London Stock Exchange Group (LSEG) plans to begin a 24/5 trading cycle in the first half of 2027, alongside a digital securities depository, tokenized equity products and new links with Kraken and HSBC.
Darko Hajdukovic of LSEG outlined the programme during a media briefing at day two of the 2026 European Blockchain Convention, where he discussed institutional digital-market infrastructure.
“In the first half of next year we move to a 24/5 trading cycle, LSEG24. We’re building a digital securities depository, partnering with Kraken to list on it, and building tokenised equity tokens. We’ve also signed an MOU with HSBC on an interoperable link,” he said.
Hajdukovic’s reference to “next year” places the proposed launch in the first half of 2027. No specific date was given, and LSEG did not say which securities would initially be available through the system.
The plans cover several stages of the market rather than one tokenization product. LSEG’s depository is intended to record and settle eligible assets, while its agreement with Kraken could bring the crypto-native exchange into the listing process. The HSBC MOU concerns an interoperable connection with another financial institution.
Tokenized shares and investor rights
The proposals come as exchanges and brokers explore ways to link conventional securities with blockchain networks. Some tokens represent beneficial interests in assets held by a custodian, while others offer only contractual exposure to the price of an underlying share.
Coinbase CEO Brian Armstrong has said tokenized stocks should be backed by real securities rather than synthetic instruments that simply track prices. In August, Coinbase launched Base-native tokens linked to Apple, Nvidia, Meta and Alphabet for eligible non-U.S. customers.
A blockchain token does not automatically give its holder voting rights, dividends or a direct legal claim against the company that issued the stock. Those entitlements depend on the product terms, custody arrangements and the official shareholder register.
Kraken expanded beyond straightforward stock-token trading in September by introducing xStocks yield vaults linked to the SPDR S&P 500 ETF Trust, Invesco QQQ Trust and Nvidia. Customers can deposit selected xStocks and earn returns generated by automated strategies. Kraken charges a 25% performance fee before displaying the estimated annual percentage yield.
LSEG has not said whether its tokenized equities will follow the legal structure used by xStocks or Coinbase’s products. Hajdukovic also did not identify the blockchain that would support the tokens.
Settlement remains a challenge
Citi’s Nadine Teychenne said blockchain systems could provide institutions with real-time transaction records and programmable assets. She said Citi had been developing blockchain infrastructure since 2015, including wallets and internal tokenized deposits capable of moving client funds globally at any time.
However, longer trading hours do not guarantee continuous access to bank money. Securities can trade overnight or at weekends while banking and dollar-settlement systems are closed or operating with limited hours.
A September analysis of weekend dollar funding gaps found that always-open tokenized markets could face liquidity pressure when traditional dollar settlement is unavailable. LSEG launched its Digital Settlement House earlier in 2026 to support transactions involving commercial bank money, securities and digital assets. The company says it enables 24/7 transfers and synchronized settlement to reduce completion risk.
In the United States, exchanges and regulators are also considering longer equity-trading sessions and rules for tokenized securities. Such changes would require surveillance, resilient clearing and sufficient liquidity during periods of lower participation.
U.S. securities law may still apply when a blockchain records or transfers a backed share. Regulatory treatment can depend on whether a token represents the security itself, a beneficial interest held through an intermediary, or a derivative tracking its price. Transfer-agent records, custody arrangements and shareholder rights therefore remain important.
At the Barcelona panel, Coco Chen of the Association for Financial Markets in Europe asked how institutional infrastructure had evolved. Teychenne said Citi was already moving client money through live internal tokenized deposits, while Hajdukovic identified LSEG24, the depository, tokenized equities and the HSBC connection as LSEG’s next projects.
