Core Insights - Ironlight Markets has received regulatory approval to operate an alternative trading system (ATS) for both traditional and tokenized securities, including real-world assets (RWA) [1] - The approval positions Ironlight as one of the few U.S.-regulated platforms authorized to trade digital asset securities and the only one capable of atomic onchain settlement, allowing for instant trade clearing and settlement [1] Group 1 - The CEO of Ironlight Group, Robert McGrath, emphasized the significance of this approval in establishing an open-access, institutional-grade marketplace for tokenized assets [2] - Ironlight's ATS features a centralized order book combined with atomic onchain settlement, facilitating real-time trading and clearing [2] Group 2 - The system enables banks, brokers, and registered investment advisers to connect through FIX or API interfaces, enhancing blockchain efficiency in regulated markets [3] - With the approval in place, Ironlight plans to launch the platform targeting institutional participants in private credit, venture capital, and alternative investments [3] - The company aims to broaden access, collaborate with regulated custodians, and promote the adoption of tokenized infrastructure in global finance [3]

Core Insights - Tradeweb Markets Inc. has successfully launched its Alternative Trading System (ATS) for sukuk and SAR-denominated debt instruments in Saudi Arabia [2][5][6] Group 1: Launch and Initial Transactions - The ATS facilitated its inaugural transaction between BlackRock and BNP Paribas, followed by a trade between BlackRock and Goldman Sachs [3] - The platform is part of Tradeweb's global multi-asset Emerging Markets (EM) platform, which supports over 20 currencies across fixed income cash and derivatives markets [3] Group 2: Regulatory Compliance and Benefits - The Tradeweb ATS operates under the supervision of the Capital Market Authority (CMA) and is designed for professional investors, ensuring compliance with local and global market standards [4] - Key benefits for users include protocol diversification, alignment with local trading conventions, and flexibility for future product extensions into corporate bonds, repurchase agreements, and derivatives markets, pending regulatory consent from the CMA [4] Group 3: Licensing Timeline - In July 2024, the CMA licensed Tradeweb to operate as an ATS for sukuk and debt instruments [5] - In October 2025, the CMA confirmed that Tradeweb had met all regulatory requirements to commence its licensed ATS operations for sukuk and debt instruments [6]