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Regulated Trading of Tokenized Assets – Your Benefits

Trustworthy, secure trading

Our regulated trading operates under a DLT trading facility system license and leverages the extensive experience of the Swiss exchange, BX Swiss. This ensures maximum security and reliability for every transaction.

Cost-effective,
direct transfer

Lower transaction costs and greater control over your tokenized assets through the use of a public blockchain. A direct connection between the trading participants’ wallets eliminates the need for intermediaries.

Fast, reliable
settlement

Efficient settlement in Swiss francs: Proven DvP (Delivery versus Payment) smart contracts guarantee the simultaneous processing of payment and asset transfers with a direct link to the Swiss National Bank’s payment system.

Comprehensive
ecosystem

Access to a wide network of market participants in the tokenized assets sector creates new investment opportunities and fosters high liquidity.

What are Tokenized Assets?

Tokenized assets refer to financial instruments, such as securities, that exist in digital form. They can be transferred directly between buyers and sellers over the internet without the need for a central counterparty acting as an intermediary. This is made possible by blockchain technology, which is seen as the latest evolutionary stage of the internet. It unlocks entirely new possibilities for the financial market. Are you ready to take advantage of the opportunities offered by the financial market of the future?

seturion_circle_long Financial product creation at the touch of a button Independence from central counterparties Unlock new sources of funding and liquidity Communicate digitally with investors Execute fast, global transfers Expand the investment universe for everyone

  • Financial product creation at the touch of a button

  • Independence from central counterparties

  • Unlock new sources of funding and liquidity

  • Communicate digitally with Investors

  • Execute fast, global Transfers

  • Expand the investment universe for everyone

About Seturion

As part of the Boerse Stuttgart Group, Seturion is building a pan-European platform for tokenized assets that is open to all market participants and is considered a pioneer in this field. Both private and public blockchains are used to ensure maximum flexibility and security. In Switzerland, Seturion operates SeturionX, the first FINMA-licensed DLT trading system for tokenized assets.

Learn more about Seturion and the vision of a unified pan-European capital market at www.seturion.com.

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FAQs

Obtaining the first Swiss DLT (Distributed Ledger Technology) trading system facility licence marks a significant milestone for SeturionX and the Swiss financial market. This licence enables, for the first time, the trading of tokenized assets such as tokenized shares, bonds and certificates on a regulated secondary market.

Transactions are settled within minutes on a public blockchain, eliminating the need for centralized financial intermediaries such as central securities depositories or clearing houses.

This achievement highlights SeturionX’s compliance with strict regulatory standards, fostering trust and legal certainty for investors in the trading of tokenized assets.

A stock exchange licence typically applies to the trading of traditional securities that are centrally held and settled.

By contrast, a DLT trading facility licence goes significantly further: it enables the trading of tokenized assets stored in a global database (blockchain). These tokenized assets can include programmable features, such as voting rights at general meetings. All rights and functions are transferred via the blockchain in just a few minutes. By comparison, settlement in the traditional system, which involves multiple financial intermediaries, generally takes two days or more.

The key difference lies in the efficiency and speed of settlement and the elimination of intermediaries in the DLT system.

A regulated marketplace provides a high level of transparency and security, which is crucial for investor protection and represents a key step in advancing the blockchain ecosystem. It operates within a clear legal framework. Regulation helps to prevent fraud and market manipulation, thereby fostering long-term trust in the trading of tokenized assets.

As a financial intermediary, SeturionX complies with the provisions of the Swiss Anti-Money Laundering Act (AMLA) and verifies trading participants and their transactions in accordance with these regulations.

Blockchain technology enables the traceability of historical transactions, making it possible to detect illegal activities. Compliance with money laundering regulations at the end-client level is ensured by the trading participants where the assets are held. Only investment firms and other regulated participants domiciled in a country with adequate AMLA provisions are admitted to SeturionX. Furthermore, SeturionX monitors the wallets of trading participants using blockchain analysis tools.

