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TONIC BOOM

TONIC BOOM

Written by: TONIC BOOM
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 This is TONIC BOOM! A podcast series brought to you by Tonic, the consultancy dedicated to giving Financial Markets firms MORE...Join our host, our resident expert ninjas and special industry guests as we drop the mic on everything from margin, post-trade, treasury, risk, and compliance, to sustainability and the decentralised finance landscape - all on a global scale. Are you ready for a dose of industry tonic? Economics Politics & Government
Episodes
  • 9: Digital Collateral – A Resilience Game Changer?

    9: Digital Collateral – A Resilience Game Changer?
    Aug 26 2025
    This episode is hosted by Tonic’s CEO Chris Watts, alongside Head of Digital Steven Czarnota. They’re joined by Kelly Mathieson (Chief Business Development Officer at Digital Asset) to explore the transformative potential of digital collateral and DLT (Distributed Ledger Technology) in building resilience across capital markets.

    Using real-world case studies - including the 2008 Global Financial Crisis, COVID-19 market shocks, and the 2022 UK LDI crisis - the team unpacks how legacy infrastructure amplified stress and how digital solutions might have changed the outcome.

    You’ll hear:
    • How DLT can deliver real-time collateral visibility and enhance market stability
    • Why smart contracts and tokenization reduce reconciliation and operational risk
    • The future role of tokenized physical assets like gold in meeting liquidity needs
    • How intraday mobility and tokenized MMFs could reshape margin management
    • The importance of interoperability across DLT platforms, including the Canton network

    Whether you’re navigating today’s challenges or preparing for the next market stress event, this episode offers practical insights into how digital infrastructure can unlock stronger, more resilient markets.

    If you’re not already exploring DLT and tokenized assets - this is your polite nudge to start.

    00:00 Introduction
    00:59 Topic Introduction: Digital Collateral – A Resilience Game Changer?
    02:12 Guest Introductions
    04:43 Segment: Two Truths, One Lie
    06:37 2008 Global Financial Crisis
    16:44 COVID-19 Pandemic
    24:02 2022 UK Gilt Crisis
    33:12 Impact of DLT and Tokenization
    38:41 Conclusion
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    38 mins
  • 8: Cost Optimisation Innovation - Part 2

    8: Cost Optimisation Innovation - Part 2
    Jul 22 2025
    In Part 2 of our special series, host Emma Watson dives even deeper into the evolving
    landscape of securities finance with Steve Lethaby and Andrew Turvey

    From the transformation of market infrastructure to how fintechs are reengineering
    workflows, this episode tackles the big themes shaping tomorrow’s market:

    • Settlement efficiency, collateral mobility & interoperability: how are iCSDs
    supporting cost optimisation across the market?
    • Real-time collateral optimization using AI & cloud-powered tech
    • Fintech disruption: How new platforms are slashing manual processes and
    reshaping trade execution
    • Strategic levers like triparty, auto-borrow, netting, and intraday repo
    • The growing buzz around T+1, tokenization, and custody-agnostic solutions
    • And the future: What’s next in sustainable cost optimization and data-led
    innovation?

    Expect frank insights, sharp observations, and a big focus on collaboration, data, and
    digitization - the building blocks of a more resilient, efficient market.

    📌 If you're in funding, liquidity, collateral, or just want to understand how operational
    precision is becoming a strategic advantage, this episode is a must-listen.
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    19 mins
  • 7: Cost Optimisation Evolution – Part 1

    7: Cost Optimisation Evolution – Part 1
    Jul 10 2025
    In this episode of TonicBoom!, host Emma Watson Tonic’s Securities Finance Lead is joined by industry experts Andrew Turvey (GLMX) and Steve Lethaby (Clearstream Banking) to unpack one of the most critical themes in today’s capital markets: driving efficiency in Securities Financing.

    From the evolution of repo markets post-GFC, to the ongoing digitization and regulatory pressures shaping today’s landscape, this episode explores what cost optimization truly means in securities lending and repo—and why it’s about much more than just cutting costs.

    You’ll hear:
    - Why the shift from legacy systems to scalable, tech-enabled solutions is accelerating
    -How buy-side and sell-side collaboration is unlocking new opportunities
    -The role of regulation, margin, and operational risk in shaping future strategy
    -The growing impact of central clearing and the road to T+1 in the UK and Europe
    - The shift in market risk from banks to shadow banking and NBFIs

    Whether you're a seasoned industry veteran or newcomer, this is your front-row seat to the strategies and structural shifts defining the next phase of Securities Financing.

    Stay tuned for Part 2, where we’ll dive deeper into technology, collateral optimization, and emerging challenges and solutions.

    00:00 Episode Intro
    02:17 Two Lies, One Truth Challenge
    05:37 Market's Focus on Cost Optimisation
    06:50 Impact of the Global Financial Crisis
    10:10 Where the Market Stands Today
    15:02 Future Directions in Securities Financing
    17:52 Episode Conclusion and Outro
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    18 mins
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