London Stock Exchange Launches DiSH to Deliver Instant, Programmable Global Settlement

TLDR

• DiSH enables instant, programmable settlement using commercial bank money 24/7.
• The platform supports PvP and DvP across digital and traditional asset networks.
• DiSH improves liquidity by shortening settlement cycles and freeing trapped assets.
• The service operates as both a ledger and notary across multiple networks.
• LSEG positions DiSH as a core layer for next-generation global market infrastructure.

The London Stock Exchange Group introduced DiSH as a new digital settlement service that targets faster and programmable global settlement. The platform enables immediate transfers of commercial bank money and supports real-time settlement across traditional and digital networks. Moreover, the launch signals a major shift toward integrating tokenised cash with established financial infrastructure.

DiSH Extends Real-Time Cash Mobility Across Markets

DiSH provides institutions with a structure that moves commercial bank deposits instantly while supporting multiple currencies and jurisdictions. The service records ownership on the DiSH ledger, and it enables continuous transfers that reduce settlement delays. The platform offers a programmable framework that coordinates payments across independent networks.

Market participants gain access to 24/7 settlement features that support both PvP and DvP workflows across asset classes. DiSH also connects cash movements with digital asset transactions, which supports greater operational flexibility. The platform allows users to unlock assets that usually remain tied up during settlement cycles.

LSEG designed DiSH to operate through its Post Trade Solutions division, which manages rulebook standards and membership structures. The framework aligns commercial banks and institutions under a consistent operating model. The structure positions DiSH as a settlement layer that supports diverse clearing and funding requirements.

DiSH Supports Liquidity Optimization and Intraday Flexibility

The service enables continuous liquidity management, as DiSH allows institutions to move commercial bank money without restricted operating hours. The platform supports intraday borrowing and lending tools that help institutions manage obligations more efficiently. Moreover, the immediate settlement of cash strengthens balance sheet usage and reduces operational bottlenecks.

By shortening settlement timelines, DiSH reduces counterparty exposure and supports synchronized settlement across linked networks. These features increase collateral availability because assets return to use faster. Additionally, the improved settlement rhythm enhances transparency across the post-trade process.

LSEG positioned DiSH to coordinate settlement both on its ledger and as a notary across other networks. The notary function supports interoperability without requiring institutions to migrate infrastructure. As a result, DiSH adapts to varied market systems and aligns traditional processes with emerging digital workflows.

DiSH Builds on Multi-Bank Participation and Technology Integration

The launch follows a PoC that involved Digital Asset and several major institutions, which tested transactions across the Canton Network. The PoC used commercial bank deposits held at participating banks, and DiSH recorded ownership on its ledger. The deposits were tokenised to form a usable cash leg for settlement.

DiSH now expands this model by linking participants through a shared commercial bank deposit structure across multiple banks. The platform provides immediate ownership rights and programmable transfer capabilities. Consequently, the design supports global settlement needs while maintaining established banking standards.

LSEG aims to build a broad membership base as DiSH scales across more currencies and networks. The service offers operational consistency for firms managing cash, securities, and digital assets under one coordinated system. Ultimately, DiSH positions LSEG to deliver a unified settlement environment that supports next-generation market infrastructure.

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