Overview

• Lise received a DLT Trading and Settlement System license from France’s ACPR, making it the first company cleared to operate a fully tokenized equity venue in Europe.
• The authorization allows Lise to combine Multilateral Trading Facility and Central Securities Depository roles within one digital framework.
• Regulatory work on the approval involved the Banque de France, ESMA, the AMF, and the European Central Bank.
• The exchange targets SME and midcap IPOs in France, aiming for issuers mostly below €500 million in market value with at least half under €200 million.
• Initial listings are planned for early 2026 in sectors such as energy, infrastructure, and defense, with expected benefits including faster settlement and greater transparency for investors.