Meta Requirement

MR-4 - Reduce dependency on CSDs

Every securities transaction inevitably has to use the services of Central Securities Depositories (CSDs) or delegated depository banks along the clearing and settlement chain, creating a centralized bottleneck. The prototype shall avoid such central intermediaries if possible.

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design-knowledge/bond-markets-tokenization-tac-mr4

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Producer label: MR-4
Source paper: Designing the future of bond markets: Reducing transaction costs through tokenization
Timestamp: 2026-08-05T00:00:00+00:00
Bundle path: design-knowledge/bond-markets-tokenization-tac-mr4.md

bond-markets-tokenization-tacfinance-bondsmeta-requirementsecuritiestokenizationtransaction-costs

Meta-requirement MR-4: Reduce dependency on CSDs

Source paper

This meta-requirement is proposed by Designing the future of bond markets: Reducing transaction costs through tokenization (David Cisar, Benjamin Schellinger, Jens-Christian Stoetzer, Vincent Gramlich, Tobias Guggenberger, Nils Urbach, Florian Lennart Weiss, 2025).

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1 Design Objective

design-knowledge/bond-markets-tokenization-tac-do2

DO-2 - Reduce complexity (standardized interfaces and consolidated roles as well as responsibilities)

Since the conventional securities landscape is quite complex, the number of separated entities and manual processes leading to extensive TAC should be reduced to a minimum, with the issuance process as standardized as possible.

bond-markets-tokenization-tacdesign-objectivefinance-bondssecurities+2

1 Paper

papers/bond-markets-tokenization-tac

Designing the future of bond markets: Reducing transaction costs through tokenization

Using a transaction-cost-theory lens, the paper identifies seven meta-requirements and derives five design objectives for an Ethereum-based bond prototype, from which it formulates five design principles for blockchain-based bond markets: apply modular design, exploit multi-token standards, automate on-chain payouts, restrict forced-transfer functions to regulators, and implement smart-contract-based crypto securities registers.

blockchainbond-markets-tokenization-tacdesign-science-researchfinance-bonds+3

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Designing the future of bond markets: Reducing transaction costs through tokenization
Paper
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MR-4 - Reduce dependency on CSDs
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Designing the future of bond markets: Reducing transaction costs through tokenization
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Designing the future of bond markets: Reducing transaction costs through tokenization
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Resolved
Derived heading context: Source paper

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{
  "type": "meta-requirement",
  "title": "MR-4 - Reduce dependency on CSDs",
  "description": "Every securities transaction inevitably has to use the services of Central Securities Depositories (CSDs) or delegated depository banks along the clearing and settlement chain, creating a centralized bottleneck. The prototype shall avoid such central intermediaries if possible.",
  "resource": "https://doi.org/10.1007/s12525-025-00753-3",
  "source_paper": "Designing the future of bond markets: Reducing transaction costs through tokenization",
  "label": "MR-4",
  "tags": [
    "bond-markets-tokenization-tac",
    "meta-requirement",
    "finance-bonds",
    "tokenization",
    "transaction-costs",
    "securities"
  ]
}