Trade Participants
Trade Participants are admitted users of the 21X DLT-TSS who trade and settle DLT Financial Instruments on the platform.
Definition
A Trade Participant is an entity admitted to the 21X DLT-TSS and authorized to submit orders, execute trades, and participate in settlement.
Responsibilities
Submit and manage orders in accordance with trading rules and system requirements.
Ensure orders are appropriately pre-funded prior to submission where required.
Ensure registered users and responsible persons comply with the platform rules.
Maintain adequate systems and operational procedures for compliant trading and settlement activity.
Comply with applicable trading conduct standards and regulations.
Requirements
Complete the admission and onboarding process and receive confirmation of admission by 21X.
Enter into the Participation Agreement with 21X.
Hold required regulatory authorizations where applicable.
Maintain operational and technical capability to access the trading and settlement system.
Frequently Asked Questions
1. Who can become a trading participant on 21X?
Eligible trading participants include regulated and non-regulated entities such as banks, brokers, financial institutions, corporates, and foundations. Onboarding is currently restricted to legal entities only. All participants must pass KYC/AML checks and meet access requirements under the EU DLT Pilot Regime.
2. Do I need to use a custodian to trade on 21X?
No. 21X is a non-custodial platform without access to customer’s funds. Participants may trade using an institutional wallet provider or by connecting a self-hosted wallet on the specific blockchain network, provided that the wallet address is registered and meets access requirements.
3. Which blockchains are supported for trading?
21X currently operates on Polygon and Stellar. Additional network support will be added based on client demand.
4. How is trading executed and settled?
Trading occurs via a smart contract–based central limit order book, representing a trading pair between a tokenized asset and regulated Stablecoins. Buy- and Sell-orders are conducted on-chain using dedicated smart contract functions. Matched orders are settled atomically on-chain, ensuring near real-time delivery-versus-payment without intermediaries or counterparty risk. For institutional customers, 21X provides an API and SDK.
5. Which assets can I access through 21X?
21X supports the listing of:
Equity instruments (shares, certificates)
Debt instruments (bonds, notes)
Fund units (money market funds, exchange traded funds, mutual funds)
Access to specific financial instruments is based on investor classification and jurisdiction. Listed assets can be accessed here.
6. What fees apply for trading participants?
Trading participants are subject to the official fee schedule of 21X, available here.
7. How do I onboard as a trading participant?
Before onboarding, a trading participant needs to:
Fill out the onboarding request form on our website.
Sign the participation agreement.
Submit legally required client documents for KYC and AML checks, which will be reviewed prior to approval.
More information can be found in our onboarding guide.
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