Greg Medcraft, who chairs the International Organization of Securities Commissions (Iosco), a global standards body for the world’s securities watchdogs, said the technology was potentially “good for investors and issuers” but it still needed to reassure ordinary investors that their transactions are safe. “One way to get consumer confidence is that someone has to look after the issue of fraud,” he told the Financial Times on Monday. “At least at the start, exchanges will have to guarantee the customer behind [the trade].” Mr Medcraft’s comments come as the world’s largest exchanges step up their experiments with a technology few were even contemplating a year ago.

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