BPX provides institutional digital securities issuance and secondary trading in the UK from a single FCA-authorised venue. We are authorised to operate a Multilateral Trading Facility and an Alternative Investment Fund Manager, so issuers can structure and issue funds and securities, and members can trade, lend against and hold them in custody, across traditional and tokenised assets.
What Institutional-Grade Means for Issuance and Trading
Institutional-grade means regulated operators, regulated custody and a clear route from issuance to trade. For a fund manager or real-asset sponsor, the practical test is whether one venue can admit the instrument, run the fund, execute secondary trades and hold the assets, without the issuer stitching together several unconnected providers.
BPX was built around that lifecycle. We are an FCA-authorised and regulated marketplace for the admission, trading and lending of alternative assets such as real estate, infrastructure and private credit funds, and digital assets, including tokenised or digitally native money market funds. Our team has decades of experience across capital markets, fintech and digital innovation, and our early focus is on real estate and money market funds.
Our FCA Authorisations
On 26 June 2025, the Financial Conduct Authority authorised BPX to operate as a Multilateral Trading Facility (MTF), an Alternative Investment Fund Manager (AIFM), a Cryptoasset Exchange and a Custodian Wallet Provider. BPX is also registered by the FCA as a cryptoasset firm.
Each permission maps to something an issuer or investor needs:
| Authorisation | What it covers at BPX |
|---|---|
| Multilateral Trading Facility | Secondary market execution for institutional trading |
| Alternative Investment Fund Manager | Fund management and structuring for issuers |
| Cryptoasset Exchange | Trading of digital assets |
| Custodian Wallet Provider | Safekeeping of digital assets |
How Do Issuance and Secondary Trading Work Together at BPX?
At BPX, issuance and secondary trading run inside one integrated marketplace. Issuers digitally structure and issue funds and securities through our AIFM, gain admission to our secondary and repo markets, and then investors trade, lend and hold those assets through the same regulated venue.
Issuance and admission
Our fund management service gives fund managers, real-asset sponsors and institutional issuers authorised fund management and AIFM support within our regulated framework. Our issuance and admission service covers issuance, admission to secondary markets and admission to repo markets, and it supports a transition from traditional to tokenised issuance. Issuers get faster time-to-market and wider investor reach.
Primary and secondary markets
Our primary market connects issuance, trading, custody and lending in a single venue. Investors participate directly in new issues, private credit opportunities and tokenised securities, and issuers reach a professional investor universe. Secondary execution runs through our MTF, with institutional trading services that include pre-trade and post-trade transparency, market data and standardised API access to our markets.
Custody and client money
Our custody and client money service provides secure safekeeping, administration and management of digital assets and client money. It sits inside the same infrastructure as trading and issuance, so assets and cash stay connected to the market where they trade.
Lending against holdings
Members can pledge eligible investment funds and real-world assets as collateral in our repo market to raise short-term liquidity without a sale or tax event. We cover the mechanics in our post on which platforms facilitate repo using tokenised money market funds.
Where BPX Sits in the Digital Securities Sandbox
BPX is the first hybrid trading venue accepted into the Bank of England and FCA Digital Securities Sandbox, and we have been approved into Gate 1. The Bank of England states that Gate 1 permits only testing and regulatory preparation, while Gate 2 is the go-live threshold that permits live business under initial limits.
You should read our status in that light. Our FCA authorisations are in place, and our Risk Warning sets out the general risks that apply to investing through the platform, including that you make your own investment decision and should take independent advice where you have doubts.
How Do Institutions Join and Start Trading?
Institutions join through BPX market membership, which follows the sequence Onboard, Connect, Transact. Members complete a membership application form and sign a member agreement, then connect to our markets, including through standardised APIs, before they begin trading.
Our membership page lists the intended participants: investment, pension, hedge, mutual and sovereign wealth funds, wealth managers, private banks, insurance companies and family offices. Membership gives access to a single marketplace for trading alternative and digital assets, covering both digitally native assets and their twins. Our team takes calls from 08:00 to 16:30, Monday to Friday, on +44 203 005 4499.
Questions to Ask Any Venue Before You Issue or Trade
Whichever venue you shortlist, put these questions to it in writing:
- Which FCA permissions does the operator hold, and do they cover the trading, fund management and custody you need?
- Can the venue admit your specific instrument to secondary trading and to repo?
- Who safekeeps the assets, and where is client money held?
- How does the venue treat traditional and tokenised versions of the same asset?
- What is its current status in the Digital Securities Sandbox, and what does that status permit?
- What documents will you sign, and what reference material and market data does the venue publish?
We answer each of these for BPX through our About page, our document and reference libraries and our membership materials.
Frequently asked questions
Which asset types can issuers bring to BPX?
BPX is a marketplace for alternative assets such as real estate, infrastructure and private credit funds, and for digital assets, including tokenised or digitally native money market funds. We cover both traditional and tokenised securities. Our early focus is on real estate and money market funds, with the wider asset range following under our regulated framework.
Does BPX support Digital DVP settlement?
We are working toward supporting Digital DVP settlement as part of our infrastructure for traditional and tokenised securities. Delivery versus payment links the transfer of an asset to the transfer of cash. Our traditional and digital markets service is designed so that settlement, custody and trading connect within one regulated marketplace.
Can overseas institutions use BPX?
The services and products on our site are intended for use by residents of the UK only. They are not aimed at, or intended for use by, residents of any other jurisdiction. Institutions based in the United Kingdom can start with our membership materials or contact our team directly.
How does repo relate to issuance and secondary trading at BPX?
Repo is part of the same venue. Once an issuer has gained admission to our repo market, members can pledge eligible investment funds and real-world assets as collateral to raise short-term liquidity. Trading and lending co-exist in one institutional marketplace, which turns static holdings into mobilised collateral without a sale.
If you are structuring a fund, planning an admission or weighing up secondary liquidity and repo for tokenised holdings, send us your question or requirement using the short form directly below this article, and our institutional markets team will come back to you with specifics for your situation.