Quantum Computing in Digital Capital Markets数字资本市场中的量子计算數字資本市場中的量子計算

Quantum technologies are usually introduced to financial services through a single lens: cybersecurity. This paper argues that framing is necessary but incomplete — the larger strategic question is how quantum computing may relax the computational constraints that currently shape market design, risk management, and supervisory practice. The near term will be hybrid (quantum and classical) and experimental, yet the paper argues meaningful value can already be created by building "quantum-ready" capabilities, data foundations, and governance, without waiting for fault-tolerant quantum computers.量子技术进入金融服务领域时，通常只被置于单一视角之下：网络安全。本文认为，这一框架虽属必要，却并不完整——更深层次的战略问题在于，量子计算将如何松绑当前塑造市场设计、风险管理及监管实践的计算约束。短期内，量子计算的发展将呈现「量子与经典并存」的混合形态，且仍处于实验阶段，但本文认为，无须等待容错量子计算机问世，机构已能够通过构建「量子就绪」能力、数据基础与治理框架，创造实质价值。量子技術進入金融服務領域時，通常只被置於單一視角之下：網絡安全。本文認為，這一框架雖屬必要，卻並不完整——更深層次的戰略問題在於，量子計算將如何鬆綁當前塑造市場設計、風險管理及監管實踐的計算約束。短期內，量子計算的發展將呈現「量子與經典並存」的混合形態，且仍處於實驗階段，但本文認為，無須等待容錯量子計算機問世，機構已能夠通過構建「量子就緒」能力、數據基礎與治理框架，創造實質價值。

The paper's five takeaways: security is the entry point, not the end state, with post-quantum cryptography and key management treated as an enabling layer while institutions prepare for performance-driven use cases; the first credible business benefits are likely to come from optimisation and sampling problems such as portfolio construction, execution scheduling, and scenario generation; mid-horizon value is tied to better risk models through quantum-enhanced simulation and calibration; longer term, quantum computing could shift market microstructure by expanding what is economically computable; and ADGM is well placed to convene pilots given its mature virtual-asset framework and pioneering DLT Foundations regime.本文提出五项核心结论：安全是起点，而非终点，各机构在为绩效驱动型应用场景做准备的同时，应将后量子密码学与密钥管理视为一层赋能基础设施；最先获得实际商业效益的领域，很可能是优化与采样类问题，例如投资组合构建、执行调度及情景生成；中期价值则取决于借助量子增强型模拟与校准，改进风险模型的表现；从长期来看，量子计算有望通过拓展经济上可计算的范畴，重塑市场微观结构；而凭借成熟的虚拟资产框架及具开创性的DLT基金会（DLT Foundations）制度，ADGM 具备牵头开展试点项目的良好条件。本文提出五項核心結論：安全是起點，而非終點，各機構在為績效驅動型應用場景做準備的同時，應將後量子密碼學與密鑰管理視為一層賦能基礎設施；最先獲得實際商業效益的領域，很可能是優化與採樣類問題，例如投資組合構建、執行調度及情景生成；中期價值則取決於借助量子增強型模擬與校準，改進風險模型的表現；從長期來看，量子計算有望通過拓展經濟上可計算的範疇，重塑市場微觀結構；而憑藉成熟的虛擬資產框架及具開創性的DLT基金會（DLT Foundations）制度，ADGM 具備牽頭開展試點項目的良好條件。

Structured as a short- (0-24 months), mid- (2-5 years), and long-term (5-10+ years) roadmap, the paper identifies portfolio construction under real-world constraints as a near-term opportunity, derivative pricing and calibration as a mid-term one, and richer financial engineering with expanded state spaces as a longer-term possibility. It closes with a practical agenda financial institutions and regulators can execute now, rather than waiting for a specific technology milestone.本文以短期（0至24个月）、中期（2至5年）与长期（5至10年以上）的路线图为架构，将真实约束条件下的投资组合构建列为近期机遇，衍生品定价与校准列为中期机遇，而状态空间更为丰富的金融工程创新则被视为更长期的可能性。文章最后提出了一套金融机构与监管机构当下即可着手推进的实务议程，而非坐等某一特定技术里程碑的到来。本文以短期（0至24個月）、中期（2至5年）與長期（5至10年以上）的路線圖為架構，將真實約束條件下的投資組合構建列為近期機遇，衍生品定價與校準列為中期機遇，而狀態空間更為豐富的金融工程創新則被視為更長期的可能性。文章最後提出了一套金融機構與監管機構當下即可著手推進的實務議程，而非坐等某一特定技術里程碑的到來。