French start-up Lise (Lightning Stock Exchange) has received authorisation from the ACPR to operate under the EU’s DLT Pilot Regime, becoming the first French market infrastructure to unite the functions of a Multilateral Trading Facility (MTF) and a Central Securities Depository (CSD) within one platform.
The approval allows Lise to operate a DLT-based trading and settlement system (DLT TSS), in which trading and post-trading occur within the same environment, says the start-up in a press release. Transactions can be executed and settled instantly, removing counterparty risk and eliminating the need for traditional clearing processes. The setup could also enable around-the-clock trading, marking a sharp departure from current market models based on delayed or batch settlement.
Lise plans to use the license to launch what it says will be Europe’s first fully tokenised equity exchange, targeting small and mid-sized companies. By using distributed ledger technology (DLT), the company aims to lower entry barriers to market financing and simplify operational processes such as shareholder registry management and dividend distribution.
Testing ground
The authorisation process involved several European authorities, including Banque de France, ESMA, AMF, and the European Central Bank, reflecting the coordinated oversight under the pilot regime. The EU’s DLT pilot regime allows selected projects to test blockchain-based market infrastructure under real regulatory conditions.
The first initial public offerings (IPOs) on Lise are expected in early 2026.
