Japan security token secondary market route
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Overview
Japan security-token secondary-market records connect Financial Instruments and Exchange Act registration, Type I financial instruments business, PTS / alternative trading venue functions, token platform infrastructure, securities-firm distribution, custody / recordkeeping, and issuer disclosure. This page records the market-structure route for publicly disclosed security-token secondary trading.
This page belongs to securities domain and links to Japan securities license stack, best execution / SOR / PTS, PTS liquidity data guide, market infrastructure map, Osaka Digital Exchange, Progmat, JSDA, Japan Exchange Group, and Progmat stablecoin route.
Route Map
| Layer | Public category | Public record field |
|---|---|---|
| Security token | Tokenized security / electronically recorded transferable right where applicable | Issuer disclosure and platform materials. |
| Securities firm | Type I FIBO or related FIEA registration | FSA financial instruments business operator list. |
| Trading venue | PTS / alternative venue route where applicable | ODX / START public materials and FSA / JSDA context. |
| Self-regulatory route | JSDA unlisted securities PTS rules and Japan STO Association discussion context | Rule scope, investor-protection purpose, eligible issue definition. |
| Platform / token infrastructure | Token issuance / lifecycle platform | Progmat and other platform disclosures. |
| Investor distribution | Securities firm / broker route | Product documents and broker disclosure. |
| Settlement / custody | Custody, transfer, recordkeeping, trustee / platform role | Product disclosure, trust / custody documents, platform terms. |
Policy and Rule Route
The FSA Market System Working Group interim report dated 2022-06-22 addressed smoother circulation of unlisted securities, including security tokens, through PTS functionality. JSDA materials state that rules for PTS trading of unlisted securities were created after the FSA interim report and discussions with the Japan STO Association.
JSDA describes the rule purpose as fair and smooth trading of unlisted securities on PTS, investor protection, and development of the circulation market. JSDA materials identify the scope of unlisted approved PTS issue to include tokenized securities and certain specified-investor securities.
ODX / START Route
Osaka Digital Exchange and its START security-token market are the main FinWiki route for public secondary-market security-token trading. ODX announced that START began operation on 2023-12-25 and described it as Japan’s first secondary trading market / PTS for security tokens.
Trading on START is routed through securities firms accepted by ODX as trading participants. ODX public materials state that ODX itself does not directly serve non-professional investors. START products follow ODX’s own rules rather than exchange-listing rules, while the instruments and intermediaries remain within FIEA-related disclosure and regulatory routes.
Progmat Route
Progmat is a tokenization platform route linked to security tokens, stablecoins, utility tokens, and platform infrastructure where public materials support the connection. Security-token product pages identify issuer, asset, broker, trust / custody, and transfer mechanics where disclosed.
The Progmat public concept page source pack recorded the following market-size fields:
| Field | Value in source pack |
|---|---|
| Domestic cumulative security-token cases | 87 |
| Progmat-handled cumulative cases | 45 |
| Domestic outstanding balance | Over JPY 667.4 billion |
| Progmat-handled outstanding balance | Over JPY 452.2 billion |
These fields are tied to the Progmat public page and require the visible page date when used in time-sensitive summaries.
JPX / BOOSTRY Adjacency
JPX publicly announced an investment in BOOSTRY and a security-token business alliance in March 2023. JPX also publicly announced security-token-based digital bond work. These records are issuance / infrastructure adjacency rather than START venue records.
Mainstream JPX cash equities provide a comparison baseline where trading venue, clearing, and settlement roles are separated across the exchange venue, JSCC, and JASDEC.
Public Record Fields
| Field | Source route |
|---|---|
| Issuer / asset type | Product disclosure and issuer materials. |
| Token platform | Progmat / platform public pages. |
| Securities firm | FSA FIBO registry and broker product pages. |
| Trading venue | ODX / START public pages and PTS-related materials. |
| Trading participant | ODX participant disclosure and securities-firm product route. |
| Rule route | JSDA unlisted securities PTS rules and FSA market-system materials. |
| Eligibility / investor category | Product documents and broker terms. |
| Trading hours / matching method | Venue public pages. |
| Settlement / custody structure | Product documents, trustee / custodian / platform disclosure. |
| Secondary-market status | Venue notices, product pages, and issuer announcements. |
Settlement Research Fields
| Field | Source route |
|---|---|
| Cash leg | Securities-firm terms, trust bank / bank route, tokenized deposit / stablecoin experiment page where disclosed. |
| Token transfer | Platform disclosure and product terms. |
| DvP status | ODX / platform / bank experiment announcements where public. |
| Custody / recordkeeping | Product documents and trustee / custodian disclosure. |
| Investor statement route | Securities-firm and product documents. |
Related
- INDEX
- securities-license-stack
- japan-best-execution-sor-pts
- japan-pts-liquidity-data-guide
- japan-market-infrastructure-map
- osaka-digital-exchange
- japan-securities-clearing-corp
- japan-securities-depository-center
- tokyo-stock-exchange
- progmat
- jsda
- japan-exchange-group
- sbi-securities
- mufg-mums
- jp-stablecoin-progmat
- FinWiki index
Sources
- FSA: Market System Working Group interim report and working-group index.
- JSDA: unlisted securities PTS self-regulatory rules and term definition.
- ODX: START launch and corporate pages.
- Progmat: public concept page.
- JPX: BOOSTRY alliance and digital bond announcements.
- JPX: cash equity clearing / settlement outline and institution pages.
- FSA: financial instruments business operator list.
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