I think the biggest problem is that nobody is working in the clearing and settlement areas. Nasdaq, BATS, etc., do not touch that aspect of it, although Nasdaq

I think the biggest problem is that nobody is working in the clearing and settlement areas. Nasdaq, BATS, etc., do not touch that aspect of it, although Nasdaq has tried their hand at clearing in the past. The big players that you'd expect to move first in traditional financials would be the clearing houses, notable The Clearing House and Apex, with Apex, as the scrappy upstart, seeming to be the obvious candidate for offering vaulting/clearing facilities for cryptocurrencies. I'm surprised they haven't made a move into it, though I've heard rumbling that they've been dipping their toes into the space.