France’s Lise Wins DLT Greenlight, Targeting 2026 Stock Exchange IPOs On-chain
France has approved the Lightning Stock Exchange (Lise), its first fully tokenized equity platform, marking a pivotal shift in public market infrastructure. The exchange secured a DLT TSS license under the EU’s Pilot Regime, enabling blockchain-based operations within traditional frameworks.
Lise merges Multilateral Trading Facility and Central Securities Depository functions on a single distributed ledger—a European first. This integration eliminates settlement delays, reduces counterparty risk, and could enable 24/7 trading, fundamentally reshaping capital market mechanics.
The platform, backed by BNP Paribas and Bpifrance, specifically targets small and mid-cap firms historically excluded from public markets. "This is a true breakthrough for capital markets," stated CEO Mark Kepeneghian, signaling a new era for equity access.
