LSEG plans 24/5 trading and tokenized equity system

LSEG has outlined plans for 24/5 trading, a digital securities depository, tokenized equities, and new infrastructure involving Kraken and HSBC.

Summary

• LSEG expects its LSEG24 trading cycle to begin in the first half of 2027.
• The group is building a digital securities depository and tokenized equity products.
• LSEG is working with Kraken on listings and HSBC on an interoperable connection.
• U.S. exchanges and regulators are also examining longer trading hours and tokenized securities.

LSEG plans to connect trading and tokenized settlement

The European Blockchain Convention's Day 2 media briefing attributed the plans to Darko Hajdukovic of London Stock Exchange Group, who discussed the projects during a panel on 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," Hajdukovic said.

The comments indicate that LSEG is working across several parts of the trading process rather than developing a single tokenization product. Trading, depository services, listings and connections with other financial institutions each address a separate part of the market.

Hajdukovic referred to the first half of next year while speaking at the 2026 conference, placing the planned LSEG24 move in the first half of 2027. The media copy did not provide a specific launch date or identify which securities would initially trade through the system.

LSEG's digital securities depository would support the recording and settlement of eligible assets, while its work with Kraken could bring a crypto-native platform into the listing process. The agreement with HSBC concerns an interoperable link, according to the supplied remarks.

Tokenized equities are moving into regulated markets

LSEG's plans arrive as exchanges and brokers test different ways to connect conventional shares with blockchain networks. Some products represent beneficial interests in securities held by a custodian, while others provide only contractual exposure to the price of an underlying stock.

As crypto.news previously reported, Coinbase CEO Brian Armstrong has said tokenized stocks should hold real securities rather than operate as synthetic price-tracking instruments. Coinbase introduced Base-native tokens linked to Apple, Nvidia, Meta and Alphabet for eligible non-U.S. customers in August.

Ownership structure remains important because a blockchain token does not automatically provide voting rights, dividends or a direct legal claim against the issuing company. Product terms, custody arrangements and the official shareholder register determine what an investor owns.

Kraken has already moved beyond simple stock-token trading. In September, the exchange introduced xStocks yield vaults for products linked to the SPDR S&P 500 ETF Trust, Invesco QQQ Trust and Nvidia.

The vaults allow customers to deposit selected xStocks and earn returns generated through automated strategies. Kraken charges a 25% performance fee, which it deducts before displaying the estimated annual percentage yield, according to the exchange's documentation.

LSEG did not say whether its planned tokenized equities would use the same legal model as xStocks or Coinbase's products. Hajdukovic also did not identify which blockchain would support the tokens during the quoted portion of the panel.

Always-on markets create a settlement challenge

Nadine Teychenne of Citi told the same conference panel that blockchain infrastructure can give institutions a real-time record of transactions and programmable assets.

"What's most interesting is the real-time, always-on nature of the blockchain single source of truth, but also the programmability of assets, which we're starting to see with tokenised money market funds," Teychenne said.

Citi has worked on blockchain systems since 2015, she added, including wallet infrastructure and internal tokenized deposits that can move client funds globally at any time.

Extended trading does not by itself provide round-the-clock access to bank money. Securities may trade during the night or on weekends while the banking rails used to fund and settle transactions remain closed or operate under limited hours.

A September analysis of weekend dollar funding gaps found that always-open tokenized markets can face liquidity pressure when traditional dollar settlement systems are unavailable. The problem becomes more relevant when a platform promises continuous trading but relies on banking partners to process cash movements.

LSEG launched its Digital Settlement House earlier in 2026 to support transactions involving commercial bank money, securities, and digital assets. According to LSEG, the service permits 24/7 transfers and uses synchronized settlement to reduce the period during which either party faces completion risk.

U.S. markets are considering similar changes

For American investors, LSEG's roadmap sits alongside efforts in the United States to extend equity-trading hours and establish rules for tokenized securities.

U.S. platforms have traditionally relied on overnight trading venues outside standard exchange hours, but exchange operators have pursued longer sessions in response to international demand. Any extended schedule still requires market surveillance, resilient clearing systems, and adequate liquidity during hours when participation may be lower.

Tokenized shares raise a separate regulatory question in the United States. A product backed by a security can remain subject to federal securities law even when its ownership record or transfer process uses a blockchain.

SEC treatment can depend on whether a token represents the actual security, a beneficial interest held through an intermediary, or a derivative that tracks its price. Transfer-agent records, custody terms and shareholder rights therefore matter alongside the technology used to move the token.

At the Barcelona panel, Coco Chen of the Association for Financial Markets in Europe asked participants how institutional market infrastructure had developed in recent years. Teychenne said Citi was already moving client money through live internal tokenized deposits, while Hajdukovic listed LSEG24, the depository project, tokenized equity products and the HSBC connection as LSEG's next projects.