Sergey’s key points - Sibos presentation on DTCC collateral management 1. The core argument: Tokenization is taking off, but the missing piece is utility. Tokenizing assets isn’t the goal. The goal is building connectivity, platforms and systems that make tokenized assets more useful than their traditional-finance equivalents. 2. The problem: Fragmentation. Data, systems and connections between asset managers, prime brokers, clearinghouses and securities lenders are siloed. That makes intraday collateral movement impossible, let alone 24/7/365 movement, which creates risk and lowers yield. 3. The solution (what’s been built): - @The_DTCC Collateral AppChain: a regulated, secure, legally enforceable settlement layer with DTCC-level reliability and risk management. - @chainlink Runtime Environment (CRE): orchestrates the different systems and data sources. - CCIP (Cross-Chain Interoperability Protocol): moves assets, value and liquidity between the AppChain and public chains. - Synchronization runs 24/7, not over multiple days or waiting until Monday after a weekend. 4. Benefits for financial markets: - Intraday collateral management at minimum, ideally 24/7/365 - Better balance sheet management: move risk and assets where you want them, optimize yield and risk at any time - Lower risk means lower funding costs: billions saved for large institutions, hundreds of millions for small and mid-sized ones - Liquidity flows efficiently across blockchains via CCIP - Risk automation through smart contracts (real-time controls, avoiding liquidations). In a 24/7 market, risk systems must run 24/7 too, and they’ll be better for it 5. Cost of adoption: Integration and maintenance costs today are high. Sergey says this approach cuts them to a small fraction, which will speed up adoption faster than people expect.