The Future of Finance 

Tokenisation

The Future of Finance Meetings for 2021 will bring together a variety of high-profile financial speakers. We will host a series of discussions, articles and interviews across all of our chosen themes: Data, Digital Identity, Banking, Securities, Asset Management, Law and Regulation, Payments, Money, Insurance, Pensions, Real Estate, Technology and Funding FinTechs. Follow this page for further updates.

  • 23/07/2021 - Interview 0 Comments
    What the international art market can learn from the securities services industry

    Like insurance and trade finance, international art is a large and valuable market bedevilled by extended chains of intermediaries, excessive levels of fraud and hefty transaction costs.

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  • 12/07/2021 - Interview 0 Comments
    For HQLAx tri-party repo is the point of departure not the destination

    HQLAx is a properly funded start-up using the R3 Corda variant of blockchain technology to improve the ability of banks to mobilise eligible collateral, wherever it is, by tokenising assets while leaving them exactly where they are.

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  • 12/07/2021 - Interview 0 Comments
    Gamekeeper turns poacher to help the buy-side cuts its FX costs

    No market has defied attempts to reconstruct it quite as deftly as foreign exchange (FX). The US$6.6 trillion a day market provides a handsome living for a great many people, despite a succession of embarrassing scandals and the publication by central banks of a global Code of Conduct designed to prevent them.

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  • 24/06/2021 - Interview 0 Comments
    Who Needs to Get Ready for the Coming of the Token Economy

    Many factors inhibit institutional issuers and investors from adopting security tokens as readily as some institutions have taken to crypto-currencies. But an asset class in need of tokenization - privately managed assets - has been identified and an institutional grade infrastructure is being built to welcome institutional investors.

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  • 18/06/2021 - Interview 0 Comments
    In Liechtenstein the token economy of the future is not just visible but understood

    Crypto-currency trading provides returns commensurate with the volatility of the asset class, but not many people have subjected the characteristics of the investment to formal analysis. One person who has is Dr Martin Angerer, Assistant Professor of Finance at the University of Liechtenstein in Vaduz.

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  • 11/06/2021 - Interview 0 Comments
    Go to Liechtenstein and use the Blockchain Law

    The principality of Liechtenstein provides the most welcoming environment on the planet for the entrepreneurs of the token economy. Thomas Nägele, managing partner at the Nägele law firm in Vaduz and a software developer as well as a lawyer, was a member of the government working party that drafted the Liechtenstein Trusted Technology Law (TVTG) or Blockchain Act.

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  • 11/06/2021 - Interview 0 Comments
    What custodians and CSDs are really doing about blockchain

    The custodian banks and central securities depositories (CSDs) that make up the global securities services industry are understandably intrigued by institutional investment in crypto-currencies, disintermediating experiments in the Decentralized Finance (DeFi) market and the looming possibility of exponential growth in security tokens.

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  • 03/06/2021 - Interview 0 Comments
    The Liechtenstein law that is actualizing the dream of the token economy

    Liechtenstein was the first jurisdiction in the world to pass a comprehensive law on tokenization.  When the Token and Trustworthy Technology Service Provider Act (TVTG) became law on 1 January 2020, it became possible for issuers to tokenize any asset that exists in the physical world - from real estate, through precious metals and collectibles, to securities such as equities and bonds – with the comfort of legal certainty. 

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  • 06/05/2021 - Interview 0 Comments
    Security token markets primed to explode as FINP2P protocol solves the inter-operability problem

    In late March 2021 a path to liquidity and growth opened in the security token markets. The Private Markets Digitization Steering Group (PMDSG), a group of banks, financial market infrastructures, technology vendors and FinTechs formed under the umbrella of Global Digital Finance in the spring of 2020 went public with a specification that will make inter-operable blockchain networks a reality for the first time.

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  • 04/05/2021 - Dominic Hobson 0 Comments
    Security tokens are not about making money, or saving money, but about doing things we could not do before

    Security tokens are no longer something that will happen in the future. Security token offerings (STOs) are happening in the private capital markets, which are already large and growing rapidly as the public capital markets shrink. Unlike the public markets, private markets also suffer from operational shortcomings and liquidity problems that tokenisation can solve. Regulatory respectability is being actively sought, and developers are applying solutions tested in the DeFi markets to many of the barriers to institutional engagement. But the real test of security tokens still lies in the future: what can we do now which we could not do before?

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  • 04/05/2021 - Dominic Hobson 0 Comments
    We have seen the future of securities and it is tokenised: The Summary

    Security tokens are coming. In fact, they are here already, and have been for a while. Though most of the security token offerings (STOs) in the last three years were hard to distinguish from Initial Coin Offerings (ICOs), several corporates and banks (Banco Santander, Bank of China, BBV, Daimler, Deutsche Bank, Société Générale) have tokenised bonds or loans on public as well as private blockchain networks.





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  • 19/04/2021 - Dominic Hobson 0 Comments
    Tokenisation is asking CSDs if they have the courage to change

    Even conservative observers of the financial markets believe security tokens may be about to embark on a period of exponential growth, If they do, tokenisation will threaten the ways in which CSDs currently support the securities markets. But security tokens also present CSDs with an array of opportunities to reinvent how they operate, from governing permissioned blockchain networks to orchestrating continuous auctions of best-in-breed post-trade services. If they have the courage to embrace change, they will find support in some unexpected quarters – regulatory agencies and tokenisation platforms.

