Lightning Stock Exchange (Lise), a new stock exchange headquartered in France, is entering the market with bold ambitions to launch a fully tokenized stock exchange exclusively for small and medium-sized enterprises (SMEs).
France’s Prudential Supervision and Resolution Authority (ACPR) has issued a DLT Trading and Settlement (TSS) license to Lycée, paving the way for tokenized stock trading in Europe, the company announced on Thursday.
“This approval allows us to operate Europe’s first dedicated equities tokenized stock exchange,” Mark Kepenegyan, managing director of Lise, said in a statement on LinkedIn.
Backed by major French banks such as BNP Paribas and BPI France, Lise is a subsidiary of Cliptown, which positions itself as a “neo exchange for start-ups and SMEs” with a focus on digital assets.
What is a DLT TSS license?
A DLT TSS license is an authorization under the European Union’s DLT pilot scheme, or set of regulations for market infrastructures using distributed ledger technology (DLT).
The DLT pilot regime, which came into force in March 2023, provides a legal framework for the trading and settlement of transactions in cryptoassets that qualify as financial instruments under the Markets in Financial Instruments Directive (MiFID II).
The DLT TSS license will allow Lise to build a next-generation market infrastructure that combines “both market and post-trade capabilities within a single infrastructure,” the company said. He specifically mentioned the combination of Multilateral Trading Facilities (MTFs) and Central Securities Depositories (CSDs), adding that this represented a “significant change in the way financial markets operate.”
Rethinking IPOs with tokenization
News of Lise’s DLT TSS license comes months after it emerged from stealth in April 2025 with a mission to “fundamentally rethink” the concept of an initial public offering (IPO).
“Lise is developing a unique market infrastructure that leverages the tokenization of assets,” the company said at the time, emphasizing that this approach ensures a high level of security while reducing costs associated with IPOs and listings.
Related: BlackRock CEO says ‘new wave of opportunity’ arrives for tokenization
“The first tokenized IPO is expected to occur in early 2026, following completion of issuer onboarding and final operational readiness testing,” Kepenegyan told Cointelegraph.
He said Lise’s first tokenized IPO will serve as a proof of concept for the model, with a goal of launching in the first quarter of 2026, with plans to tokenize 10 more IPOs in 2027.
Credit Agricole among investors
Some of Europe’s largest banks are betting on Lise’s tokenization efforts in its IPO.
Caseis, the asset servicing banking group of French banking giant Credit Agricole, acquired a minority stake in Kliptown in August to support Leeds’ launch.
“With this move, Caceis reaffirms its commitment to driving transformation in the financial sector and fostering a digital ecosystem that fosters innovation,” the company said, adding:
“This investment is in line with Caceis’ long-term strategy for digital assets, which we have pursued for several years to support the transformation of market infrastructure.”
Lise’s European tokenization efforts mark a milestone in the growing trend of tokenized securities, with major crypto exchanges such as Gemini and Kraken debuting tokenized securities products for EU customers earlier this year.
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