Governing Tokenised Settlement: Governance Framing, Misalignment, and Selective Adoption in Regulated Financial Markets

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This research explores the governance challenges introduced by tokenization within settlement and Financial Market Infrastructures (FMIs). It addresses a critical literature gap by investigating the responsibilities, interventions, and control paradigms among key actors such as regulators and technologists. Utilizing document-based discourse analysis, interviews, and written responses, the study identifies misalignments through coding methodologies. Key findings discuss themes of...