{"id":"https://openalex.org/W7166136284","doi":"https://doi.org/10.5089/9798229051354.001","title":"Financial Market Infrastructures Evolution in a Tokenized Economy","display_name":"Financial Market Infrastructures Evolution in a Tokenized Economy","publication_year":2026,"publication_date":"2026-06-26","ids":{"openalex":"https://openalex.org/W7166136284","doi":"https://doi.org/10.5089/9798229051354.001"},"language":"en","primary_location":{"id":"doi:10.5089/9798229051354.001","doi":"https://doi.org/10.5089/9798229051354.001","is_oa":true,"landing_page_url":"https://doi.org/10.5089/9798229051354.001","pdf_url":null,"source":{"id":"https://openalex.org/S4210171147","display_name":"IMF Working Paper","issn_l":"1018-5941","issn":["1018-5941","2227-8885"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":"https://openalex.org/P4310316166","host_organization_name":"International Monetary Fund","host_organization_lineage":["https://openalex.org/P4310316166","https://openalex.org/P4310321776"],"host_organization_lineage_names":["International Monetary Fund","United Nations"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"IMF Working Papers","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://doi.org/10.5089/9798229051354.001","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5038435663","display_name":"Yaiza Cabedo","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Yaiza Cabedo","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5109813405","display_name":"Tommaso Mancini-Griffoli","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Tommaso Mancini-Griffoli","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5059657156","display_name":"Fabian Sch\u00e4r","orcid":"https://orcid.org/0000-0002-8961-5372","observed_orcids":["https://orcid.org/0000-0002-8961-5372"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Fabian Sch\u00e4r","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0002-8961-5372","affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5120456216","display_name":"Nicolas Zhang","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Nicolas Zhang","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.48314171,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"2026","issue":"136","first_page":"1","last_page":"1"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":0.9609000086784363,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},"topics":[{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":0.9609000086784363,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T13346","display_name":"Digital Transformation in Financial Services","score":0.03310000151395798,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.003000000026077032,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/financial-market-infrastructure","display_name":"financial market infrastructure","score":0.8870000243186951},{"id":"https://openalex.org/keywords/tokenization","display_name":"tokenization","score":0.9760000109672546},{"id":"https://openalex.org/keywords/distributed-ledger-technology","display_name":"distributed ledger technology","score":0.9829999804496765},{"id":"https://openalex.org/keywords/smart-contracts","display_name":"smart contracts","score":0.9909999966621399},{"id":"https://openalex.org/keywords/central-securities-depositories","display_name":"central securities depositories","score":0.972000002861023},{"id":"https://openalex.org/keywords/central-counterparties","display_name":"central counterparties","score":0.9959999918937683},{"id":"https://openalex.org/keywords/trade-repositories","display_name":"trade repositories","score":0.996999979019165},{"id":"https://openalex.org/keywords/settlement","display_name":"settlement","score":0.4580000042915344},{"id":"https://openalex.org/keywords/collateral-management","display_name":"collateral management","score":0.8759999871253967},{"id":"https://openalex.org/keywords/operational-risk","display_name":"operational risk","score":0.7480000257492065},{"id":"https://openalex.org/keywords/governance-risk","display_name":"governance risk","score":0.9710000157356262},{"id":"https://openalex.org/keywords/financial-stability","display_name":"financial stability","score":0.7149999737739563}],"concepts":[{"id":"https://openalex.org/C2777910564","wikidata":"https://www.wikidata.org/wiki/Q694563","display_name":"Collateral","level":2,"score":0.7080000042915344},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6259999871253967},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.586899995803833},{"id":"https://openalex.org/C2777541363","wikidata":"https://www.wikidata.org/wiki/Q25110971","display_name":"Distributed ledger","level":3,"score":0.5853999853134155},{"id":"https://openalex.org/C176982825","wikidata":"https://www.wikidata.org/wiki/Q835922","display_name":"Lexical analysis","level":2,"score":0.5335999727249146},{"id":"https://openalex.org/C26517878","wikidata":"https://www.wikidata.org/wiki/Q228039","display_name":"Key (lock)","level":2,"score":0.41839998960494995},{"id":"https://openalex.org/C139043278","wikidata":"https://www.wikidata.org/wiki/Q837171","display_name":"Financial services","level":2,"score":0.41690000891685486},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.415800005197525},{"id":"https://openalex.org/C540431452","wikidata":"https://www.wikidata.org/wiki/Q16319025","display_name":"FinTech","level":3,"score":0.37380000948905945},{"id":"https://openalex.org/C203043789","wikidata":"https://www.wikidata.org/wiki/Q138461","display_name":"Digital