A share on one book, its cash on another, its clearer and depository on a third. Tokenized, it now trades on venues and ledgers its depository does not run. The protocol settles between them as they are.
Request a briefing →A copy is minted so the holding can settle against cash on another ledger, and it is your name on the question of who holds what.
Cash lands on the asset's venue before anything is agreed, every venue and every currency. Tokenization has rebuilt the nostro account.
Offering something issued on another venue means joining it, or asking its holders to join you. Both happen before the first trade.
And that is the simple case: one share, one payment.
A portfolio transition, a basket against cash, a delivery with a hedge attached. In Europe a trade clears at one of twelve houses, and where two of them interoperate a member posts margin twice. Trades that would touch three books are mostly not attempted at all.
The protocol coordinates every leg where it already sits, all released together or none at all. Neither side is left holding the other's value alone.
Across venues, clearers and depositories, cleared or bilateral, net or gross. The EU, the UK and Switzerland move to T+1 on 11 October 2027, and the SEC has approved tokenized shares trading in the US on the same order book as the shares they represent. For clearing networks and market infrastructures →
SEC, Release 34-105047, March 2026. ESMA, T+1 recommendation, November 2024. AFME, Cash Equities Clearing in Europe, October 2025.
No wrapped versions on books you do not control. A holding is the same holding wherever it is recorded, so it is worth the same everywhere.
A leg no longer has to stand on the same book as the leg it settles against, so what was positioned against every venue comes back.
Anything issued on a connected book is something your clients hold through you. What they can own stops being decided by where it was issued.
Bring a settlement your desk runs today and we will walk it through.