ASIFMA’s 2019 paper on “Tokenised Securities a Roadmap for Market Participants”1 is a backbone roadmap for market participants and regulators in helping to explain Tokenised Securities. It covers the key aspects of the end-to-end Tokenised Securities lifecycle (i.e., structuring, issuance, distribution, primary listing, secondary trading, custody, portfolio management, advisory and market making) and how it compares to that of traditional securities. It also outlines how tokenisation could impact market participants (including incumbent financial institutions and issuers) and presents areas where gaps exist from a technology, regulatory and ecosystem perspective.