Six Canadian banks moved together on tokenised deposits this week, with Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, Bank of Nova Scotia and Toronto-Dominion Bank exploring a common approach for transferring tokenised Canadian-dollar deposits between financial institutions. The initiative follows regulatory clarification that tokenised deposits are not legally distinct from conventional deposits.

In Asia, Hong Kong Exchanges and Clearing (HKEX) proposed changes to post-listing transaction rules, while Singapore Exchange Regulation (SGX RegCo) introduced new disclosure requirements. Elsewhere, the US Securities and Exchange Commission (SEC) granted conditional relief for tokenised stock trading, Euronext introduced a common default depository across three markets, and Saudi Central Bank confirmed that it had left mBridge last year.

Read more on the week's key developments:

1. Six Canadian banks explore a shared tokenised deposit model

Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, Bank of Nova Scotia and Toronto-Dominion Bank announced on 22 September that they are jointly exploring Canadian-dollar digital money solutions, beginning with tokenised deposits. The first phase is intended to support transfers of tokenised deposits between Canadian financial institutions. The banks also expect other deposit-taking institutions could participate as the initiative develops.

The Office of the Superintendent of Financial Institutions (OSFI) clarified on 10 September that tokenised deposits are not legally distinct from traditional deposits. Existing prudential, technology and cyber requirements continue to apply. The initiative also follows Project Samara, where the Bank of Canada, Royal Bank of Canada, Toronto-Dominion Bank and Export Development Canada tested tokenised bond issuance and settlement earlier this year. An agreed network design, participation by additional institutions and the first live interbank transfers would move the initiative beyond its current exploratory stage.

2. SEC grants tokenised US stock venues a five-year trading exemption

The Securities and Exchange Commission issued an Innovation Exemption on 17 September, exempting Tokenised Securities Venues from national exchange registration and their permissioned liquidity providers from broker-dealer registration for five years. Tokenised versions of US National Market System stocks can trade onchain under the exemption, provided token holders retain rights equivalent to conventional shareholders and trading halts follow those of the primary exchange.

The exemption gives tokenised stock venues a temporary regulatory structure while the SEC considers longer-term rules. The New York Stock Exchange (NYSE) and Nasdaq have both been developing tokenisation initiatives, including work with Securitize. Volume limits and the five-year expiry restrict how far venues can rely on the exemption without a permanent regulatory framework.

3. HKEX proposes higher transaction thresholds and changes to spin-off rules

Hong Kong Exchanges and Clearing published the second phase of its Listing Framework Competitiveness Review on 21 September. It proposed raising the threshold at which most transactions become major transactions requiring shareholder approval from 25% to 50%. HKEX also proposed removing the Very Significant Acquisition and Very Significant Disposal classifications, raising the voting-interest threshold used to define a connected subsidiary from 10% to 30% and introducing a self-assessment route for qualifying spin-offs. The consultation closes on 30 November.

For qualifying companies, HKEX also proposed shortening the normal post-listing moratorium on spin-offs from three years to one. The proposals would reduce the number of transactions requiring shareholder approval while increasing reliance on board accountability and disclosure. Investor responses to the consultation will provide an early indication of whether market participants see the proposed balance as sufficient to protect minority shareholders.

4. SGX introduces new remuneration, dividend and investor-relations disclosure rules

Singapore Exchange Regulation announced new listing rules on 23 September requiring issuers to strengthen disclosures on executive remuneration, dividend policy and investor relations. For financial years beginning on or after 1 January 2027, annual reports must explain the financial and non-financial indicators used to determine executive pay and how these measures relate to long-term value creation. Issuers will also need a dividend policy, an investor-relations policy and disclosure of key shareholder-engagement activities.

SGX RegCo found that more than 90% of issuers use financial indicators in remuneration frameworks, but only 47% disclose which indicators they use. The new rules do not prescribe dividend payouts or remuneration structures. They require companies to explain the basis for those decisions more clearly. The first annual reports prepared under the new requirements will show how much additional information boards provide on pay, capital distribution and shareholder engagement.

5. Euronext consolidates equity settlement under one depository

Euronext's new settlement model went live on 21 September, making Euronext Securities the default central securities depository (CSD) for equity and euro-denominated exchange-traded product transactions on its Amsterdam, Brussels and Paris markets. Clearstream Europe, Euroclear Bank, Euroclear Belgium, Euroclear France and Euroclear Nederland remain available as alternative depositories for clients that choose them.

