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Lise Launches Europe’s First Natively Tokenised Stock Exchange
France, Lise, Lightning Stock Exchange, Tokenisation, European DLT Pilot Regime
03 Nov 2025
France has officially authorised Lise (Lightning Stock Exchange) as the first natively tokenised stock exchange in Europe. Operating under the European DLT Pilot Regime, Lise integrates both trading and post-trade functions on blockchain. With backing from BNP Paribas, CACEIS, and Bpifrance, it marks a major step in the digital evolution of European capital markets.
The new chapter in financial innovation has begun in Europe with the launch of Lise, Lightning Stock Exchange, the first natively tokenised stock exchange authorised under the European DLT Pilot Regime. This development reflects the global shift towards blockchain-based finance, as leading institutions recognise the transformative potential of tokenisation in modern markets.
The move aligns with the growing global momentum towards asset tokenisation. Larry Fink, CEO of BlackRock, recently remarked that “the tokenisation of financial assets will mark the beginning of a new era for financial markets.”
BlackRock’s increasing initiatives to integrate tokenisation across its financial products (CoinDesk, October 14, 2025) highlight a structural shift that makes markets more efficient, transparent, and accessible. Lise’s vision and launch now put Europe firmly on this transformative path.
Authorised under the European DLT Pilot Regime
Lise has officially been authorised by the ACPR (Autorité de Contrôle Prudentiel et de Résolution) on 16 October 2025, in close coordination with the Banque de France, AMF, ESMA, the Eurosystem, and the European Central Bank (ECB).
This regulatory approval was granted under the European DLT Pilot Regime, a framework designed to test and scale distributed ledger technology (DLT) in financial market infrastructure.
Through this authorisation, Lise becomes:
- The first new stock exchange in France in nearly 100 years
- The first European stock exchange to operate 24 hours a day, seven days a week
- And the first infrastructure in Europe to integrate market (MTF) and post-trade (CSD) functions entirely on blockchain technology
This convergence represents a new-generation exchange, where all market mechanisms operate in a unified and tokenised framework.
Transforming the European capital market
Lise’s model enables instant settlement, continuous trading, and real-time access for all market participants. It eliminates long settlement delays and costly intermediaries traditionally seen in capital markets, offering a seamless and transparent experience for issuers and investors alike.
According to Mark Kepeneghian, CEO of Lise, “Larry Fink’s recent statements in major media are further signals that the tokenisation movement is gaining global momentum. France, already ahead in this field, continues to push forward. With Lise, we are going even further: we are building a truly tokenised infrastructure and providing a concrete response to the challenges raised by the European Union, particularly regarding the connection between savings and the real economy.”
Supported by leading financial institutions
Lise’s innovation is reinforced by strong institutional backing from major European players, including CACEIS (Crédit Agricole Group), BNP Paribas, and Bpifrance. These investors’ involvement demonstrates the growing confidence in tokenisation as a credible and scalable financial mechanism.
The first Initial Public Offerings (IPOs) on the Lise platform are expected in early 2026, signalling the beginning of a new phase for SMEs and mid-sized enterprises seeking accessible and efficient capital market entry.
Empowering SMEs and mid-cap companies
Designed specifically to serve European SMEs and mid-cap companies, Lise offers an inclusive, technology-driven marketplace that reduces the costs and complexities of IPOs.
The platform provides companies in energy, infrastructure, industry, and defence sectors with direct access to capital and liquidity, while investors benefit from a continuous secondary market available around the clock.
About Lise
Lise, Lightning Stock Exchange is a new-generation market infrastructure combining the roles of a Multilateral Trading Facility (MTF) and a Central Securities Depository (CSD) within one integrated platform.
Operating under the European DLT Pilot Regime, Lise facilitates the issuance, trading, and instant settlement of tokenised securities. Lise SA (LEI code: 894500LNKGRT1I5QBU56) is authorised by the ACPR as an investment firm (CIB 18883) and backed by CACEIS, BNP Paribas, and Bpifrance. In October 2025, Lise obtained its investment firm licence as an SNR-DLT and plans to conduct its first IPO in 2026.
