u00ed, nemus\u00ed b\u00fdt ekonomick\u00fd p\u0159\u00ednos tokenizace pro b\u011b\u017en\u00e9ho investora z\u00e1sadn\u00ed. U\u00a0nelikvidn\u00edho aktiva, jeho\u017e bezpe\u010dn\u00fd p\u0159evod vy\u017eaduje n\u011bkolik prost\u0159edn\u00edk\u016f, m\u016f\u017ee b\u00fdt rozd\u00edl mnohem v\u011bt\u0161\u00ed.<\/p>\n

\u201eTokenizace sama o\u00a0sob\u011b nezv\u00fd\u0161\u00ed v\u00fdnos ani diverzifikaci a\u00a0automaticky nezaru\u010d\u00ed ani ni\u017e\u0161\u00ed n\u00e1klady. Je to hlavn\u011b nov\u00fd zp\u016fsob, jak aktiva evidovat, p\u0159ev\u00e1d\u011bt a\u00a0vypo\u0159\u00e1d\u00e1vat,\u201c \u0159\u00edk\u00e1 Miroslav Nov\u00e1k, hlavn\u00ed analytik spole\u010dnosti Citfin.<\/p>\n

A\u00a0v\u00a0tom je jedna z\u00a0v\u00fdrazn\u00fdch slabin odv\u00e1\u017en\u00fdch sc\u00e9n\u00e1\u0159\u016f. Technologie m\u016f\u017ee odstranit n\u011bkter\u00e9 prost\u0159edn\u00edky, ale neznamen\u00e1 to automaticky, \u017ee v\u0161echny s\u00a0nimi spojen\u00e9 n\u00e1klady zmiz\u00ed. \u010c\u00e1st v\u00fddaj\u016f m\u016f\u017ee pouze p\u0159ej\u00edt do jin\u00e9 \u010d\u00e1sti syst\u00e9mu\u00a0\u2013 do kybernetick\u00e9 bezpe\u010dnosti, regulatorn\u00edho dohledu, spr\u00e1vy priv\u00e1tn\u00edch kl\u00ed\u010d\u016f, smart kontrakt\u016f nebo nov\u00e9 infrastruktury.<\/p>\n

Tokeny bez digit\u00e1ln\u00edch pen\u011bz ned\u00e1vaj\u00ed smysl<\/p>\n

Je\u0161t\u011b v\u00fdznamn\u011bj\u0161\u00ed je, \u017ee pokud se m\u00e1 tokenizace vyu\u017e\u00edt naplno, nesta\u010d\u00ed digitalizovat aktiva. Digitalizovat se mus\u00ed i\u00a0pen\u00edze, kter\u00fdmi se za n\u011b plat\u00ed. Pokud toti\u017e investor tokenizovan\u00fd fond prod\u00e1 v\u00a0sobotu ve\u010der, ale pen\u00edze se mu p\u0159ip\u00ed\u0161ou a\u017e skrze tradi\u010dn\u00ed bankovn\u00ed syst\u00e9m v\u00a0pond\u011bl\u00ed, velk\u00e1 \u010d\u00e1st v\u00fdhody re\u017eimu 24\/7\u00a0miz\u00ed.<\/p>\n

<\/a><\/p>\n

Proto do p\u0159\u00edb\u011bhu tokenizace vstupuj\u00ed stablecoiny, tokenizovan\u00e9 bankovn\u00ed vklady a\u00a0potenci\u00e1ln\u011b i\u00a0digit\u00e1ln\u00ed m\u011bny centr\u00e1ln\u00edch bank (CBDC). \u201eTokenizovan\u00fd fond obchodovan\u00fd 24\/7\u00a0pot\u0159ebuje i\u00a0hotovost, kter\u00e1 se pohybuje 24\/7,\u201c upozor\u0148uje Kacerovsk\u00fd. Podle n\u011bj jsou stablecoiny a\u00a0p\u0159\u00edpadn\u011b CBDC p\u0159irozen\u00fdm prot\u011bj\u0161kem tokenizovan\u00fdch aktiv.<\/p>\n

\u017dab\u017ea jde je\u0161t\u011b d\u00e1le. Rychl\u00fd a\u00a0programovateln\u00fd pohyb pen\u011bz je podle n\u011bj podm\u00ednkou pro pln\u00e9 vyu\u017eit\u00ed tokenizace. Bez n\u011bj by \u0161lo v\u00a0z\u00e1sad\u011b jen o\u00a0\u201elep\u0161\u00ed evidenci\u201c aktiv, ne o\u00a0z\u00e1sadn\u00ed zm\u011bnu finan\u010dn\u00edch tok\u016f.<\/p>\n

