What do 17th-century Dutch coffee houses, paper share certificates in wheelbarrows, and today’s digital asset markets all have in common? In this episode you'll find out, they’re all part of the same story: the evolution of financial market infrastructure.
Hosts Jonny Fry and Alex Bausch are joined by Oliver Margolis, Head of Product at ClearToken, for a candid explanation of the unseen systems that make markets work: the pipes and plumbing most people never think about until something breaks. The birth of public companies, Lloyd’s of London, the role of clearinghouses, central securities depositories, and regulation, the conversation tracks how trust, risk, and settlement have evolved over centuries.
Oliver explains how clearinghouses sit between counterparties to reduce risk, unlock capital, and prevent the “black swan” events that have repeatedly shaken the crypto industry. Using everyday examples, such as buying a coffee, this episode breaks down delivery versus payment (DVP), net settlement, and why pre-funding trades in crypto is a relic institutions can no longer afford.
The episode also marks a major milestone in ClearToken’s journey. Fresh from UK regulatory approval, Jonny, Alex and Oliver discuss launching live operations with tens of thousands of trades on day one and becoming the first firm admitted to the Bank of England’s Digital Securities Sandbox. From tokenised bonds and digital gilts to the future role of AI in capital markets, the discussion goes well beyond crypto, and toward a world where any asset, from securities to energy, can be traded, settled, and reused efficiently.
Participants:
Oliver Margolis: https://www.linkedin.com/in/olivermargolis/
Jonny Fry: https://www.linkedin.com/in/jonnyfry/
Alex Bausch: https://www.linkedin.com/in/alexbausch/
Find out more about ClearToken: https://cleartoken.io/
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