Weekly brief: Eurex Clearing to take digital bonds as margin and Hong Kong moves tokenised deposits to 24/7 central bank money (week ending 6 November 2026)

The week in one paragraph

CFTC staff said US clearing houses may use trust companies, which the request described as leading digital-asset custodians, for daily settlements [1] [2]. TSV LLC began trading an issuer-sponsored tokenised stock against a stablecoin [3] [4], issuer objections to OKXICE TSV rose to 67 [6], and NYSE signed four more transfer agents for its tokenisation venue [7]. HM Treasury allocated roles to the six lead managers of its digital gilt and the Bank of England approved a link between HSBC's and LSEG's digital securities depositories [8] [9]. Eurex Clearing said digital instruments, including ESM issues, will be cleared and accepted as margin [10]. The HKMA moved interbank settlement of tokenised deposits to tokenised central bank money around the clock [12] and completed trial trades in tokenised Exchange Fund Bills in the secondary market [14], while the SFC named collateral as a use for tokenisation [15]. Five financial institutions set up a non-profit to take the Global Layer One work forward [16]. The thread: tokenised assets are being made eligible as collateral, and the cash leg is being extended to match.

Americas

CFTC staff let clearing houses settle through trust companies

On 5 November the CFTC's Division of Clearing and Risk said it would not recommend enforcement action against a derivatives clearing organisation that uses a trust company for daily settlements with clearing members, provided it treats the trust company as a settlement bank under Regulations 39.14(c) and (d) [1]. The letter answers a request from Nodal Clear and records its representation that "state-regulated trust companies are among the leading custodians of digital assets" and that the clarification "will facilitate the ability of DCOs to accept such assets as margin collateral" [2].

What it changes: US clearing houses can now route daily settlement through the trust-chartered firms that already hold digital assets, which, as Nodal argued, may make it easier to take those assets as margin. It is staff relief, not a rule change, so it may be revisited.

A tokenised stock starts trading against a stablecoin; issuer objections reach 67

TSV LLC's notice, revised on 4 November, says it "has commenced making tokenized NMS stock of Canton Strategic Holdings, Inc. (Nasdaq: CNTN) available for trading" and has received no issuer objection [3]; its trading data page shows the stock pooled against USDCx [4]. At OKXICE TSV, which plans to pair each tokenised stock with a payment stablecoin, issuers objecting to trading of their stock rose from 56 in its 2 November notice to 67 in its 5 November notice, with Apple and Meta among those added during the week [5] [6]. Separately, NYSE said Broadridge, Computershare, Equiniti and Superstate will support issuer-sponsored tokenised securities on its upcoming tokenised securities platform, alongside Securitize and tZERO [7].

What it changes: Issuer-sponsored tokens are now trading with a stablecoin cash leg, while third-party tokens face growing issuer objections. With the main transfer agents signed up, the official register, rather than a mirror token, is likely to become the basis for tokenised equities used in settlement and collateral.

UK

UK digital gilt: lead manager roles set and a link between depositories approved

On 2 November HM Treasury said the Digital Gilt Instrument (DIGIT) will be issued in the Digital Securities Sandbox with on-chain settlement, allocated roles to the six joint lead managers appointed in October (HSBC, RBC Capital Markets, Barclays, Lloyds, NatWest and Morgan Stanley), including a new "Platform Coordinator" role to help investors join their chosen platform [8]. It said the Bank of England had approved a link between HSBC Orion, the issuer depository, and LSEG's investor depository, so investors can access DIGIT through either, and that pilot issuance is expected by Q1 2027 [8]. LSEG said its depository received Gate 2 approval, that the link is subject to settlement finality designation for HSBC and LSEG, and that it intends to offer the cash leg through its Digital Settlement House [9].

What it changes: The first UK digital gilt will not be confined to one platform, which addresses the fragmentation that limits tokenised bonds as collateral. How the cash leg settles is still being set: LSEG names its Digital Settlement House as the first option, and other options may follow.

