Ahead of his session at Global Derivatives in May 2016, Massimo Morini, Head of Interest Rate and Credit Models , Banca IMI, discusses: From XVAs to Distributed Ledgers: modelling and accounting solutions for KVA and FVA issues and a more disruptive answer to them. XVAs have become increasingly important for quants. The challenge is to use ideas and techniques to manage XVAs holistically, without overlaps, on a reference set beyond netting or derivatives funding and with all the links to regulations and accounting in the right place. In addition to this core XVA issue is the growing relevance of disruptive innovation in finance. Specifically of significant relevance is the issue of Distributed ledgers and Decentralized clearing networks that can make contracts and markets much smoother and smarter than they are now. This opens up impressing possibilities for issues like collateral and closeout that have strong impact on XVAs.