Overview
- Deloitte’s 2026 outlook highlights same‑day settlement and tokenized securities as pivotal experiments that could reduce visibility if reporting and audit trails do not keep pace.
- Accelerated timelines compress the window to correct errors, source cash, locate securities, and handle margin calls, raising operational and intraday liquidity pressures even as counterparty exposure may fall.
- The SEC is enabling limited trials through no‑action letters and staff guidance, and the CFTC is assessing tokenized collateral and dollar‑linked stablecoins for instant settlement use cases.
- A transition with parallel tokenized and conventional versions of the same assets is likely, complicating pricing, liquidity concentration, and order routing across venues.
- Deloitte urges firms to strengthen surveillance, documentation, auditability, and cybersecurity, framing 2026 as a make‑or‑break test for integrating tokenization into market infrastructure.