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

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]

Fixing Europe’s Issuance Problem: A conversation with Michael Duttlinger (Cashlink) [EN]

A look at regulated issuance, tokenized securities and the infrastructure Europe still needs to scale Fixing Europe’s Issuance Problem: A conversation with Michael Duttlinger (Cashlink) How can Europe build a scalable infrastructure for tokenized securities? In this episode of Inside Digital Assets, host Lidia Kurt speaks with Michael Duttlinger (CEO and Co-Founder of Cashlink) about one of the most important bottlenecks in Europe’s digital asset market: issuance. The conversation explores why the future of capital market infrastructure will likely be hybrid rather than fully decentralized. While blockchain technology can reduce friction, increase efficiency, and remove parts of the traditional infrastructure stack, regulated capital markets still require trusted intermediaries, legal certainty, and compliant control mechanisms. A key focus of the episode is the role of the crypto securities registrar in Germany. Michael explains why this function is more than just another intermediary layer: it helps bridge blockchain-based securities with the operational and regulatory realities of institutional finance. Topics such as KYC, AML, sanctions compliance, asset control, and smart contract responsibility are central to this discussion. The episode also looks at the wider European market structure. While trading and settlement frameworks are gradually evolving, the issuance of tokenized securities remains shaped by national regimes. Michael shares why this fragmentation matters, which jurisdictions are especially relevant, and why solving Europe’s issuance problem is essential for scaling digital assets across borders. Another important theme is the transition from pilot projects to real implementation. The conversation highlights why institutions do not learn tokenization through theory alone: real progress comes from actual issuance, involving not only innovation teams but also compliance, legal, operations, and change management functions. Listeners will also hear: * how Cashlink evolved from a payments startup into regulated tokenization infrastructure * why Germany has become an important market for tokenized securities * what financial institutions can learn from early issuance projects * where scalability is starting to emerge in the market * why hybrid infrastructure models are likely to remain the norm for years to come Guest: Michael Duttlinger (CEO and Co-Founder, Cashlink) Cashlink: https://cashlink.de/en/ [https://cashlink.de/en/] Host: Lidia Kurt BX Digital: https://bxdigital.ch/ [https://bxdigital.ch/] Seturion: https://group.boerse-stuttgart.com/de/seturion/ [https://group.boerse-stuttgart.com/de/seturion/] Key topics * Tokenized securities in Europe * The role of regulated intermediaries * Germany’s crypto securities registrar model * Issuance infrastructure and market fragmentation * From pilot transactions to scalable implementation * Hybrid models in future capital markets * Listen to the full episode Discover the full conversation in this episode of Inside Digital Assets. If you enjoyed this episode, subscribe to Inside Digital Assets and share it with colleagues interested in tokenization, market infrastructure, and the future of post-trade.

Digitale Assets am Wendepunkt: Ein Gespräch mit Christoph Hock (Union Investment) [DE]

Welche Bausteine jetzt entscheidend sind, damit digitale Wertpapiere breiter im Markt ankommen In dieser Episode von Inside Digital Assets spricht Host Lidia Kurt mit Christoph Hock, Head of Tokenisation and Digital Assets bei Union Investment, über die nächste Entwicklungsphase digitaler Vermögenswerte und die Frage, warum der Markt gerade jetzt an Dynamik gewinnt. Im Gespräch geht es um die Faktoren, die Tokenisierung derzeit vorantreiben: Regulierung, neue Impulse aus den USA, zunehmenden Wettbewerb durch Fintechs, Fortschritte bei der Cash-Seite und die wachsende Relevanz von Marktinfrastruktur. Christoph Hock erläutert, warum technologische Umbrüche für etablierte Marktteilnehmer strategisch relevant sind, weshalb tokenisierte Geldmarktfonds als wichtiger Anwendungsfall gelten und wie sich Themen wie 24/7-Handel und instantanes Settlement auf die Finanzwelt auswirken könnten. Ein weiterer Schwerpunkt der Episode ist die Frage, warum offene und partnerschaftliche Infrastruktur entscheidend ist, damit tokenisierte Wertpapiere nicht in isolierten Einzellösungen stecken bleiben, sondern breiter im Markt ankommen. Themen in dieser Folge * Warum der Markt für Digital Assets an einem Wendepunkt stehen könnte * Welche Rolle Regulierung und Vertrauen für die weitere Entwicklung spielen * Weshalb tokenisierte Geldmarktfonds als Schlüsselprodukt gelten * Wie 24/7-Handel und instantanes Settlement die Marktlogik verändern könnten * Warum offene europäische Infrastruktur für tokenisierte Wertpapiere so wichtig ist Darum lohnt sich die Folge: Die Episode bietet eine fundierte Einordnung aktueller Marktentwicklungen und zeigt, welche Bausteine entscheidend sein könnten, damit Tokenisierung im Kapitalmarkt breiter skaliert. Im Gespräch: Christoph Hock Head of Tokenisation and Digital Assets, Union Investment Host: Lidia Kurt Union Investment: https://www.union-investment.de/ [https://www.union-investment.de/] BX Digital: https://bxdigital.ch/ [https://bxdigital.ch/] Seturion: https://group.boerse-stuttgart.com/de/seturion/ [https://group.boerse-stuttgart.com/de/seturion/] Wenn dir die Folge gefallen hat: Abonniere „Inside Digital Assets“ und empfiehl uns weiter.