Clearstream, DTCC and Euroclear have set out a shared framework for interoperability in digital asset securities, warning that fragmentation across distributed ledger networks could slow market development. Working with Boston Consulting Group, the three post-trade groups published a white paper mapping where industry coordination is needed across data, processes and responsibilities.

The paper focuses on interoperability issues emerging in decentralised finance and tokenised securities. It describes interoperability as a prerequisite for digital asset securities markets to function across multiple platforms and infrastructures, and warns that parallel networks could develop with limited connectivity between them.

Interoperability focus

The organisations define interoperability as a set of features and foundations that apply across the digital asset securities value chain. The framework groups requirements into five components: assets and liabilities; ownership recognition; asset lifecycle and movement protocols; ledgers; and legal and regulatory compliance.

Ownership recognition covers how market participants establish and validate who holds an asset at a given time. Asset lifecycle and movement protocols address the steps involved when securities are issued, transferred, serviced and redeemed. Ledgers are treated as record-keeping systems that may need to interact across institutions and networks. Legal and regulatory compliance sits alongside these operational elements as a condition for scaling activity across jurisdictions and institutions.

Rather than propose a single technical standard, the framework highlights where coordination can reduce barriers between infrastructures. It calls for alignment on data standardisation, process harmonisation and consistent role definitions across different parts of the market.

The paper builds on a 2024 joint publication by the same groups that set out Digital Asset Securities Control Principles, covering legal certainty, regulatory compliance, resilience and security, safeguarding customers’ assets, connectivity and interoperability, and operational stability.

Market context

Financial market infrastructures sit at the centre of clearing, settlement and custody in traditional securities markets. Their interest in tokenised securities has grown as issuers, banks and asset managers test how distributed ledger technology can be used for issuance and post-trade processing.

As pilots and early production systems expand, how assets move between networks has become a practical issue. Ledger designs vary, as do approaches to permissions, identity and compliance controls. Participants also face different rulebooks and regulatory expectations across countries.

The white paper argues these differences can create friction when institutions try to connect new DLT-based rails with existing post-trade systems. It also frames fragmentation as a structural risk if each network develops its own operational assumptions and data models.

Nadine Chakar, Managing Director and Head of Digital Assets at DTCC, said interoperability requires shared objectives across data, standards and risk management.

“Interoperability is the cornerstone for digital assets adoption and scalability. Participants must focus on data, standards, and sound risk management as common objectives to bridge TradFi and DeFi with integrity, security, and trust,” said Chakar .

Chakar stated that the control principles and the interoperability framework together offer a practical way to apply shared data standards, implement uniform processes and assign roles that the industry can adopt now. She said continued collaboration with Clearstream and Euroclear will help develop asset interoperability solutions that lower costs, accelerate innovation and support a resilient, scalable digital future.

Jens Hachmeister, Head of Issuer Services and New Digital Markets at Clearstream, described the work as an extension of the firm’s engagement on interoperability and market harmonisation.

“The framework presented in this white paper is testament to our ongoing engagement for interoperability, enabling harmonization, driving adoption, and unlocking value,” said Hachmeister.

Hachmeister said traditional infrastructure will remain relevant alongside newer ledger-based systems.

“Our perspective is pragmatic and always focusing on our clients – traditional infrastructures and DLT are likely to need to coexist for years to come, and we believe that industry collaboration remains the most effective way to develop the ecosystem of the future,” he added.

Isabelle Delorme, head of product strategy and innovation at Euroclear, said scaling DLT markets will depend on consistent treatment of assets across infrastructures.

“Interoperability will be essential for DLT markets to scale successfully in the coming years,” said Delorme.

Delorme noted that the industry must treat assets consistently across infrastructures, enhance digital-asset liquidity and enable open access to market infrastructures to deliver results for clients. She added that collaboration and market expertise can provide practical solutions to unlock value, accelerate adoption of DLT rails and support seamless global participation at scale.

Frédéric Brugère, Managing Director and Partner at Boston Consulting Group, said realising the value of digital asset securities will require a deliberate approach to interoperability across the value chain, and that responsibilities extend beyond large infrastructures.

“Digital asset securities have the potential to deliver very high value across the market. To free that potential, the industry needs to have an intentional approach to interoperability, setting up the right capabilities, controls and risk management along the value chain. Every actor, from FMIs to local banks, has a role to play, and we invite collaboration at every level,” said Brugère.

The authors said they expect participants to use the framework as they plan digital asset securities activity and assess how new networks interact with existing post-trade processes.