tokenized shares of SMEs and midcaps are coming

Lise – Lightning Stock Exchange announced that it has obtained the DLT TSS license from the ACPR (Autorité de Contrôle Prudentiel et de Résolution), under the European Union’s DLT Pilot Regime. 

This authorization, the result of a collaboration with ACPR, Banque de France, ESMA, AMF, Eurosystem, and ECB, represents a groundbreaking moment for continental financial markets. Lise thus positions itself as the first market infrastructure in Europe capable of launching a fully tokenized stock exchange, dedicated to SMEs and midcaps.

According to Mark Kepeneghian, CEO of Lise: 

Lise: the new generation of market infrastructure

Forty years after the dematerialization of securities, Lise ushers in a new era: that of the tokenization of financial instruments. Thanks to the DLT TSS license, Lise integrates the functions of a Multilateral Trading Facility (MTF) and a Central Securities Depository (CSD) into a single platform, traditionally separate. 

This technological leap allows for the execution and adjustment of orders instantly and seamlessly, eliminating counterparty risk and making real-time 24/7 trading possible for the first time.

An innovative model for European SMEs

With this infrastructure, Lise becomes the first exchange in Europe to offer fully tokenized stock listings. The model allows a new class of issuers to access capital markets, breaking down operational barriers and costs.

A bridge between capital markets and productive enterprises

Direct and Simplified Access to Financing

Lise is born with a clear mission: to put technology at the service of the real economy, bridging the gap between capital markets and productive enterprises. For European SMEs and midcaps, Lise offers direct, simple, and cost-effective access to market financing, while simultaneously increasing visibility among investors.

The infrastructure, natively tokenized, also simplifies the management of corporate governance and securities: from general meetings to the distribution of dividends, up to the maintenance of the shareholder register.

Opportunities for retail and institutional investors

For investors, Lise makes investing in the real economy more accessible than ever. Both private and institutional investors can invest in the capital of SMEs and midcaps, both during the IPO and on the secondary market. The platform combines the trust of a regulated market with the efficiency and simplicity of a technologically advanced structure.

The goal of Lise is to channel private savings towards the productive economy, contributing to the economic sovereignty of France and Europe. The first IPOs on Lise are expected at the beginning of 2026.

Lise: structure, shareholding, and ambitions

Lise – Lightning Stock Exchange is a next-generation infrastructure designed for SMEs and midcaps active in strategic sectors such as energy, industry, infrastructure, and defense. Lise is the first French infrastructure to integrate, in a single platform, the functions of MTF and CSD, leveraging the European regulatory framework of the DLT Pilot Regime and the tokenization of financial instruments.

The platform facilitates the issuance, trading, and instant settlement of securities, drastically reducing the costs and operational complexity of IPOs. Lise also offers a continuous secondary market, available 24/7.

Shareholders and Recognitions

Among the shareholders of Lise are CACEIS (of the Crédit Agricole group), BNP Paribas, and Bpifrance. In October 2025, Lise obtained the investment company license from the ACPR to operate as SNR-DLT and plans to conduct its first IPO as early as 2026.

Lise SA (LEI code: 894500LNKGRT1I5QBU56) is authorized by the ACPR as an investment firm with registration number CIB 18883.

A tokenized future for European capital markets

The approval of the DLT TSS license marks a turning point for the entire European financial ecosystem. Lise aims to serve as a benchmark for the digitization and tokenization of capital markets, offering new opportunities to businesses and investors and contributing to European economic competitiveness and sovereignty.

For more information and details on the risks associated with investing in stocks, you can visit the official website: www.lise.com.