Template-Type: ReDIF-Article 1.0
Author-Name: Morten Linnemann Bech
Author-Name: Jenny Hancock
Author-Name: Tara Rice
Author-Name: Amber Wadsworth
Title: On the future of securities settlement
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.
Journal: BIS Quarterly Review
File-URL: http://www.bis.org/publ/qtrpdf/r_qt2003i.pdf
File-Format: Application/pdf
File-URL: http://www.bis.org/publ/qtrpdf/r_qt2003i.htm
File-Format: text/html
Year: 2020
Month: March
Classification-JEL: G1, G15, G23
Handle: RePEc:bis:bisqtr:2003i