The global race to tokenise wholesale financial markets has begun. Foreign exchange, government bonds, derivatives, repo and private assets are moving towards programmable, always-on financial infrastructure measured in trillions of dollars. The UK starts from a position of exceptional strength, yet leadership is far from guaranteed. This paper explores why legal certainty, digital money, trusted regulation, AI-ready infrastructure and interoperability, not blockchain alone, will determine which financial centres attract the next generation of institutional capital and autonomous AI-driven markets.
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