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      "text": "Using DLT and \"smart\" contracts, exchanges could streamline processes throughout the trade cycle, thereby managing operational and regulatory challenges more effectively, while providing greater transparency through immutable, auditable transaction records.",
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      "text": "When building the technology foundation with cloud, cybersecurity and data, a key consideration is how that foundation layer and its further development can enable enhanced digital platforms. Distributed ledger technology (DLT), a decentralized system that records and manages data across multiple nodes simultaneously, is one high-potential example.",
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      "text": "Post-trade services are another promising area for DLT. To date, clearing and settlement services have been the focus area for exchanges’ DLT and tokenization initiatives according to our experts. These technologies aid automated real-time clearing and settlement by enforcing the smart contracts embedded in digital assets, thereby reducing settlement times and counterparty risk. Collateral management can also benefit from real-time positions tracking and instant transfer of ownership, lowering the risk of disputes and settlement failures.",
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