The FIX Trading Community is demanding urgent standardisation of tokenised assets, warning that inconsistent data protocols and market practices threaten to derail broader industry adoption. The call comes in response to a joint FCA and Bank of England consultation on tokenisation in UK wholesale markets, though FIX emphasises the issue spans global jurisdictions.
The warning arrives as retail brokers accelerate tokenisation efforts. Robinhood has already launched over 200 tokenised stocks for European clients, while eToro plans to tokenise 100 popular US equities. CMC Markets recently completed a tokenised share transaction test in the UK, and infrastructure providers including Murex, Quant, SBI Holdings and Startale are advancing integration and settlement testing.
FIX Executive Director Jim Kaye stressed that technology isn’t the barrier—gaps in data standards, reconciliation processes and market infrastructure are. Critical missing elements include chain-to-chain connectivity, common instrument identifiers, standardised settlement instructions, wallet address mapping to legal entities, and unified corporate action taxonomies.
FXnCO Insight
Brokers and trading platforms should anticipate potential interoperability issues and fragmentation risk when deploying tokenised products until industry-wide standards are established.
Source: Finance Magnates