Tokenised Assets Entering Financing Workflows

Recent market activity shows this shift from concept to operational use. DTCC reported in July 2026 that DTC-tokenized securities had been used in production trades covering collateral pledges, securities lending, U.S. Treasury repo delivery-versus-payment transactions and central counterparty margin workflows. The transactions demonstrated that tokenised representations of securities can participate in several collateral-related processes while remaining connected to established post-trade infrastructure.

Large institutional volumes on distributed-ledger repo infrastructure show that tokenisation is already being applied to core financing and collateral activity.

The emergence of these workflows also changes how market participants can think about digital securities. Instead of functioning only as digital representations of assets held for investment, tokenised instruments can become operational assets that move through financing arrangements and support liquidity needs. Broadridge’s distributed-ledger repo activity illustrates the scale that dedicated digital infrastructure can already process, although platform volumes should not be treated as a measure of the entire tokenised collateral market.

Collateral Eligibility Expanding with Market Infrastructure

The policy framework is developing alongside these market applications. From 30 March 2026, the Eurosystem began accepting eligible marketable assets issued through DLT-based services at central securities depositories as collateral for Eurosystem credit operations. The assets must still meet existing collateral requirements and be available for settlement in eligible systems, including TARGET2-Securities. The ECB is also examining how assets issued and settled entirely on DLT networks could become eligible in the future.

As digital securities become more embedded in collateral workflows, attention is also shifting toward how collateral can move between digital and conventional environments without creating new settlement or liquidity silos.

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T+1 compresses corporate-event timelines, leaving less time for entitlement processing, investor elections and adjustments to unsettled transactions.

These changes make corporate actions increasingly dependent on connected post-trade systems and reliable event data. The objective is not simply to accelerate processing after an event is announced, but to ensure that event information, settlement positions and investor instructions can move through the chain in the correct sequence. This creates a natural link to securities financing processes affected by shorter settlement windows.

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Settlement Failures Leaving Less Time for Recovery

When failed trades miss their intended settlement date, they can tie up securities or cash, create additional reconciliation work and require further intervention from counterparties and intermediaries. Under shorter settlement cycles, the same operational break can become more difficult to resolve because the time between trade execution and settlement has contracted. This is increasing attention on early detection of unmatched trades, incorrect settlement instructions and securities or cash shortfalls before they become settlement-day problems.

European settlement data shows why prevention remains important even when overall efficiency is high. T2S recorded average settlement efficiency of 93.5% by volume and 98.0% by value in 2025. These figures should not be interpreted as direct failed-trade rates, but they indicate that a remaining population of transactions still requires intervention or does not settle within the relevant efficiency measure.

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Expanding Tools to Attract Institutional Capital

Central to the growth in private capital mobilisation is the World Bank Group Guarantee Platform, which issued more than $25 billion in guarantees during FY2026. The platform is designed to reduce risk for private investors entering markets they might otherwise avoid, using the World Bank Group’s credit standing to back sovereign and sub-sovereign obligations. By offering guarantees alongside local-currency financing options and equity instruments, the institution is working to build investment structures that appeal to pension funds, insurance companies and asset managers seeking exposure to developing economies without bearing the full spectrum of frontier-market risk.

The institution is also advancing what it describes as an originate-to-distribute approach. Under this model, the International Finance Corporation and other arms of the World Bank Group originate investments in developing economies and then package and distribute them to institutional investors at greater scale. The approach is intended to create a pipeline of bankable assets that meet the risk-return requirements of large allocators, effectively broadening the pool of capital available for development.

A concrete example of this strategy in action is the recent financing involving Banco Industrial in Guatemala. IFC backing helped the financial institution access international capital markets, demonstrating how blended structures and credit support from multilateral bodies can open doors for borrowers in smaller or less liquid markets. Transactions of this kind illustrate how private capital mobilisation works in practice, connecting local financial institutions with global investors through standardised and replicable deal structures.

