Tokenization Study

Cost savings potential of DLT based capital market infrastructures

A quantitative analysis.


potential cost savings

Experts from FinPlanet, Cashlink and Porsche Consulting have conducted a comprehensive study to analyze the potential cost savings that can be realized through the use of DLT in the capital market. To this end, the costs of a conventionally issued bearer bond were compared with a crypto security as defined by the eWpG along the entire value chain of a capital market transaction.

The study shows that the use of distributed ledger technology (DLT) in the capital market enables significant cost savings.

The authors of the study chose an independent “bottom-up” approach in order to be able to draw conclusions about the cost items from the processes involved in a capital market transaction. To evaluate the costs, capital market experts and market participants were interviewed and price and service specifications were analyzed. The study comes to the conclusion that a DLT-based capital market infrastructure can realize cost savings potential of up to 85% in the middle and back office processes by 2028 compared to the existing capital market infrastructure. Even today, there is already potential for cost savings of up to 22%, depending on the underlying assumptions.

The study also shows that the savings potential lies mainly in the middle and back office processes. In particular in the Corporate Actions & Asset Servicing and Clearing & Settlement processes.


If you have any questions about the study, you can submit them here via ChatGPT (Requires ChatGPT Plus) or contact us directly. 

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The financial technology company Cashlink offers a Europe-wide leading infrastructure for the tokenization of assets. Using blockchain technology, Cashlink enables the fully digital issuance of securities such as bonds, certificates or participation rights. In November 2021, the company received preliminary approval from BaFin to operate a crypto-securities registry that covers the entire value chain for the tokenization of securities. This allows financial institutions and FinTechs to benefit from the new possibilities of tokenization while saving costs and resources.

Benedikt Scheungraber

CMO/ Head of Growth




Simon Censkowsky

Senior Manager Strategic Business Development




FinPlanet is a Munich-based consulting company specialising in DLT-based capital market infrastructures for the financial sector. FinPlanet supports banks, stock exchanges, asset managers and FinTechs in the development of new DLT-based business models. FinPlanet supports its clients in the development of market entry strategies, the establishment of a target operating model and the subsequent implementation in the context of product-specific and regulatory requirements. In addition, FinPlanet has already supported several licence applications for DLT-based business models. FinPlanet’s team consists exclusively of experts who have already successfully established DLT-based business models for regulated institutions in leading positions.

Dr. Dirk Sturz

Managing Director & Founding Partner



Sebastian Liebscher

Managing Director & Founding Partner



Maximilian Ludwig, CFA

Managing Director & Founding Partner



Marius Bauer, CFA - Senior Manager Porsche Consulting GmbH

Marius Bauer is a Senior Manager at Porsche Consulting and has more than 10 years of experience in asset and wealth management. He advises his clients on complex strategic and conceptual issues, including in the areas of operational excellence and digital transformation. For more than 3 years he has also been supporting his clients in the transformation process around the topic of digital assets.


Cost savings potential of DLT based capital market infrastructures

A quantitative analysis.

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Talk to our experts

Simon Censkowsky

Strategic Business Development




Dr. Dirk Sturz

Managing Director & Founding Partner



Marius Bauer

CFA – Senior Manager, Porsche Consulting


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