We have responded to the Financial Conduct Authority (FCA) and Bank of England's call for input, ‘The future of tokenisation – a joint vision from the authorities for UK wholesale financial markets’. Reflecting the views of our members and building on the recommendations in our ‘No Time to Lose’ report, our response supports the authorities' ambition to make the UK a global leader in tokenised wholesale financial markets.
Our response welcomes the joint vision and roadmap, while emphasising that maintaining the UK's international competitiveness will require faster implementation and a clear pathway from pilot projects to live markets.
We call for:
• greater legal and regulatory certainty
• stronger support for interoperability between traditional and tokenised market infrastructure
• a focus on commercially viable use cases that can deliver tangible benefits for market participants.
The response also highlights the importance of developing liquid secondary markets, efficient settlement and collateral arrangements, and internationally compatible standards to support cross-border activity. We encourage continued collaboration between government, regulators and industry to ensure tokenisation strengthens the UK's position as a leading international financial centre.