The Nasdaq x Seturion Alliance: A conversation with Roland Chai [EN]

The Nasdaq x Seturion Alliance: A conversation with Roland Chai [EN]

Roland Chai on tokenized assets, DLT and the infrastructure needed to scale digital capital markets Tokenization, DLT and the next phase of market infrastructure In this episode of Inside Digital Assets, Host Lidia Kurt speaks with Roland Chai, President European Markets and Head of Digital Assets at Nasdaq. The discussion focuses on how tokenized assets, distributed ledger technology and regulated market infrastructure are developing in capital markets. Rather than looking at tokenization only as a topic for individual digital assets, the conversation explores its potential role in post-trade processes, collateral management, asset servicing and the broader lifecycle of financial instruments. In this episode, the discussion covers * Why tokenization is increasingly moving from experimentation towards implementation * How digital assets and DLT may affect regulated capital markets * Why the strongest impact of tokenization may be in post-trade infrastructure rather than trading itself * The role of collateral management, asset servicing and programmable assets * Why structured products can be a practical starting point for tokenized market infrastructure * How fragmentation in European capital markets affects issuance and custody * Why digital custody within a European framework could help rethink market infrastructure * The importance of interoperability, fungibility and common standards * How regulated markets and digital-native infrastructure may become more connected over time * Why regulation, resilience and legal certainty remain central to institutional adoption Key themes Tokenized assets and regulated markets The episode discusses tokenized assets as digital representations of financial instruments on distributed ledger technology. A central point is that tokenization is not only about creating digital instruments, but also about the infrastructure required to trade, hold, transfer and service them safely in regulated markets. Post-trade infrastructure and asset lifecycle Roland Chai highlights the relevance of tokenization for post-trade processes, collateral, balance sheet securities and asset servicing. Programmable assets and smart contracts are discussed in the context of the full asset lifecycle. European market fragmentation The conversation also addresses fragmentation in European capital markets. Cross-border issuance, custody and market access can be complex and costly when infrastructure remains organised across different jurisdictions. Digital infrastructure could offer a way to rethink these processes within regulated frameworks. Interoperability and standards A recurring topic is the need to avoid new digital silos. Interoperability, fungibility and standardisation are presented as key conditions for scaling tokenized assets across wallets, custody environments, central securities depositories and networks. From experimentation to implementation The episode also discusses a shift in market dynamics: tokenization is moving beyond proofs of concept and into more practical implementation. At the same time, broader adoption depends on regulatory clarity, resilient market structures, legal certainty and continued education across institutional markets. Summer break: Inside Digital Assets is going on a summer break. New episodes will be available again from September. Subscribe to Inside Digital Assets and stay tuned for new episodes from September.

Solving the Digital Islands Problem - a conversation with Frank Frank Seibold, Chainlink [EN]

Chainlink’s Frank Seibold on tokenized assets, trusted data, interoperability and digital market infrastructure. In this episode of Inside Digital Assets, Lidia Kurt (CEO BX Digtial/Seturion) speaks with Frank Seibold (Managing Director and Global Head of Banking and Capital Markets at Chainlink). The discussion focuses on how tokenized assets can move beyond digital representation and become usable within institutional capital markets. The episode covers trusted data, interoperability, smart contracts, settlement, corporate actions and the convergence between traditional finance and blockchain-based infrastructure. In this episode Why tokenized assets need utility beyond representation How trusted data is brought into smart contracts What the oracle problem means for blockchain-based capital markets Why real-time data matters for tokenized assets and digital securities How smart NAV can support a shared source of truth for asset management data Why corporate actions remain a complex data coordination challenge How interoperability can connect fragmented blockchain ecosystems Why traditional finance and on-chain systems are likely to coexist What reliable infrastructure means for regulated digital market infrastructure Key themes: Tokenized assets and utility: Frank Seibold discusses why tokenization alone does not create value for capital markets. The decisive question is what can be done with a tokenized asset once it exists: how it can be priced, transferred, settled and used efficiently. Trusted data and the oracle problem: The episode explains the importance of reliable data for smart contracts. In blockchain-based systems, external data such as prices or net asset values must be provided in a way that is accurate, verifiable and suitable for automated execution. Interoperability and market infrastructure: The conversation also looks at the need to connect different blockchain networks, traditional financial systems and on-chain environments. Instead of replacing existing infrastructure overnight, the discussion points to a gradual convergence between traditional finance and distributed ledger technology. Regulated digital market infrastructure: For BX Digital, the topics discussed in this episode are closely linked to the development of regulated market infrastructure for digital assets and tokenized assets. Reliable data, interoperability, settlement and compliance are important foundations for institutional adoption. Links BX Digital: https://bxdigital.ch/en/home/ [https://bxdigital.ch/en/home/] Seturion: https://group.boerse-stuttgart.com/en/seturion [https://group.boerse-stuttgart.com/en/seturion] Chainlink: https://chain.link/ [https://chain.link/] Subscribe to Inside Digital Assets for further conversations on digital assets, tokenization, blockchain infrastructure and regulated capital markets.

