Event: ECB's Cipollone Calls for Next-Day Settlement and Tokenisation to Reshape Europe's Securities Infrastructure

Verified facts (as reported by the sources below) - Piero Cipollone: Next-day securities settlement, tokenisation and the transformation of Europe’s financial infrastructure — European Central Bank — press In brief Firms active in European equities, bonds and derivatives markets would face significant operational and liquidity management changes if next-day settlement becomes the standard, and tokenisation initiatives could reshape custody, collateral and clearing practices across the region. Primary sources - European Central Bank — press: https://www.ecb.europa.eu//press/key/date/2026/html/ecb.sp261029~e9… What are you watching now? Which aspect of European market infrastructure — faster settlement timelines or broader tokenisation — do you think poses the greater operational challenge for participants to adapt to, and why? Educational discussion, not financial advice. Trading involves significant risk of loss.