Jef U: Exploring Tokenisation Implications for European Market Infra

研报英文原文证据摘录

Jef U: Exploring Tokenisation Implications for European Market Infra

Insights with Experts

July 15, 2026

EUROPE | Brokers, Asset Mgrs &

Exchanges

EXPERT STUDIESJef U: Exploring Tokenisation Implications for

European Market Infra GUEST SPEAKER

Tokenisation is moving from experimentation towards early strategic Peter Golder

adoption. For exchange investors, the more interesting debate is no CEO – Addaura Limited, Akrong

Advisory Solutions, Board Advisorlonger whether tokenisation happens, but what problem it solves — capital of APEX:E3 Ltd;Former Group Head

efficiency, distribution, or new exposures — and how profit pools get of Digital Assets – London Stock

redistributed across the value chain. For European exchanges, relative Exchange Group plc

positioning, vertical integration and the pace of regulatory alignment will HOSTED BY

shape who captures the upside. Tom Mills

Research Analyst, Diversified

This report contains an edited version of the transcript. Financials

The debate has been technology-led; the harder question is the business model. Discussion

has focused on the tech stack, but the more consequential question is whether the industry

is replacing, replicating or redesigning market structure. Porting today's rails onto DLT risks

preserving inefficiencies. The more interesting framing is "asset agnostic infrastructure" — a

single stack processing any instrument, any asset class, 24/7 — which could compress cost

curves and shift where value accrues along the trade lifecycle.

Intraday collateral mobility is the most compelling wholesale use case. Moving eligible

collateral intraday could improve capital efficiency by 3–5% on large flow bases. Deutsche

Börse's stack — HQLAX feeding into Eurex and Clearstream — is an early beachhead, mobilising