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  • 08/04/2021 - Interview 0 Comments
    Using blockchain as it was intended to make debt issuance more efficient

    As blockchain technology emerges from the Trough of Disillusionment (© Gartner) and ascends the Slope of Enlightenment (© Gartner) the original promise of what it can deliver once it reaches the Plateau of Productivity (© Gartner) is being rediscovered. 

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  • 18/03/2021 - Interview 0 Comments
    The Fireblocks platform is one big reason why institutional interest in crypto-currency is catching fire

    One reason institutional money is now being invested in crypto-currencies is that it is safe to do so. Fireblocks, the provider of an institutional-grade safe custody and settlement platform for digital assets, can take a good measure of the credit for what is happening. Dominic Hobson spoke to Michael Shaulov, CEO and co-founder of the firm, as it completed a US$133 million Series C fund-raising that also saw giant global custodian BNY Mellon take a strategic stake in Fireblocks.

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  • 25/01/2021 - Dominic Hobson 1 Comment
    We have seen the future of securities, and it is tokenised

    Security tokens are coming. In fact, they are here already, and have been for a while. Though most of the security token offerings (STOs) in the last three years were hard to distinguish from Initial Coin Offerings (ICOs), several corporates and banks (Banco Santander, Bank of China, BBV, Daimler, Deutsche Bank, Société Générale) have tokenised bonds or loans on public as well as private blockchain networks.

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  • 04/01/2021 - Dominic Hobson 0 Comments
    CSDs Are Closer to Extinction Than They Like to Think Summary

    Central securities depositories (CSDs) were imposed by regulators in the 1990s to solve the securities settlement problems of the 1980s. They have succeeded admirably in that task but so far only a handful have sought to move decisively beyond it and embrace the new opportunities created by the tokenisation of financial assets on blockchain-based networks. Instead, the majority of CSDs have appealed to their origins in the minds of central bankers and securities market regulators of a generation ago. Ironically, the trust imparted by their record of success and regulated status are precisely the qualities that would enable CSDs to exploit the tokenisation markets.

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  • 29/12/2020 - Interview 0 Comments
    How to Do Prime Brokerage Without Prime Brokers

    As investment banks shrink the balance sheet available to buy-side firms that like to trade on credit, the need for an alternative has become urgent. To fill the gap, San Francisco-based Bosonic has adapted the tokenisation and atomic settlement techniques pioneered by the crypto-currency markets. By making settlement of each half of a trade conditional on the delivery of the other half, the need for intermediation by bank is eliminated. And tokenisation of securities in custody on to a blockchain network allows fully funded assets to be used as collateral for credit without leaving their custody account. Rosario Ingargiola, CEO of Bosonic, told Dominic Hobson how it all works.

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  • 09/12/2020 - Interview 0 Comments
    A Future of Finance Interview with Scott Thiel

    A Future of Finance Interview
    Dominic Hobson talks to Scott Thiel about the launch of TOKO, a fast, secure and cost-effective solution for buying and selling high value assets using blockchain technology

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  • 27/11/2020 - Article 0 Comments
    ID2S plans to transform the European money markets

    Paris is not the obvious launch pad for a young and ambitious CSD that wants to help the European Central Bank (ECB) fulfil its vision of a single euro money market capable of competing with the United States. But the largest commercial paper market in Europe is a solid foundation on which to build a blockchain-based technology platform that offers issuers, investors and their agents a fully integrated, pan-European issuance, trading and settlement platform for a new class of genuinely international financial instruments. It may become extremely lively as economies emerge from the Pandemic, and access to credit becomes crucial for businesses of all sizes and types

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  • 26/11/2020 - Interview 1 Comment
    Interview with Richard Byworth

    Future of Finance Interview with Richard Byworth, CEO of Diginex [NASDAQ: EQOS]


    Dominic Hobson explores Richard's thinking about how cryptocurrency and digital assets have evolved and what solutions Diginex offers in security token issuance, trading and custody and more.

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  • 24/11/2020 - Interview 0 Comments
    Interview with Saum Noursalehi

    A Future of Finance interview with Saum Noursalehi, CEO of tZero, on what the company is doing in the burgeoning security token markets.

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  • 03/11/2020 - Dominic Hobson 1 Comment
    SETTLEMENT AND CUSTODY OF DIGITAL ASSETS PART II

    A SUMMARY AND FULL REVIEW OF THE DISCUSSION AT THE WEBINAR ON 20 OCTOBER 2020

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  • 11/05/2020 - Article 0 Comments
    Settlement and Custody of Digital Assets

    An Account of the Discussion at the Walbrook Club on 4 March 2020

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  • 31/03/2020 - Article 3 Comments
    Blockchain Clearing and Settlement for the Real World

    L4S is a start-up led by people who know that a successful blockchain revolution in securities clearing and settlement cannot ignore either the technical limitations of the technology or the prevailing dispensation of service providers, market infrastructures, transaction processing technologies and accounting methodologies. If their approach catches on, blockchain in securities services could just be in the foothills of the Slope of Enlightenment.

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