Here is the edited transcript:

CDS

We shouldn't forget that we are operating in exchanges, settlement systems, credit default swap (CDS) and depositories. These are the cornerstones of the financial system because these are trusted and need to be trusted. That's why these are heavily regulated because these perform a critical function. When you think about distributed ledger technology (DLT) and decentralised ownership, from a purely technical perspective, you may think, well it may work. Why not? If there's a trade, all the nodes validate the trade, there's no centralised entity to administer and decide which trades are good ones or not, but it's validated by consensus. 

We've seen different attempts, different ways of circumventing different problems. And we're still facing a situation in which the core problems are not solved. And one of these is the fact that marketing infrastructures are trusted entities. It's not easy to decentralise the trust. In the case of depositories, these are the notary of the system. We trust these because we know that the ownership of the shares is well kept by them and there won't be any confusion or any loss of information. And that's why these are heavily regulated. We have seen that in many cases. Blockchain and DLT are not necessarily offering the same type of confidence in the way they operate.

We have seen in reality that many of those efforts that were directed to replace some infrastructures by DLT, or by blockchain technologies, have been struggling with many of these issues for a long time. 

But we're still far away from understanding the role that these technologies could play in the real world where we have the need of trusted and heavily regulated entities, because we need to protect investors and we need to have the trust of the stakeholders.