UK authorities say industry feedback on wholesale tokenisation prioritises post-trade and collateral, with a cross-authority roadmap due later in 2026

What happened

• Specific facts/numbers: The FCA said it received 123 responses to its May 2026 call for input on tokenisation in wholesale markets; respondents said the main opportunity is in post-trade, especially improving how collateral moves between parties, and the Digital Securities Sandbox had 16 firms through its first stage.
• Institutions involved: The Financial Conduct Authority and Bank of England are leading the work, alongside references to HM Treasury’s Wholesale Financial Markets Digital Strategy, the Wholesale Digital Markets Champion, the Prudential Regulation Authority, and market participants including banks, asset managers, CSDs, CCPs, trading venues and fintechs.
• Regulatory/technical context: The authorities define tokenisation as representing assets and ownership on distributed ledger technology and are focusing first on tokenised securities such as bonds, equities and fund units. Their published materials tie the work to post-trade modernisation, collateral mobility, sandbox testing, and broader regulatory issues such as prudential treatment, custody/CASS and synchronisation.
• What to watch next: The FCA and Bank of England plan to publish a joint tokenisation roadmap later in 2026 with target dates for wholesale-tokenisation work. The FCA also said it is consulting on tokenised gold and plans a consultation on safeguarding relevant specified investment cryptoassets in the first half of 2027; no more specific milestone on settlement finality was identified in the readable sources.