Podcast
Published 19 Nov 2025

Xchange episode 1: T+1 and funding -the scary story

What does T+1 mean for funding risk as markets accelerate, regulation evolves and tokenised collateral gains ground?

Xchange episode 1: T+1 and funding -the scary story
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This episode of Xchange explores how T+1 is reshaping funding risk, settlement discipline and post-trade priorities. Barnaby Nelson (The ValueExchange), Emma Johnson (The ValueExchange) and Mark Brannigan (The ValueExchange) discuss the pace of change in the US, ESMA’s draft technical standards on settlement efficiency and why tokenised collateral is becoming part of the next phase of market thinking. 

Speakers

Barnaby Nelson

Barnaby Nelson

Chief Executive Officer

VX
Emma Johnson

Emma Johnson

Head of Industry Advocacy and Insight

VX
Mark Brannigan

Mark Brannigan

Head of Xchange Product

VX

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T+1 is making funding pressure more immediate as settlement windows compress and firms face tighter operational and liquidity demands. The challenge is no longer theoretical. It is becoming a practical question of timing, control and readiness. 

In this first episode of Xchange, Barnaby Nelson, Emma Johnson and Mark Brannigan explore how accelerated settlement is affecting funding assumptions, operational risk and strategic thinking across capital markets.

The episode highlights:

  • Why T+1 makes funding pressure harder to manage

  • What recent developments in the US and Europe may signal

  • How tokenised collateral could affect future funding models

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