Nasdaq explains how CSDs and CCPs can evolve their technology and embrace tokenisation
- Oct 5, 2023
- 1 min read
Updated: Jul 10, 2025
A Future of Finance interview with Gerard Smith, vice president and head of product-digital assets, at Nasdaq (Marketplace Technology).
Financial market infrastructures (FMIs), from exchanges through central counterparty clearing houses (CCPs) to central securities depositories (CSD), must maintain a difficult balance between regulatory compliance, technological stability and operational resilience and the need to expand capabilities, contain costs and future-proof their franchises through technological transformation. A recent survey of post-trade developments, published by Nasdaq in conjunction with ValueExchange, found FMIs and their clients wrestling with what might be called the Tancredi Test: “If we want things to stay as they are, things will have to change.” Dominic Hobson, co-founder of Future of Finance, spoke to Gerard Smith, vice president and head of product-digital assets, at Nasdaq (Marketplace Technology), about what the survey tells us of FMI responses to budget constraints, user demands, T+1, AI and blockchain technologies and tokenisation.
