A growing number of exchanges and trading firms are embracing distributed ledger technology (DLT) and tokenisation, recognising a surge of interest in crypto asset trading from both retail and institutional investors. But many of the venues are replicating silo-based models and missing out on the most important lessons from the digital revolution.
Forward-thinking firms are already positioning themselves for a DLT-fuelled future. But behind the buzzwords, there are lingering questions:
- What benefits will digitalisation bring, both to trading venues and the market participants they serve?
- What are the main obstacles to Exchange 4.0, whether they stem from outdated thinking or misaligned stakeholder incentives?
- And what sort of step-changes can we expect as digitalisation takes off?