Post-trade · collateral · tokenisation
How tokenisation changes post-trade and collateral.
Research for practitioners and investors, written from both sides of the problem: the business decisions and the technology that has to sit behind them.
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What we cover
Six areas, each read through a business lens and a technology lens.
01
Collateral & margin
Eligibility, haircuts and mobility of tokenised MMFs, T-bills and stablecoins as collateral.
- Business
- Collateral optimisation, funding cost, CCP and bilateral rules
- Technology
- Pledge and lock mechanics, valuation feeds, fund-token standards
02
Settlement & cash leg
DvP and PvP with tokenised deposits, wholesale central bank money and regulated stablecoins.
- Business
- Liquidity, settlement risk, operating hours
- Technology
- Atomic settlement, interoperability, finality models
03
Clearing & netting
CCPs, bilateral clearing and netting on shared ledgers.
- Business
- Default management, member impact
- Technology
- Netting engines, CDM events, attestations
04
Operating model & change
Target operating models, controls, legal and accounting for tokenised post-trade.
- Business
- Change programmes, roles, cost and benefit
- Technology
- Integration with existing systems, standards, governance
05
DeFi × institutional
Permissioned pools, on-chain repo and the protocols that touch real-world assets.
- Business
- Liquidation versus margin, counterparty models
- Technology
- Smart-contract risk, oracles, identity
06
Regulation
Rule-making and pilots across the US, UK, Europe and Asia-Pacific.
- Business
- What changes for firms
- Technology
- What has to be built
TokenResearch Labs
See it run.
Labs publishes technical test builds that put the ideas in our research on a working ledger: settlement, netting, collateral and attestation, with the results and the limits stated plainly. Institutions can request a guided demonstration.
Explore Labs →Editor
Simo Lamine
More than 25 years across trading, risk management, exchanges and central counterparties, and an engineer by training. TokenResearch brings that operating experience together with hands-on work on smart contracts and distributed ledgers.
TokenResearch is an O’PTCHA research initiative. How we work.
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