The tokenised future of the capital markets is finally taking a definitive shape. The end-state is an inter-operating network of networks in which digital assets and digital cash share a common operating model that makes them inter-operable by design at every stage: issuance, trading, settlement, custody and asset servicing. In June 2023, R3 and Adhara published a paper, Building Scale for the Connected Digital Capital Markets Ecosystem, that describes this future, the benefits it will generate for both the sell-side and the buy-side and – most importantly - how the capital markets can get there. Dominic Hobson, Co-founder of Future of Finance, hosted a discussion with the authors and representatives of four banks which share their vision.