ECB, Commission and ESMA seek tokenisation standards nominees by 27 November

The European Central Bank (ECB), European Commission and European Securities and Markets Authority (ESMA) opened nominations on 9 November 2026 for a European Tokenisation Standards Group. Applications are due by 27 November, with the group expected to begin work in January 2027, according to ESMA's call.

For firms developing or operating distributed ledger technology (DLT) market infrastructure, the process could shape how tokenised financial instruments are settled and held across DLT systems and legacy infrastructure. The group's mandate is an industry-led standardisation exercise, not a new technical requirement applying immediately to every EU firm. It is designed to start work before proposed amendments to the DLT Pilot Regime Regulation (DLTPR) are adopted, while leaving the final legislative requirements to the EU co-legislators.

Standards before the legislative mandate

The mandate sets the group's objective as promoting “end-to-end interoperability in the European DLT-based financial market ecosystem”. It is to reach agreement on common market standards that facilitate:

- settlement and holding of DLT financial instruments between DLT infrastructures;
- connections between DLT and traditional financial-market infrastructures; and
- potentially, links between relevant entities under Article 2(1), point 29, of the Central Securities Depositories Regulation.

The background document describes the intended output as a “single rulebook” for a tokenised financial ecosystem.

The timing is significant. The Commission's December 2025 Market Integration and Supervision Package proposed changes to the DLTPR that would require active entities in the post-trading value chain, both within the pilot regime and beyond it, to work towards interoperability and establish supporting technical standards. Those amendments have not yet taken effect.

The Eurosystem's Appia roadmap, published in March 2026, is the other driver. Its first building block, covering asset interoperability and standards, seeks to support an integrated tokenised wholesale financial market using central bank money and technologies such as DLT.

Atlas reads the group as an attempt to prevent legal reform and private infrastructure development from producing incompatible standards. The authorities are asking market participants to resolve technical fragmentation before a future DLTPR mandate turns that work into a formal regulatory expectation.

What the group will cover

The group must first define what interoperability means for the DLT-based financial ecosystem and identify where standardisation is needed. Its tasks include:

- cataloguing existing European and global DLT standards initiatives;
- identifying gaps and synergies with established standards used in legacy finance;
- defining the layers or domains requiring standards;
- developing common market standards;
- monitoring and supporting market-wide adoption; and
- coordinating with other European and global standardisation bodies.

The mandate says the work should not duplicate existing initiatives. It must remain consistent with EU objectives including an innovative, resilient, competitive and integrated financial system, strategic autonomy and the international role of the euro. Although the geographical scope is the EU, the group must consider external work and seek compatibility with relevant global standards.

The initial standards relevant to the Appia roadmap are due by early 2028. The group may also begin standards work for settlement between DLT systems in the EU in anticipation of a future DLTPR mandate. Its progress will be reported regularly to the Commission, ESMA and the ECB. Unless the three institutions agree otherwise, those reports will be public, and at least one public activity report must be issued each year.

Nomination criteria and practical exposure

The group is intended to have broad and balanced representation, including market stakeholders and public-sector bodies. Nominees must have expertise in technical or business standardisation, or practical experience applying standards in financial services. Their organisation must have a European presence.

Selected organisations must also:

- provide enough time for active participation and preparation of deliverables;
- commit the organisation to actions arising from the group's findings; and
- mobilise adequate resources to make progress within a short period.

This commitment is more substantial than joining a discussion forum. Members will help define the standards, monitor adoption and potentially develop recommendations for public authorities. The resulting work will address standardisation domains and technical arrangements for interoperability across DLT infrastructures and between DLT and legacy systems.

The group will appoint its own chair and co-chair from among its members, in consultation with the three sponsoring institutions. An experienced ECB, ESMA or Commission staff member will act as secretary. The mandate expires when the Commission, ESMA and ECB agree that the statutory tasks have been completed and decide to dissolve it.

Applications must be submitted by 27 November 2026. The group is scheduled to start work in January 2027, with its first Appia-related standards targeted for early 2028.