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Adjust the inputs to reflect your portfolio. All estimates are indicative and based on published research.
5.0%
0.74%
Settlement float freed annually
—
10-year value
—
Capital tied up between trade and settlement carries a cost.
Atomic settlement releases it. This figure reflects your inputs
above.
Further opportunities from tokenisation
Beyond settlement, industry research points to material
back-office cost reductions across three functions. These are
published industry findings, not an estimate of your specific
costs.
Fund accounting & reconciliation
~30%
cost reduction (industry research)
Registry
~25%
cost reduction (industry research)
Compliance & trade execution
~24%
cost reduction (industry research)
Flagship brief, free with your report
The Commercial Case for Tokenisation
Revenue, cost, capital, and positioning in Australian regulated
financial services. 18 pages, fully sourced.
→
Estimates are indicative only and based on published research: DFCRC
(2026)
Unlocking Australia's $24 Billion Digital Finance Opportunity; Calastone (2025)
Decoding the Economics of Tokenisation and
Tokenisation at Work. The headline figure is settlement
float, modelled as portfolio value × (settlement days / 365)
× cost of capital, assuming annual settled value approximately
equal to portfolio value. Settlement days vary by asset type:
investment funds and corporate bonds use the Australian conventional
cycle of T+2 (the US and Canada moved to T+1 in May 2024, but the
Australian market remains T+2); private equity and debt use a
conservative 5-day floor and real estate a 10-day floor, reflecting
that these assets settle on bespoke manual timelines rather than an
exchange cycle. The further-opportunity percentages (approximately
30% for fund accounting and reconciliation, 25% for registry, and
24% for compliance and trade execution) are per-function cost
reductions reported in the Calastone research (published rates of
29.79%, 25.21%, 23.75% and 21.88% respectively, from a survey of 26
global asset managers). These are industry findings shown for
context and are not applied to your specific costs or added to the
settlement-float figure. Operational error rates cited are drawn
from Calastone's benchmark fund data. Not financial advice.
Why tokenise? Why now?
The Commercial Case for Tokenisation
Our flagship brief for senior decision-makers at Australian fund managers, non-bank lenders, fintechs, and service providers. It moves tokenisation from a technology conversation to a commercial one.
Revenue expansion, new markets and
margin recovery
Cost reduction across the back
office
Capital efficiency and freed-up
collateral
Competitive positioning in a
closing window
Strategic optionality for the
years ahead
What separates firms that execute
from those that stall
The mechanics
Where the value comes from
Tokenisation removes the settlement float every fund carries. Beyond that, industry research points to back-office cost reductions across three functions, each with a published figure behind it.
01 · SETTLEMENT FLOAT
Conventional settlement locks your capital between trade and
settlement
Every transaction ties up assets and cash until it settles: two
business days for listed funds and bonds, and considerably
longer for private equity, debt and real estate that clear on
manual timelines. At a 5% cost of capital, a $1B listed fund
pays roughly AUD $274,000 a year just to service a two-day
delay, and private assets carry more. Atomic settlement
eliminates the float entirely.
02 · FUND ACCOUNTING & RECONCILIATION
Reconciliation is the largest single reduction
Industry research puts the cost reduction in fund accounting at
around 30%, the biggest of any back-office function.
Reconciliations alone average 18.3 errors per fund every month,
each costing over US$25,000 in remediation time. On a shared
ledger there is one record of truth, so most reconciliation work
disappears.
03 · REGISTRY
The ledger becomes the register
Maintaining the register of who owns what is the second largest
reduction, with around a 25% cost reduction in industry
research. On a tokenised fund, subscriptions, redemptions and
transfers update the ownership record automatically: no separate
registry to maintain, and no lag between trade and record.
04 · COMPLIANCE & TRADE EXECUTION
Rules enforced in code, trades that cannot half-settle
Industry research records around a 24% reduction in compliance
monitoring and trade execution costs. Smart contracts enforce
investor eligibility and limits at the point of transaction,
while atomic delivery-versus-payment designs out the trade
execution errors that currently average 10.6 per fund each month
at US$14,676 apiece.