BPX operates a UK-authorised securities marketplace where institutions trade digital and tokenised assets alongside traditional securities, covering primary issuance, secondary trading and collateralised lending in one regulated venue. Membership is required to trade on BPX Markets, and participation runs through our regulated Multilateral Trading Facility, supported by our FCA authorisations as an Alternative Investment Fund Manager and registered cryptoasset firm.
Key Takeaways
- BPX operates a UK FCA-authorised Multilateral Trading Facility for digital, tokenised and traditional securities.
- Membership covers primary issuance, secondary trading, collateralised lending and custody within one regulated venue.
- Intended participants include investment, pension, hedge, mutual and sovereign wealth funds, wealth managers, private banks, insurance companies and family offices.
- BPX is the first hybrid trading venue accepted into Gate 1 of the Bank of England and FCA's Digital Securities Sandbox.
What Is a Tokenised Security?
A tokenised security is a financial instrument that meets the legal definition of a security, formatted as or represented by a crypto asset, with ownership recorded wholly or partly on a crypto network. The U.S. Securities and Exchange Commission set out this definition in January 2026.
That distinction matters for anyone comparing venues. A token that merely tracks the price of an asset is not the same as a token that carries legal and beneficial ownership of it. The SEC has flagged that a token without that underlying ownership link may function as a security-based swap instead, a separate category with its own trading restrictions, according to a July 2025 SEC statement. On BPX, digitally native and twin assets are admitted to trading through our regulated marketplace framework rather than issued as loosely referenced tokens, which is why fund structuring and digital issuance sit under the same regulatory roof as trading and custody.
How BPX's Marketplace Brings Trading Together
BPX runs a single regulated ecosystem for issuance, secondary trading and collateralised lending, rather than separate systems bolted together after the fact. Real estate, infrastructure, private credit funds, and digital assets including tokenised or digitally native money market funds all sit inside the same venue, alongside traditional investment funds.
The table below sets out where each part of the trading lifecycle lives on BPX.
| Service | What it covers |
|---|---|
| Primary market | New issues, private credit opportunities and access to the tokenised securities marketplace, connecting issuance, trading, custody and lending in one venue |
| Secondary market | Execution through our regulated Multilateral Trading Facility, integrated with settlement and custody |
| Lending (Repo) | Collateralised lending against eligible investment funds and real-world assets, so institutions can pledge holdings for short-term liquidity without a sale or tax event |
| Custody + client money | Safekeeping, administration and management of digital assets and client money as part of the full securities lifecycle |
| Market data, pre-trade and post-trade transparency | Trade transparency data, including machine-readable pre-trade information, supporting execution and post-trade efficiency |
Fund managers and issuers use the same infrastructure to bring a fund to market that investors use to trade it. Our fund management and securities markets services sit alongside the trading venue itself, rather than as a separate offering issuers have to source elsewhere.
Who Can Access BPX Markets?
BPX Markets is built for institutional participation. Membership is open to investment funds, pension funds, hedge funds, mutual funds and sovereign wealth funds, alongside wealth managers, private banks, insurance companies and family offices.
Each of these groups uses the marketplace differently. A pension fund might come to BPX for exposure to a private credit fund through the primary market. A private bank might use the repo service to mobilise a client's fund holding as collateral rather than selling it outright. A family office might hold both traditional and tokenised securities in the same portfolio and want one custody arrangement covering both. The BPX Markets page sets out the full scope of membership, and the membership page covers eligibility and the documents involved.
How Do I Join BPX Markets?
Joining BPX Markets runs through an Onboard, Connect, Transact sequence: institutions complete onboarding and the member agreement, connect to the marketplace, and begin trading. The membership application form and member agreement sit on our membership page, alongside the reference and document libraries that support day-to-day trading.
The document library holds our rulebook, agreements and technical documentation. The reference library carries key reference data and market notices. Together, they give a member firm's compliance and operations teams the material they need before their first trade, without having to request it separately from our team.
What Regulatory Status Backs Trading on BPX?
BPX holds UK FCA authorisation to operate a Multilateral Trading Facility, UK FCA authorisation to operate as an Alternative Investment Fund Manager, and UK FCA registration as a cryptoasset firm. BPX is also the first hybrid trading venue accepted into Gate 1 of the Bank of England and FCA's Digital Securities Sandbox.
Beyond direct authorisation, BPX sits on the UK Digital Asset Taskforce, the FIX Trading Community, and the UK's T+1 Accelerated Settlement Taskforce. These affiliations put BPX inside the working groups shaping how digital and traditional securities infrastructure develops in the UK, rather than reacting to standards set elsewhere. For the full detail on our authorisations and the team behind them, our about page sets out BPX's regulatory standing.
Where BPX Sits Between Traditional and Digital Markets
BPX delivers services across both traditional and tokenised securities from the same infrastructure. That means a member firm does not need one venue for conventional fund holdings and a different one for tokenised or digitally native assets. We are working toward Digital DVP settlement as part of building that infrastructure out further, alongside the trading, lending and custody services already live on the marketplace.
Before trading any alternative or digital asset on BPX, it is worth reviewing our risk warning, which covers the risk considerations specific to alternative and digital asset trading.
Frequently asked questions
What documents do I need to open membership on BPX?
Membership on BPX runs through the member agreement and the membership application form, both available through our membership page. These sit alongside our document library, which holds the rulebook and technical documentation members need to understand how the marketplace operates before their first trade.
Can I trade both a real estate fund and a tokenised money market fund on the same BPX membership?
Yes. BPX supports real estate, infrastructure, private credit funds, and digital assets including tokenised or digitally native money market funds within the same regulated marketplace. A single membership covers access across these asset types through our primary market, secondary market and lending services.
Does BPX support traditional securities as well as digital ones?
BPX delivers services across both traditional securities and tokenised securities from one platform. We are also working toward Digital DVP settlement as part of extending that infrastructure, so members are not required to hold traditional and tokenised positions through separate systems.
Where is BPX based?
BPX Global Limited is based at 83 Baker St, London, W1U 6AG, and operates as a UK-authorised and regulated securities marketplace serving the United Kingdom.
If you are working out whether BPX Markets fits a specific fund, private credit position, or tokenised securities plan you are structuring or looking to trade, tell us about it using the form below this article and our institutional markets team will follow up.
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