Once it proves reliable and settlement risk turns negligible, the capital that today sits locked up between trade and settlement is freed. Reconciliation—which currently requires the issuer, buyer, depository, clearing corporation and trade reporting platform to each keep their own records and match them against one another’s—becomes redundant. And RBI, which today can only see what external platforms report to it, would be able to monitor the whole market in real time on its own ledger.
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