The Female Forum

Today we hosted our second Digital Assets Chapter by The Female Forum roundtable event - this time in the offices of Fidelity Digital Assets.   We welcomed a curated group of leaders for a thought leadership breakfast on the topic of #tokenisation and #custody. An incredible vibrant discussion and we could have honestly spent an entire day on the topic. Here are some of the key findings: 𝟭. 𝗧𝗼𝗸𝗲𝗻𝗶𝘀𝗮𝘁𝗶𝗼𝗻 𝗶𝘀 𝗺𝗼𝘃𝗶𝗻𝗴 𝗳𝗿𝗼𝗺 𝗲𝘅𝗽𝗲𝗿𝗶𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻 𝘁𝗼 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗶𝗻𝗳𝗿𝗮𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲 The discussion is shifting from whether assets can be tokenised to where tokenisation delivers genuine value, including faster issuance, more efficient collateral management and streamlined settlement. The UK is actively supporting this development through initiatives such as the Digital Securities Sandbox. 𝟮. 𝗦𝘁𝗮𝗯𝗹𝗲𝗰𝗼𝗶𝗻𝘀 𝗰𝗼𝘂𝗹𝗱 𝗯𝗲𝗰𝗼𝗺𝗲 𝗮𝗻 𝗶𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 𝘀𝗲𝘁𝘁𝗹𝗲𝗺𝗲𝗻𝘁 𝗹𝗮𝘆𝗲𝗿 Stablecoins can enable faster, more programmable movement of value, particularly across digital markets and potentially across borders. Their long-term role will depend on credible backing, reliable redemption and integration with established payment systems. 𝟯. 𝗖𝘂𝘀𝘁𝗼𝗱𝘆 𝗿𝗲𝗺𝗮𝗶𝗻𝘀 𝘁𝗵𝗲 𝗳𝗼𝘂𝗻𝗱𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝗶𝗻𝘀𝘁𝗶𝘁𝘂𝘁𝗶𝗼𝗻𝗮𝗹 𝘁𝗿𝘂𝘀𝘁 For institutions, digital-asset custody is not simply about storing private keys. It requires strong governance, asset segregation, operational resilience, cybersecurity and controls comparable to those expected across traditional financial markets. The UK’s new regulatory framework places crypto asset custodians within the FCA perimeter. 𝟰. 𝗜𝗻𝘁𝗲𝗿𝗼𝗽𝗲𝗿𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝘄𝗶𝗹𝗹 𝗱𝗲𝘁𝗲𝗿𝗺𝗶𝗻𝗲 𝘄𝗵𝗲𝘁𝗵𝗲𝗿 𝘁𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝘀𝗰𝗮𝗹𝗲𝘀 Tokenised assets cannot develop as isolated ecosystems. Stablecoins, tokenised bank deposits, central-bank money and traditional payment rails will need to interact securely if tokenisation is to create market-wide rather than platform-specific efficiencies. 𝟱. 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗶𝗼𝗻 𝗶𝘀 𝗯𝗲𝗰𝗼𝗺𝗶𝗻𝗴 𝗮𝗻 𝗲𝗻𝗮𝗯𝗹𝗲𝗿 𝗼𝗳 𝗮𝗱𝗼𝗽𝘁𝗶𝗼𝗻 The UK is moving towards a more comprehensive framework covering stablecoin issuance, custody and other cryptoasset activities. Greater clarity should give institutions more confidence to participate, while ensuring innovation is supported by appropriate consumer protection, financial resilience and market integrity. The next phase of digital finance will not be defined by technology alone, but by whether innovation can deliver trust, interoperability and tangible economic value at scale. A special thank you to Marina Baudean, Stephanie Peritore, and Martha Reyes for their insights. And thank you to our partners from CMS with Fiona Henderson and Katherine Murray as well as Joanna Wands and Isabella Chase from TRM Labs. With Nora Stolz

