Europe’s first tokenized equity exchange and Kaiko, the global independent leader in digital asset market data, join forces to deliver institutional-grade pricing for tokenized equities, a foundational step for institutional adoption of tokenized capital markets.
Lise – Lightning Stock Exchange and Kaiko today announced a long-term strategic partnership to build the market data infrastructure that institutional trading and custody of tokenized securities requires.
Under the initial phase of the partnership, Kaiko will aggregate, normalize, and distribute real-time and end-of-day pricing data for all tokenized securities listed on Lise, starting with equities, making them available through Kaiko’s distribution channels. Institutional investors require this data within their existing valuation workflows. Custodians, fund administrators, and asset valuators depend on independent, auditable pricing to meet their regulatory obligations.
The data infrastructure tokenized markets have been missing
This partnership unites two complementary visions. Lise operates Europe’s first fully tokenized exchange, combining the functions of a Multilateral Trading Facility (MTF) and a Central Securities Depository (CSD) within a single DLT-native platform, under the EU DLT Pilot Regime. Kaiko is the global independent leader in digital asset market data, delivering analytics, indices, and pricing that institutional investors, financial services firms, and regulators rely on worldwide.
What each brings to the table is clear. Lise delivers the infrastructure: atomic settlement, 24/7 trading, and a seamless end-to-end market experience. Kaiko delivers the data layer institutions require before they can participate: auditable, regulatory-compliant pricing that connects traditional finance with on-chain capital markets. Together, they ensure that the speed and efficiency of tokenized markets are matched by the data standards institutions actually need.
“For tokenized equities to become a true asset class for institutional investors, pricing data must flow through the infrastructure they trust. Our partnership with Kaiko solves this from day one: every issuer listed on Lise will have its pricing available through Kaiko’s institutional data platform, giving investors, custodians, and valuators the independent data they need to do their jobs. This is not a nice-to-have, it is a prerequisite for institutional adoption.” — Mark Kepeneghian, CEO of Lise
“Pricing data is the entry point for institutional participation in any market. Our partnership with Lise, a regulated European exchange, gives institutions access to independent, auditable pricing for tokenized equities at launch, establishing the foundation to treat these instruments as a fully investable asset class. — Elodie de Marchi, COO of Kaiko
Beyond data distribution: a long-term alliance
This agreement is the first milestone in a broader, long-term collaboration between the two companies. Future workstreams under consideration include reference rates and indices for tokenized equity markets, advanced analytics for best execution and fair value pricing, and enhanced market surveillance capabilities.
The partnership carries particular significance for the development of tokenized capital markets in Europe. With the right infrastructure, data, and regulatory frameworks in place, Europe is well-positioned to lead the global transition toward tokenized capital markets, and Kaiko’s global institutional data coverage ensures every security listed on Lise is priced, valued, and accessible to investors worldwide.
About Lise
Lise – Lightning Stock Exchange is a new generation of market infrastructure for SMEs and mid-cap companies. Lise is the first French market infrastructure to combine, within a single platform, the roles of both a Multilateral Trading Facility (MTF) and a Central Securities Depository (CSD) in a unified framework, leveraging the European DLT Pilot Regime and tokenization of financial instruments. Lise facilitates the issuance, trading, and instant settlement of listed securities while drastically reducing the costs and operational complexities of IPOs. Its mission is to make capital markets more accessible to companies in key sectors such as energy, industry, infrastructure, and defence, while offering investors a continuous secondary market available 24/7. Lise counts among its shareholders CACEIS (a subsidiary of the Crédit Agricole Group), BNP Paribas, and Bpifrance.
Lise SA (LEI code: 894500LNKGRT1I5QBU56 and MIC code LISE) is authorized by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) as an investment firm under registration number CIB 18883.
Investing in equities involves risks, including the potential loss of capital. More information: www.lise.com
About Kaiko
Kaiko is the global independent leader in digital asset market data, analytics, indices, and pricing for institutional investors, financial services firms, and regulators. Kaiko provides the foundational data infrastructure bridging traditional finance and on-chain capital markets through regulatory-compliant and auditable data. For over 10 years, Kaiko has delivered the trusted, transparent, and actionable financial data that institutions need to navigate both centralized and decentralized digital asset markets.
More information: www.kaiko.com
