INVITE — Jef U: Exploring Tokenisation Implications for European Market Infra

Research evidence excerpt

INVITE — Jef U: Exploring Tokenisation Implications for European Market Infra

EUROPE | Brokers, Asset Mgrs &

Exchanges EquityJuneResearch22, 2026

INVITE — Jef U: Exploring Tokenisation

Implications for European Market Infra

Please join us for an expert call with Dr Peter Golder, formerly Group Head .

of Digital Assets at LSEG, on Monday, June 29, at 4:00 PM BST / 5:00 PM

CEST / 11:00 AM EDT. Register HERE.

Background

Tokenisation has become a major topic across global market infrastructure. In the US in

particular, rapid progress is being made around continuous market hours, capital efficiency,

and collateral mobility. Given its far greater fragmentation and lack of regulatory alignment

(for now), such developments tend to come to Europe with a lag (T+1 being a case in point).

However, it’s already important, in our view, to consider relative positioning, given the European

Commission sees tokenisation of financial instruments as a key component of capital markets

modernisation.

Indeed, as a single example, Deutsche Boerse’s Clearstream recently unveiled its NextGen

Digital Securities Infrastructure – a digital-first and fully hybrid post-trade infrastructure for

handling both traditional and digital securities. Under this, the full trade lifecycle, from issuance

to distribution, settlement, custody, asset servicing, liquidity and financing.

Discussion topics:

Is tokenisation merely an infrastructure upgrade to be pursued by market infrastructure•

incumbents or a disruptive shift?

To what extent does it provide superior solutions around mobilising collateral, speeding•

up settlement, and extending market hours?

Can tokenisation replace CCP clearing over time?•

Will Europe progress with tokenised cash, deposits and securities to improve capital•