EUROPE | Brokers, Asset Mgrs & Exchanges

Research evidence excerpt

EUROPE | Brokers, Asset Mgrs & Exchanges

EUROPE | Brokers, Asset Mgrs &

Exchanges EquityJuneResearch19, 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, just last week Deutsche Boerse’s Clearstream 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•