#vxinsight

Sibos 2026 just wrapped in Miami, but we look beyond the press releases and headlines to what surprised us at the event; the conversations, or lack of them, on certain topics. 

T+1 settlement, 23x5 clearing and trading and tokenisation are now completely connected. They make up the vast majority of work going on in the industry, and form a challenge for firms rethinking liquidity, cash movement and end-to-end processes. 

In episode 9 of our Xchange podcast, Barnaby Nelson (CEO), Emma Johnson (Head of Industry Advocacy and Insight) and Mark Brannigan (Head of Xchange product) talk through:

-        The post-trade triangle: how the three themes are interconnected, and should be considered together rather than as isolated initiatives 

-        The impact of 23x5: the compression of time available for clearing, funding and settlement which has potentially not yet been fully grasped 

-        Liquidity is the central use case for tokenisation: cash rails for digital assets may help funding needs when traditional systems are closed or slow

Keywords: trading, clearing, 24/7, 23/5, real-time, market infrastructure, Sibos, settlement, post-trade

Connect with the speakers:

• Emma Johnson - LinkedIn  
• Barnaby Nelson - LinkedIn  
• Mark Brannigan - LinkedIn

Find out more: https://thevx.io/research-insights

DLT has spent years being discussed in the future tense. This year, that conversation is becoming more practical. 

In this episode of the VX Insight podcast, Barnaby Nelson is joined by Paul Chiappetta and Sahil Duggal of Broadridge for a truly present-tense discussion on the findings from DLT in the real world 2026. 

The conversation traces how firms are moving from foundational use cases inside their own organisations towards more advanced applications, including bilateral and intraday repo. It also looks at how the value case is evolving, from efficiency and cost savings towards liquidity, capital and balance sheet management.  

Paul and Sahil also discuss why there is no single winning blockchain, tokenisation model or digital cash leg. The right infrastructure depends on the use case, regulatory requirements and operational needs.  

The episode also explores what still needs to change for adoption to scale, from integration with existing systems to risk, treasury and counterparty readiness.  

Produced in partnership with Broadridge. 

Explore the full DLT in the real world 2026 research: https://thevx.io/campaign/dlt-in-the-real-world

40% of firms face NAV correction risk. 68% are seriously concerned about republishing NAVs. 

In our latest podcast, Barnaby Nelson speaks with Sean Kennedy, Global Head of Investment Operations at FIS®, about why NAV is becoming a core resilience, control and commercial issue across asset management and fund administration. 

They discuss: 

• Why fund and asset complexity is rising 
• How earlier NAV expectations are reshaping operating models 
• Why contingency NAV and shadow oversight are gaining ground 
• How T+1 and compressed dealing cycles are increasing pressure 
• Why NAV data now matters far beyond fund accounting

NAV is no longer just a back-office process. It is becoming a core data and operating model issue.

In December 2026, leading US exchanges (including Nasdaq, NYSE and 24X) are expected to begin offering live trading for cash equities on a 24x7 basis. The DTCC will already begin 23x5 clearing of these securities in June 2026. 

It’s a change to trading hours, but a transformational shift in operational and processing requirements for US market participants. It will create significant new pressures on asset servicing and data processing. For those overseas, it also raises new questions about domestic market liquidity for exchanges and market participants across the world.

In episode 8 of our Xchange podcast, Barnaby Nelson (CEO), Emma Johnson (Head of Industry Advocacy and Insight) and Mark Brannigan (Head of Xchange product) talk through

• What is extended hours trading (EHT)? 24 hour reactivity for investors to respond to major global events
• Who is expected to use it? US retail, US institutional investors, Asian retail
• What does it mean in practice? Continuous trading, daily technical 1 hour pause to replace previous extensive overnight window
• What issues does it represent? Liquidity, supervision, CA, ETFs, Asian investments and more
• What happens next? What is the timeline, and when do we expect it to start having major impacts

Keywords: trading, clearing, 24/7, 23/5, real-time, market infrastructure, cross-border investments, post-trade

Connect with the speakers:

• Emma Johnson - LinkedIn  
• Barnaby Nelson - LinkedIn  
• Mark Brannigan - LinkedIn

One week on from The Network Forum Africa, which took place in London, we debrief on the major talking points coming out of the event. What are the investment trends, regulatory changes, and digital asset innovation across the continent?  

