MTF Broker ECSP and DLT.TSS solve genuinely different regulatory problems even though they're discussed together as "NPEX licenses."

MTF covers the secondary market trading already issued securities matching buyers and sellers. The broker covers sourcing bringing assets like MMF and bonds in with best price execution obligations attached. ECSP covers retail.funded investment specifically opening crowdfunding style instruments across the entire EU rather than one jurisdiction. DLT TSS still in progress covers native issuance itself creating and tokenizing regulated assets on chain in the first place.
What doesn't change across all four: each license addresses one specific point in an asset's lifecycle not overlapping coverage of the same function.
My own read: three of four are already operational covering trading sourcing and retail access. The fourth still pending is specifically the piece that would let assets originate on chain rather than just trade there.
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