Insights from Global FX Trading Quorum, London (remote participation ex-London), 2 December 2025

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Summary 

• Banks and asset managers are rapidly advancing tokenized cash and settlement models, while regulators take divergent paths.
• Stablecoins, tokenized deposits, and central bank digital money each serve distinct roles in emerging market structures.
• Settlement finality and trust remain decisive factors for institutional adoption.
  Interoperability is no longer a technical question alone, but a market-structure imperative

Conclusion

The session closed with consensus that digital assets are no longer a peripheral topic. Decisions made now - around cash, settlement, and governance - will shape the next generation of global market infrastructure.

The session closed with a reminder that Quorum 15 is uniquely positioned to bring industry and regulators together under neutral conditions - not to lobby, but to create shared understanding across Europe’s fragmented equity landscape.