Digitisation and new technologies, like DLT and blockchain, are rapidly innovating the wholesale financial market industry.
Every day a new type of asset becomes ‘tokenised’ (i.e., represented digitally on a distributed ledger), from financial products (e.g., repurchase agreements, fixed income, equities) to any sort of tradable assets (e.g., real estate, IP royalties… forests!) shaping the future tokenised financial markets and potentially creating novel business cases whose magnitude is still hard to define.
At the same time, execution of transactions in existing markets, such as equities, fixed income, FX and derivatives have seen incredible digital automation.
However, post-trade...