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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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

Brief · Collateral & margin

Weekly brief: a tokenised Treasury enters triparty repo (week ending 16 October 2026)

A tokenised US Treasury was used as triparty repo collateral, while the IMF, the Bank of England and the EBA focused on the controls around collateral and settlement assets: reuse, issuer limits and reserve supervision.

16 October 2026 · 5 min read · Americas · UK · Europe · Asia-Pacific · 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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