BPX participates in the Bank of England and FCA Digital Securities Sandbox as the first hybrid trading venue accepted, approved into Gate 1. The Bank of England's dashboard, updated on 2 November 2026, lists three firms with Gate 2 approval: HSBC Bank Plc. ClearToken CSD Limited and LSEG B3 Limited.
Which firms hold Gate 2 approval?
As of the Bank of England dashboard update on 2 November 2026, three firms hold Gate 2 approval: HSBC Bank Plc. from 13 July 2026, ClearToken CSD Limited from 18 September 2026, and LSEG B3 Limited from 23 October 2026. BPX is approved into Gate 1.
The Bank of England maintains that dashboard, and it is the place to check for the current roster at each stage. Approval dates move as firms progress, so the dashboard's own update date matters more than any list repeated elsewhere, including this one.
Where does BPX sit in the sandbox?
BPX was approved into Gate 1 of the UK Digital Securities Sandbox and is the first hybrid trading venue accepted into the Bank of England and FCA programme. A hybrid venue handles traditional and tokenised securities in one place, and that is how we built the marketplace.
Our sandbox position sits alongside our FCA authorisations. On 26 June 2025 we announced that the FCA had authorised BPX to operate as:
- a Multilateral Trading Facility (MTF)
- an Alternative Investment Fund Manager (AIFM)
- a Cryptoasset Exchange
- a Custodian Wallet Provider
On 3 July 2025 the FCA granted us comprehensive trading permissions for traditional and digital securities. That made BPX the third entity approved for the UK cryptoasset register in 2025. Our initial focus is real estate and money market funds.
BPX Markets Limited is incorporated in England and Wales under company number 15240592, with its registered office at 14th Floor, 33 Cavendish Square, London. Our about page covers the team, including Chairman Lord Stanley Fink, Founder & CEO Ali Celiker and Managing Director Tony Scawthorn.
Who is eligible to join the sandbox?
Digital Securities Sandbox applicants must be legal persons established in the UK. Branches of overseas firms are ineligible. Overseas firms may still engage with sandbox entrants, subject to existing regulatory requirements, according to Bank of England and FCA guidance.
The Bank of England and Financial Conduct Authority published that eligibility rule in their guidance on the operation of the sandbox, last dated 30 June 2026. The practical consequence is that the participant list is made up of UK-established entities. A foreign bank that wants to work with a participant does so as a counterparty or client of that entity.
What does a hybrid venue offer its members?
A hybrid venue lets one institution deal in traditional and tokenised securities through a single regulated framework. At BPX that framework covers the full securities lifecycle, from issuance through trading and lending to custody.
Here is what that looks like in our service set:
- Issuance: our fund management service, backed by our FCA-authorised AIFM, supports the launch, admission and management of new and existing Alternative Investment Funds. Issuers can digitally structure and issue funds and securities.
- Primary market: investors can participate in new issues, private credit opportunities and tokenised securities through our primary market service.
- Secondary market: execution runs through our regulated MTF, integrated with settlement and custody.
- Lending: collateralised lending (repo) lets members raise short-term liquidity against eligible assets. Our post on repo using tokenised money market funds covers the mechanics.
- Custody and client money: uninvested funds in an investor account wallet are held in a segregated client money account at Barclays Bank UK Plc and protected by the FSCS up to a personal limit of £85,000 per financial institution.
- Settlement: we are working toward supporting Digital DVP settlement.
A pension fund holding both a traditional property fund and a tokenised money market fund can see both on one venue, post the tokenised holding as collateral, and have everything safekept under one custody arrangement. Our post on marketplaces that combine trading, lending and settlement walks through that lifecycle.
How do institutions become BPX members?
Membership follows three stages: Onboard, Connect, Transact. Applicants complete a membership application form and sign a member agreement. Both documents sit on our markets and membership page.
BPX membership is open to investment, pension, hedge, mutual and sovereign wealth funds, wealth managers, private banks, insurance companies and family offices. Members get API market access, pre-trade and post-trade transparency, market data, and a document library and reference library. The reference library includes market notices and the UK bank holiday calendar for 2026. Our trading services page sets out how members take part in alternative and digital asset markets.
Frequently asked questions
Is the Bank of England dashboard the complete list of sandbox participants?
The dashboard lists the firms with approval at each stage, including the three with Gate 2 approval as of 2 November 2026. It is the Bank of England's own record, so it is the page to check before relying on any third-party summary. Firms at earlier stages, such as BPX at Gate 1, move through the programme over time.
Can an overseas firm take part in the Digital Securities Sandbox?
An overseas firm cannot apply as a branch, because applicants must be legal persons established in the UK. Overseas firms may engage with sandbox entrants, subject to existing regulatory requirements. Our own services are intended for use by residents of the UK.
What assets does BPX focus on?
BPX focuses on alternative and digital assets, including real estate, infrastructure, private credit funds and digital assets such as tokenised or digitally native money market funds. Our initial focus on live operations is real estate and money market funds. Members can use eligible investment funds and real-world assets as collateral in repo.
Which regulatory permissions does BPX hold?
BPX is FCA-authorised to operate a Multilateral Trading Facility and as an Alternative Investment Fund Manager. We are also registered by the FCA as a cryptoasset firm. Those permissions let issuers structure funds and securities, and let members trade, lend against and hold them in custody, across traditional and tokenised assets.
If you are weighing how a sandbox-approved hybrid venue fits your fund, collateral or issuance plans, send us your question or requirement using the short form below, and our institutional markets team will reply with the relevant membership and admission details.