.png)
The Next Evolution of Capital Markets
Capital markets run on Financial Market Infrastructure (FMI) — the plumbing that ensures trillions of dollars of assets flow smoothly every day.
Just as ports and railways enable global trade, FMIs are the critical systems that make financial trades possible.
Two of such critical systems are:
Central Securities Depositories (CSDs) – Digital record-keeping for securities ownership (e.g., DTC, Euroclear). These emerged in the 1980s to replace physical certificates as trading volumes exploded.
Central Counterparties (CCPs) – Clearing intermediaries like LCH or Eurex that reduce counterparty risk when money movement and settlement took days.
Traditional FMIs work for traditional securities (tokenised or offchain), but they are fragmented and expensive. Even incremental upgrades like moving record-keeping to distributed ledgers only scratch the surface.
The real opportunity is far bigger: embedding FMIs into pipelines that create new types of financial products.
Why Embedded FMI Matters
Think back to the early automotive industry. Car makers once depended on many suppliers for parts, each with its own delays and costs. Ford revolutionised production through vertical integration — sourcing, refining, and assembling everything under one roof.
Today, financial markets are like that early, fragmented supply chain.
A Full Stack Financial Application (FSFA) brings every step — issuance, compliance, risk management, and settlement — into a single onchain platform governed by automated and deterministic code.
.png)
Benefits of a Full-Stack Financial Application
A vertically integrated FSFA transforms how assets are created, traded, and managed. Key benefits include:
1. Product Innovation
Turn real world assets into programmable, tradable securities in a single transaction.
This make it feasible bring traditionally illiquid assets (like trade receivables) into the capital markets at scale by dramatically lowers the cost and time.
2. Real-Time Risk Intelligence
Onchain data updates block by block.
With risk rules codified directly into the platform, investors and rating agencies gain instant, transparent insights into the product risks.
3. Built-In Continuous Compliance
Regulatory and operational requirements are baked into the platform’s code and governance, eliminating dependence on fragmented external systems for data gathering and reducing local and cross-jurisdiction friction.
4. Lower Costs
By embedding FMI functions like listing and settlement into the application itself, FSFAs reduce reliance on legacy infrastructure and its high per-transaction and membership fees.
5. Speed
Cryptographic verification collapses the need for manual approvals and therefore, timelines.
Investor yield calculations and asset liquidations can move from days to seconds.
From Fragmented to Full-Stack: The platformD Vision
We are building the first Full-Stack Financial Application to redefine securitisation, onchain.
Our initial use case:
1. Source and standardise trade receivables into legally binding origination data packages.
2. Package them individually into securitised, credit-enhanced product and distribute them as tradable digital securities to investors onchain.
By integrating every layer, platformD creates a brand new asset class - programmable securities.
This offers investors access to traditionally illiquid assets as investment grade securities onchain. We also provide a debt-free, faster and cheaper way for SMEs to finance their invoices.
In upcoming posts, I will dive into the design for platformD and the governing principles behind the Layer 1 - Dchain.
Stay tuned.
.png)
