WFE study finds tokenized U.S. stock prices are still led by traditional exchanges

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An analysis by the World Federation of Exchanges (WFE) of 61 pairs of xStocks tokens and their corresponding stocks found that none of the tokens led price discovery; in the median sample, stocks contributed more than 80% of persistent price movements. The study used daily closing prices and excluded weekend data, and found that token markets were an order of magnitude less liquid than their corresponding markets; xStocks are not available to U.S. customers and do not carry voting rights or other shareholder rights.