WFE Study Finds Tokenised Equities Still Follow Prices Set…
By Rick Steves
AI summary of the source article
A World Federation of Exchanges study of 61 token and equity pairs found traditional exchanges remain the dominant price discovery source, with tokens adjusting back toward underlying equity prices despite 24/7 trading availability.
Why it matters
WFE CEO Nandini Sukumar stated that 'tokenisation may change how securities are held, transferred and accessed without changing the role of the market that establishes the underlying price.'
Key facts
- A WFE study examined 61 matched token and underlying-security pairs from July 2025 to May 2026, finding around 80% were cointegrated.
- For the median matched pair, researchers attributed more than 80% of the permanent price component to the underlying equity.
- Tokens did not lead price discovery in any pair sampled based on the Hasbrouck information-share measure.
Source excerpt · FinanceFeeds
Underlying equities traded on traditional exchanges remain the dominant source of price discovery for third-party tokenised shares, according to a World Federation of Exchanges study . The research examined 61 matched token and underlying-security pairs from July 2025 to May 2026. It found that around 80% of pairs were cointegrated, with a long-run price relationship close to one-for-one. When pri…