De Nederlandsche Bank and University of Tilburg
Professor Dr R.J. (Ron) Berndsen is Head of the Market Infrastructures Policy Department of De Nederlandsche Bank, Amsterdam and attached to the department of Economics at the University of Tilburg as professor of Financial Market Infrastructures and Systemic Risk (endowed chair).
He is a member of the Target2-Securities Board at the European Central Bank and a member of the Committee on Payments and Market Infrastructures at the Bank of International Settlements. He is also a member of the Advisory Council of the Swift Institute.
He has worked for De Nederlandsche Bank since 1992, including in various management functions in the field of monetary and economic policy. From 2003 to 2015 he was Head of the Oversight Department of De Nederlandsche Bank and in that capacity a member of the Payment and Settlement Systems Committee (ESCB) and cooperative oversight committees for CLS, EuroCCP, Euroclear, LCH.Clearnet and SWIFT.
He was awarded a doctorate with the Faculty of Economics and Business Administration of the University of Tilburg in 1992 for his thesis entitled ‘Knowledge representation and qualitative reasoning in economic models'.
In this paper, the authors aim to provide an interpretation of the legal issue of settlement finality in the context of proof-of-work distributed ledger technology, such as the Bitcoin network.