Nov\u00e1 distribu\u010dn\u00ed s\u00ed\u0165 pro dolar<\/p>\n

Tokenizace se proto v\u00e1\u017ee i\u00a0k jednomu d\u016fle\u017eit\u00e9mu geopolitick\u00e9mu p\u0159\u00edb\u011bhu. Americk\u00fd dolar nen\u00ed pouze m\u011bna, je to z\u00e1klad glob\u00e1ln\u00edho finan\u010dn\u00edho syst\u00e9mu. Mnoh\u00e9 st\u00e1ty p\u0159itom usiluj\u00ed o\u00a0omezen\u00ed jeho v\u00fdsadn\u00edho postaven\u00ed. Pokud se ov\u0161em velk\u00e1 \u010d\u00e1st digit\u00e1ln\u00edho finan\u010dn\u00edho sv\u011bta postav\u00ed na dolarov\u00fdch stablecoinech a\u00a0tokenizovan\u00fdch americk\u00fdch st\u00e1tn\u00edch dluhopisech, m\u016f\u017ee se dominance dolaru prodlou\u017eit.<\/p>\n

Americk\u00fd GENIUS Act z\u00a0\u010dervence 2025\u00a0vytvo\u0159il feder\u00e1ln\u00ed r\u00e1mec pro stablecoiny a\u00a0po\u017eaduje jejich stoprocentn\u00ed kryt\u00ed zp\u016fsobil\u00fdmi likvidn\u00edmi aktivy, mezi nimi\u017e jsou i\u00a0kr\u00e1tkodob\u00e9 americk\u00e9 st\u00e1tn\u00ed dluhopisy. To vytv\u00e1\u0159\u00ed zaj\u00edmavou smy\u010dku. \u010c\u00edm v\u00edce lid\u00ed a\u00a0firem pou\u017e\u00edv\u00e1 dolarov\u00e9 stablecoiny, t\u00edm v\u011bt\u0161\u00ed v\u00fdznam maj\u00ed aktiva, kter\u00e1 je kryj\u00ed. A\u00a0pokud se tokenizace trh\u016f prosad\u00ed, dolarov\u00e9 stablecoiny mohou fungovat jako digit\u00e1ln\u00ed hotovostn\u00ed vrstva pro tento nov\u00fd syst\u00e9m.<\/p>\n

<\/a><\/p>\n

Podle Sykese nejde jen o\u00a0technologick\u00e9 vylep\u0161en\u00ed Wall Street, ale o\u00a0n\u00e1stroj geopolitick\u00e9 moci. \u201eNov\u00e1 infrastruktura p\u0159ivede dolar a\u00a0americk\u00fd dluh do dal\u0161\u00edch \u010d\u00e1st\u00ed sv\u011btov\u00e9 ekonomiky a\u00a0z\u00e1rove\u0148 zv\u00fd\u0161\u00ed kontrolu nad t\u00edm, jak se pohybuje kapit\u00e1l,\u201c \u0159\u00edk\u00e1.<\/p>\n

Tom\u00e1\u0161 Kacerovsk\u00fd v\u00a0souvislosti s\u00a0t\u00edm mluv\u00ed o\u00a0nov\u00e9 distribu\u010dn\u00ed s\u00edti pro dolar a\u00a0americk\u00e9 bondy, Petr \u017dab\u017ea pak upozor\u0148uje, \u017ee tokenizace americk\u00fdch vl\u00e1dn\u00edch obligac\u00ed a\u00a0rozvoj dolarov\u00fdch stablecoin\u016f mohou zvy\u0161ovat popt\u00e1vku po americk\u00e9m dluhu a\u00a0posilovat dolar jako vypo\u0159\u00e1dac\u00ed m\u011bnu digit\u00e1ln\u00edho ekosyst\u00e9mu.<\/p>\n

To ale je\u0161t\u011b neznamen\u00e1, \u017ee USA automaticky vyhraj\u00ed p\u0159\u00ed\u0161t\u00ed \u201efinan\u010dn\u00ed v\u00e1lku\u201c. Evropa, Asie i\u00a0dal\u0161\u00ed ekonomiky maj\u00ed motivaci vytvo\u0159it vlastn\u00ed standardy a\u00a0infrastrukturu. A\u00a0\u010d\u00edm v\u00edce bude finan\u010dn\u00ed infrastruktura geopolitick\u00fdm n\u00e1strojem, t\u00edm v\u011bt\u0161\u00ed bude tlak na vznik alternativn\u00edch syst\u00e9m\u016f.<\/p>\n

Tento aspekt tokenizace se ka\u017edop\u00e1dn\u011b jev\u00ed jako z\u00e1sadn\u00ed. Pokud se finan\u010dn\u00ed trhy p\u0159esunou na novou digit\u00e1ln\u00ed infrastrukturu, boj nebude jen o\u00a0to, kdo bude vyd\u00e1vat nejlep\u0161\u00ed fondy, ale i\u00a0o\u00a0vlastnictv\u00ed pomysln\u00fdch kolej\u00ed, po nich\u017e budou tyto fondy, pen\u00edze a\u00a0z\u00e1stavy jezdit.<\/p>\n