Geographic Reach and Remaining Gaps

World Bank data shows that private capital mobilisation in FY2026 reached $22 billion in Africa, $37 billion in lower-middle-income countries and $50 billion in upper-middle-income countries. These figures reflect meaningful progress in directing capital toward regions that have historically struggled to attract private investment at scale. However, private capital mobilisation in low-income countries remained around $3 billion, underscoring the persistent difficulty of drawing commercial finance into the most challenging environments. Observers have noted that while the overall trajectory is positive, the concentration of flows in middle-income markets raises questions about whether the benefits of private capital mobilisation are reaching the economies that need them most.

The World Bank Group has stated its ambition to mobilise more than $200 billion in private capital within two to three years. This target reflects the institution’s broader strategy of positioning itself not primarily as a lender but as a platform for crowding in private finance. Whether that ambition is achievable will depend on sustained demand from institutional investors, continued innovation in guarantee and distribution instruments, and the ability to scale successful models like the Banco Industrial transaction across a wider range of countries and sectors. For now, the $112 billion milestone in FY2026 represents the clearest evidence yet that the strategy of private capital mobilisation is gaining traction across developing economies.

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The partnership arrives at a time when international interest in Korean equities continues to grow, driven in part by Korea’s expanding role in the global semiconductor and artificial intelligence value chain. Through this agreement, both companies intend to combine their respective strengths to make trusted Korean market data more accessible and actionable for financial institutions around the world.

Scope of the Collaboration and Initial Focus on ETF Data

Under the terms of the LinqAlpha and KOSCOM MOU, the two organizations plan to collaborate across several areas. These include the provision of financial data, development of AI-powered investment analysis content and services, identification of joint customer needs, and related service and marketing initiatives.

The initial phase of the collaboration will center on ETF data. From there, both companies plan to expand the partnership into additional financial datasets and broader investment analysis applications over time. It is important to note that this agreement represents a memorandum of understanding rather than a completed commercial deployment, meaning the joint services are still under development.

KOSCOM brings deep expertise in financial data and technology infrastructure that currently supports securities firms, asset managers, and other financial institutions operating within the Korean capital markets. Established in 1977, KOSCOM has long served as a foundational technology provider for Korea’s financial ecosystem.

LinqAlpha, on the other hand, contributes its AI-native financial intelligence platform, which it describes as an Alpha Intelligence Layer for global financial markets. The company was founded by a team that includes former Goldman Sachs investment professionals, an MIT computer science PhD holder, and UC Berkeley MFE alumni. LinqAlpha currently serves more than 70 financial institutions across the United States, Europe, and Asia.

Bridging the Gap Between Korean Data and Global Institutional Investors

The LinqAlpha and KOSCOM MOU, is designed to address a persistent challenge facing global institutional investors seeking exposure to Korean equities. While interest in the Korean market has been rising, accessing reliable local data remains difficult for many international firms.

Hojun Choi, CEO of LinqAlpha, highlighted this challenge directly. “Global investors are paying increasing attention to Korea, but accessing local data can still be challenging,” Choi said. “Our partnership with KOSCOM is an important step toward bridging that gap.”

By pairing KOSCOM’s established Korean market data infrastructure with LinqAlpha’s AI investment analysis technology, the partnership aims to deliver financial intelligence that institutional investors can trust and act upon. The combination of deep local market knowledge and advanced artificial intelligence tools positions this collaboration to serve a growing need among global asset managers and securities firms looking to deepen their engagement with Korean financial markets.

As the partnership progresses beyond its initial ETF data focus, both companies expect to introduce additional services that further enhance access to Korean market data for the broader institutional investment community.

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Horacio Barakat, Global Head of Digital Innovation at Broadridge, said that tokenization is increasingly becoming the foundation of more programmable, connected and always-on financial markets. He noted that the Broadridge DLX platform gives market participants an accelerated pathway to operating on chain without sacrificing the controls, connectivity and operating models they rely on today.

