Ajmani Predicts Hybrid Capital Markets Future as US Holds Nearly 60% of Global Equity Value
Updated
Updated · Financial Times · Aug 7
Ajmani Predicts Hybrid Capital Markets Future as US Holds Nearly 60% of Global Equity Value
1 articles · Updated · Financial Times · Aug 7
Summary
Dini Ajmani said capital markets are likely to remain hybrid for the foreseeable future, with tokenized securities growing alongside traditional ones rather than replacing them.
Eight market-plumbing entities are already designated systemically important by the Federal Reserve, and Ajmani argued regulators will resist letting public-blockchain infrastructure become another “too big to fail” node.
Tokenizing securities also adds costs — including gas and congestion fees — raising questions over who pays, whether DTCC fees rise, and whether tokenized and traditional versions could develop separate pricing.
BNY, JPMorgan and CME are already backing tokenization efforts, but Ajmani said benefits such as 24/7 trading and faster access to cash may not justify extra costs for much of the investor base.
The debate matters because the US, with 4% of the world’s population and 25% of global GDP, still commands close to 60% of total equity value.