CITY OF LONDON CORPORATION TO DRIVE FORWARD GOVERNMENT’S WHOLESALE DIGITAL AMBITIONS

·       City Corporation supporting the government’s Wholesale Digital Markets Champion, Chris Woolard, CBE by leading the secretariat.

·       Corporation will work with Chris to establish a cross-sectoral taskforce to drive the digitalisation of  UK wholesale markets. 

·       News announced by City Policy Chairman in a speech at City Week

The City of London Corporation will support the government’s Wholesale Digital Markets Champion to help create a tokenised wholesale financial markets system, boosting the UK’s global competitiveness and accelerating innovation across financial and professional services.

The news was announced by the City of London Corporation’s Policy Chairman, Chris Hayward, who was speaking to an audience of industry figures at City Week.

The UK is a leading liquidity provider in wholesale market with more than £4 trillion worth of securities traded, cleared and settled daily in the UK.

Global momentum behind tokenisation of securities and other assets is accelerating rapidly. The International Monetary Fund (IMF) estimates that asset tokenisation could reach around $12-16 trillion, or 10% of global GDP by 2030 globally.

As delivery partner and secretariat to Chris Woolard CBE, the City Corporation is seconding five staff to establish a joint industry, government and regulatory taskforce. The City of London Corporation is working closely with industry partners including TheCityUK, UK Finance, the Investment Association and Innovate Finance in supporting the initiative and helping convene expertise from across the financial and professional services sector.

The joint taskforce will develop a clear and prioritised action plan to build wholesale digital markets in the UK, address regulatory barriers, and deliver a small number of high‑impact actionable digital markets initiatives.

To support delivery, the City Corporation will also produce a report on cross‑border digital asset issuance to be published in summer 2026, helping inform UK competitiveness and market access considerations.

A wholesale tokenised financial system could deliver significant benefits to the UK economy. Once delivered, trades across a range of asset classes, could be settled almost instantly, freeing up collateral tied up in settlement delays. Firms could cut operational costs, as transactions become more efficient and automated. And cross-border payments trade would be encourage, as transactions can take place more easily.

Policy Chairman of the City of London Corporation, Chris Hayward said:

“We are at a pivotal moment – a digital ‘big bang’ that will define the future of finance. The choice is clear: lead this transformation or lose it.”

“It is a privilege to support Chris Woolard and the government in advancing a wholesale, tokenised financial system. Getting this right is critical. If we succeed, the UK will not only retain its position as the world’s leading financial centre, but set a new global benchmark for innovation and competitiveness.”

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