On the issuer side, SeturionX targets companies in the real economy, such as growth companies, as well as financial product providers and asset managers. These entities can offer their tokenized assets for trading via SeturionX. On the trading participant side, SeturionX focuses on banks and investment firms that want to provide their clients with access to tokenized assets and develop additional products and services based on this offering. Indirectly, SeturionX aims to reach both private and institutional investors.

SeturionX leverages an innovative combination of public blockchain technology and a regulated, user-friendly environment. Tokenized assets can be traded directly on the public blockchain, eliminating the need for national central securities depositories or clearing houses. This simplifies trading, making it faster and more cost-effective.

Another key advantage is that banks and investment firms can continue using their existing processes and systems without requiring additional pre-funding or the use of stablecoins. The risk of counterparty default is eliminated. Investors also benefit from seamless access through familiar banking and brokerage applications, without the need to navigate complex new technologies.

With these innovations, SeturionX provides a modern solution that harnesses the benefits of blockchain technology without the complexity and risks often associated with emerging technologies.

A decentralized exchange (DEX) is a trading platform that exists only on the internet and operates using smart contracts. Unlike a centralized organization, a DEX is governed by holders of governance tokens and is typically not subject to national regulation. Users provide liquidity themselves, meaning they must pre-fund and bear counterparty risk as they trade directly with other users.

By contrast, a centralized exchange (CEX) is operated by a central organization and is regulated by national supervisory authorities. This regulation makes it easier for financial institutions, such as banks or investment firms, to participate and provide liquidity, as the platform offers additional safeguards and operates within a legal framework.

SeturionX is a fully regulated centralized exchange (CEX) that leverages public blockchain technology. It combines the strengths of both models: the security and regulatory oversight of a CEX with the flexibility and efficiency of a decentralized blockchain infrastructure. Users benefit from the transparency and security of blockchain technology, while also enjoying the advantages of a central point of contact and protection under regulatory requirements.

Investors place their trade orders through their bank or broker, which submits them to the SeturionX order book. Once a trade is executed, the tokenized asset is transferred from the seller’s wallet to a settlement smart contract. This smart contract triggers the payment between the trading parties, which is conducted in Swiss francs and routed through the Swiss Interbank Clearing System (SIC). SeturionX’s integration with SIC facilitates this process. After the payment is confirmed in SIC, the tokenized asset is transferred to the buyer’s wallet. The entire process is typically completed within 30 minutes – a revolutionary improvement compared to the traditional financial system, where this process usually takes two days.

SeturionX is the sister company of the Swiss exchange BX Swiss and a part of the Boerse Stuttgart Group, the sixth-largest exchange group in Europe. Through its digital division, Boerse Stuttgart Digital, the Group is recognized as a European pioneer in the custody, trading and distribution of tokenized assets.

This unique synergy combines decades of experience in the regulated capital market, extensive technological expertise and a strong capacity for innovation. It also provides access to an extensive network of trading participants and issuers, both within Switzerland and internationally.

Tokenized assets are subject to value fluctuations, just like traditional assets. SeturionX does not provide financial or investment advice. Since this is a new market, it remains uncertain how quickly tokenized assets will gain traction and become established.

The security and protection of assets are primarily ensured by the trading participants in the marketplace, where the assets are held (banks and securities firms supervised by FINMA). SeturionX does not provide custody services but focuses on trading and settlement, i.e. the transfer of assets. Settlement operates on a delivery versus payment (DvP) basis. This ensures that payment is made only after the financial instruments associated with the transaction have been blocked by the SeturionX settlement system. At no point during the settlement process does BX Digital acquire ownership of the transferred financial instruments. Through its settlement mechanism, SeturionX eliminates counterparty risk for participants.

SeturionX offers trading in a wide range of tokenized assets, including tokenized equities, bonds, exchange-traded products (ETPs) and tracker certificates. The platform is continually expanding its offering to incorporate new and innovative assets enabled by tokenisation. In this process, we are guided by market demand and regulatory requirements.

Tokenized assets are values directly mapped onto a distributed ledger technology (DLT) such as blockchain. For the first time, this technology makes it possible to digitally map, uniquely assign and transfer values without the need for a central intermediary.

