http://t0.com is the subject of the article.
I don't really understand what they are proposing...
"Settlement of securities is a business process whereby securities or interests in securities are delivered, usually against (in simultaneous exchange for) payment of money" [1]
How are the securities being managed here? Is some entity holding them in trust for whatever party controls an entry in the bitcoin ledger? What is the form of that entry?
Are bitcoins being used as the medium for payment?
[1] I copied the description from wikipedia for expediency: https://en.wikipedia.org/wiki/Settlement_(finance)