DLT
Atomic Settlement (DvP)
Atomic settlement enables simultaneous, irreversible delivery of securities and payment (DvP) on a distributed ledger, eliminating the settlement risk inherent in T+2 markets.
DvP Settlement (Delivery versus Payment): Atomic Settlement in Tokenized Markets
Delivery versus Payment (DvP) is the settlement principle requiring simultaneous exchange of securities and cash. DLT enables atomic DvP — settling in a single indivisible transaction — eliminating the counterparty risk inherent in conventional T+2 settlement.
Germany eWpG: Electronic Securities Act and Crypto Securities Registry
Germany's Electronic Securities Act (eWpG), in force since June 2021, enables the issuance of electronic bonds and fund units without paper certificates. Crypto securities (Kryptowertpapiere) can be registered in a decentralized DLT-based registry authorized by BaFin.
Permissioned Blockchain
A permissioned blockchain restricts participation to authorised nodes and users, enabling KYC at network level and making it the preferred infrastructure for institutional tokenized assets.
Smart Contract
A smart contract is self-executing code deployed on a blockchain that automatically enforces agreement terms when predefined conditions are met.