How the Tokenization Platform Extends Broadridge’s Digital Asset Infrastructure

DLX builds on Broadridge’s established Distributed Ledger Repo capability for collateral mobility and securities financing, which processes more than $350 billion in daily activity across thousands of transactions. The new digital asset infrastructure extends that foundation into a broader multi-asset tokenization platform supporting issuance, trading, settlement, servicing, custody, governance and distribution.

The Broadridge DLX platform supports asset classes including bonds, equities, funds, private markets and money market instruments within a single consistent framework. By connecting tokenized workflows and a growing partner network with established market systems, DLX is designed to help firms reduce the complexity of operating on chain.

Through a modular, multi-chain architecture, the platform supports the full lifecycle of tokenized assets. Issuers can mint, issue, service, transact in and distribute tokenized financial instruments. Banks and broker-dealers can connect issuance, trading, transaction orchestration, settlement custody workflows and market infrastructure. Asset managers can tokenize and issue funds and investment products on-chain while connecting with institutional, intermediary and wealth management distribution channels. Institutional investors can access and transact in eligible tokenized products, and wealth management firms can integrate access to eligible tokenized assets and on-chain market capabilities into existing advisory and client-service models.

Institutional Orchestration Layer and Custody Models

At the centre of DLX sits an institutional orchestration layer that brings together tokenization, smart-contract services, trading and execution workflows, settlement, books and records, custody, wallet infrastructure and connectivity across digital asset markets, payment rails, compliance providers, custodians and distribution channels. This layer allows financial institutions to integrate tokenized asset activity into existing operating models without managing fragmented on-chain infrastructure independently.

The Broadridge DLX platform supports self-custody, third-party custody and hybrid custody models. This flexibility enables clients to determine how tokenized assets are held and administered based on their business strategy, risk framework and regulatory requirements.

By connecting issuers, investors, intermediaries, asset managers and wealth distribution channels through a common tokenization platform, DLX is designed to reduce fragmentation across the tokenized asset lifecycle and expand access to new distribution models for financial institutions operating in evolving digital asset markets. The settlement custody capabilities embedded within the platform round out its end-to-end positioning across the institutional value chain.

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The terms of the Altruist Acquisition were not disclosed. The transaction is expected to close later this year, subject to customary closing conditions, including required regulatory approvals.

Vanguard Agrees to Acquire Altruist

Vanguard first invested in Altruist in 2020, establishing an early connection with the wealth technology platform. Under the definitive agreement announced now, Vanguard will acquire Altruist in full, gaining direct access to Altruist’s technology and adviser platform. The Altruist Acquisition is expected to provide Vanguard with closer access to independent financial advisers and their clients, strengthening the firm’s position in the adviser-facing segment of wealth management.

Altruist combines a technology platform, specialised talent and established relationships with financial advisers. Under Vanguard ownership, Altruist is expected to have greater capacity and long-term support to invest further in its adviser technology and custody platform capabilities. This additional backing is intended to help Altruist expand its services for registered investment advisers who rely on modern digital infrastructure to manage client portfolios.

The Altruist Acquisition aligns with broader trends in asset management and financial services technology, where established firms are seeking to enhance their digital wealth management offerings through strategic acquisitions of adviser-focused platforms. For Vanguard, the deal is expected to complement its existing investment management business by adding a dedicated custody and technology layer tailored to independent financial advisers.

Altruist to Continue as Standalone Wealth Platform

Following the close of the transaction, Altruist is expected to operate as a standalone business. The company is expected to retain its leadership, brand, adviser focus and distinct operating model. This structure is designed to preserve the qualities that have made Altruist a recognised custody platform among financial advisers while allowing it to benefit from Vanguard’s resources and long-term commitment.

The standalone approach means that Altruist’s day-to-day operations, client relationships and technology development are expected to continue without disruption. Financial advisers who currently use Altruist’s platform should see continuity in their experience, with the added prospect of enhanced capabilities over time as the Altruist Acquisition enables further investment in the platform.

