国际货币基金组织：金融市场代币化的最优策略（英文版）

: Competing broker initiatives to “tokenize” financial assets—i.e., represent them on programmable platforms—promise efficiency gains but raise concerns about market fragmentation. Policymakers in several countries are considering supporting such platforms or mandating their interoperability. We provide the first formal framework for analyzing optimal policy in this context. Brokers with heterogeneous market power compete to attract investors and execute their trades intra-broker or on a