This report analyses the impact that wide-spread adoption of tokenisation could have, discusses emerging opportunities and risks of the application of DLTs for financial markets and their participants, illustrated with case studies in OECD and non-OECD economies. It investigates the role of trusted third-party authorities in decentralised networks as guarantors of the connection between the on- and off-chain worlds, and explores the need for a tokenised form of central bank currency or stablecoin for the payment leg of security settlements on DLT-based trading venues.