Frank Seibold

The stock market is going on-chain. The NYSE-DTCC Russell 1000 pilot, the explosion of tokenised Treasuries past $11 billion, and a generation of on-chain private credit platforms are no longer proofs of concept - they are live infrastructure. The question has shifted from whether capital markets can tokenise to how fast the supporting stack - prime brokerage, custody, clearing, compliance, and investor access - can be rebuilt for on-chain settlement.

This roundtable convenes the architects of Internet Capital Markets to map where the infrastructure is genuinely ready, where legacy systems are the bottleneck, and what it will take to move from pilots to the primary issuance venue of choice. Participants will examine the specific mechanics:
1. how T+0 atomic settlement changes margin and liquidity requirements
2. what fractionalisation does to price discovery and secondary market depth, and
3. whether the current generation of permissioned chain architectures can deliver the throughput and finality guarantees that institutional issuers actually require.

The session will also address the regulatory frontier - jurisdictional recognition of on-chain ownership, the status of tokenised securities under existing market structure rules, and where the gaps between MiCA, the GENIUS Act, and emerging APAC frameworks create either arbitrage or paralysis.