The Lightning Stock Exchange (Lise) has landed a DLT Pilot Regime license from France’s ACPR and AMF. It is the first French licensee and the third to have a combined trading and settlement system license (DLT TSS). This ability for a single entity to support both trading and settlement and sidestep the need to use a central securities depository (CSD) are some of the key exemptions the Pilot Regime provides from current legislation.
Each of the three DLT TSS licensees – Lise, Germany’s 21X and Lithuania’s Axiology – has a distinctive market position. Lise describes itself as the first EU tokenized stock exchange for small to mid size companies. It is an offshoot of Kriptown, which has a track record in this area. Lise is planning natively digital IPOs in early 2026. Germany’s 21X is positioning itself more as a real world asset (RWA) tokenization venue. For example, it aims to be a key venue for tokenized money market funds. For now, Axiology is eyeing bond trading.
A key benefit of integrating the trading and settlement venues is it enables instant on-chain settlement, with Lise planning to support 24/7 trading. CEO Mark Kepeneghian envisions the platform radically simplifying corporate actions for listed equities. It will also allow issuers to have a complete list of all investors, even when the tokenized stocks are held at custodians.
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