Max Heinzle

Michael Duttlinger

Michael Cyrus

Manuel Klein

Gilbert Verdian

Rachel Lum

Claus George

Felix Simon

Rupertus Rothenhaeuser

Torsten Hunke

Sven Wilke

Co-Pierre Georg

Myles Harrison

Bruce Jackson

Tony McLaughlin

Stephan Deyer

Marius Jurgilas

Tobias Wohlfarth

Holger Neuhaus

Chris Bradbury

Digital Securities and Digital Cash Summit

Working with innovators transforming financial markets with digital money, assets, custody and exchanges.

Future of Finance

Secure your spot now for the Digital Securities and Digital Cash Summit in Frankfurt!

Jones Day

Two separate but related problems have plagued the financial markets for years. The first is that traditional forms of money and payment systems have reached their end of their useful lives. The second is that the capital markets are inefficient: issuers pay more for capital, investors earn less from capital and intermediaries have grown rich from adding transactions costs.Change has occurred in the money and payments markets. The settlement of payments has accelerated. New payment service providers have emerged, displacing the banks. New payment instruments, such as Stablecoins, emerged from the cryptocurrency markets. But in the capital markets, a stalemate prevailed in which change appeared to be impossible.The European Central Bank (ECB) Wholesale DLT Settlement trials have broken the stalemate. The trials were directed at one problem: how to overcome the lack of on-chain fiat currency to complete the cash leg of capital markets transactions on blockchain networks, especially in central bank money. But in identifying a solution to that problem, the trials opened a series of cost-saving and efficiency-enhancing possibilities.These included the issuance of bonds and commercial paper, secondary trading of securities, settlement of securities, bilateral and triparty intra-day repo, margin payments and the servicing of assets in custody using smart contracts as well as wholesale payments versus payments and the value of tokenised deposits. In short, the trials have proved that blockchain technology works across payments and capital markets.The challenge now is to scale the breakthroughs achieved by the ECB and the 64 financial institutions that took part in the trials. The ECB has announced it will build on the success of the trials and develop a roadmap for change in 2026-27. Which means that banks, financial market infrastructures and their buy- and sell-side users, including asset managers and issuers, must start to plan for a tokenised future now. This event will help them do that. Topics:<ol><li>Did the ECB Wholesale DLT Settlement Trials solve the absence of cash on-chain or provide no more than a temporary fix?</li><li>Where have all the tokenised deposits gone?</li><li>Are Euro Stablecoins poised to overthrow the status quo in corporate and consumer payments?</li><li>Are traditional financial market infrastructures (FMIs) such as stock exchanges and central securities depositories (CSDs) in danger of being overtaken by events?</li><li>How can issuers and investors best be engaged in making the change?</li></ol>Audience: CFOs; Treasurers; Heads of operations; CTOs; CISOs; Heads of repo desks at investment banks; Money market fund managers; Stock exchange, CSD and custodian bank officials; Corporate issuers; End-investors; Blockchain technology vendors; Policymakers; Central bankers; Securities and money market regulators.For more information, <a href="https://futureoffinance.biz/tokenisation-2025/" title="https://futureoffinance.biz/tokenisation-2025/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">click here</a>. ALL TICKETS ARE SUBJECT TO APPROVAL. IF YOU ARE NOT APPROVED, YOU WILL BE ISSUED A FULL REFUND WITHOUT ANY DEDUCTIONS.

