Our Group

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.

ClearToken Depository

ClearToken Depository Limited, through CT Settle and CT Pay, 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.

CT Pay provides the payment rails to deliver both single-sided and payment-vs-payment (PvP) settlement for cash, stablecoins and tokenised deposits, whilst synchronising the cash leg for CT Settle.

CT Settle simultaneously delivers cash, assets and stablecoins through delivery-vs-payment (DvP) settlement.

Together, CT Pay and CT Settle eliminate FoP exposure to free up working capital and dramatically improve 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, and CT Pay, the payment service for fiat currencies, stablecoins and tokenised deposits. CT Settle and CT Pay operate as independent services to CT Clear – CT Clear will use CT Settle for the settlement of cryptoassets and CT Pay for the settlement of fiat, stablecoins and tokenised deposits.

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.

ClearToken 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.

Settlement finality requires a recognised final settlement system – for assets, this is usually a regulated central securities depository (CSD).

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

The Bank of England is supporting innovative approaches to the operation of Digital Securities Depositories (DSDs) for digital assets through the Digital Securities Sandbox (DSS) which will enable:

  • Legal finality: Irrevocable settlement under securities and insolvency 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, ClearToken CSD is the first entrant into the DSS, passing through Gate 1 in December 2024. Subject to authorisation, ClearToken CSD will enable the tokenisation and de-tokenisation of securities on CT Register.

A Cohesive Ecosystem

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

CCP: Novation

After they are matched, trades are novated into the clearing layer, where ClearToken becomes the legal counterparty to both sides.

CCP: Netting

The clearing service aggregates and nets positions across all venues and trade sources, producing a single net obligation per asset and participant.

Settlement System: Settlement Instructions

These net obligations are passed to the settlement layer, where participants deliver assets and cash to ClearToken’s designated accounts.

DSD: Settlement Finality

Once obligations are fulfilled, ClearToken executes Delivery-versus-Payment (DvP), completing the trade lifecycle with legal settlement finality and auditability.

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.