The complete architecture of programmable capital markets in 5 interdependent layers. Each layer is a prerequisite for the next: without standards, no interoperability; without settlement, no assets. This is the structural blueprint endorsed by the BIS, ECB, and IOSCO.
Concrete examples of protocols and solutions deployed for each level of the stack.
| Layer | 🛠 Technology Examples | 🏛 Key Players & Initiatives |
|---|---|---|
| 01 Assets | Digital Bonds, Tokenized Equity, Fund Tokens (RWA) | BlackRock BUIDL, EIB (Bond-i), SocGen Forge, HKMA |
| 02 Logic | Smart Contracts, Composability, Automated Coupons | ERC-3643, Solidity, Daml (Digital Asset), DAML contracts |
| 03 Cash | wCBDC, Tokenized Deposits, Atomic Settlement DvP | Banque de France (DL3S), J.P. Morgan (Onyx), Project Guardian |
| 04 Infra | DLT Networks, Interoperability, Hyperledgers | Corda, Hyperledger Fabric, SDX, Canton Network |
| 05 Standards | Data Protocols, Regulatory Frameworks, ISO | ICMA BDT, ISO 20022, ERC-3643 Standard Council |
| Dimension | ⛓ Legacy FMI (T2S / TARGET2) | ⚡ PCM Stack (DLT + Smart Contracts) |
|---|---|---|
| Asset representation | Centralized registers, paper / electronic | Native tokens on shared ledger, programmable |
| Settlement | T+2 → T+1, manual multi-party reconciliation | Atomic T+0, simultaneous cryptographic DvP |
| Compliance | Post-trade, manual EMIR/MiFID II reporting | Embedded in smart contract, native |
| Intermediaries | 5–8 parties (broker, CCP, CSD, custodian…) | 2–3 direct counterparties, peer-to-peer |
| Coupon payments | Reconciliation, manual interventions, delays | Automatic via smart contract, instant |
| Audit & transparency | Dispersed logs, limited regulator access | Immutable on-chain, real-time native auditability |
| Operational cost | ~2–5% of volume in reconciliation fees | Estimated 60–80% reduction (BIS, 2023) |
| Standards | ISO 20022, SWIFT — but proprietary silos | ICMA BDT + ERC-3643 + ISO 20022 unified |
How programs nest logically
Explore the layers