On 13 March 2025 Future of Finance hosted a one-day event at the offices of ReedSmith in London. Entitled Digital asset exchanges: Will tokenisation be the nemesis of exchanges or the re-making of them?, the event attracted more than 200 registrants from stock exchanges, trading venues, digital asset exchanges, fund administrators, central securities depositories, central counterparty clearing houses, technology vendors, data vendors, consultants, custodians, asset managers, wealth managers, banks, brokers, insurers, payments service providers, law firms, venture capital funds, cryptocurrency firms, blockchain platforms and academia. This is an account of what they and the panellists contributed to the five sessions that day, both live and in the multiple-choice questionnaire they completed in advance, the results of which are also published here.