We have discovered that modern versions of blockchain are more than capable of handling the volumes of transactions currently settled in our conventional systems. However, they are somewhat more resource-intensive and a fair bit slower. So the overall assessment hinges on a cost-benefit calculation over the entire lifecycle of, say, securities.
In the medium term, we imagine that DLT-based settlement systems might contribute to reducing overall transaction costs in securities settlement. And we are closely monitoring all related efforts. This relates only to the technological aspect. We are open to new devices, new settlement techniques or new message systems. What presents more of a fundamental issue, however, is money.