Institutional Milestone as Investec Joins BPX Digital Securities Marketplace
BPX, an FCA-authorised venue for tokenised and traditional alternative assets, has announced a significant step in its development: global financial services group Investec has become the first institutional member of its digital securities marketplace. This partnership signals the move towards live trading operations for BPX, with other institutions reportedly advancing through the onboarding process.
A Vision for Modernised Capital Markets
BPX was established with the goal of re-engineering core capital market functions—issuance, settlement, and trading—through digital infrastructure. Founder and CEO Ali Celiker stressed that this vision depends on collaboration with forward-looking institutions. “Achieving this vision requires forward-thinking institutions willing to engage with new market models and help shape the future,” he stated. “We are delighted to welcome Investec as the first member of BPX and look forward to working closely together as we continue building a securities marketplace that is out of the ordinary.”
Bridging Traditional and Digital Markets via ZebrA-X
Investec will access the BPX marketplace through its proprietary electronic trading platform, ZebrA-X. This platform is designed to aggregate multiple trading venues and liquidity pools, allowing institutional clients to interact with new markets like BPX while retaining their established trading workflows and a single point of connectivity.
Dominic Lowres, Head of Electronic Trading and Execution Strategy at Investec, explained the rationale: “Markets are evolving quickly, but greater innovation can often mean greater complexity for investors. ZebrA-X is designed to simplify that landscape by giving clients efficient access to multiple venues and liquidity pools through a single connection, while preserving the trading workflows they know and trust.” He added that joining BPX aligns with Investec’s strategy to support practical, transparent market infrastructure for new asset classes. “By connecting BPX to ZebrA-X, we can help clients engage with emerging digital securities markets through a familiar execution environment.”
Regulatory Foundation and Market Context
BPX’s progress is underpinned by its regulatory status. The firm is one of a limited number admitted to the joint Bank of England and Financial Conduct Authority (FCA) Digital Securities Sandbox. This regulatory sandbox is a live testing environment where firms can develop and trial new technologies and business models for digital assets under temporary, adapted rules. BPX’s participation indicates its infrastructure is being developed in close coordination with UK regulators.
This development occurs amid broader structural shifts in capital markets. The UK’s Digital Securities Sandbox and ongoing settlement reforms—such as the move to T+1 settlement cycles—are actively reshaping how assets can be issued, traded, and settled within a regulated framework. BPX’s model, focused on tokenised securities, aims to leverage these changes to create a more efficient, transparent, and digitally native market structure.
