Company: Tokenovate
Founder and CEO: Richard Baker
Website: https://www.tokenovate.com/
About Tokenovate
Post-trade remains one of the most operationally complex, costly and risk-prone areas of capital markets, a challenge Tokenovate set out to solve.
Trades pass through custodians, brokers, administrators and internal teams, with each party maintaining its own records and data formats. This fragmentation leads to re-keying of data, manual reconciliation, delayed confirmations and reliance on spreadsheets, emails and calls to resolve exceptions.
Every manual hand-off introduces operational risk. As markets move toward shorter settlement cycles, there is less time to identify and resolve breaks, increasing the likelihood of settlement failure and liquidity becoming trapped. To compensate, firms hold capital buffers “just in case”, reducing capital efficiency.
Post-trade systems often do not “speak the same language”, with inconsistent data models
creating reconciliation overhead. While standards like the FINOS CDM provide clarity, many firms struggle to translate those definitions into automated, end-to-end processes. Approaches like Digital Regulatory Reporting (DRR) point to a future where a single, unified trade record can support settlement, collateral and reporting across the full lifecycle.
Tokenovate’s approach
Tokenovate was founded in 2022 to modernise how post-trade operates. Instead of relying on people to interpret contracts and push processes forward, Tokenovate turns the agreed legal terms of a trade into automated actions. Each lifecycle event automatically triggers the next step, ensuring the process moves forward without manual intervention.
By embedding shared rules into smart legal contracts, Tokenovate ensures all parties operate from a single, unified real-time source of truth. This reduces reconciliation effort, lowering operational risk and releasing liquidity earlier. Trades move from execution to settlement, with traditional hand-offs between front, middle and back office disappearing.
Tokenovate provides a pathway to tokenised, real-time settlement without requiring firms to rip out existing infrastructure. The platform integrates with legacy systems, enables interoperability and operationalises standards like the CDM, turning them into engines for post-trade workflows.
As markets transition to T+1 and look to T+0, Tokenovate enables instant, atomic, and legally final settlement, freeing liquidity the moment a trade completes.
Recent developments
Over the past year, Tokenovate has accelerated from platform development into market execution.
In November last year, it launched Novat, its programmable settlement protocol. Novat 3x3cut3s contractual obligations as atomic, single-use events that ensure deterministic settlement and enable shorter cycles with earlier liquidity release. Novat is now moving into client deployments.
This month, Tokenovate has also been selected as one of 18 participants in the Bank of
England’s RTGS Synchronisation Lab, exploring how coordinated cash and asset movements linked to central bank money could support automated wholesale settlement and derivatives and collateral workflows.
Tokenovate has also expanded its engineering and delivery teams to meet increasing client
demand and deepened collaboration with ISDA and FINOS to advance operational use of the CDM.
By embedding CDM logic into executable workflows, it is turning industry standards into infrastructure that reduces breaks, supports T+1 readiness and enables interoperability across legacy and digital systems.
These developments demonstrate Tokenovate’s momentum in modernising post-trade and operationalising industry standards.
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