Here’s our recap of today’s roundtable discussion. 𝗧𝗼𝗽𝗶𝗰: A New Blueprint: Delivering solutions to solve the DC retirement puzzle This morning, we hosted another Pension Chapter Breakfast Forum - this time we gathered at Rothesay's beautiful offices. We brought together 30 leaders from across the pensions industry for a thoughtful roundtable discussion on the Nest Retirement Income Solution, exploring how the industry can deliver better retirement income solutions for DC savers. A huge thank you to Georgia Smith, Senior Investment Manager, Fund Proposition at Nest Pensions, for framing the discussion and sharing the thinking behind the Nest solution. Thank you also to Róisín O'Shea and Liberty Gordon-Brown for co-moderating the conversation. A few reflections from the discussion: 𝗔 𝗱𝗲𝗰𝗮𝗱𝗲 𝗶𝗻 𝘁𝗵𝗲 𝗺𝗮𝗸𝗶𝗻𝗴 The solution reflects a 10-year journey to create a default retirement income solution for DC members, culminating in the appointment of Rothesay in January 2026 to co-design a market-first bulk deferred annuity for DC savers. A powerful example of innovation, partnership and co-creation. 𝗕𝗹𝗲𝗻𝗱𝗶𝗻𝗴 𝗶𝗻𝘃𝗲𝘀𝘁𝗲𝗱 𝗮𝗻𝗱 𝗶𝗻𝘀𝘂𝗿𝗲𝗱 𝗶𝗻𝗰𝗼𝗺𝗲 The design brings together flexible invested income in early retirement with guaranteed later-life income through a bulk deferred annuity, aiming to deliver higher sustainable incomes while retaining member flexibility. 𝗔 𝗽𝗿𝗼𝗼𝗳 𝗼𝗳 𝗰𝗼𝗻𝗰𝗲𝗽𝘁 𝗳𝗼𝗿 𝘁𝗵𝗲 𝘄𝗶𝗱𝗲𝗿 𝗺𝗮𝗿𝗸𝗲𝘁 The solution is not only a Nest solution. It offers a template for the future of DC retirement income and creates a foundation the wider industry can learn from and build on. 𝗣𝗮𝗿𝘁𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝗮𝗻𝗱 𝗰𝗼-𝗱𝗲𝘀𝗶𝗴𝗻 𝗼𝘃𝗲𝗿 𝗽𝗿𝗼𝗰𝘂𝗿𝗲𝗺𝗲𝗻𝘁 One of the strongest messages from the discussion was the importance of genuine collaboration. This was not simply about pricing or procurement, but about working together to get the design right. A special thank you to our trusted partners Nathalie Sims and Lorraine Porter from LCP, Katie Overton from Rothesay, Charley Smith, CFA from Janus Henderson Investors, and Georgina Stewart from Sackers for their continued support of The Pension Chapter by The Female Forum. ____ P.S. Time to celebrate! This event also marked the first event in our fourth year. Four years of #ThePensionChapter. Four years of building a powerful industry initiative. Four years of convening thoughtful, senior women across pensions to share insight, strengthen relationships and shape the future together. Thank you for being part of our journey! With Nora Stolz Photo credit: Circe Hamilton for The Female Forum

Why #clarity is a superpower 👇

Most leaders say they want more creativity in their teams. Sounds familar, right? Perhaps you are even that leader... But then meetings are run in the same format they've run for five years, reward the people who never make mistakes, and wonder why nobody brings new ideas. Here's what creative leadership actually is: it's not about being the most imaginative person in the room. It's about making the room safe enough for imagination to survive. The science is pretty unambiguous on this. 'Psychological Safety' - a concept coined by the amazing @Amy Edmundson - is all about knowing your idea won't get you judged or demoted. Teams that score high on psychological safety, perform better, are more creative, more resilient, and overall more productive. So here's a tiny exercise for your next team meeting. Try it this week as you're wrapping up: Pick one thing your team did this week in exactly the same way as always because "that's how we do it." Find this one process, one assumption, one habit nobody questions. Then ask your team: what would we do if we were starting from scratch? You'll be surprised what comes through it. Creative leadership is a practice, rooted in openness, playfulness and curiosity. And like all practices - it starts with one small, deliberate move: What assumption is my team most overdue to question? #gracefullyBOLD #TheFemaleForum #WomenLeadersEurope