For the wider wealth management industry, the Altruist Acquisition underscores the growing importance of purpose-built adviser technology and custody infrastructure. As independent financial advisers increasingly seek integrated digital platforms, the combination of Altruist’s technology with Vanguard’s scale positions both entities to serve this evolving segment of the financial services market.

The Altruist Acquisition remains subject to regulatory approvals and other customary closing conditions before it can be finalised.

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Paris and Oslo are pushing biodiversity deeper into investment mainstream as BNP Paribas Asset Management collaborates with Storebrand Asset Management to lead a new working group for the Finance for Biodiversity Foundation.

The group will develop a nature transition model when it comes to financial institutions. It will be co-chaired by the head of climate and environment at Storebrand Asset Management, Emine Isciel, and Robert-Alexandre Poujade, biodiversity lead, BNP Paribas Asset Management. Julen Gonzalez, technical director of the Finance for Biodiversity Foundation, is going to coordinate the work.

The move comes as investors are increasingly being urged to consider the loss of nature as a financial risk, not just an environmental one. Biodiversity loss impacts food systems, land values, access to water, infrastructure, and insurance as well as supply chains. This creates both a portfolio exposure and a governance risk for asset managers as well as banks.

Biodiversity is a key pillar of the sustainability strategy of BNP Paribas Asset Management. In 2021, the firm launched its Biodiversity Roadmap. Its latest role builds on that work as part of a wider finance-sector effort aimed at practical tools for investment teams, asset owners, banks, and other financial institutions.

New Framework to Support Nature-Positive Finance

The Finance for Biodiversity Foundation working group will discuss how financial institutions can grow credible nature transition finance worldwide.

It will focus its work in three main areas. The first is to define the role of financial institutions in enabling nature-positive economic activity. The second is to convert that role into a practical framework for financial decision-making. Third, make sure the framework is consistent with the global nature-positive target.

The framework is designed to help investors recognize companies that are making credible progress towards better alignment with nature goals. It will draw on existing climate and nature guidance and emerging practice from the Finance for Biodiversity Foundation and the wider finance community.

The nature transition finance is still less developed than the climate transition finance for executives and investors. Many institutions have more explicit models for evaluating net-zero commitments than for assessing nature-based corporate action. The new framework is intended to fill that gap.

The work could raise expectations for companies around governance, disclosure, capital allocation, and operational change. For investors, it could allow for more consistent engagement with issuers across sectors exposed to nature risks.

BNP Paribas AM Sees Use Case Throughout Investment Platforms

It said the new framework could help investment teams at BNP Paribas Asset Management establish dedicated, standardized approaches across various investment platforms and fund offerings.

The firm said more clarity on the corporate nature of transition would help asset owners as well as clients. This could become more crucial as institutional investors respond to biodiversity loss, regulation, and demand for credible sustainability products.

The Biodiversity Lead, BNP Paribas Asset Management, said, “I am honoured to co-chair this new working group, which aims to harness the energy and ideas of the FfB community and partners. We heard the call that we need the equivalent of net zero for nature. That insight sparked the genesis of this initiative. Working towards a nature-positive financial system is an ambitious goal but could be difficult to achieve if nature remains absent from transition discussions and corporates lack financial incentives to transition. I look forward to implementing this nature transition model alongside our investment teams.”

His comments highlight a fundamental market issue. Without clear financial incentives, companies may find it difficult to act on nature. It may also be difficult for investors to judge progress without a common definition of credible shift.

A decision-useful framework might provide a clearer structure on both sides. It could also help finance teams tell the difference between high-level nature commitments and transition plans that are backed by measurable action.

Biodiversity – A Portfolio and Boardroom Issue

According to Global Head of Sustainability at BNP Paribas Asset Management, Jane Ambachtsheer, “There is growing awareness of the critical impact of biodiversity loss on the economy. By co-chairing this new working group, BNPP AM reinforces its commitment to be a leading player in the transition to a more sustainable economy. We look forward to continuing to evolve our partnership with the FfB Foundation, and to providing our clients with the tools and resources they need to take action.”

