HSBC Becomes First Firm Approved to Operate UK Digital Securities Depository, DIGIT Pilot Expected Q1 2027

According to the Bank of England, HSBC's HSBC Orion platform became the first firm approved in July 2026 to operate live digital securities depository services under the UK Digital Securities Sandbox. The approval allows Orion to support issuance, servicing and settlement of tokenised bonds, including HM Treasury's planned Digital Gilt Instrument (DIGIT).

The first DIGIT transaction is expected by the end of Q1 2027 and will be issued and settled on HSBC Orion rather than through conventional gilt infrastructure. HSBC has also signed a memorandum of understanding with London Stock Exchange Group to develop connectivity between their systems, linking Orion's depository infrastructure with LSEG's market-access capabilities to support investor participation in the pilot.