Xchange brief
Published 15 Jun 2026

June brief: post-trade restructuring, control and legal ownership

Our conversations this month: how collateral mobilisation, DTCC's 2026 tokenisation launch and Europe's CSD landscape are defining post-trade

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June brief: post-trade restructuring, control and legal ownership
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Snapshot of this brief:

  • Why USD 1.2 billion is lost every night, and which idle margin pool firms are racing to mobilise
  • How DTCC's October 2026 tokenisation launch changes the economics of digital collateral
  • Why Europe's fragmented CSD landscape blocks the consolidation that tokenisation assumes
  • What 24/5 trading breaks in the settlement engines that run on overnight batches
  • Why 66% of fund managers plan a tokenised money market fund, and what still holds them back

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