The UK’s Wholesale Digital Markets Champion, Chris Woolard CBE, has delivered a landmark report to the Chancellor, outlining a 12-month roadmap designed to fast-track the development of tokenised wholesale markets.
The ambitious plan, which could add up to £33 billion to the UK’s annual economic output and generate £14 billion in tax revenue over the next decade, has brought together a taskforce of 54 leading financial institutions. Industry giants including BlackRock, JP Morgan, and Morgan Stanley, alongside digital market infrastructure pioneer Tokenovate, will collaborate on nine priority areas, beginning with an end-to-end repo transaction.
The initiative marks a significant shift from theoretical testing to practical implementation, a move welcomed by industry leaders.
Richard Baker, CEO and Founder of Tokenovate, praised the roadmap's focus on live market activity over isolated pilots. “This is a strong step forward in the UK’s efforts to digitise financial markets,” Baker said. “Chris Woolard and the taskforce have shifted the discussion from ambition towards delivery.”
Baker noted that starting with an end-to-end repo transaction is the right strategy to test how tokenised assets trade, settle, and function as collateral across existing and digital infrastructures. However, he warned that long-term success will rely heavily on secondary market liquidity and cross-institution integration.
“Shared standards such as the Common Domain Model will be essential, but they will not connect the market on their own,” Baker cautioned. “Orchestration will also be needed across institutions, ledgers, and different payment rails. Without it, the market risks creating a new set of digital silos.”
The report also highlights the need to leverage the UK's legal strengths. Baker echoed calls for clear regulatory and legal frameworks to address lingering uncertainties around settlement finality, collateral treatment, and custody under English law.
As the 12-month countdown begins, the focus for the UK financial sector now shifts to turning these legal and technological foundations into mainstream market adoption.
