◆ A pivotal moment for digital capital markets ◆ Who really benefits from bonds on the blockchain? ◆ FIG M&A in EuropeThere is no shortage of evangelists for digital capital markets. But adoption of bonds on the blockchain has been slow, not least because it hasn't always been obvious what problem the tech is solving, or how it can be widely implemented. This week, however, the ECB took a big step forward by launching trials of distributed ledger technology for bonds.We discuss what the ECB hopes to achieve with this initiative. We also debate whether it will change the face of finance or we know it, will fizzle out into nothing, or something in between. One thing is for sure: everything is to play for at this critical moment in the digitalisation of the bond market.We also took a keen interest in French president Emmanuel Macron's opinion this week that there is a need for consolidation among the EU's banks. Is big bank M&A on the agenda, and if so which firms? We also look into the likelihood of it happening as well as the pitfalls and benefits.