Knowledge Hub

Atomic settlement, or atomic Delivery-versus-Payment (DvP), is a mechanism where the transfer of a financial security and the transfer of its payment occur simultaneously on a shared ledger (DLT).

Unlike traditional T+2 systems, atomicity enables T+0 settlement, drastically reducing trapped collateral and counterparty risks.

A concept promoted by the BIS (Bank for International Settlements), the Unified Ledger is a common digital infrastructure where central bank money, bank deposits, and financial assets coexist on the same ledger.

This architecture solves fragmentation issues between different DLT ledgers and ensures native interoperability between assets and cash.

A Smart Bond is a debt instrument whose terms (coupons, maturity, clauses) are inscribed as self-executing code (Smart Contract).

This allows for the full automation of debt "Servicing," from interest calculation to automatic payment to holders, without manual back-office intervention.

Real-World Asset (RWA) tokenization involves representing tangible assets (real estate, commodities) or financial assets (stocks, bonds) on a blockchain.

For a comprehensive analysis, see our Institutional Guide to RWA Tokenization.

Programmable monetary infrastructure relies on the convergence of wholesale CBDCs (wCBDC) and tokenized bank deposits.

It constitutes the essential "cash leg" for atomic settlement, enabling perfect synchronization between asset transfer and final monetary settlement.

Transitioning to programmable finance requires strict alignment with emerging regulatory frameworks, specifically the EU's MiCA and DORA mandates.

The Tokenized Financial Instruments Classification (TFIC) and the Digital Capital Markets Taxonomy are the DCM Core Institute's reference frameworks for organizing the digital finance ecosystem.

Universal identification is the prerequisite for multi-ledger interoperability. The TFIN ID (Tokenized Financial Instrument Notation) provides a deterministic identifier for natively digital assets.

The independence and rigor of the DCM Core Institute are guaranteed by our specialized committees and our strict methodological framework.