Where Finance Finds Its Future podcast by Future of Finance is available wherever you get your podcasts, with all episodes ready to listen anytime. A Future of Finance Interview with Jeff Hartjes, Executive Business Manager at 21X The balance between tokenised money market funds and tokenised money will shift. Public blockchains will continue to grow at the expense of private ones, but which protocols prove popular remains unpredictable. The infrastructure for the tokenise

A group of digital asset exchanges and one CSD have warned European institutions their blockchain reforms are too slow to compete with the US With reforms not scheduled for implementation until 2030, the group suggests a mini package of liberalising measures within the DLT Pilot Regime sandbox now The proposed “quick fix” reforms will allow DLT Pilot Regime licence holders to tokenise any asset and grow faster for longer before being fully regulated A group of digital asset e

European digital assets exchange 21X is offering buy- and sell-side customers of LeveL Markets access to tokenised financial instruments Customers of the LeveL Markets equity trading dark pools for buy- and sell-side institutions will access tokenised instruments through existing interfaces Institutional order flows are expected between traditional and tokenised instruments and vice-versa 21X, the Frankfurt-based token exchange licensed under the DLT Plot Regime administered

Lingfeng Capital is listing its Digital Venture Fund (DVF) in token form on the LSEG DMI digital assets platform Archax is providing issuance, connectivity and custody services to make the tokenised fund interoperable with the traditional fund The DVF fund is invested in a variety of fintech businesses funded by Lingfeng Capital The Digital Venture Fund (DVF), a fintech investment fund managed by Beijing-headquartered and Hong Kong-managed Lingfeng Capital, will launch in tok

Security tokens and fund tokens will be traded 24/7 Security tokens and fund tokens will settle using Stablecoins Tokenised cash and collateral are key to the NYSE strategy The New York Stock Exchange (NYSE) says it is going to develop a regulated platform for on-chain trading and settlement of security tokens. It is planning to build a separate infrastructure that will operate 24/7 and settle trades in security tokens instantly using Stablecoins. The new platform will host n

Why have digital asset exchanges found it difficult to disrupt traditional exchanges? Many domestic exchanges are monopolies, so they are intrinsically hard to disrupt. A blockchain-based order book does not offer a sufficient improvement over a traditional order book. Exchanges are also often owned by their users, which want lower prices at least as much as fatter dividends. In such cases, digital asset exchanges are better advised to focus on post-trade services, with a vie

Are digital asset exchanges offering peer-to-peer trading? The cryptocurrency markets have proved that peer-to-peer trading is technologically possible. This is not surprising. The original vision of blockchain technology was to replace trust in centralised intermediaries with trust in decentralised technology. The collapse of the centralised FTX exchange reinforced, rather than undermined, the validity of that claim. Which places centralised digital asset exchanges hosting t

Are institutional investors looking for a higher level of regulatory certainty before they invest in digital assets? Institutional investors care primarily about their investments, the speed with which they can be executed, the transparency of information about them and how safely they are kept. So, for them, a sound regulatory environment is a requirement that must be met before they will invest. Are institutional investors looking for a higher level of regulatory certainty

Are tokenisers focusing on privately managed assets because they are the easy option? This was not the view of the audience. Only minorities thought that tokenising privately managed assets is an easier option than attacking the public markets, and hardly anybody thought issuers are more readily found there. Broader distribution of privately managed asset classes, making privately managed assets more tradeable, and building an infrastructure to support them, are the prioritie

Are traditional exchanges doing nothing about tokenisation? Anecdotal evidence suggests all major exchanges have large teams exploring digital assets, some of which have moved beyond Proofs of Concept (PoCs) and pilot tests and are now close to launching products, but little of their work has seeped into the public domain. This is less because of intellectual property considerations, or lack of buy-in by senior management, than the fact exchanges tend to be regulated and ofte

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The major traditional exchanges have adapted well to the migration of transactional activity to other trading platforms, notably by...