Co si mysl\u00ed \u010de\u0161t\u00ed finan\u010dn\u00ed profesion\u00e1lov\u00e9<\/p>\n

Osloven\u00ed \u010de\u0161t\u00ed odborn\u00edci jsou celkov\u011b podstatn\u011b opatrn\u011bj\u0161\u00ed ne\u017e Louis Sykes. V\u00a0z\u00e1sad\u011b se shoduj\u00ed, \u017ee tokenizace v\u00a0p\u0159\u00ed\u0161t\u00edch p\u011bti a\u017e deseti letech ETF nenahrad\u00ed. Cesta k\u00a0b\u011b\u017en\u00e9mu investorovi bude podle dom\u00e1c\u00edch odborn\u00edk\u016f pomalej\u0161\u00ed. \u017dab\u017ea o\u010dek\u00e1v\u00e1 regulovan\u00e9 retailov\u00e9 produkty zalo\u017een\u00e9 na tokenech zhruba za p\u011bt a\u017e sedm let, Lajsek masov\u00e9 roz\u0161\u00ed\u0159en\u00ed za sedm a\u017e deset let a\u00a0Kacerovsk\u00fd n\u011bkdy v\u00a0horizontu p\u0159\u00ed\u0161t\u00ed dek\u00e1dy.<\/p>\n

Samotn\u00e1 technologie u\u017e p\u0159itom podle nich funguje, probl\u00e9mem jsou sp\u00ed\u0161e regulace, pr\u00e1vn\u00ed jistota, likvidita, distribuce a\u00a0d\u016fv\u011bra. Investor mus\u00ed pochopit a\u00a0m\u00edt jistotu, \u017ee token p\u0159edstavuje jeho vlastnick\u00e9 pr\u00e1vo, kter\u00e9 obstoj\u00ed i\u00a0v p\u0159\u00edpad\u011b hackersk\u00e9ho \u00fatoku, chyby smart kontraktu nebo insolvence poskytovatele.<\/p>\n

Shoda panuje i\u00a0v ot\u00e1zce potenci\u00e1ln\u00edch v\u00edt\u011bz\u016f. Nejv\u00edce mohou z\u00edskat poskytovatel\u00e9 infrastruktury, custody a\u00a0tokeniza\u010dn\u00edch platforem, d\u00e1le burzy, clearingov\u00e9 instituce a\u00a0velc\u00ed spr\u00e1vci aktiv. Kacerovsk\u00fd z\u00e1rove\u0148 p\u0159ipom\u00edn\u00e1, \u017ee \u010d\u00e1st tradi\u010dn\u00edch distribu\u010dn\u00edch zprost\u0159edkovatel\u016f m\u016f\u017ee naopak ztr\u00e1cet na v\u00fdznamu.<\/p>\n

Mo\u017en\u00e1 tedy nen\u00ed trefn\u00e9 pt\u00e1t se, zda tokenizace nahrad\u00ed ETF. Zaj\u00edmav\u011bj\u0161\u00ed m\u016f\u017ee b\u00fdt, co se stane, kdy\u017e ETF z\u016fstanou, ale infrastruktura se z\u00e1sadn\u011b zm\u011bn\u00ed. Investor m\u016f\u017ee d\u00e1le kupovat fond sleduj\u00edc\u00ed t\u0159eba index S&P 500, ale jeho vlastnictv\u00ed bude evidov\u00e1no jinak, vypo\u0159\u00e1d\u00e1n\u00ed bude rychlej\u0161\u00ed, pod\u00edl p\u016fjde vyu\u017e\u00edt jako kolater\u00e1l a\u00a0pen\u00edze se budou pohybovat po stejn\u00e9 digit\u00e1ln\u00ed infrastruktu\u0159e.<\/p>\n

A\u00a0pokud m\u00e1 Sykes alespo\u0148 \u010d\u00e1ste\u010dn\u011b pravdu, bude se bojovat o\u00a0to, kdo bude vlastnit tuto infrastrukturu, po n\u00ed\u017e bude jezdit p\u0159\u00ed\u0161t\u00ed generace finan\u010dn\u00edch trh\u016f.<\/p>\n","protected":false},"excerpt":{"rendered":"Tokenizace investic znamen\u00e1 p\u0159eveden\u00ed vlastnictv\u00ed nebo pod\u00edlu na re\u00e1ln\u00e9m finan\u010dn\u00edm aktivu, tedy nap\u0159\u00edklad akcii, dluhopisu nebo fondu, do…\n","protected":false},"author":2,"featured_media":186914,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[32049,67,68,6461,1413,69,26218],"class_list":["post-186913","post","type-post","status-publish","format-standard","has-post-thumbnail","category-byznys","tag-blockchain","tag-business","tag-byznys","tag-etf-exchange-traded-fund","tag-financni-trhy","tag-investice","tag-tokeny"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/117133046595682985","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/186913","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=186913"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/186913\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/186914"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=186913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=186913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=186913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}