The rational for a shared ledger - a conversation with Ivica Aračić, SWIAT [EN]

How shared ledgers, central bank money and regulated infrastructure could shape digital capital markets Inside Digital Assets: A Conversation with Ivica Aračić, CTO of SWIAT How can digital assets scale in regulated capital markets and what kind of infrastructure is needed to make that happen? In this episode of Inside Digital Assets, host Lidia Kurt speaks with Ivica Aračić (CTO of SWIAT), about distributed ledger technology, tokenized securities, shared ledgers and the future of regulated financial market infrastructure. The conversation explores why DLT is not only about digitizing individual financial instruments, but about creating shared infrastructure where issuers, banks, trading venues, settlement infrastructures, payment providers and other market participants can interact more efficiently. Ivica explains SWIAT’s vision for regulated digital asset infrastructure, the move from pilot projects to real-value transactions, and why the industry is now entering a phase where digital assets need to become part of everyday capital markets. Topics covered in this episode * Why distributed ledger technology matters for regulated capital markets * How SWIAT is building infrastructure for digital assets and tokenized securities * The transition from pilot projects to productive use cases * Why shared ledgers could become an important foundation for digital financial market infrastructure * The difference between public blockchains, permissioned networks and regulated infrastructure * What Regulated Layer One is and why neutral governance matters * The role of interoperability in digital asset markets * Why central bank money is important for securities settlement * How initiatives such as Appia and Pontes could support the cash leg * Why tokenized securities still need to become “first-class citizens” in financial markets * What financial institutions can do to start engaging with DLT and digital assets * From pilots to real market infrastructure Over the past decade, the digital asset ecosystem has evolved significantly. Early discussions around blockchain in finance were often focused on proofs of concept and pilot transactions. Today, the focus is increasingly shifting toward productive solutions, real-value transactions and scalable infrastructure. Ivica Aračić explains how SWIAT was founded out of an initiative by DekaBank and how the company develops infrastructure for regulated digital assets. Its work includes tokenization, settlement, delivery versus payment and the technical foundation for digital securities in regulated financial markets. Why shared ledgers matter A central theme of the episode is the idea of shared ledger infrastructure. According to Ivica, the future is unlikely to be based on one single global ledger for the entire financial market. Instead, the goal should be a consolidated and interoperable set of ledgers. Such infrastructure could allow different market participants to collaborate on a shared process and data model while still maintaining competition on the layers above. This raises important questions around governance, openness, neutrality, compliance and risk management — especially for regulated financial institutions. Regulated Layer One The episode also takes a closer look at Regulated Layer One. The idea behind Regulated Layer One is to provide a neutral, open and regulatory-compatible base layer for digital financial market infrastructure. This base layer should not be the main area of competitive differentiation. Instead, competition should take place on top of it, in digital assets, applications, services and financial services. For regulated institutions, clear governance, responsibility and risk management are essential. Ivica explains why these aspects are central to making shared infrastructure usable for the financial industry. Central bank money and the cash leg For digital assets to scale in capital markets, tokenized securities alone are not enough. The cash leg is equally important. Many traditional securities transactions are settled in central bank money. If digital assets are to become part of mainstream financial markets, comparable settlement capabilities are needed in the DLT ecosystem. In this context, the episode discusses initiatives such as Appia and Pontes, as well as the broader question of where central bank money and market-issued digital assets can meet. What is still missing? Despite strong progress, Ivica points out that DLT-based financial instruments still need to be further aligned with traditional securities from a regulatory and operational perspective. One important topic is eligibility. Tokenized securities need to become “first-class citizens” in financial markets, particularly when it comes to eligibility criteria, collateral management and access to central bank liquidity. Only when digital assets are treated on equal terms with their traditional counterparts can DLT fully unlock its potential in regulated capital markets. About the guest Ivica Aračić is Chief Technology Officer at SWIAT. He has a background in computer science, enterprise application integration and financial market technology. Before joining SWIAT, he worked at DekaBank and was involved in blockchain and digital asset initiatives within the financial industry. About the podcast Inside Digital Assets is a podcast about the future of capital markets, tokenization, digital assets and the technologies that power them. The podcast is a joint project by BX Digital and Seturion.