economy","level":2,"score":0.3702000081539154},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.3635999858379364},{"id":"https://openalex.org/C188087704","wikidata":"https://www.wikidata.org/wiki/Q369577","display_name":"Standardization","level":2,"score":0.34549999237060547},{"id":"https://openalex.org/C20136886","wikidata":"https://www.wikidata.org/wiki/Q749647","display_name":"Interoperability","level":2,"score":0.3425999879837036},{"id":"https://openalex.org/C2777632292","wikidata":"https://www.wikidata.org/wiki/Q315515","display_name":"Discretion","level":2,"score":0.33309999108314514},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.3303999900817871},{"id":"https://openalex.org/C2778860618","wikidata":"https://www.wikidata.org/wiki/Q157499","display_name":"Goodwill","level":2,"score":0.3059999942779541},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3028999865055084},{"id":"https://openalex.org/C2779721758","wikidata":"https://www.wikidata.org/wiki/Q400707","display_name":"Market manipulation","level":2,"score":0.3027999997138977},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.3005000054836273},{"id":"https://openalex.org/C2986840890","wikidata":"https://www.wikidata.org/wiki/Q837171","display_name":"Financial sector","level":2,"score":0.29980000853538513},{"id":"https://openalex.org/C159091798","wikidata":"https://www.wikidata.org/wiki/Q157165","display_name":"Creditor","level":3,"score":0.2937000095844269},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.2924000024795532},{"id":"https://openalex.org/C2779547435","wikidata":"https://www.wikidata.org/wiki/Q1121492","display_name":"Directive","level":2,"score":0.26930001378059387},{"id":"https://openalex.org/C121017731","wikidata":"https://www.wikidata.org/wiki/Q11661","display_name":"Information technology","level":2,"score":0.2653999924659729},{"id":"https://openalex.org/C121087249","wikidata":"https://www.wikidata.org/wiki/Q546395","display_name":"Emerging markets","level":2,"score":0.2506999969482422},{"id":"https://openalex.org/C91302708","wikidata":"https://www.wikidata.org/wiki/Q2732056","display_name":"Ledger","level":2,"score":0.25060001015663147},{"id":"https://openalex.org/C2777351106","wikidata":"https://www.wikidata.org/wiki/Q49371","display_name":"Legislation","level":2,"score":0.25040000677108765}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.5089/9798229051354.001","doi":"https://doi.org/10.5089/9798229051354.001","is_oa":true,"landing_page_url":"https://doi.org/10.5089/9798229051354.001","pdf_url":null,"source":{"id":"https://openalex.org/S4210171147","display_name":"IMF Working Paper","issn_l":"1018-5941","issn":["1018-5941","2227-8885"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":"https://openalex.org/P4310316166","host_organization_name":"International Monetary Fund","host_organization_lineage":["https://openalex.org/P4310316166","https://openalex.org/P4310321776"],"host_organization_lineage_names":["International Monetary Fund","United Nations"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"IMF Working Papers","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.5089/9798229051354.001","doi":"https://doi.org/10.5089/9798229051354.001","is_oa":true,"landing_page_url":"https://doi.org/10.5089/9798229051354.001","pdf_url":null,"source":{"id":"https://openalex.org/S4210171147","display_name":"IMF Working Paper","issn_l":"1018-5941","issn":["1018-5941","2227-8885"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":"https://openalex.org/P4310316166","host_organization_name":"International Monetary Fund","host_organization_lineage":["https://openalex.org/P4310316166","https://openalex.org/P4310321776"],"host_organization_lineage_names":["International Monetary Fund","United Nations"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"IMF Working Papers","raw_type":"journal-article"},"sustainable_development_goals":[{"score":0.5378999710083008,"id":"https://metadata.un.org/sdg/9","display_name":"Industry, innovation and infrastructure"}],"sustainable_development_goals_aurora":[{"score":0.42137056589126587,"id":"https://metadata.un.org/sdg/9","display_name":"Industry, innovation and infrastructure"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":[],"abstract_inverted_index":{"This":[0],"paper":[1],"examines":[2],"how":[3,84],"tokenization":[4,93],"and":[5,34,45,59,74,83,109,124,131],"distributed":[6],"ledger":[7],"technology":[8,123],"may":[9],"transform":[10],"Financial":[11],"Market":[12],"Infrastructures":[13],"(FMIs)":[14],"by":[15,28],"enabling":[16],"smart":[17],"contracts":[18],"to":[19,78,97],"perform":[20],"a":[21,117],"growing":[22],"share":[23],"of":[24],"functions":[25,53],"traditionally":[26],"undertaken":[27],"central":[29,32],"securities":[30],"depositories,":[31],"counterparties,":[33],"trade":[35],"repositories.":[36],"It":[37,90],"argues":[38],"that":[39,92],"while":[40,105],"record-keeping,":[41],"settlement,":[42,73],"collateral":[43],"management,":[44],"reporting":[46,75],"can":[47,76],"increasingly":[48],"be":[49],"executed":[50],"on-chain,":[51],"key":[52],"requiring":[54],"legal":[55],"certainty,":[56],"governance,":[57],"accountability,":[58],"discretion":[60],"remain":[61],"institutional":[62],"in":[63,87,121],"nature.":[64],"The":[65,112],"analysis":[66],"assesses":[67],"which":[68,122],"activities":[69],"across":[70],"issuance,":[71],"clearing,":[72],"migrate":[77],"code,":[79],"where":[80],"limitations":[81],"persist,":[82],"risks":[85],"evolve":[86],"tokenized":[88],"environments.":[89],"finds":[91],"is":[94,116],"more":[95],"likely":[96],"reconfigure":[98],"than":[99],"eliminate":[100],"FMIs,":[101],"creating":[102],"new":[103],"efficiencies":[104],"introducing":[106],"novel":[107],"operational":[108],"governance":[110],"risks.":[111],"most":[113],"plausible":[114],"outcome":[115],"hybrid":[118],"FMI":[119],"model":[120],"institutions":[125],"jointly":[126],"provide":[127],"the":[128],"trust,":[129],"resilience,":[130],"oversight":[132],"required":[133],"for":[134],"financial":[135],"stability.":[136]},"counts_by_year":[],"updated_date":"2026-06-27T06:18:01.268640","created_date":"2026-06-27T00:00:00"}