In episode 7 of our Xchange podcast, Barnaby Nelson (CEO), Emma Johnson (Head of Industry Advocacy and Insight) and Mark Brannigan (Head of Xchange product) talk through

• The global perception: following the publication of the 3rd edition of World to Africa, what is the evolving view of Africa as an investment destination? 
• Market changes: where are the markets focused in terms of infrastructure, market harmonsiation, and settlement cycles (including the challenges facing Nigeria’s move to T+1)
• A different angle on digital assets: regulators are being praised for the efforts to support development
• Future outlook: index inclusion, market modernisation, and investor protection

Keywords: regulation, market infrastructure, tokenization, tokenisation, T+1, settlement cycles, post-trade, DLT, digital assets, The Network Forum

Resources & links:

• The World to Africa research
• Network Forum Africa

Connect with the speakers:

• Emma Johnson - LinkedIn  
• Barnaby Nelson - LinkedIn  
• Mark Brannigan - LinkedIn

Recording directly from Hong Kong, after a few weeks of meetings and engagements across the region, we debrief on the major talking points coming out of those conversations. What’s the business case for T+1 in Asia, or are there other digital priorities? And what could 24/5 in the US mean for the region? 

In episode 6 of our Xchange podcast, Barnaby Nelson (CEO), Jean-Remi Lopez (Senior Advisor for APAC) and Mark Brannigan (Head of Xchange product) talk through

• Why T+1: strategic significance in Asian markets, does it make sense now, what’s the business case?
• Regulatory challenges and market practices affecting settlement cycles
• More pressing, digital priorities: how digital assets and tokenisation are addressing existing post-trade bottlenecks
• 24/5: what could it mean for the region if implemented in the US? 

Keywords: tokenization, tokenisation, T+1, settlement cycles, post-trade, DLT, digital assets, 24/5, digital assets, modernisation

The European Central Bank (ECB) announcement on the acceptance of tokenised securities as eligible collateral is big! What will it change? What do you need to know, and what do you need to do?   

In episode 5 of our Xchange podcast, Barnaby Nelson (CEO), Emma Johnson (Head of Industry Advocacy and Insight) and Mark Brannigan (Head of Xchange Product) talk through:

• What this all means, and why it is big news 
• 52% of firms were preparing for collateral tokenisation by 2026, will this increase?
• The current opportunity costs of collateral vs the potential efficiency/cost saving tokenisation will bring? 
• The key questions; a more integrated market, the roadmap forward, how risk management remains key, the viability and potential challenge to traditional finance model

Find out more about our research on the topic here: https://thevx.io/campaign/the-case-for-collateral-tokenisation/

Keywords: tokenization, tokenisation, collateral, ECB, European Commission, securities, DLT, market integration, risk management, financial technology, digital assets

Is 2026 the year that the industry improves asset servicing operations? Or, being right in the middle of movie award season, are we still going through Groundhog Day?  

Episode 4 of our Xchange podcast with Barnaby Nelson (CEO), Martin Lawrence (Chief Customer Officer) and Mark Brannigan (Head of Xchange Product) talks through:

• Some key happenings: 24 by 5 trading and 23 by 5 clearing, T+1 progress
• Main discussion - asset servicing: has the problem statement for asset servicing changed in the past 10 years? How does the industry move the dial, to improve and reduce cost across the industry? 
• Looking forward: US Treasury Central Clearing not getting the attention it should

Keywords: asset servicing, AI, corporate actions, financial technology, institutional finance, risk management, regulatory framework, blockchain, innovation

Money is a technology that humans invented to help us navigate an increasingly complex world. This episode explores stablecoins as another significant step in financial technology, their importance, the risks and challenges, and the institutional perspective on their adoption. 

Episode 3 of our Xchange podcast with Barnaby Nelson (CEO), Emma Johnson (Head of Industry Advocacy and Insight) and Mark Brannigan (Head of Xchange product) talks through:

• Some key happenings: AccessFintech and Blackrock, the innovation exemption
• Main discussion: the institutional view on stablecoins; risks, recognition on the balance sheet, clarity, adoption, challenges, interplay with CBDCs, growth due to need for 24/7 cash 
• Looking forward: 2026 as the year of execution (USTC, T+1, 23/5 clearing, 24/5 trading)

Keywords: money, stablecoins, CBDC, digital assets, financial technology, institutional finance, risk management, regulatory framework, blockchain, innovation

Does the administrative coordination of Pheasants Island offer a glimpse of European progress and cooperation? Maybe not, but in this episode we talk about all things Europe and provide a wide ranging overview of the main post-trade stories in the region. 

Episode 2 of our new Xchange podcast with Barnaby Nelson (CEO), Emma Johnson (Head of Industry Advocacy and Insight) and Mark Brannigan (Head of Xchange product) talks about:

• Feedback from the November ECSDA conference - looking forward, not backward
• Updates on digital innovation and readiness - how the region stands moving forward
• Regulation update: what to know, what's coming