Making the Eiffel Tower investable via DLT? A converstion with Tom Rieder (ISP Group) [EN]

How tokenization can create real value for issuers, investors and the future of capital market infrastructure. **Making the Eiffel Tower Investable via DLT? A Conversation with Tom Rieder (ISP Group) ** What does it take for tokenization to create real value in capital markets? In this episode of Inside Digital Assets, host Claudio Tognella speaks with Tom Rieder (Head of Digital Assets at ISP Group) about the practical implementation of tokenization and the role of digital assets in the future of capital market infrastructure. Together, they explore why tokenization should not be an end in itself, how issuers can evaluate whether an asset is suitable for tokenization, and why secondary markets, custody, distribution and settlement are essential for the next phase of adoption. What this episode is about Tokenization is often described as one of the key innovations in capital markets. But when does it actually make sense? Tom Rieder explains that tokenization means the digital representation of rights on a blockchain or distributed ledger technology. These rights can include value rights, ownership rights, usage rights or other financial claims. By representing them as tokens, they can become more easily transferable, accessible and transparent. However, the episode makes clear that technology alone is not enough. Before an asset is tokenized, issuers need to understand the business case, the target investors, the rights being represented and the concrete benefits for all parties involved. Key topics covered: * What tokenization means in capital markets * Why tokenization should not be done for its own sake * The importance of business alignment before tokenizing an asset * How tokenization can improve access to investment opportunities * Real-world use cases such as real estate, pre-IPO shares, private equity and fund structures * Why tokenized assets do not automatically become liquid * The role of secondary markets, market makers and distribution channels * Why custody and investor access are crucial for adoption * How regulated infrastructure can support tokenized securities * The role of BX Digital and Seturion in digital capital market infrastructure * How banks, brokers and custodians can make digital assets easier to access From experimentation to real use cases The conversation highlights how tokenization has evolved over recent years. While many early projects were mainly pilots or technology showcases, Tom Rieder now sees growing demand for real use cases. Examples discussed in the episode include tokenized real estate projects, pre-IPO shares, private equity participations and other asset classes that are traditionally difficult to access. Tokenization can potentially lower minimum investment amounts and open new distribution channels. At the same time, Tom stresses that an asset does not become more attractive or more liquid simply because it is tokenized. The underlying business model must make sense. Why secondary markets matter A major focus of the episode is the importance of functioning secondary markets. Tokenized securities need more than a smart contract. They require investors, distribution, custody solutions, market makers, regulated trading venues and reliable settlement infrastructure. Without these components, liquidity remains limited. This is where regulated market infrastructure becomes essential. BX Digital is discussed as a trading venue for tokenized securities, while Seturion is positioned as infrastructure for the settlement of digital assets. Together, such solutions address key requirements of digital capital markets: tradability, regulatory integration, settlement and institutional connectivity. Banks, custody and the investor experience The episode also looks at the role of established financial service providers. For broader adoption, investors should be able to access tokenized securities as easily as traditional securities. They should not necessarily have to manage wallets, private keys or the technical details of blockchain infrastructure themselves. Banks, brokers, custodians and other regulated market participants can therefore play an important role in making digital assets accessible to a broader investor base. Featured guest Tom Rieder, Head of Digital Assets, ISP Group Host Claudio Tognella, Host of Inside Digital Assets About Inside Digital Assets Inside Digital Assets is a podcast by BX Digital and Seturion about the future of capital markets, tokenization, digital assets and the technologies that power them. The podcast brings together experts, market participants and infrastructure providers to discuss how digital assets are moving from experimentation into regulated financial markets. Links BX Digital: https://www.bxdigital.ch [https://www.bxdigital.ch] Seturion: https://www.seturion.com [https://www.seturion.com] ISP Group: https://www.isgroup.com [https://www.isgroup.com] Listen and subscribe on Spotify: https://open.spotify.com/show/0gHCvwyeuAP6yssca2E2Kj?si=89c6b88f126b4ef2 [https://open.spotify.com/show/0gHCvwyeuAP6yssca2E2Kj?si=89c6b88f126b4ef2]

