The Monetary Authority of Singapore concluded an experimental project to facilitate domestic interbank payments through digital ledger technology, relying in part on creation of a digital representation of the Singapore dollar. MAS now plans to advance knowledge learned during this project to make fixed-income securities trading and settlement more efficient through DLT and to organize cross-border payments through central bank digital currency. Separately, the Securities and Exchange Commission disapproved a rule change proposed by the Bats BZX Exchange to list and trade shares of an exchange-traded fund tied to Bitcoin. The SEC denied Bats’ application, saying it did not have surveillance-sharing agreements with significant regulated markets that currently trade Bitcoin – which it said it needed to help prevent fraudulent and manipulative acts. (Click here to access a copy of the SEC’s determination.)