Lightning Stock Exchange (Lise) this week announced that it has secured a DLT TSS license from the ACPR, under the European Union’s DLT Pilot Regime. This authorization process was carried out in collaboration with the ACPR, Banque de France, ESMA, AMF, Eurosystem and ECB. This approval paves the way for the launch of a fully tokenized equity exchange dedicated to SMEs and midcaps.
With this unprecedented license, Lise becomes the first French market infrastructure authorized to combine, within a single platform, the roles of both a multilateral trading facility (MTF) and a central securities depository (CSD).
“This is a true breakthrough for capital markets, and a decisive milestone for Lise. This license allows us to operate the first fully tokenized equity exchange in Europe, offering a direct response to real-world financing challenges. It opens capital markets to SMEs and midcaps, and channels private savings into productive European businesses,” said Mark Kepeneghian, CEO of Lise.
Thanks to the DLT TSS license, Lise can integrate trading and post-trading functions—traditionally operated separately—into a single, unified infrastructure. This represents a significant step forward compared to existing practices.
From now on, order execution and settlement are carried out instantly within the same infrastructure. Counterparty risk is removed, and real-time, 24/7 trading becomes possible—a major step forward for market efficiency and liquidity.
With this model, Lise becomes the first exchange in Europe to offer end-to-end tokenized equity listings, bringing capital markets within reach of a new class of issuers.
Lise has made a clear strategic choice: to harness technology in service of the real economy, with a single objective – bridging the gap between capital markets and productive businesses.
For European SMEs and midcaps, Lise provides direct, simple, and cost-effective access to market financing while enhancing their visibility with investors. Because the infrastructure is natively tokenized, Lise also streamlines corporate governance and securities management, from general meetings to dividend distribution and shareholder registry maintenance.
For investors, Lise makes investing in the real economy more accessible than ever. Both retail and institutional investors can invest in the capital of SMEs and mid-cap companies, whether at the time of their IPO or on the secondary market. The platform combines the trust of a regulated market with the efficiency and simplicity enabled by cutting-edge infrastructure.
The platform’s ambition is to channel private savings more effectively toward the productive economy, while contributing to the long-term economic sovereignty of France and Europe.
The first IPOs are expected in early 2026.
