On the future of securities settlement

Morten Bech (), Jenny Hancock, Tara Rice and Amber Wadsworth

BIS Quarterly Review, 2020

Abstract: Innovative technologies, such as distributed ledgers, allow securities to be issued or represented in a new form known as digital tokens. Such "tokenisation" of securities will alter post-trade clearing and settlement, and could improve efficiency in some dimensions. But the fundamental trade-offs involving credit risk and liquidity remain in a tokenised world. To succeed, tokens will need to interoperate with account-based systems, at least in the interim.

JEL-codes: G1 G15 G23 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (16)

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