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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Brief · Settlement & cash leg

Weekly brief: the first GENIUS Act final rule sets no blanket haircut on tokenised reserves (week ending 23 October 2026)

The OCC finalised the first GENIUS Act rule, with tokenised reserve assets and overnight Treasury repo inside the reserve; LSEG passed Gate 2 of the UK Digital Securities Sandbox and the ECB set out how banks fit into Pontes and Appia, while ISDA and the FSB turned to collateral and stablecoin failure.

23 October 2026 · 7 min read · Americas · UK · Europe · Asia-Pacific · Global

Lab report · Collateral & marginMembers

A tokenised money market fund pledged as CCP margin: four paths to cash after a default

A test build posts tokenised MMF units to a CCP by pledge and enforces after a member default. We then test four ways the CCP can turn the units into cash: a normal redemption, a partial redemption with a repo, a sale within a band around the NAV, and an in-kind redemption into Treasury bills. A gated redemption covered by a same-day repo was also run on a live ledger.

17 October 2026 · 9 min read · Global

Primer · DeFi × institutional

Margin calls and liquidations: the same job, done differently

Clearing houses and DeFi lending protocols both protect a lender from a borrower's default. They differ in who decides, when, and what happens to the collateral.

17 October 2026 · 4 min read · Global

What we cover

Six areas, each read through a business lens and a technology lens.

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

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

Clearing & netting

CCPs, bilateral clearing and netting on shared ledgers.

Business: Default management, member impact
Technology: Netting engines, CDM events, attestations

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

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

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.

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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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Every deep dive, Lab report and tracker, in full.

For professionals in post-trade and collateral. The editor reviews each request.

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