#dusk $DUSK @Dusk
Spent about forty minutes this morning looking up what NPEX's licences actually permit, becuse I'd been reading past the acronyms for weeks.
MTF, broker, ECSP. All three, AFM-regulated.
MTF is a multilateral trading facility, meaning it can operate a venue where buyers and sellers meet under supervision. Broker means it can execute on behalf of clients. ECSP is the crowdfunding service provider licence under the EU regime, so it can run offerings to retail investors within defined limits.
Those are three DIFFERENT permissions and most firms hold one.
What I hadnt appreciated is that they stack into something. Issue through the ECSP side, trade on the MTF, execute through the brokerage. Thats primary issuance, secondary market and execution in one licensed entity, wich is roughly the full lifecycle of a security.
So when the plan says 300M+ EUR onchain, the venue doing it already has permission for every stage of that.
I'd still want to see it actually move.
Licences describe what you MAY do, not what you have done, and the gap between those two is where most of this sector lives.
#dusk @Dusk $DUSK
Spent about forty minutes this morning looking up what NPEX's licences actually permit, becuse I'd been reading past the acronyms for weeks.
MTF, broker, ECSP. All three, AFM-regulated.
MTF is a multilateral trading facility, meaning it can operate a venue where buyers and sellers meet under supervision. Broker means it can execute on behalf of clients. ECSP is the crowdfunding service provider licence under the EU regime, so it can run offerings to retail investors within defined limits.
Those are three DIFFERENT permissions and most firms hold one.
What I hadnt appreciated is that they stack into something. Issue through the ECSP side, trade on the MTF, execute through the brokerage. Thats primary issuance, secondary market and execution in one licensed entity, wich is roughly the full lifecycle of a security.
So when the plan says 300M+ EUR onchain, the venue doing it already has permission for every stage of that.
I'd still want to see it actually move.
Licences describe what you MAY do, not what you have done, and the gap between those two is where most of this sector lives.
#dusk @Dusk $DUSK