What BPX does

BPX is a London-based, FCA-authorised institutional marketplace for issuing, trading and lending of alternative and tokenised securities. Founded in 2023 by Ali Celiker (Founder & CEO) with Dr Robert Barnes as Co-CEO and Lord Stanley Fink as Chairman, the company operates across four concurrent FCA permissions — Multilateral Trading Facility (MTF), Alternative Investment Fund Manager (AIFM), Cryptoasset Exchange and Custodian Wallet Provider (FRN: 1012912) — and is the only FCA-authorised trading venue to have passed Gate 1 of the Bank of England and FCA's Digital Securities Sandbox. BPX targets institutional market participants including investment managers, issuers, pension funds, hedge funds, sovereign wealth funds, wealth managers, private banks, insurance companies and family offices, addressing fragmentation in the trading and lending of asset classes such as infrastructure, real estate, private credit and tokenised securities. The company is also a founding member of the UK Digital Asset Taskforce, a contributor to the T+1 Accelerated Settlement Taskforce, and a supporter of HM Treasury's Financial Markets Digital Strategy.

The platform is built on distributed ledger technology with a modular, composable architecture designed to consolidate the full securities lifecycle — fund management, issuance, secondary trading, collateralised lending (repo), custody and settlement — into a single venue, replacing the fragmented multi-venue connectivity typically required by institutional participants. BPX is a member of the FIX Trading Community, supporting standardised electronic trading connectivity, and offers market access through formal membership onboarding and standardised APIs. Investec became the inaugural institutional member in March 2026, connecting via its ZebrA-X electronic trading platform; Charles McManus, co-founder and former CEO of ClearBank, was appointed as advisor in April 2026.

BPX monetises through trading and transaction fees on its MTF, managed services revenue from issuer and investment management activity, and custody/client money services as a registered Cryptoasset Exchange and Custodian Wallet Provider. GTM is enterprise field sales to regulated institutional counterparties requiring formal membership onboarding. The firm is privately held, has raised $5.2M in funding (July 2023), operates from London with 11-50 employees, and is led by a full executive team including a CFO, CTO, COO and CIO.

Name

BPX

Legal name

BPX Markets Limited

Website

https://bpx.exchange

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

11–50 employees

Short description

BPX is a London-based, FCA-authorised institutional marketplace for issuing, trading and lending of alternative and tokenised securities, serving investment managers, issuers, pension funds, hedge funds, sovereign wealth funds, private banks and family offices within a single regulated venue.

Ownership category

akta.pro rank

Product category

Digital Securities Exchange (Multilateral Trading Facility)

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Contracts Intermediation and Brokerage (5231), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Institutional Multi-Asset Trading Platforms (OTC/RFQ) (FSAFAEAB)

akta.pro secondary industries

Spot Crypto Exchanges (Order-Book & Matching Engine) (FSADAAAA), Crypto Custody & Exchange Wallet Services (Integrated) (FSADAAAG), Account Opening, KYC/AML & Customer Due Diligence (CDD/EDD) (FSABALAA)

Keywords

• Digital securities exchange
• Multilateral trading facility
• Tokenised asset trading
• Institutional alternative assets
• Collateralised securities lending

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Trading and Transaction Fees: BPX operates as a Multilateral Trading Facility (MTF) generating revenue from trading fees. The MTF Tariff Schedule document outlines applicable fees and charges for market participants.
2. Fund Management Services: FCA-authorised Alternative Investment Fund Manager (AIFM) providing issuer and investment manager services including fund structuring, issuance and admission to secondary and repo markets.
3. Custody and Client Money Services: Provides secure safekeeping, administration and management of digital assets and client money as a Cryptoasset Exchange and Custodian Wallet Provider.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

BPX operates a UK FCA-authorised institutional marketplace (Multilateral Trading Facility and Cryptoasset Exchange) that integrates securities issuance, secondary trading, collateralised lending (repo), custody and settlement for both traditional and tokenised assets within a single DLT-enabled venue. It serves issuers, investment managers and institutional investors with fund structuring, digital issuance, admission to secondary and repo markets, and ongoing trading and lending of alternative assets such as infrastructure, real estate, private credit and tokenised securities.

Product overview

BPX operates as a unified institutional marketplace rather than a product-with-modules architecture. It is a UK FCA-authorised platform that integrates multiple functions — securities issuance, secondary trading, collateralised lending (repo), custody, and settlement — within a single venue. The platform supports both traditional dematerialised securities and tokenised assets, including real estate, infrastructure, private credit funds, and money market funds. BPX positions itself as market infrastructure rather than a software product with distinct named modules or SKUs. No individual product names or sub-brands were identified in the available source material.

