The Financial Conduct Authority (FCA) and the Bank of England have opened a joint consultation on tokenized UK wholesale markets, seeking public feedback on a digital wholesale roadmap until July 3, 2026. The effort marks a significant step in moving tokenization from experimental pilots to live production environments.
The consultation covers tokenized securities—including bonds, equities, and fund units—as well as collateral, settlement instruments, and market infrastructure rules. Regulators are asking banks, investment firms, asset managers, trading venues, post-trade firms, and fintech companies to share their views on where existing rules and systems support or hinder the safe use of distributed ledger technology.
“Tokenisation has the potential to transform wholesale markets – reshaping how assets are issued, traded and settled,” said FCA markets director Simon Walls. “We want to support firms in adopting this technology to lower costs, reduce risk and unlock new services.” Bank of England Deputy Governor Sarah Breeden added that the next task is moving “from pilots to production.”
The initiative runs alongside the Digital Securities Sandbox, where 16 firms are already conducting live issuance and settlement of tokenized assets under controlled conditions. The Bank of England also published a parallel consultation on extending RTGS and CHAPS settlement hours, with plans for weekend operations no earlier than 2029 and a long-term shift toward near 24/7 settlement, targeting a live synchronization service for 2028.
Separately, the FCA recently confirmed that blockchain records can serve as primary records for tokenized funds, removing previous offchain duplicate requirements. The UK Treasury is also aligning stablecoins and tokenized deposits under a single payments framework, with the sandbox being expanded to include them as settlement assets. The new wholesale consultation adds further layers by focusing on securities, collateral, and post-trade infrastructure.
