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[Music] better cross-border settlement arrangements are needed to support the global financial system settlement is what happens after a trade in any market its the various back office procedures that ensure the buyer receives the asset and the seller receives the money today settling financial transactions across borders and currencies is often complex slow expensive and may involve risks project jura investigated whether distributed ledger technology can help make settlements simpler cheaper and faster using wholesale central bank digital currencies or wholesale cbdcs it tested the cross-border settlement of a tokenized financial instrument and the settlement of foreign exchange transactions between french and swiss financial institutions the experiment took place in a near real setting with real value being transferred involving the test platform of a licensed central securities depository for tokenized assets the transactions were conducted under the current legal and regulatory