Future capital markets infrastructure: Fungible, fractionalised and fused 

As capital markets evolve, digital infrastructure is becoming essential to scale effectively. This is a guest feature from David Mercer, chief executive officer of LMAX Group.

Photo: David Mercer on X, July 10, 2025

Capital markets are being reshaped by blockchain’s ability to enable frictionless, on-chain settlement, payment, ownership transfer and potentially trading.

What once felt speculative has become an operational imperative. From micro-payments to large-scale FX flows and tokenised assets, decentralised infrastructure is steadily positioning itself alongside legacy systems as a foundation for a more efficient global market.

The convergence of traditional finance and digital assets is inevitable. Institutions with deep roots in capital markets are building and scaling digital infrastructure – not for hype, but in response to client demand, competitive pressure and the clear operational benefits of risk and value transfer.

Central to this shift is the rise of institutional-grade infrastructure.

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