Merj Now Fully Licensed Security Token Exchange
MERJ has operated as Seychelles’ national securities exchange since 2012 and is now launching a fully licensed and regulated exchange for tokenised assets and STO services.
Seychelles, May 2019 – MERJ, the multi-market global financial exchange for equities, debt, and derivatives, has announced that it is one of the first fully-licensed platforms for tokenised asset markets. The exchange, formerly known as “Trop-X”, has obtained the backing of the Seychelles Financial Services Authority giving it the government seal of approval.
Until now, STO launchpads and other crypto markets have floated without much reference to government regulation – partly because regulators are only just creating clear frameworks for digital assets. Other securities exchanges have also grappled with regulations, legacy infrastructure and processes. As a result, institutional and private investors alike have been reluctant to enter the space, unwilling and unable to participate in an unregulated, unlicensed market.
A key piece of the security token ecosystem has also been missing by not having a suitable exchange to list and trade these instruments. Until now, the global community has largely missed out on the many advantages of token offerings, including wider access to investment opportunities and lower overall fees.
MERJ can now provide legal and regulatory certainty in an environment of unreliable crypto exchanges and poor market perception. With its unique collection of licenses and regulatory approvals, an array of security tokens are eligible to be listed, traded and offered via STO. MERJ will be the first fully-fledged national securities exchange to list “tokenised” ordinary shares of a public company, starting with its own tokenised shares, which will be listed in May or June. The exchange and its wholly-owned group of companies collectively operate an entire end-to-end exchange and post-trade infrastructure.
MERJ is fully licensed by the Seychelles FSA as a securities exchange, clearing agency, and securities facility. It is also authorised by the Central Bank of Seychelles as a clearing system operator and settlement system operator. Edmond Tuohy, CEO of MERJ stated,
‘MERJ is proud to be building a new 21st-century global financial market ecosystem, We’re transcending global market silos and geographic boundaries, and pioneering secure market access for all, regardless of the size or origin of the investor. Until now, there has been no fully-fledged securities platforms open to the retail public where issuers can list security tokens and get secondary market liquidity. We’re breaking the mold to the benefit of issuers and investors the world over.’
Dr. Steve Fanny, CEO of the Financial Services Authority added, ‘MERJ group companies have been licensed and regulated by the Financial Services Authority since 2012. MERJ has worked closely with the FSA since that time. The FSA continues to follow new promising financial and regulatory technologies and encourages innovation in the securities market and non-bank financial services that it regulates, such as those being put in place by MERJ.’
Starting in May, MERJ will offer online account signups, a new client portal, and direct access trading on web, mobile (iOS and Android), and desktop trading interfaces.