Insights from EU Equities Trading Quorum, London (remote participation ex-London), 2 December 2025

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Summary 

• Forum examined progress on the UK and EU consolidated tape, with a focus on scope, data quality controls, and adoption dynamics.
• Participants highlighted that tape success depends on consistent post-trade reporting conventions, and a reliable view of addressable liquidity.
• Discussion explored tokenization of equities as an emerging market structure pathway, but stressed the need for a comprehensive rulebook and regulatory oversight.
• Investor protection, AML/KYC, and market integrity remain non-negotiable requirements for scaled adoption.

Conclusion

The session reinforced that Europe’s equities reform agenda and tokenization debates are converging on a common requirement: Trusted data and trusted rules. Consolidated tape will only be transformative if it becomes a reliable reference that supports consistent market practice. Tokenization will only be sustainable if it is implemented with the same discipline around integrity, oversight, and investor protection that listed markets require.

The session closed with a reminder that Quorum 15 is uniquely positioned to bring industry and regulators together under neutral conditions - not to lobby, but to create shared understanding across Europe’s fragmented equity landscape.