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T+2 settlement exists for a reason: it allows a single dollar of balance sheet to support hundreds of dollars in trading volume.

T+0 settlement is coming into existence for another reason: the enhanced UX of delivering assets instantly, as well as mitigating counterparty risk.

But this shift, while important, substantially limits liquidity and capital efficiency.

For global finance to properly achieve the T+0 goal, we need entities willing and able to bridge the gap with robust credit intermediation.

Read more on the subject from Axis cofounder @bidorder below.