The UK is well placed to seize the opportunity presented by securities tokenisation.

In this report, produced in partnership with Oliver Wyman, we set out how the UK can build on its strengths in banking, insurance, fintech, professional services, common law, regulatory credibility and global capital markets to become a global leader in digital markets. Other jurisdictions are moving quickly, so the UK must act with urgency if it is to maintain and strengthen its competitive position.

Since our previous work on securities tokenisation, important foundations have been laid. These includeprogress on the DIGIT sovereign debt instrument, improved legal clarity, continued engagement from the FCA and Bank of England, and strong participation in the Digital Securities Sandbox. The priority now is to translate this progress into delivery at pace.

We see tokenisation as a major opportunity to modernise market infrastructure, improve competitiveness, support economic growth and make capital, collateral and liquidity move more efficiently across the financial system. Innovations such as the Great British Tokenised Deposit show how the UK can lead while preserving financial stability.

Our report draws on interviews, surveys and roundtables with wholesale banking, capital markets and market infrastructure participants. It calls for stronger coordination across government, regulators and industry so the UK can connect its existing strengths and build the digital markets of the future.