Investec has become the inaugural member of BPX’s digital securities marketplace, marking a significant step in the development of the UK’s emerging regulated infrastructure for trading traditional and tokenised assets.
BPX — an FCA‑authorised institutional venue for issuing, trading and lending both traditional and digital securities — said Investec is the first institution to complete onboarding ahead of the platform’s move into live market operations. Additional firms are currently progressing through the membership process.
Investec will connect to BPX through its electronic trading platform, ZebrA‑X, giving its institutional clients streamlined access to BPX’s marketplace while maintaining familiar execution workflows across multiple venues and liquidity pools.
Dominic Lowres, head of electronic trading and execution strategy at Investec, said the firm’s decision reflects a commitment to supporting market infrastructure that can broaden access to new asset classes “in a practical, transparent and client‑focused way”.
“Markets are evolving quickly, but greater innovation can often mean greater complexity for investors,” he said. “By connecting BPX to ZebrA‑X, we can help clients engage with emerging digital securities markets through a familiar execution environment.”
BPX founder and CEO Ali Celiker said Investec’s membership represents a milestone in the evolution of the venue’s institutional ecosystem.
“BPX was created to reimagine how capital markets operate by enabling the creation, issuance, settlement and trading of securities through modern digital infrastructure,” he said. “Achieving this vision requires forward‑thinking institutions willing to engage with new market models. We are delighted to welcome Investec as our first member.”
BPX is one of a small number of firms admitted to the Bank of England and FCA’s Digital Securities Sandbox (DSS), the government‑backed initiative designed to accelerate the digitalisation of UK market infrastructure. The company has submitted its Gate 2 application and is working with the DSS team on the next phase, which would allow it to conduct digital securities depository activities with customers.
The launch of BPX comes as capital markets undergo structural change driven by tokenisation, accelerated settlement reforms and new models for interoperability between traditional and digital rails. BPX’s architecture is designed to support both dematerialised and tokenised securities, digital‑native assets, and exchange‑style workflows from issuance through to post‑trade.
The venue is authorised to operate a multilateral trading facility (MTF), act as an alternative investment fund manager (AIFM), and provide cryptoasset exchange and custody services. Its initial product focus is on higher‑return alternative assets such as real estate funds, infrastructure funds and private credit.
BPX expects to obtain Bank of England authorisation for digital securities settlement with legal settlement finality in 2026.
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