# Participant Docs

The 21X DLT Trading and Settlement System (DLT-TSS) is a regulated market infrastructure that enables the **issuance, trading, and settlement of DLT Financial Instruments** in an integrated environment. It combines the functionality of a **DLT Multilateral Trading Facility (DLT-MTF)** and a **DLT Settlement System (DLT-SS)**. 

Participants in the ecosystem perform distinct roles across the lifecycle of instruments—from issuance and admission to trading, through trading and liquidity provision, to settlement.

### Participant categories

* Issuers
* Listing Sponsors
* Trade Participants
* Orderflow Providers
* Market Makers & Liquidity Providers
* Stablecoin Issuers