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The Impact of Distributed Ledger Technology in Capital Markets
22 Aug 2025
Across each evolution of global capital markets, trust has been the cornerstone upon which efficient and robust capital markets rest. Regulatory frameworks play an essential role in maintaining this trust, setting clear, consistent rules that protect stakeholders and meet the objectives of policymakers worldwide. Effective regulation balances growth and innovation with market integrity, consumer protection, systemic stability, and overall safety. The emergence and rapid maturation of distributed ledger technology (“DLT”) and digital assets are driving a transformational shift in capital markets – demanding proactive collaboration from market participants and regulators to ensure these assets and their infrastructure build on the existing protections of traditional financial instruments. This report provides a comprehensive analysis of the practical applications, opportunities, and challenges posed by DLT and tokenization in global capital markets. It evaluates the implications of digital securities across the entire securities lifecycle, offering insights into at-scale use cases such as collateral management, fixed-income issuance, and fund tokenization. The analysis further addresses critical operational risks, such as cybersecurity, smart contract reliability, and settlement finality, and outlines clear risk mitigation strategies, affirming that institutional-grade risk management frameworks are both robust and adaptable to these innovations.
European Primary Dealers Handbook - Updated 2024-
31 Mar 2025
AFME is pleased to announce the release of the latest edition of the European Primary Dealers Handbook. This comprehensive resource is designed to serve as a critical reference for participants in the European government bond markets, including dealers, brokers, debt management offices (DMOs), investors, and policymakers as well as journalists and academics. The Primary Dealers Handbookprovides an in-depth overview of the infrastructure and organisation of both the primary and secondary government bond markets across 20 European countries as well as the European Stability Mechanism (ESM). It outlines the organisation of the primary dealer systems in each country and the essential roles of primary dealers who provide liquidity and stability in these markets. The updated edition features revised content that reflects the most recent developments in market structures, regulatory frameworks, and policies affecting the European debt markets. Since its initial publication in 2008, the Handbook has been widely regarded as an invaluable tool for market participants and stakeholders. "We are committed to providing the most relevant and comprehensive information to those interested in the European government bond markets," said Victoria Webster, Managing Director at AFME. "This update to the Primary Dealers Handbookaims to provide market participants access to essential knowledge to navigate the evolving landscape of European debt markets." The new edition of the European Primary Dealers Handbookis available for download from the AFME website. For more information and to subscribe for updates, please visit AFME's website. *New chapter added March 2025
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