Europe

Eurex Clearing to clear and accept DLT-issued bonds as margin

On 2 November Eurex Clearing said it will become a "Hybrid CCP", with one rulebook and risk model for traditional and digital business [10]. Native digital instruments, "including issuances by the European Stability Mechanism (ESM)", will be tradable on Eurex Repo GC Pooling, cleared by Eurex Clearing and "accepted as eligible margin collateral", and will become eligible collateral of the ECB GC Pooling basket; no dates were given [10]. In a speech on 5 November, ECB Executive Board member Piero Cipollone said Pontes is live with an initial group of participants and moving towards "24/7/365 availability in 2028" [11].

What it changes: A major EU CCP will treat DLT-issued bonds as margin and repo collateral under one framework with its traditional business, which may give issues such as the ESM's 26 October bond a route into collateral pools. Timing is the open question: without dates, firms cannot yet plan collateral flows around it.

Asia-Pacific

Hong Kong settles tokenised deposits in tokenised central bank money, 24/7

On 2 November the HKMA said Ensemble TX now supports interbank settlement of tokenised deposit transactions in tokenised central bank money "on a 24/7 basis", with 12 participating banks and 20 industry pioneers [12]. Standard Chartered launched tokenised deposits for corporate clients in Hong Kong the same day, with China AMC, Finloop and PantherTrade executing live tokenised deposit transactions and settlement of tokenised money market funds through Ensemble TX [13].

What it changes: Tokenised money market fund units in Hong Kong can now settle against bank money backed by round-the-clock central bank settlement, the cash leg that 24/7 margin calls would need.

Tokenised Exchange Fund Bills trialled in secondary trading; SFC names collateral as a use

The HKMA said it had completed trial trades in which Recognised Dealers traded tokenised Exchange Fund Bills in the secondary market, to improve "efficiency in secondary and repo trading", and that it "will soon expand the trials to include regulated stablecoins" [14]. In a keynote on 2 November, the SFC's Elisa Ng said Hong Kong has 17 tokenised retail products with US$1.3 billion of assets under management, that "Tokenised gold ETFs may form the next pilot" and that tokenisation "could allow eligible assets to be transferred or posted as collateral more flexibly" [15].

What it changes: Dealer trading in tokenised sovereign bills is a step towards tokenised collateral in Hong Kong's money markets, which the HKMA links to repo efficiency. Including regulated stablecoins in the trials may test a private cash leg alongside the central bank money now available through Ensemble TX.

Global

Banks take Global Layer One into an industry body

On 4 November HSBC, Kinexys by J.P. Morgan, MUFG Bank, Societe Generale-FORGE and Standard Chartered set up the Global Layer One Organisation, a Singapore-based non-profit to support common standards and frameworks for tokenised financial markets, marking "the transition of GL1 into an industry-led organisation" [16].

What it changes: Shared standards for tokenised infrastructure now sit with banks rather than a regulator, which may speed adoption but leaves open how central banks and CCPs will shape them.

What to watch next week

• Follow-ups from last week: trading of Canton Strategic Holdings' tokenised shares on TSV LLC began, announced on 4 November rather than 2 November [3]. Hong Kong's revised Code on Unit Trusts and Mutual Funds was due to take effect on 1 November, with a 12-month transitional period [17]. Hong Kong FinTech Week produced the HKMA and SFC measures above [12] [14] [15]. We found no joint FCA and Bank of England tokenisation roadmap this week; the Bank's 29 October paper says the two will share a more detailed roadmap "later this year" [18].
• 12 November: USDC becomes subject to dual supervision by the EBA and the ACPR as a significant e-money token [19].
• 16–20 November: Singapore FinTech Festival, with senior dialogues on 16–17 November and the main event on 18–20 November [20].
• Further out: 15 December, CFTC roundtable on 24/7 trading, including tokenisation [21]; 18 January 2027, the OCC's GENIUS Act rule takes effect [22]; 12 February 2027, the Bank of England's tokenised collateral consultation closes [18]; Q1 2027, DIGIT pilot issuance [8].