Panel Discussion on Tokenization – Unlocking Efficiency in European Capital Markets

Panel Discussion on Tokenization – Unlocking Efficiency in
European Capital Markets

The EU has adopted a pilot regime to explore the potential of distributed ledger technology and tokenised
securities. DLT and tokenisation have the potential to transform EU securities markets, especially post-trade
services from clearing to settlement, reconciliation, collateral management, depository services and
supervisory reporting. The incoming European Commission will have to decide whether to enable the use of
these new technologies more broadly by amending existing EU securities law.
What is the potential of DLT and tokenised securities to transform European securities markets? Does this
apply to specific use cases and market segments or should the EU consider large-scale adoption? What would
be the potential benefits? Is the technology sufficiently robust to give comfort to regulators and supervisors?
What regulatory changes would be required? What would this mean for existing plans to shorten EU settlement
cycles to T+1?
Could the EU move without global adoption?

Panellists:
Carlo Comporti, Commissioner, Commissione Nazionale per le Società e la Borsa (CONSOB)
Ulrich Bindseil, Director General of Market Infrastructure and Payments, European Central Bank
Ralf Roth, Managing Director, Digital Assets Team, BNY Mellon
John O’Neill, Managing Director, Global Head of Digital Assets Strategy, HSBC
Fabian Astic, Managing Director, Global Head of DeFi and Digital Assets, Moody’s Investors Service
Allison Parent, Executive Director, Global Financial Markets Association (GFMA)

Moderator:
Peter Kerstens, Advisor for Technological Innovation and Cybersecurity, DG FISMA, European
Commission

Afore Consulting, 8th Annual FinTech and Regulation Conference, Tuesday 30 January 2024