Keynote Speaker<a href="https://www.linkedin.com/in/holger-neuhaus-32293ab/?originalSubdomain=de" title="https://www.linkedin.com/in/holger-neuhaus-32293ab/?originalSubdomain=de" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Holger Neuhaus – Head of Market Innovation and Integration at the European Central</a> Hear from Speakers and an Esteemed Panel of Experts:<a href="https://www.linkedin.com/in/max-heinzle/" title="https://www.linkedin.com/in/max-heinzle/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Max Heinzle - Founder and CEO at 21x</a><a href="https://www.linkedin.com/in/duttlinger/" title="https://www.linkedin.com/in/duttlinger/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Michael Duttlinger - CEO at Cashlink</a><a href="https://www.linkedin.com/in/michael-j-cyrus-635a0036/" title="https://www.linkedin.com/in/michael-j-cyrus-635a0036/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Michael Cyrus – Head of Short Term Products, Equity Finance &amp; FX at Deka Bank</a><a href="https://www.linkedin.com/in/co-pierre-georg-841074325/" title="https://www.linkedin.com/in/co-pierre-georg-841074325/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Co-Pierre Georg – Director at the Frankfurt School Blockchain Centre</a><a href="https://www.linkedin.com/in/jurgilas/" title="https://www.linkedin.com/in/jurgilas/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Marius Jurgilas – Founder and CEO of Axiology</a><a href="https://www.linkedin.com/in/bruce-j-3873b3230/" title="https://www.linkedin.com/in/bruce-j-3873b3230/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Bruce Jackson – Chief Capital Officer and Senior Partner at MembersCap</a><a href="https://www.linkedin.com/in/claus-george-9662bb257/" title="https://www.linkedin.com/in/claus-george-9662bb257/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Claus George – Head of Digitisation and Innovation at DZ Bank</a><a href="https://www.linkedin.com/in/gverdian/" title="https://www.linkedin.com/in/gverdian/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Gilbert Verdian – CEO at Quant</a><a href="https://www.linkedin.com/in/manuel-klein/" title="https://www.linkedin.com/in/manuel-klein/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Manuel Klein – Head of Market Management and Digital Currencies at Deutsche Bank</a><a href="https://www.linkedin.com/in/tony-mclaughlin-7b627a3/" title="https://www.linkedin.com/in/tony-mclaughlin-7b627a3/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Tony McLaughlin – Founder of Ubyx Inc</a><a href="https://www.linkedin.com/in/tim-armbruster-27388778/" title="https://www.linkedin.com/in/tim-armbruster-27388778/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Myles Harrison – Chief Product Officer at AMINA Bank</a><a href="https://www.linkedin.com/in/tim-armbruster-27388778/" title="https://www.linkedin.com/in/tim-armbruster-27388778/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Tim Armbruster - Group Treasurer at KFW</a><a href="https://www.linkedin.com/in/thilo-derenbach-2102031/" title="https://www.linkedin.com/in/thilo-derenbach-2102031/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Thilo Derenbach - Head of Sales &amp; Business Development Digital Securities Services at Clearstream</a><a href="https://www.linkedin.com/in/rupertus-rothenhaeuser-572b713a/" title="https://www.linkedin.com/in/rupertus-rothenhaeuser-572b713a/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Rupertus Rothenhauser – Chief Commercial Officer at AllUnity</a><a href="https://www.linkedin.com/in/sven-wilke-3b629587/" title="https://www.linkedin.com/in/sven-wilke-3b629587/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Sven Wilke – Executive Director Group Strategy, M&amp;A and Innovation at Börse Stuttgart Group</a><a href="https://www.linkedin.com/in/stephandreyer71/" title="https://www.linkedin.com/in/stephandreyer71/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Stephan Dreyer – CEO at ANNA Association of National Numbering Agencies</a><a href="https://www.linkedin.com/in/rachel-lum-79159186/" title="https://www.linkedin.com/in/rachel-lum-79159186/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Rachel Lum – Partner at IBM</a><a href="https://www.linkedin.com/in/torsten-hunke-945b6086/" title="https://www.linkedin.com/in/torsten-hunke-945b6086/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Torsten Hunke – Managing Director of VanEck (Europe)</a><a href="https://www.linkedin.com/in/felix-simon/" title="https://www.linkedin.com/in/felix-simon/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Felix Simon – Senior Manager for Digital Asset Banking and Paying Agent Specialist at Incore Bank</a><a href="https://www.linkedin.com/in/tobiaswohlfarth/" title="https://www.linkedin.com/in/tobiaswohlfarth/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Tobias Wohlfarth – Chief Business Officer and Deputy CEO at Oblig</a><a href="https://www.linkedin.com/in/thorstenpeisl/" title="https://www.linkedin.com/in/thorstenpeisl/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Thorsten Peisl - Founder and Chief Executive at KALYP Technologies</a><a href="https://www.linkedin.com/in/chris-bradbury-summer/" title="https://www.linkedin.com/in/chris-bradbury-summer/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Chris Bradbury – CEO at Summer.fi</a><a href="https://www.linkedin.com/in/benjamin-duve-592a04/" title="https://www.linkedin.com/in/benjamin-duve-592a04/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Benjamin Duve - Global Head of Partnerships at GK8</a>

