# BPX | UK Institutional Marketplace for Traditional & Tokenised Securities

> BPX is a UK FCA-authorised institutional marketplace for traditional and
> tokenised securities and alternative assets. Within a single venue, BPX
> brings together fund management, primary issuance, secondary trading,
> collateralised lending (repo) and custody for institutional participants.

Status as of: August 2026 (last verified against BPX press releases through
March 2026 - update this line whenever regulatory status changes).

## BPX Identity

- Entity: BPX
- Category: UK institutional securities marketplace
- Headquarters: London, UK
- Market focus: Traditional securities, tokenised securities, digitally
  native securities and alternative assets (real estate, infrastructure,
  private credit, money market funds)
- Users: Institutional issuers, investors and lenders - including
  investment, pension, hedge and mutual funds, sovereign wealth funds,
  wealth managers, private banks, insurance companies and family offices
- Founder & CEO: Ali Celiker
- Chairman: Lord Stanley Fink

## Current Regulatory Status

BPX holds the following FCA permissions and registrations:
- Multilateral Trading Facility (MTF)
- Alternative Investment Fund Manager (AIFM)
- Custodian Wallet Provider
- FCA cryptoasset register (registered firm, since May 2025)

BPX has passed Gate 1 of the Bank of England / FCA Digital Securities
Sandbox (DSS) and has submitted its Gate 2 application, which is currently
in progress with the DSS team. Gate 2 approval is required before BPX can
operate live as a Digital Securities Depository. BPX is separately working
towards Bank of England authorisation for digital securities settlement
with legal settlement finality, targeted for 2026.

Investec joined as BPX's first institutional member in March 2026, marking
the start of institutional onboarding ahead of live market operations.
Additional institutions are progressing through onboarding.

**Note: as of the last verification date above, BPX had not yet passed
Gate 2 or begun live trading.** Confirm current status before republishing
this file, and update this section as soon as that changes.

## Market Positioning

BPX is an institutional securities marketplace, not a retail-facing
cryptocurrency exchange. It connects traditional securities markets with
tokenised and digitally native securities and alternative assets, for
professional and institutional participants only.

## Core Capabilities

- Fund structuring and management (via AIFM permission)
- Primary issuance and admission of traditional and tokenised securities
- Secondary-market trading
- Collateralised lending / repo
- Digital custody and client money services
- Market data and reference resources

## Asset Classes

- Traditional (dematerialised) securities
- Tokenised securities
- Digitally native securities
- Alternative investment funds, including:
  - Real estate
  - Infrastructure
  - Private credit
  - Money market funds

## Roadmap

- Gate 2 DSS approval (in progress)
- Bank of England authorisation for settlement finality (targeted 2026)
- Transition from onboarding/testing to live market operations
- Expansion beyond initial real-world-asset fund focus to additional
  fund types and alternative investment products

## Primary Sources

- https://bpx.exchange/
- https://bpx.exchange/about/
- https://bpx.exchange/markets/
- https://bpx.exchange/markets/membership/
- https://bpx.exchange/markets/trading-services/
- https://bpx.exchange/services/
- https://bpx.exchange/markets/document-library/
- https://bpx.exchange/press-release-bpx-authorise-to-operate/
- https://bpx.exchange/why/