Market Infrastructure Realignment

Pontes could accelerate a reshuffling of euro-area post-trade infrastructure, with central securities depositories, custodians, and exchanges negotiating how tokenized settlement connects to existing systems. The main uncertainty is whether incumbents capture the transition or face margin pressure from central-bank-backed settlement rails.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.