Luca Zaccagnino, CFA

I'm pleased to share that Wyden has added Bullish to its Institutional liquidity network—marking another step in our mission to deliver unparalleled and deep digital asset liquidity to institutional clients worldwide.   With Bullish we're enhancing our global trading ecosystem by adding their exchange’s high-quality, compliant liquidity. This integration supports banks, brokers, and asset managers in accessing deep, strategic liquidity across multiple venues—without operational complexity.   Regulatory compliance is at the core of our platform. As Europe transitions under MiCA, having Bullish’s regulated infrastructure directly integrated into Wyden not only reinforces our promise of best‑in‑class trade execution—it ensures clients can operate with confidence and scale effectively.   This milestone reinforces Wyden’s commitment: building a sophisticated, regulatory-compliant trading infrastructure, that empowers sell-side institutions to thrive in the digital asset space.

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🔴 UK's FCA to lift ban on crypto ETNs 🔴 👉 The UK's Financial Conduct Authority (FCA) announced today that it is proposing to lift the ban on offering crypto exchange traded notes (cETNs) to retail investors. Similar products are already available in other countries.  👉 It would mean cETNs could be sold to individual consumers, rather than just professional investors, in the UK, if they’re traded on an FCA-approved investment exchange (a recognised investment exchange or RIE).  👉 Financial promotion rules would apply, so consumers get information on the risks and would not be offered inappropriate incentives to invest, in the same way as if they bought cryptoassets directly. 👉 The FCA’s ban on retail access to cryptoasset derivatives will remain in place. 🔴 Summary of Proposals 1️⃣ Amend the prohibition on retail marketing of cETNs in COBS 22.6 to remove cETNs from the scope of the ban on marketing, sale or distribution to retail customers of certain products giving exposure to cryptoassets where these products are traded on UK RIE cETNs. 2️⃣ Include UK RIE cETNs within the category of RMMIs to ensure application of the financial promotion rules under COBS 4.12A. 3️⃣ Include a new bespoke risk summary for UK RIE cETNs in COBS 4 Annex 1 and appropriate assessment considerations in COBS 10 to properly apply COBS 4.12A requirements on the promotion of RMMIs. 🔴 Background ➡️ In January 2021, the FCA banned the sale, marketing and distribution of derivatives and ETNs that reference unregulated transferable cryptoassets to retail clients. ➡️ In March 2024, the FCA announced that it would not object to requests from recognised investment exchanges (e.g. London Stock Exchange) to create a UK listed market segment for cryptoasset-backed exchange traded notes (cETNs) for professional investors.  ➡️ The FCA grants recognition orders to investment exchanges in the UK to make sure they meet regulatory standards. This power is provided under the Financial Services and Markets Act 2000 for the FCA to consider applications from UK entities (a body corporate or an unincorporated association) for recognition as a UK recognised body. Examples of recognition requirements include equivalent protection for investors. More in the Quarterly Consultation CP 25/16 - link in the comments. 🤔 A sensible move? #FCA #crypto #digitalassets #ETN

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The tokenization juggenaut is snowballing into an avalance. London Stock Exchange LSEG and Microsoft collaborate to Launches Blockchain Platform with Tokenized Fund Debut for private funds, marking a significant step into digital asset markets by one of the world’s most established exchange operators. Key Takeaways: - The new platform, called Digital Markets Infrastructure (DMI), was developed in collaboration with Microsoft and runs on Microsoft Azure - MembersCap’s tokenized MCM Fund 1 marks the first live deployment, with Archax acting as nominee. - The platform aims to improve access, efficiency, and transparency in private markets through tokenization. - It supports the full lifecycle of digital assets, from issuance and tokenization to post-trade settlement, and is designed to bridge traditional capital markets with #blockchain networks. - capital management firm MembersCap raised funds for its tokenized MCM Fund 1, with Archax, a Financial Conduct Authority-regulated digital exchange in London, acting as nominee. - The transaction marked the first real-world use of the infrastructure, which the exchange says will soon support more asset classes beyond private funds. - Initially focused on private markets, the platform allows general partners and professional investors to discover and interact with fund opportunities through LSEG’s Workspace system. Per LSEG: “Today’s private market processes are ripe for innovation,” said Darko Hajdukovic, LSEG’s Head of Digital Markets Infrastructure “There’s a growing appetite for an end-to-end, interoperable, regulated financial markets DLT infrastructure.” Per Microsoft: Microsoft’s Bill Borden, VP of Worldwide Financial Services, said the collaboration “reshapes the future of global finance,” citing the potential to unlock new client opportunities. Read more here: https://lnkd.in/e7jfEdct FinStep Asia Alex Medana Florian M Spiegl Anindita Ghosh Sharat Chandra Angelina Sean Lee Efi Pylarinou Richard Turrin Ronit Ghose Monica Jasuja Prasanna Lohar Kristi L Swartz

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