Markets Are Shaped By Their Structure

We are building the foundational infrastructure to bridge the gap between traditional and digital market participants and realise the promise of digital assets.

Today’s digital asset markets are fragmented, with unpredictable settlement and inefficient capital usage. Without a neutral trusted party, firms must navigate bilateral credit exposures and complex operational workflows, which put a limit on growth and participation.

Our ecosystem will bring together three core entities:

• a Central Counterparty Clearing House (CCP),
• a Digital Settlement System (Depository), and
• a Digital Securities Depository (DSD).

Each plays a distinct role in ensuring market integrity, legal certainty, and systemic resilience.

The digital settlement system was authorised by the UK Financial Conduct Authority (FCA) in November 2025.

The Depository

ClearToken Depository Limited, through CT Settle, synchronises simultaneous settlement between fiat deposits, stablecoins and cryptoassets, solving one of the most critical challenges for digital assets.

The dominance of bilateral transactions settling on a free-of-payment (FoP) basis has created a capital intensive and complex web of interdependent credit and settlement risks. By simultaneously delivering cash, assets and stablecoins through delivery vs payment (DvP) settlement, the CT Settle eliminates FoP exposure, frees up working capital and dramatically improves operations by standardising post-trade processes.

Authorised in November 2025 by the UK Financial Conduct Authority (FCA), ClearToken Depository Limited operates the net DvP settlement service, CT Settle for fiat currencies, stablecoins and cryptoassets. CT Settle operates as an independent service and entity to CT Clear – CT Clear will use CT Settle for the settlement of cryptoassets and stablecoins.

Learn more about the importance of netting and DvP at our Introduction to Settlement.

The Central Counterparty Clearing House (CCP)

Expected to be the world’s first digital asset clearing house, ClearToken CCP Limited (ClearToken CCP) will sit at the centre of our post-trade ecosystem, on authorisation by the Bank of England.

CCPs play a critical role in reducing systemic risk and ensuring the integrity of financial markets. ClearToken CCP will act as a neutral, regulated entity interposed between trading counterparties to ensure that obligations between market participants are managed transparently, supported by robust governance and prudential oversight.

• As a central counterparty, ClearToken CCP will novate trades sent by its members to become the legal counterparty to both the buyer and the seller. This eliminates counterparty credit risk and guarantees the trade, also serving to significantly reduce collateral requirements.
• In its role as a clearing house, ClearToken CCP will facilitate multilateral netting across trading counterparties and venues, transforming bilateral exposure into a centralised netted position, benefitting from portfolio margining. It also ensures margin discipline, default handling and risk mutualisation.

ClearToken CCP will serve trading members and venues horizontally across the market to best support market stability through central clearing and risk mutualisation, whilst enabling capital efficiency across market participants and supporting high-volume, continuous markets. Learn more at our Introduction to Clearing.

ClearToken CCP Limited will operate CT Clear subject to regulatory authorisation as a Central Counterparty and recognition as a Recognised Clearing House by the Bank of England.

CT CSD: The Digital Securities Depository

Our Digital Securities Depository will provide the legal and operational framework for recording, safekeeping, and transferring digital securities with legal settlement finality.

By connecting issuers, investors, and intermediaries, CT CSD, operated by ClearToken CSD Limited, forms the link between innovation and institutional standards. Mirroring the trust and structure of traditional CSDs, CT CSD will ensure assets in digital form remain recognised and transferable under the protections afforded by the laws of England and Wales.

Settlement finality requires a recognised final settlement system – for assets, this is usually a regulated central securities depository (CSD). The Bank of England is supporting innovative approaches to the operation of DSDs for digital assets through the Digital Securities Sandbox (DSS) which will enable:.

• Legal finality: Irrevocable settlement under securities law
• Asset servicing: Corporate actions, dividends, and voting rights on-chain
• Regulatory certainty: Full compliance with securities regulations
• Interoperability: Bridge between traditional securities and tokenised assets
• Institutional adoption: The missing piece for tokenised securities

Combining the trusted foundations of a traditional CSD with the technological flexibility of distributed ledgers, CT CSD is the first entrant into the DSS, passing through Gate 1 in December 2024.

A Cohesive Ecosystem

Together, our services will create a harmonised post-trade environment. Here’s how they work together, 24/7:

This seamless integration between clearing and settlement ensures that participants benefit from lower credit exposures, reduced capital requirements and reduced operational risk.

This is the infrastructure designed to support the next generation of regulated digital markets.

The journey toward unified 24/7 tokenised markets across all asset classes is underway. Join us in shaping the future of market structure.