Successful digital transformation is never a 1:1 conversion but a new way of using digital-first thinking to achieve a better outcome.

Better Packaging, Same Plumbing

In 2026: Nasdaq tokenized securities approved in March, 23-hour trading approved in April, the DTCC announced its own tokenization platform with BlackRock and Goldman in May. The trading layer has never moved faster. The settlement layer underneath has not moved at all. Fedwire still closes for weekends. T+1 settlement still rules. CLS still settles FX in a single 5-hour daily window. The faucet is being upgraded. The plumbing was built for a closing bell that still rings. This is the gap between the trading promise and the settlement reality, and the question of who rebuilds the pipes.