Differentiator

Problem solved

Functional benefit

Products and services

• BPX Markets (Multilateral Trading Facility) FCA-authorised institutional marketplace providing continuous anonymous order matching, admission and secondary trading of alternative and tokenised securities for institutional members such as investment managers, issuers, pension funds, hedge funds, sovereign wealth funds, wealth managers, private banks, insurance companies and family offices. Members access markets via standardised APIs and the FIX trading protocol.
• BPX Services (AIFM Digital Issuance Platform) FCA-authorised Alternative Investment Fund Manager service providing issuers and investment managers with fund structuring, digital issuance and admission of traditional investment funds and tokenised securities to BPX's secondary and repo markets. Targeted at fund managers, real-asset sponsors and institutional issuers seeking to reach a broad professional investor universe.
• Integrated Repo (Collateralised Lending) First institutional-grade marketplace where trading and lending co-exist, enabling institutions to pledge eligible assets including investment funds and real-world assets as collateral to access short-term liquidity without triggering a sale or tax event. Targeted at lenders and asset owners seeking capital efficiency in traditionally illiquid alternative and digital asset markets.
• Digital Asset Custody and Client Money Services FCA-authorised Cryptoasset Exchange and Custodian Wallet Provider service providing secure safekeeping, administration and management of digital assets and client money for institutional members and clients transacting on BPX's marketplace and issuance platform.

Quantifiable outcome

• First institutional member milestone achieved with Investec onboarding
• +1 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core and flagship.

• Charles McManus (ClearBank)coreOthers · 1 April 2026Charles McManus, Co-founder and former CEO of ClearBank, one of the UK's first new clearing banks in over 250 years, was appointed as an advisor to BPX. His appointment supports BPX's development of next-generation digital securities market infrastructure as the financial industry shifts toward decentralised models. McManus brings extensive experience in building and scaling regulated financial infrastructure.
• InvestecflagshipChannel Partner/ Reseller/ Distributor · 18 March 2026Investec became the inaugural institutional member of BPX's digital securities marketplace on 18 March 2026. Investec connects to BPX through its ZebrA-X electronic trading platform, which provides clients with a single point of access to multiple trading venues and liquidity pools. This partnership enables Investec's clients to access BPX's marketplace while maintaining familiar trading workflows, bridging traditional capital markets and the emerging digital financial ecosystem.

Scale indicators5 records

Recent moves5 records

Expansion highlights6 records

Others

• ClearBank:

Emerging players

• Securitize: US-based digital asset securities platform focused on issuance, primary distribution, and secondary trading of tokenised securities. Comparable as an infrastructure layer enabling issuance and trading of fund and private credit tokens.
• Tokeny: Luxembourg-based tokenisation platform for funds and structured products with built-in compliance and transferability. Comparable as an issuance-side infrastructure provider adjacent to BPX's AIFM and issuance services.

Broad incumbents

• MarketAxess: US-listed institutional electronic trading platform for fixed income and credit products. Comparable as an institutional multi-asset electronic venue targeting buy-side and sell-side participants.
• Tradeweb Markets: US-listed institutional electronic marketplace operator across rates, credit, equities, and money markets, expanding into digital assets. Comparable as a large institutional multi-asset trading platform with growing tokenisation ambitions.
• LMAX Group: UK-regulated institutional MTF and exchange operator for FX and digital assets, serving institutional clients globally. Comparable as a regulated institutional trading venue with adjacent digital asset capabilities.

Direct peers

• Aquis Exchange: UK-authorised Multilateral Trading Facility operating pan-European equities trading, listed on the London Stock Exchange. Comparable as a UK-headquartered institutional MTF competing for similar venue economics.
• SIX Digital Exchange (SDX): Swiss-regulated institutional digital asset exchange operated by SIX Group, offering trading, settlement, and custody of tokenised securities. Directly comparable as a regulated, institutional-grade venue for digital securities.
• Archax: UK FCA-regulated digital securities exchange and custodian targeting institutional clients with trading and tokenisation of tokenised funds and securities. Closest UK analogue to BPX in mission, regulatory stack, and institutional positioning.
• tZERO: US-registered security token trading platform and alternative trading system for private and digital securities. Comparable as a tokenised securities venue serving institutional and accredited participants.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/bpx_exchange
• LinkedInlinkedin.com/company/bpx-securities-exchange

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BPX