Warum Europas Kapitalmarkt neue Infrastruktur braucht: Ein Gespräch mit Dirk Grunert von Morgan Stanley [DE]

Über Tokenisierung, Settlement und die Chancen einer effizienteren Kapitalmarktinfrastruktur in Europa. In dieser Folge von „Inside Digital Assets” spricht Lidia Kurt, CEO von BX Digital und Seturion, mit Dirk Grunert, Managing Director bei Morgan Stanley, über den technologischen Wandel im Kapitalmarkt, strukturierte Produkte und die Frage, warum Europa eine neue Finanzmarktinfrastruktur benötigt. Ein Schwerpunkt der Episode liegt auf der Entwicklung des Wertpapierhandels: von physischen Urkunden und manuellen Prozessen über elektronische Buchungssysteme bis hin zu Online-Banking, Neobrokern und digitalen Marktmodellen. Dabei wird deutlich: Technologie hat den Kapitalmarkt schon mehrfach grundlegend verändert und die Tokenisierung könnte der nächste grosse Schritt sein. Themen dieser Episode: Wie Dirk Grunert vom Maschinenbau ins Bankgeschäft kam Was strukturierte Produkte und Derivate mit Risikoverteilung zu tun haben Wie sich Trading, Banking und Wertpapierhandel technologisch verändert haben Warum heutige Abwicklungs- und Verwahrsysteme teilweise auf jahrzehntealten Strukturen basieren Welche Rolle Tokenisierung für Wertpapiere, Kunst, Infrastruktur und andere Vermögenswerte spielen kann Warum alte und neue Finanzmarktinfrastrukturen über längere Zeit parallel bestehen werden Weshalb Banken frühzeitig eigene Erfahrungen mit Digital Assets sammeln müssen Wie neue Technologien 24/7-Handel, effizienteres Settlement und neue Geschäftsmodelle ermöglichen können Warum Europas Kapitalmarkt fragmentiert ist und welche Chancen eine einheitliche Abwicklungsinfrastruktur bietet Welche Bedeutung Skalierbarkeit, Standards und grenzüberschreitende Prozesse für Europas Wettbewerbsfähigkeit haben Die Folge zeigt, dass Tokenisierung weit mehr ist als ein technisches Schlagwort. Es geht um die Modernisierung zentraler Kapitalmarktprozesse, um effizientere Abwicklung, neue Anlageklassen und die Frage, wie Banken, Emittenten und Investoren künftig mit digitalen Vermögenswerten umgehen werden. Über den Podcast: „Inside Digital Assets” ist ein Podcast von BX Digital und Seturion über die Zukunft des Kapitalmarkts, Tokenisierung, digitale Vermögenswerte und die Technologien, die sie antreiben. Im Podcast spricht Lidia Kurt mit Menschen, die diesen Wandel gestalten, über aktuelle Projekte, digitale Innovationen und die Frage, wie der Kapitalmarkt von morgen aussehen könnte. Weiterführende Informationen: * BX Digital: www.bxdigital.ch [https://www.bxdigital.ch] * Seturion: www.seturion.com [https://www.seturion.com]