By Elizabeth Howcroft

(Reuters) -A group representing the world’s biggest stock exchanges is urging securities regulators to clamp down on so-called tokenised stocks, arguing that the blockchain-based tokens create new risks for investors and risk damaging market integrity.

Tokenised equities are blockchain-based tokens created to represent shares in companies. The tokens represent ownership of the securities but investors do not become shareholders in the underlying company.

Crypto exchange Coinbase and broker Robinhood are among those making a push into the nascent sector that could shake up the securities investing landscape.

Proponents say tokenised equities can cut trading costs, speed up settlement and facilitate around-the-clock trading.

In a letter to the U.S. Securities and E

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