Tokenized capital markets infrastructure for regulated broker-dealers.

One API delivers trading, clearing, custody, and compliance for tokenized real-world assets — built on a fully compliant low-latency matching engine, tZERO clearing, and Arqitech atomic settlement across Canton and Ethereum.

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Representative tokenized listings

Sample tape — illustrative listings ahead of FINRA NMA approval. Identifiers are placeholders. Not a solicitation.
Built on the institutional stack
  • tZERO
  • Canton Network
  • Ethereum
  • iComply
  • Chainalysis
  • Fordefi
The Gap

Mid-market broker-dealers cannot offer digital assets today.

Client demand exists. The barriers are infrastructure fragmentation, regulatory uncertainty, and institutional privacy. Building the stack in-house takes 24 to 36 months and a nine-figure budget. Every month a participant waits, a competitor captures the flow.

Fragmentation

Twelve vendors, no integration

Custody, clearing, compliance, surveillance, KYC, KYT, settlement, fiat rails, blockchain rails. Each piece sold separately. No firm wires them together for the BD channel.

Regulation

The compliance perimeter is moving

Reg ATS, FINRA membership, Special Purpose Broker-Dealer rules, Travel Rule, OFAC. Standing up a defensible regulatory posture is the work, not a side effect.

Settlement risk

T+1 still means counterparty risk

Cash and asset legs settle on different rails, on different timelines. One side fails, the other clears. RWA Capital Markets settles atomically. Both legs complete or neither does.

Who it’s for

Built for regulated firms to deliver RWA access to clients.

RWA Capital Markets is being offered to introducing broker-dealers, registered investment advisors, and regional banks. Participants, never users.

Introducing BD channel

Broker-Dealers

Add tokenized RWA capability without standing up a new venue, custody desk, or compliance program. Existing OMS, existing surveillance, existing client relationships. New asset classes, same regulated workflow.

$2B – $50B AUM

RIAs

Offer tokenized Treasuries, private credit, and curated DeFi yield to high net worth and institutional clients. Custody handled by tZERO. Reporting routed back into existing performance and billing systems.

Digital asset divisions

Regional Banks

Launch a digital asset trading capability for wealth and treasury clients without rebuilding the bank's technology stack. The platform sits next to existing custody and clearing relationships.

Platform at a glance

The full stack, behind one integration.

Participants connect once. The platform handles order routing, regulated clearing, custody, atomic settlement, and continuous compliance. What follows is the system as it ships.

  • 01 / 06

    Trading

    Fully compliant low-latency matching engine, OMS, market data, surveillance. Rendered in RWA Capital Markets branding for participants

  • 02 / 06

    Clearing & custody

    tZERO Digital Asset Securities, an SEC Special Purpose Broker-Dealer and FINRA + SIPC member, via fully-disclosed correspondent clearing

  • 03 / 06

    Settlement

    Hashed Time-Lock Contract atomic delivery-versus-payment. Cash leg on Canton, asset leg on Ethereum. T+0, simultaneous, deterministic

  • 04 / 06

    Compliance

    iComply for KYC and KYB. Chainalysis for blockchain analytics and transaction monitoring. Pre-trade controls embedded in the API gateway

  • 05 / 06

    Regulatory posture

    SEC-targeted Alternative Trading System. FINRA New Member Application in preparation. Designed for Reg SCI from day one

  • 06 / 06

    Implementation

    8 to 12 weeks from signed agreement to participant go-live

Dual-Rail Architecture

Two settlement rails. One matching engine.

Each participant determines the timing and conditions of settlement within their transaction flow. RWA Capital Markets does not act as a custodian; custody is handled by tZERO and Fordefi. Hashed Time-Lock Contracts enable settlement but do not provide custody.

Primary rail

Custodial

Default for most broker-dealers
Custody
tZERO custodial accounts. SEC SPBD, FINRA + SIPC member. Fireblocks underneath
Settlement
Book-entry inside tZERO, coordinated by the Arqitech settlement coordinator
Clearing
Fully-disclosed correspondent clearing under the tZERO clearing agreements
Best for
Participants that want a regulated SPBD holding the assets and a familiar correspondent clearing structure
Optional rail

Non-custodial

For wallet-native institutional flows
Custody
Fordefi MPC wallets. Institutional self-custody. Seedless. Policy-enforced
Settlement
Asset leg on Ethereum via HTLC. Cash leg on Canton via HTLC. Both legs settle, or neither does
Atomicity
Guaranteed by hash and timelock structure. Zero principal-to-principal settlement risk between counterparties
Best for
Participants holding assets in MPC wallets that need T+0 settlement without an intermediary balance sheet
Trade Flow

From order to atomic settlement.

A single order, four steps, two chains, deterministic finality.

Order placed

Participant submits via the Single API Gateway. Pre-trade risk and compliance gates fire before the order reaches the matching engine.

Match

The fully compliant low-latency matching engine matches at sub-40 microsecond latency. Trade record routed through the post-trade drop copy feed.

Atomic lock

HTLC engine locks the asset leg on Ethereum and the cash leg on Canton against the same hash.

Finality

Both legs unlock simultaneously. T+0 settlement. Reconciliation written to the recordkeeping store.

Compliance & Regulatory Posture

SEC and FINRA compliance built in, natively.

Every architectural decision purpose-built, every control mapped to a rule, every recordkeeping artifact retained. Compliance is the first product, not a layer on top of one.

  • Pre-trade risk
    Rule 15c3-5 market access controls live in the Single API Gateway and in the matching engine OMS configuration
  • Surveillance
    Matching engine surveillance feed routed into the RWA Capital Markets compliance workflow
  • Recordkeeping
    Reg ATS-aligned retention. Order books, audit logs, and reconciliation artifacts retained, not summarized away
  • AML / BSA
    iComply identity stack and Chainalysis transaction monitoring, layered with internal AML procedures and OFAC screening
  • Privacy
    Reg S-P and Reg S-ID controls applied to participant and end-client data flows
  • Resilience
    Reg SCI-readiness designed in from day one, ahead of the threshold trigger
Filing & approval statusLive tracker
  • Form ATS-N filingIn preparation
  • FINRA New Member ApplicationIn preparation
  • tZERO clearing agreementsForm executed
  • iComply integrationLive
  • Chainalysis integrationLive
  • HTLC engine third-party auditScheduled
  • Reg SCI programDesigned for
Implementation

From signed agreement to first trade in 8 to 12 weeks.

One integration, one production rollout, four sequenced phases. The platform is built so participants do not have to absorb partner-by-partner implementation timelines.

01Weeks 1 – 6

API integration

API connectivity, sandbox testing, order routing, position sync. Single REST and WebSocket surface across trading, clearing, custody, and compliance.

02Weeks 3 – 7

Compliance setup

AI compliance configuration, AML and KYC integration, reporting templates. Runs in parallel with the API integration phase to compress the schedule.

03Weeks 6 – 10

Client onboarding

Eligibility screening, account setup, wallet provisioning where applicable, advisor training. Handled jointly with tZERO for the custodial rail.

04Weeks 10 – 12

Go-live

Controlled launch, monitoring, optimization. First production trades flow through the matching engine, settlement coordinator, and recordkeeping store end to end.

Get in touch

Walk through the platform with our team.

We brief regulated firms on the architecture, the regulatory posture, and the implementation path. Sessions are run by the engineering and post-trade leads, not by sales.

Schedule a sessionBooking open
Request a demoCall (888) 277-8077
Or email partners@rwacapitalmarkets.com