A major appeal of Blockchain, more generically described as “Distributed Ledger Technology” (DLT), from the perspective of financial market participants has been the promise of simpler and less risky operational processes. But this is only a part of its full potential and misses an even bigger story: how DLT will enable a big disruptive shift in the shape of financial market structure.

This is the first of a series of posts where we outline a vision of a “Distributed FMI” (dFMI), a vision that goes beyond the narrow, technology-centric goals of operational efficiency improvements that are found in many DLT initiatives.

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