Programmable Settlement: a joint research paper from Murex and Quant

Scaling tokenization requires more than issuing digital assets. Institutions must also coordinate the cash leg, connect fragmented infrastructures, and maintain established controls across trading, risk and post-trade operations.

This jointly authored white paper from Murex and Quant explores how programmable settlement can address these challenges by synchronizing cash and asset movements as a single, conditional outcome across infrastructures. The paper demonstrates this approach through an end-to-end tokenized bond transaction, covering both successful settlement and rejection with full rollback. It then examines applications across repo and securities lending, collateral mobility, cross-currency payment versus payment and primary issuance. The white paper also sets out practical implementation considerations and a three-stage path to production.