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Hosted by
Karin Keller-Sutter
Federal Councillor & Head of the Federal Department of Finance, Switzerland
Thomas Moser
Alternate Member of the Governing Board
Swiss National Bank
Thomas Moser is Alternate Member of the Governing Board of the Swiss National Bank. He is also a Visiting Professor at the University of Lucerne and a member of the Board of Directors of SCION Association. From 2006 to 2009 he was Executive Director at the International Monetary Fund (IMF) in Washington, D.C., USA. Thomas Moser holds a MA and a doctorate in Economics from the University of Zurich.
Speaking at
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4:00–5:30pmWed 24 JunGFTN InsightsRoundtable Room 2, Ground FloorOpenModerator
Blueprint for Digital Assets
Digital Capital Markets: Taking the Stack On-Chain
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Alexandre KechChief Executive OfficerGlobal Legal Entity Identifier Foundation (GLEIF)
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David RiegelnigCEORULEMATCH
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Frank SeiboldGlobal Head of Banking & Capital Markets SalesChainlink
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Georgina JarrattManaging Director, Head of FinTech & DigitalisationInternational Capital Market Association
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John O'NeillManaging Director, Digital Assets & Currencies, CIBHSBC
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Kevin LimDirector, InvestmentTemasek
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Lucas BruggemanBoardmemberBoerse Stuttgart Group (Seturion, BX Swiss)
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Marni McManusCountry Officer & Banking HeadCiti
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Matthias WyssChief Executive OfficerObligate
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Roy ChoudhuryManaging Director & Senior Partner New YorkBCG
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Varun PaulSenior Director, Financial MarketsFireblocks
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Thomas MoserAlternate Member of the Governing BoardSwiss National BankModerator
About this session
The stock market is going on-chain. The NYSE-DTCC Russell 1000 pilot, the explosion of tokenized 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 tokenize 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 Digital Capital Markets to map where the infrastructure is genuinely ready, where legacy systems are the bottleneck, and what it will take to move emergent infrastructure from pilots to the primary issuance venue of choice. Participants will examine the impact of specific on-chain mechanics on the next generation stock market, including:
- how T+0 atomic settlement changes margin and liquidity requirements
- what fractionalisation does to price discovery and secondary market depth, and
- 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 tokenized securities under existing market structure rules, and where the gaps between MiCA, the GENIUS Act, and emerging APAC frameworks create opportunities for either arbitrage or paralysis.
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