Lise–Kaiko pricing data alliance unlocks institutional access

Institutional investors are moving deeper into digital markets as tokenized securities gain reliable, exchange-grade pricing and distribution through established data channels.

A strategic market data partnership for tokenized equities

Lise – Lightning Stock Exchange and Kaiko have entered a long-term strategic partnership to deliver institutional-grade market data for tokenized securities, starting with tokenized equities on Lise’s fully regulated platform.

Under the initial phase of the agreement, Kaiko will aggregate, normalize, and distribute real-time and end-of-day pricing data for every tokenized instrument listed on Lise. Moreover, this data will be made available through Kaiko’s existing institutional distribution channels, embedding tokenized equity pricing directly into familiar valuation workflows.

Institutional investors, custodians, fund administrators, and asset valuators rely on independent data feeds to meet stringent regulatory and fiduciary requirements. That said, they also expect pricing that is auditable, transparent, and compatible with existing portfolio and risk systems.

Building infrastructure for institutional-grade tokenized markets

This collaboration brings together two complementary roles in Europe’s emerging tokenization ecosystem. Lise operates the region’s first fully tokenized equity exchange, combining a Multilateral Trading Facility (MTF) and a Central Securities Depository (CSD) within a single DLT-native platform authorized under the EU DLT Pilot Regime.

Kaiko, meanwhile, is recognized globally as an independent leader in digital asset market data, indices, and analytics. Furthermore, its datasets are used by institutional investors, financial services firms, and regulators worldwide to analyze both centralized and decentralized markets.

In practical terms, Lise delivers the infrastructure layer: atomic settlement, 24/7 trading, and a seamless end-to-end market experience for issuers and investors. However, Kaiko contributes the critical data layer that institutions require before they can scale participation, including auditable, regulatory-compliant pricing that links traditional finance systems with emerging on-chain capital markets.

Together, the partners aim to ensure that the speed and operational efficiency of tokenized markets are matched by the same robust data standards that underpin traditional securities trading.

Quotes from Lise and Kaiko leadership

According to Mark Kepeneghian, CEO of Lise, reliable data distribution is central to institutional adoption. He stressed that for tokenized equities to become a mainstream asset class, pricing data must flow through infrastructure that institutions already trust and use.

“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,” Kepeneghian said.

Elodie de Marchi, COO of Kaiko, underscored the same point from a market data perspective. Moreover, she framed pricing as the necessary gateway for any institutional engagement with a new asset class or market structure.

“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,” de Marchi noted.

A long-term alliance beyond data distribution

The newly announced agreement is described by both companies as only the first step in a broader collaboration. Future workstreams being explored include new reference rates and indices specifically tailored to tokenized equity markets, as well as enhanced analytics to support best execution and fair value pricing.

Additionally, the partners are evaluating advanced market surveillance tools to monitor activity across tokenized instruments. Such capabilities are increasingly important as regulators and market participants look for greater transparency and oversight in digital asset trading.

The alignment between Lise and Kaiko reflects a wider shift in Europe toward comprehensive infrastructure for tokenized capital markets. However, the presence of a regulated venue with integrated trading and settlement, combined with a global data provider, could accelerate institutional engagement across the region.

Kaiko’s global institutional data coverage means each security listed on Lise can be priced, valued, and made visible to investors around the world. This supports a more liquid and interconnected market environment for tokenized instruments from day one.

Lise: a DLT-native exchange for SMEs and mid-caps

Lise – Lightning Stock Exchange is designed as a new generation of market infrastructure focused on SMEs and mid-cap companies. It is the first French platform to unify the roles of Multilateral Trading Facility and Central Securities Depository in a single framework built on distributed ledger technology and the European DLT Pilot Regime.

The platform facilitates the issuance, secondary trading, and instant settlement of listed securities while significantly reducing the cost and operational complexity traditionally associated with IPOs. Moreover, its architecture enables a continuous secondary market that operates 24/7, supporting issuers and investors beyond standard market hours.

Lise’s mission is to make capital markets more accessible for companies in sectors such as energy, industry, infrastructure, and defence. That said, it also aims to support investors seeking regulated exposure to innovative financing structures through a fully compliant tokenized exchange.

Among Lise’s shareholders are CACEIS (a subsidiary of the Crédit Agricole Group), BNP Paribas, and Bpifrance, underlining strong backing from major European financial institutions.

Kaiko: data infrastructure for digital asset markets

Kaiko has spent more than 10 years building data infrastructure for digital assets, covering both centralized and decentralized markets. Its services include market data, analytics, indices, and pricing solutions tailored to the needs of institutional investors and financial institutions.

For clients, Kaiko provides regulatory-compliant and auditable datasets that bridge traditional finance with emerging on-chain markets. Moreover, its tools are intended to offer the level of transparency and reliability institutions expect when assessing liquidity, volatility, and execution quality.

By integrating tokenized equity feeds from Lise into its global offering, Kaiko is extending that same standard of data quality to a new generation of digital instruments. In doing so, the company is helping to create the conditions required for tokenized securities to be treated on par with traditional listed assets.

Implications for Europe’s tokenized capital markets

The Lise–Kaiko alliance carries particular weight in the context of Europe’s regulatory and market developments. With the DLT Pilot Regime already in force, the region is testing how distributed ledger technology can support the full lifecycle of financial instruments.

However, infrastructure alone is not sufficient to unlock institutional capital. Institutions also require robust market data, clear regulatory frameworks, and trusted counterparties. By combining a regulated, DLT-native exchange with a global data leader, this partnership addresses several of those prerequisites in tandem.

As tokenization expands beyond equities into other asset classes, the model established here could serve as a blueprint for future collaborations. Moreover, by ensuring that every security listed on Lise is priced, valued, and visible to global investors, the partnership reinforces Europe’s ambition to lead the transition toward fully digital capital markets.

In summary, the long-term collaboration between Lise and Kaiko seeks to match the innovation of tokenized market infrastructure with institutional-grade data standards, laying essential groundwork for broader institutional adoption in Europe and beyond.