Unlike traditional assets, tokenized assets are programmable and can include additional functionalities. These range from exercising voting rights in governance processes to automated dividend payments and complex automations through smart contracts.

A key advantage of tokenized assets is their flexibility: they are divisible, can be transferred almost instantly across the globe, and are available for transactions 24/7 – all without relying on traditional financial intermediaries. With blockchain technology, these transactions are also transparent, secure and can occur directly between the involved parties (peer-to-peer).

The programmability of tokenized assets allows them to be tailored to specific needs. Similarly to how software defines the functionality of devices like phones or cars, the programmability of tokenized assets is transforming the financial sector. Stocks, bonds and other assets can be managed far more efficiently and automatically.

Another significant benefit is decentralization. Tokenized assets enable issuance, trading, transfer and custody without central counterparties, granting direct access to capital markets. This is particularly valuable in areas such as decentralized finance (DeFi) or the tokenisation of assets like real estate or artworks.

Many experts believe tokenized assets will shape the future of financial markets, as they are not only more efficient but also more inclusive and interactive. They unlock new opportunities for investment, capital access and the democratization of financial services.

SeturionX will operate within the framework of the Financial Market Infrastructure Act (FMIA) and under the supervision of FINMA. FINMA ensures that SeturionX meets all the requirements of a DLT trading system. The operational processes, risk management and data security of SeturionX must comply with applicable Swiss standards. SeturionX will undergo annual audits conducted by both an external and an internal audit firm.

SeturionX focuses on the trading and settlement of tokenized assets. A key component of this is the creation of secondary market liquidity via its proprietary network of market makers and trading participants, enabling assets already placed with investors in the primary market to be traded on the secondary market.

SeturionX does not offer tokenisation and capital raising services, as SeturionX believes that these should be provided by the issuer or service providers specialising in tokenized assets and are interoperable with SeturionX’s trading and settlement infrastructure due to the shared public blockchain.

SeturionX’s settlement infrastructure is multi-chain capable, meaning it supports multiple public blockchains. Ethereum will be used for the launch. Additional blockchain types can be integrated as needed, provided they are suitable for issuing legally compliant tokenized assets.

Tokenized assets traded on SeturionX must be structured as registered securities in accordance with OR 973d or an equivalent regulation. They must also meet certain functional standards, such as those defined by the Capital Markets Technology Association (CMTA).

The CMTA standard was developed by a broad ecosystem of tokenizers and banks to support the creation of a large and interoperable market. Further details on the requirements for issuers and the process for applying for admission to trading can be found in the Admission Rules.

Trading participants or market makers can be investment firms or other entities supervised by FINMA or a foreign authority. The connection requires a FIX line for transmitting orders or quotes, as well as the integration of the firm’s wallet infrastructure with Ethereum. Further details can be found in the Admission Rules.

Tokenized securities and other assets from domestic and foreign issuers can be traded on SeturionX, provided they qualify as DLT securities. These are registered securities in accordance with Article 973d of the Swiss Code of Obligations (CO) or other securities held in decentralized electronic registers (distributed ledgers). These rights allow the creditor to manage their assets in a technically secure manner, while the debtor has no direct access.

The SeturionX Admission Board is responsible for deciding on the admission of issuers and DLT securities and for monitoring issuers’ compliance with their obligations. Admission is granted upon application by a qualified person. Further details can be found in the Admission Rules.

Following the rebranding, BX Digital will operate under the SeturionX brand. The existing products, features, and services will remain unchanged.

Seturion X is the brand under which the products and services are marketed. Seturion AG is the legal entity behind it.
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Seturion AG
Talacker 50
8001 Zurich

Phone: +41 31 329 40 60
E-mail: info@seturion.com

© SeturionX

Seturion AG
Talacker 50
8001 Zurich
Phne: +41 31 329 40 60
E-mail: info@seturion.com

© SeturionX

Seturion AG
Talacker 50
8001 Zurich
Phone: +41 31 329 40 60
E-mail: info@seturion.com

© SeturionX