The most underrated career move isn't a promotion. It isn't a pivot. It's walking into the right room. Not every room is built for you. In some rooms you're simply feel invisible or underappreciated. In others you're far too comfortable, not challenged. The rooms that change things are the ones where someone sees your potential before you do. Where a single conversation shifts your frame of reference entirely. That's what The Female Forum exists for. Where has one conversation changed everything for you? #gracefullyBOLD #TheFemaleForum #WomenLeadersEurope With Nora Stolz

"Creativity takes courage." Henri Matisse said it. Marine Tanguy , founder and CEO of MTArt Agency lives it. As one of the most influential voices in the art world and a passionate advocate for creative leadership, Marine has built her career on a single belief: that creativity is one of the most underused strategic assets in business and society. Not the artistic kind. The kind that asks better questions. That challenges the status quo. That sees possibility where others see process. We have followed and cheered Marine on for many years, and admire her leadership - she's an incredible #rolemodel and totally #gracefullyBOLD. #TheFemaleForum #WomenLeadersEurope

Throwback to last week when we hosted the 12th #PensionChapter breakfast forum with the amazing Fiona Brown. We're always incredibly grateful for the trust, time, and energy our corporate partners and guests bring to the table. Soon, we're moving into our fourth year and this is an amazing moment to extend a big thank you to everyone who has been a guest in the past and has helped to shape this superb industry initaitive. The format: "Hard topics in a soft environment." What's a topic you'd like us to cover next? #gracefullyBOLD

Happy Monday everyone! The topic of this week is #Creativity. Who is the most creative person you know? What do they do? In my opinion, creativity is not a personality type. Nor is creativity restricted to certain 'creative' professions. Creativity is deeply human. It is not just reserved for artists, designers, but everyone of us can choose to operate in a more creative way. Creativity is a way of thinking. It's basically an upgrade to your operating system. It shows up when you challenge an assumption and dare to think differently. When you find a different, and perhaps better way trying to solve a problem. When you build something from scratch, not with fancy equipment but with whatever you have avaialble. Humans are naturally creative, if you feel your creativity muscle is not in best form, go to the creativity gym! All the neurons and brain connections you can make will make you happier, more productive, and more resilient. Creativity is not a talent. It's a superpower. #gracefullyBOLD #TheFemaleForum #WomenLeadersEurope

Some of the most common things I hear from women when they take part in a The Female Forum event are: "I didn't realise how much energy I was spending in the wrong rooms until I walked into the right one." "The energy in the room is second to none." "I feel totally inspired and energised, every time I take part in one of your formats." We work really hard to create and curate an environment where belonging is at the front and centre. Because belonging isn't a soft concept, it's a strategy. It directly affects how you think, how you perform, how brave you're willing to be. Being part of a network where you can feel you belong, where you gain energy, inspiration and insights - that's a real win! #gracefullyBOLD #TheFemaleForum #WomenLeadersEurope

“The future is being shaped in rooms like this.” Today we launched the #DigitalAssetsChapter by The Female Forum, together with founding firms CMS, Fidelity Digital Assets, and TRM Labs. We're bringing insights & strategic connections to corporate leaders in the digital assets space. This new industry collaboration is designed by women for women, convening leading firms and leading minds to explore hard topics in a soft environment. We kicked off with "The Tokenisation Playbook", introduced by Catriona Kellas, sparking a rich and forward-looking discussion. Special thanks to our Chapter Lead Isabell Moessler and our incredible corporate leaders who believe in collaboration and partnerhsip as much as we do: Fiona Henderson, Lisa McClory, Joanna Wands, Marina Baudean and Stephanie Peritore. If you attended, please drop into the comment your impressions and thoughts! Insightful. Energising. Just the beginning... #gracefullyBOLD With Nora Stolz