TFOS Analytical Review · August 2026

Tokenization of equity markets: the US, South Africa and the world

How "share = token" went from regulatory debate to live infrastructure in under a year, and what it means for equity brokers.

All sixteen US events, from the Nasdaq filing to the DTC's first trades, with sources
Twelve jurisdictions in one matrix, the broker impact table, the calendar through 2028

Free download · PDF · 44 pages · 1.3 MB

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What's inside

Three parts, one working map

pages

jurisdictions compared

events analysed in depth

companies covered, A to Z

Part I · The United States

From permissions to production

The full chronology from September 2025 to July 2026, in-depth analysis of sixteen key events, and a side-by-side comparison of the regulated and crypto-native rails behind one ticker.

Pages 10–22

Part II · The world

Who has permitted what, and for whom

Twelve jurisdictions in one capability matrix: the EU, UK, Switzerland, Japan, Hong Kong, Singapore, Korea, the UAE, Kazakhstan, South Africa and Brazil. Five regulatory models and IOSCO's position.

Pages 23–33

Part III · Conclusions

The product shift begins

Eleven consequences for the brokerage model, where the margin relocates once execution becomes a commodity, and a calendar of decision points through 2028.

Pages 34–38