Xchange Ep 9: Sibos and the triangle of T+1, 23x5 and tokenisation

Sibos 2026 just wrapped in Miami, but we look beyond the press releases and headlines to what surprised us at the event. We break down the conversations, or sometimes the lack of them, on certain topics. 

T+1 settlement, 23x5 clearing and trading and tokenisation are now completely connected. They make up the vast majority of work going on in the industry, and form a challenge for firms rethinking liquidity, cash movement and end-to-end processes. 

In episode 9 of our Xchange podcast, Barnaby Nelson, Emma Johnson and Mark Brannigan talk through:

• The post-trade triangle: how the three themes are interconnected, and should be considered together rather than as isolated initiatives 
• The impact of 23x5: the compression of time available for clearing, funding and settlement which has potentially not yet been fully grasped 
• Liquidity is the central use case for tokenisation: cash rails for digital assets may help funding needs when traditional systems are closed or slow