Panel 1

Registration Opens with Coffee and Biscuits

Welcome Address:  Future of Finance and Gold Sponsor

Keynote Address - Holger Neuhaus (ECB)

1. Why is cash settlement crucial to the growth of security token markets?
2. What did the ECB wholesale DLT settlement trials aim to find out?
3. Did the ECB trials prove that token transactions can be settled in central bank money without fiat currency on-chain?
4. Why did the ECB trials abjure on-chain forms of money?
5. Have the ECB trials proved that central bank digital currencies (CBDCs) are unnecessary?
6. How is the proposed interoperability link between blockchain networks and existing payment systems expected to work?
7.How easy will it be to scale the findings of the trials?
8. What is the impact of the ECB plans on the planned transition to a T+1 settlement timetable within the euro area in October 2027?
9. What are the implications for currencies other than the euro?

Find out more on our website

Panel 1 - Did the ECB Wholesale DLT Settlement Trials solve the absence of ...

Coffee Break and Networking

1. When the European Banking Authority polled EEA central banks it identified only one ‘live’ case and two reported projects of tokenised deposits, one of them a consortium. What explains the limited interest?
2. What is the status of the Commercial Bank Money Token (CBMT) project led by the Federation of German Industries and the German Banking Industry Committee?
3. Does the use of the tokenised deposit in issue indicate that tokenised deposits are better suited to some transaction types than others (e.g., payments versus payments in cash markets, delivery versus payment in securities markets)?
4. Tokenised deposits issued so far (are being used to settle transactions internally within banks between clients of the same bank. What are the obstacles to using tokenised deposits to transfer value between banks?

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Panel 2 - Where have all the tokenised deposits gone?

Lunch and networking

1. A total of 14 euro denominated Stablecoins are in issue, including EURC from Circle, EURS from Stasis, EURCV from Société Générale, AEUR from Anchored Coins, EURI from Banking Circle and EURt from Tether) but even the biggest is tiny by comparison with US dollar Stablecoins. What explains the limited capitalisation of euro Stablecoins?
2. What useful knowledge have the euro Stablecoin pioneers such as Circle and Société Générale accumulated?
3. What is the status of the proposed DWS regulated euro Stablecoin?
4. What impact has MiCAR had on non-compliant euro Stablecoins such as EURt?

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Panel 3 - Are euro Stablecoins poised to overthrow the status quo in ...

1. Lack of fiat currency on-chain is often cited as an obstacle to progress with tokenisation of securities. Since the ECB trials have identified a workable solution, how should European FMIs be positioning themselves?
2. Solutions are also being found to the second major obstacle to the growth of token markets – namely interoperability – via initiatives such as SWIFT-Chainlink and the Wormhole platform. Do FMIs need to act now?
3. What progress has been made in linking the traditional financial markets to the tokenised markets?
4. Is peer-to-peer settlement, without intermediation by custodian banks and CSDs, a realistic possibility?

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Panel 4 - Are traditional financial market infrastructures (FMIs) such as ...

1. The ECB Wholesale DLT Settlement Trials have created a momentum for change within the banking industry. Is the engagement of banks enough to maintain progress in tokenised markets? 
2. The trials involved more than 60 firms but only a handful (EIB, KfW, Siemens) of issuers took part. Does this mean issuers take no responsibility for capital markets? 
3. Even fewer asset managers, and no end-investors, were actively involved in the ECB trials. Will the buy-side always wait to be offered a service rather than play any part in developing it? 
4. Do banks (lower funding, capital, cash and collateral costs) have more to gain from tokenisation than asset managers (lower operational and compliance costs, increased distribution, fractionalisation, personalised investment strategies) or end-investors (higher returns) or issuers (lower cost of capital)? 

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