How to ensure that your CSD is relevant even in a tokenised future

Central securities depositories (CSDs) are of more recent provenance than impatient reformers of the global financial system sometimes assume. 

Though they did exist before the great paper-driven securities settlement crunch of the late 1980s – notably in the United States, which chose a CSD in response to a paper settlement crisis of its own in the 1970s - it was the Group of Thirty (G30) Recommendations on how to avoid a repeat of that expensive disaster which prescribed a CSD for every market. CSDs became the great infrastructural innovation of the global securities markets of the 1990s.  One firm which emerged from the maelstrom is Percival Software, whose platform is now installed at 19 CSDs around the world. Recently, Percival added a trading component to its existing issuance, settlement, registration, custody, asset servicing and securities financing functionality. Dominic Hobson, co-founder of Future of Finance, spoke to Chris Richardson, CEO of Percival Software, about the origins of the firm, what he has learned, and how Percival is helping clients respond to the twin challenges of crypto-currencies and tokenisation.