The UK exchange market is getting something of a shakeup, with startup exchange operator BPX announcing that it has received authorisation by the Financial Conduct Authority (FCA) to operate as a Multilateral Trading Facility (MTF), Alternative Investment Fund Manager (AIFM), Cryptoasset Exchange and Custodian Wallet Provider.

With these institutional grade regulatory permissions in place, BPX said that it is developing a fully integrated marketplace to support the entire lifecycle of a security. This includes issuance, trading and collateralised lending of traditional dematerialised and tokenised securities, alongside settlement and custody of tokenised securities.

BPX is also the only FCA-authorised trading venue to have passed Gate 1 of the Bank of England and FCA’s Digital Securities Sandbox (DSS).

While BPX is still in startup phase, it has some strong board and managerial backing. BPX’s Chairmain is Lord Stanley Fink, a longtime hedge fund manager and sitting Conservative member in the house of Lords. Lord Fink is also a board member of eToro UK, and has been a Board Advisor to eToro since 2018. Dr. Robert Barnes, who spent about a decade as Group Head of Securities Trading at the London Stock Exchange, is the Co-CEO of BPX, with a number of other ex senior executives of the LSE and its Turquoise pan-European trading platform taking on management roles at BPX.

BPX said that it now enters its next phase: preparing for live operations and welcoming institutional participants to connect in anticipation of its first transaction.

BPX added that its mission is to enhance access and liquidity for Issuers and Investors in investment funds and digital assets. Its distributed ledger technology enabled platform enables efficient tokenisation at scale, broadening investment opportunities, unlocking new liquidity sources, and facilitating capital access.

Dr. Robert Barnes, BPX Co-CEO, said,

“Our vision is a marketplace of best practice, modernised for institutions, offering access through a single connection to a broader range of hard-to-access alternative assets, such as infrastructure and real estate investment funds, whether traditional or tokenised—available for issuance, trading, and use as collateral.”

Ali Celiker, BPX Co-CEO, added,

“Our comprehensive regulatory permissions and integrated market infrastructure strongly position us to advance our mission: enhancing access and liquidity for issuers and investors, while leading the transformation of capital markets from legacy systems to tokenised workflows – firmly anchored in regulatory compliance and driven by innovation.”

About BPX

BPX is a regulated marketplace and infrastructure provider that aims to enhance access and liquidity for Issuers and Investors in Investment Funds and Digital Assets. Initial operations in the UK will focus on RWA-based funds, for example, real estate and money market funds, with expansion plans to other fund types and alternate investment products within a multi-jurisdiction UK and UAE offering.

BPX is authorised by the UK Financial Conduct Authority (FCA) to operate as both a Multilateral Trading Facility (MTF) and an Alternative Investment Fund Manager (AIFM). In May, BPX was added to the UK’s Cryptoasset register, becoming only the third entity to receive approval in 2025, further strengthening its position at the intersection of the law, capital markets, and distributed ledger technology. Additionally, BPX has successfully passed Gate 1 of the Bank of England/FCA Digital Securities Sandbox (DSS) and is currently progressing its Gate 2 application.

Through this combination of permissions, BPX will optimise the end-to-end investment and securities lending lifecycle for Issuers and Investors.

BPX is headquartered in London, with an entity established at the DIFC Innovation Hub in the UAE to support future expansion plans.