The change reduces the number of CSD relationships required for routine settlement across the three markets and places more settlement activity within Euronext's own infrastructure. Client migration from the alternative depositories will show how much activity Euronext can consolidate under the new model and how strongly market participants value access to multiple settlement providers.

6. FCA sets out which crypto activities need UK authorisation

The Financial Conduct Authority published Policy Statement PS26/18 on 17 September, setting out the perimeter of its cryptoasset authorisation regime ahead of the application gateway opening on 30 September. It identifies five regulated activities requiring authorisation: stablecoin issuance, operating a trading platform, dealing or arranging in cryptoassets, safeguarding and staking. Existing anti-money-laundering registrations will not convert automatically into authorisation under the new regime.

The guidance follows the FCA's publication of market-abuse, stablecoin and prudential rules in June. Payment providers, banks, overseas firms serving UK customers and crypto-native businesses can now identify which activities fall within the authorisation perimeter before the regime becomes mandatory in October 2027. Firms relying on existing registration will need to complete the new authorisation process.

7. Clear Street becomes a London Stock Exchange clearing member

Clear Street became a general clearing member of the London Stock Exchange on 3 September, the firm confirmed on 17 September. The membership gives it direct clearing and financing capabilities for UK and European equities alongside its US business. Clear Street now holds 57 exchange and clearing memberships, including LCH EquityClear since July 2026 and the London Metal Exchange since December 2024.

Direct clearing reduces Clear Street's dependence on third-party clearing relationships for UK and European equities. It also expands the infrastructure available to institutional clients using the firm's businesses across London, Europe and New York. Further growth in European client balances and financing activity would show whether the additional memberships are translating into a broader cross-border prime-brokerage franchise.

8. Standard Chartered extends LMAX custody to Luxembourg and Dubai

Standard Chartered extended its digital-asset custody relationship with LMAX Group to Luxembourg and the Dubai International Financial Centre, the bank confirmed on 17 September. LMAX was the first client onboarded to the Luxembourg platform following Standard Chartered's Markets in Crypto-Assets Regulation authorisation in June 2026. The Dubai service operates through the bank's branch regulated by the Dubai Financial Services Authority. The two firms executed their first live digital-asset prime-brokerage trades together in July.

Adding custody gives LMAX infrastructure to repeat the prime-brokerage model across more clients and jurisdictions. Standard Chartered is also extending a relationship already established in the UK into two additional regulatory environments. Client uptake across Luxembourg and Dubai will indicate whether institutions value a common custody relationship spanning several jurisdictions.

9. ClearToken advances through Bank of England digital securities sandbox

ClearToken CSD passed Gate 2 of the Bank of England's Digital Securities Sandbox on 22 September. The milestone allows it to operate a digital securities depository covering FTSE 350 equities and sterling government and corporate bonds within the sandbox framework. Its infrastructure supports 24-hour collateral mobility and intraday repurchase agreement settlement. ClearToken plans to extend coverage to private funds, commodities and digital assets.

Gate 2 is not a full depository licence. ClearToken must complete further stages of the Bank of England framework before it can operate outside the sandbox at full production scale. Its combination of settlement, collateral management and payments capabilities gives the Bank of England a live environment in which to assess whether integrated infrastructure can support more frequent movement of securities and liquidity.

10. Saudi Central Bank exits the mBridge settlement platform

Saudi Central Bank confirmed that it had left mBridge, the multi-currency cross-border settlement platform it joined in 2024 alongside the Digital Currency Institute of the People’s Bank of China, the Hong Kong Monetary Authority, the Bank of Thailand and the Central Bank of the United Arab Emirates. Reporting confirmed by Saudi Central Bank on 21 September said it had completed its pilot phase and had not processed live transactions on the platform. The Bank for International Settlements had previously stepped away after saying the project had reached a stage where participating central banks could continue its development.

The four founding authorities remain involved. In a 2022 pilot, 20 commercial banks across their jurisdictions conducted 164 real-value payment and foreign-exchange transactions worth more than $22 million. The platform reached the minimum viable product stage in 2024, with each authority operating a validating node and a framework enabling further participation. Saudi Central Bank’s departure follows that technical and transaction testing, but leaves the question of how widely banks will use mBridge for ongoing cross-border settlement.