The Fuse Podcast: Unlocking collateral mobility with Distributed Ledger Technology

In this episode of The Fuse Podcast, Shruti Ajitsaria, Head of Fuse at A&O Shearman, leads a thought-provoking discussion on how distributed ledger technology (DLT) is reshaping the future of collateral management in global capital markets.  

Collateral—ranging from equities to fixed-income bonds—plays a critical role as a credit mitigant, yet inefficiencies in current systems create friction, settlement risks, and operational delays. Could DLT be the key to unlocking real-time settlement and reducing delivery-versus-payment failures? 

What does this mean for market participants, and how close are we to widespread adoption? What legal and regulatory frameworks need to evolve to support this transformation? And how will interoperability between traditional and digital systems shape the future of financial markets? 

Joining Shruti for this deep dive are three leading voices in the digital finance ecosystem: 

• Olly Benkert, Co-Founder and Chairman of HQLAx, a pioneer in using DLT to enhance efficiencies in securities finance and repo markets. 
• Mathew McDermott, Global Head of Digital Assets at Goldman Sachs, driving innovation in digital asset strategy and infrastructure. 
• Philippe Noeltner, Partner at A&O Shearman, specializing in debt securities issuance, fintech, derivatives, and market infrastructure. 

Together, they explore the opportunities and challenges of implementing DLT-based collateral solutions, from regulatory considerations to the likelihood of market adoption.  

The Fuse Podcast brings together industry leaders, technologists, and legal experts to explore the intersection of emerging technologies and law. Each episode offers practical insights into how innovation is reshaping business models, regulatory frameworks, and operational strategies. Designed for decision-makers navigating digital transformation, this series delivers forward-looking conversations that decode complex trends and spotlight actionable opportunities as technology drives the future of law. 

Related content 

Luxembourg strengthens its DLT Strategy with a new Bill – How Luxembourg is creating legal certainty for DLT-based financial instruments. 

Luxembourg introduces new legal framework for dematerialised securities using DLT – Expanding the use of DLT for equity and debt securities. 

Tokenisation of Bonds in Hong Kong: Lessons Learned – Practical insights from a real-world DLT bond issuance project.