The message is loud and clear for the C-suite. Nature is stepping into the same strategic ring as climate and supply chain resilience as well as long-term capital planning.

The move also reflects a broader trend in sustainable finance. Investors are starting to ask companies if they can demonstrate solid transition strategies for all environmental systems, not just carbon. This involves land use, water, pollution, and impacts on ecosystems, as well as dependencies on biodiversity.

The framework could support the promotion of uniformity in market practice for policymakers as well as regulators. For asset owners, it could assist in stewardship priorities, manager selection, and product due diligence.

The global finance industry has been developing frameworks for climate risk as well as net-zero alignment for years. Nature now calls for an equivalent discipline. The participation by BNP Paribas Asset Management in the new working group is an example of how biodiversity is transitioning from specialist sustainability teams to the heart of investment decision-making.

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The fund became oversubscribed and closed at a higher hard cap, well above its $6.5 billion goal and its $6.6 billion 2023 vintage Pathfinder II fund. The fund held its first and final closing in less than six months from launch in January 2026 and happens to be the biggest global asset-based finance fund in the market, reflecting strong investor demand for Ares’ best-in-class Global Asset-Based Finance Fund as well as tactical asset-focused investing.

As previously announced, investors holding roughly $4.0 billion of commitments in Pathfinder II have decided to prolong the reinvestment period for a further two years. Pathfinder III and associated transaction vehicles: Ares Alternative Credit’s Pathfinder closed-end strategy has raised roughly $12.7 billion to make investments in Global Asset-Based Finance Fund during the past nine months with this incremental capacity.

As of March 31, 2026, Ares Alternative Credit had an estimated $57.3 billion in assets under management, which included about $33.1 billion in non-investment grade, net of Pathfinder III and associated transaction vehicles.

Ares contends that this is the largest pool of illiquid ABF capital within the market.

According to Co-Head of Alternative Credit at Ares, Joel Holsinger, “The speed and size of this fundraise underscore our investors’ confidence in our team’s differentiated track record of sourcing and underwriting relative value investment opportunities in ABF. “With 95 investment professionals, our team benefits from extensive experience and deep relationships as well as the breadth of the global Ares platform as we seek to drive attractive, risk-adjusted returns for our investors.”

Remarks Co-Head of Alternative Credit at Ares, Kevin Alexander, “Bolstered by market volatility as well as our team’s expanded capabilities across sectors, we are energized by the growing opportunity set across the ABF market. “We believe we have raised four of the five largest ABF funds in the market to date, strengthening our ability to capitalize on the demand driven by current market conditions and deliver customizable liquidity solutions at scale.”

Opines Co-Head of Alternative Credit at Ares, Keith Ashton, that “In addition to the value creation opportunity for our investors, this fundraise represents meaningful anticipated capital for charitable organizations through the Pathfinder family of funds’ innovative charitable pledge. We are proud to build on the Pathfinder philanthropic commitment, and with the launch of Promote Giving last year, Ares and the other signatories are advancing a new model for philanthropy across the investment industry – demonstrating that it is possible to prioritize investors’ returns while also driving positive outcomes for underserved communities.”

The Pathfinder family of funds is formed through a charitable tie-in whereby Ares, as well as the portfolio managers of Pathfinder, has agreed to contribute a minimum of 5-10% of the carried interest profits from the funds to charitable organizations that work in the fields of international health and education. Including Pathfinder III, the Pathfinder funds have almost $28.7 billion in assets under management in order to support this philanthropy as of March 31, 2026. To this point, the Pathfinder funds have already generated about $56.9 million in committed charitable contributions, based on performance to date.

Taking this model as a starting point, Ares and eight founding signatories launched Promote Giving, a pioneering model when it comes to philanthropy where signatories pledge to donate a minimum of 5% of their selected funds’ performance fees to charitable organizations that are dedicated to healthcare, education, and various other drivers of human well-being. Interestingly, since launching in October 2025, Promote Giving has expanded to 13 signatories.

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