Distributed Ledger Technology Working Group


This Working Group’s primary objectives are to focus on the education and creation of thought leadership for ISSA participants engaged in Digital Assets (DA) and Distributed Ledger Technology (DLT) and to create an early awareness of developments in this new market such as Decentralized Finance(DeFI) and Non-Fungible Tokens (NFT), including recommend-dations to ISSA members on how to approach it.

Scope / Key Deliverables

The nature of DA and DLT solutions are constantly evolving in an immature marketplace. The Working Group areas of focus include topics which would benefit from best practices, industry standardization and interoperability between participants. These topics span DLT, DA, Central Bank Digital Currencies (CBDC), Stablecoins, NFT and DeFi. They are selected by the relative priority of the participating organisations but are approached from a Securities Services perspective.

The four current in scope topics include:

  • “Theory into Practice” – approaches for DLT Securities Services providers and DLT platforms. This edition is focused on the changes since 2019 in taxation, processes, standards and other topics.
    Key Deliverables: Publishing DLT “Theory into Practice” report 2022 (see link below).
  • 2022 “DLT in the Real World Survey” – update of the longitudinal study with The Value Exchange.
    Key Deliverables: Issuing the 2022 “DLT in the Real World Survey”, benchmarking and analysis of the results to inform the next set of priorities for the membership.
  • Crypto Custody (incl. DeFi and NFTs) in  the context of Principles of Custody best practices.
    Key Deliverables: Create paper on Crypto Custody addressing all aspects of Crypto Custody from Corporate Actions, Insurance, Key Management to Wallets. Focusing on how the best practices can be applied or adjusted for these asset types.
  • Continuation of the “ISSA Member Showcasing DLT deployments” podcast series.
    Key Deliverables: Issuing regular Podcasts of “DLT in the Real World” highlighting the successes (and challenges) of our members to the broadest audience. If your firm has not taken part please volunteer.

Podcasts / Articles

  • Podcast “DLT in the Real World” HQLAx and Deutsche Boerse (07/2022)
  • Podcast “DLT in the Real World” SDX and regulated Blockchain (03/2022)
  • Podcast “DLT in the Real World” DTCC’s Private Market Initiative (02/2022)
  • Podcast on “DLT – Voice of the Customer” Findings (11/2021)
  • Podcast of “DLT in the Real World Survey” Findings (11/2021)
  • Podcast Highlights of the ISSA & Value Exchange “DLT in the Real World Survey” (10/2020)
  • ISSA Article Tokenization, August 2019


  • DLT In the Real World Survey 2022 – Key Findings (07/2022) >2 MB
  • Revised DLT Asset Identifiers Matrix (07/2022) > Excel 417 kB
  • Report “Crypto Assets: Moving from Theory to Practise – Revision 2022 (04/2022 > PDF 973 kB
  • Report “Blueprint for CBDC in Post-Trade Settlement” (12/2021) > PDF 1.8 MB
  • DLT In the Real World Survey 2021 – Key Findings (09/2021) > 285 kB
  • DLT Asset Identifiers Matrix (09/2021)
  • Report “DLT – Voice of the Customer Survey 2021” (08/2021) > PDF
  • Industry Survey on “Adoption of DLT and Crypto-Assets” First Results (11/2019)
  • Report “Crypto-Assets: Moving from Theory to Practice” (11/2019) > PDF 1.2 MB
  • Report on “Tokenization – the Elegant Way Forward?” (08/2019) > PDF 321 kB
  • Report “Infrastructure for Crypto-Assets: A Review by Infrastructure Providers” (10/2018) > PDF 787 kB
  • DLT “Principles for Industry-Wide Acceptance” (06/2018) > PDF 1.2 MB
  • Report “General Meeting Proxy Voting on Distributed Ledger”, Product Requirements (11/2017) > PDF 685 kB
  • Cross-Reference Table aligning the Proxy Voting DLT solution with ISO 20 (11/2017) > PDF 395 kB
Urs Sauer DLT video

Working Group Co-Chairs

Urs Sauer, SIX Markets
Glen Fernandes, Euroclear

Executive Sponsor

Vivekanand Ramgopal, Tata Consultancy Services

Institutions Represented by Experts in the Working Group

  • Abu Dhabi Securities Exchange
  • Accenture Plc
  • Acupay System LLC
  • Aite Novarica
  • Banque Internationale à Luxembourg
  • BNP Paribas Securities Services
  • BNY Mellon
  • BVC/DECEVAL Colombia
  • Broadridge Financial Solutions
  • Bursa Malaysia
  • Capco
  • CDS Canada/TMX
  • Citibank
  • Clearstream
  • Consensys AG
  • Credit Suisse
  • CSCS Nigeria
  • DCV Chile
  • Deutsche Bank
  • Deutsche Börse Group
  • DTCC
  • DZ Bank AG
  • Euroclear
  • FIS Global
  • Fnality International Limited
  • Global Blockchain Business Council
  • Hashstacs 
  • HSBC Securities Services
  • IHS Markit
  • Indeval Mexico
  • Intesa Sanpaolo
  • ISSA
  • JPMorgan
  • KBC Bank
  • KDD (Central Securities Clearing Corporation), Slovenia
  • KSD Korea
  • Maroclear
  • Mauritius Commercial Bank
  • Monte Titoli
  • Myriad Group Technologies
  • Nasdaq Nordics
  • Nivaura Ltd
  • NSD Russia
  • NSDL India
  • R3 LLC
  • Royal Bank of Canada
  • SEB
  • Singapore Exchange
  • SIX
  • SLIB
  • Standard Bank
  • Standard Chartered Bank
  • State Street Bank & Trust Company
  • Strate
  • Swiss Re
  • Symbiont
  • Tata Consulting Services
  • Thailand Stock Exchange / CSD of Thailand
  • TMX
  • U.S. Bank
  • UBS