HM Treasury publishes terms of reference for new Wholesale Digital Markets Champion

HM Treasury has published the terms of reference for the newly appointed Wholesale Digital Markets Champion, Chris Woolard CBE, setting out how Mr Woolard will work in partnership with industry and government to accelerate the digitalisation of UK wholesale financial markets. Mr Woolard will also provide leadership to co-ordinate the sector's wider implementation of digital as outlined in the Wholesale Financial Markets Digital Strategy published as part of the Leeds Reforms.

The Champion's key responsibilities include: (i) establishing a cross-industry taskforce, with representatives from across the market ecosystem, to provide input and support; (ii) delivering a report (by July 2027) to the Chancellor, developed with the sector, covering how UK wholesale markets can best adopt tokenisation and other related technologies, as well as how the sector and government can ensure DLT interoperability; (iii) promoting the delivery of the strategy across the sector; and (iv) coordinating with the Chairs of other related reform workstreams (including delivering T+1 settlement and removing paper shares). Mr Woolard will provide an initial forward plan, including plans to establish the industry taskforce by July. Mr Woolard has been appointed for 18 months.

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