Much of our DLT work across the industry assumes that, in the short-to-medium term, the structure of the capital markets will remain largely unchanged. Whilst there may be some disintermediation, capital raising and distribution will follow the same channels as it has for centuries.

But what if it doesn’t? How ready are we for a world in which capital raising is no longer in the hands of investment banks and where the mere concept of ‘listing’ securities no longer applies?

Despite the huge amount of progress made in DLT adoption in the last three years, the industry is still far from comfortable operating in a defi world.

Most discussions continue to begin and end with “that needs attention” still - as even the most bullish and commercially motivated Defi advocates profess to being only moderately comfortable with the concept of a decentralised business model.