It looks like a stock and trades like a stock, but it isn’t actually a stock – what is it?

Tokenized stocks promise cheaper trading and wider access, while some products make speculation easier without passing shareholder rights to the buyer.Two people can open their investment apps, see the same company name beside a similar price, and still own different things. One holds shares in the company, and the other holds a token designed to follow those shares. Both benefit if the price goes up, but that doesn't settle what either person is entitled to receive or control.You can easily lose that distinction when you look at an attractive interface. Familiar tickers and buy buttons make the transaction look and feel like buying stocks, even when the contract underneath it is different.The London Stock Exchange is now exploring how to bring shares onto blockchain networks while preserving shareholder rights. Its Sep. 1 announcement with Payward describes a structure still under assessment and subject to regulatory approval. Separately, it plans to list xStocks on its LSE 24 venue in 2027, also subject to approval.Those projects pursue different versions of access. One aims to preserve the relationship between investors and the companies they own, while the other wants to give a...