At present, we are seeing the launch of various projects aimed at using DLT and investment tokens as a way to revisit and re-shape part, or even all, of the security value chain.
The list below includes some of the recent projects and initiatives that have used DLT as part of the security value chain.
ID2S/SETL was one of the first DLT CSD approved by a competent authority (AMF). ID2S has been granted CSD status and access to the T2S platform. The CSD aims to focus on commercial paper first and facilitate the issuance and distribution of these instruments.
Clearstream has launched a project that aims to set up a DLT platform to facilitate the exchange of security tokens representing HQLA assets in the context of securities lending and collateral management services.
The Malta Stock Exchange has launched a DLT platform to organize the listing and trading of security tokens.
Switzerland’s stock exchange—owned and managed by SIX—has announced that it is building a fully integrated trading, settlement, and custody infrastructure for digital assets.
The Swiss and Maltese projects are being run in close cooperation with the local regulator. They involve defining legal provisions and a methodology that will enable the new business model to be organized in line with the relevant securities regulatory framework.
All of these projects as well as dedicated token platform like Tokeny share the same objectives of enabling greater efficiency and transparency while reducing transaction costs and times. These are key criteria that all members of the securities ecosystem (issuers, market infrastructure operators, authorities, asset services, and managers) are looking to prioritize.
