Japan security token secondary market route

Overview

Japan security-token secondary-market records connect Financial Instruments and Exchange Act registration, Type I financial instruments business, PTS / alternative trading venue functions, token platform infrastructure, securities-firm distribution, custody / recordkeeping, and issuer disclosure. This page records the market-structure route for publicly disclosed security-token secondary trading.

This page belongs to securities domain and links to Japan securities license stack, best execution / SOR / PTS, PTS liquidity data guide, market infrastructure map, Osaka Digital Exchange, Progmat, JSDA, Japan Exchange Group, and Progmat stablecoin route.

Route Map

Layer	Public category	Public record field
Security token	Tokenized security / electronically recorded transferable right where applicable	Issuer disclosure and platform materials.
Securities firm	Type I FIBO or related FIEA registration	FSA financial instruments business operator list.
Trading venue	PTS / alternative venue route where applicable	ODX / START public materials and FSA / JSDA context.
Self-regulatory route	JSDA unlisted securities PTS rules and Japan STO Association discussion context	Rule scope, investor-protection purpose, eligible issue definition.
Platform / token infrastructure	Token issuance / lifecycle platform	Progmat and other platform disclosures.
Investor distribution	Securities firm / broker route	Product documents and broker disclosure.
Settlement / custody	Custody, transfer, recordkeeping, trustee / platform role	Product disclosure, trust / custody documents, platform terms.

Policy and Rule Route

The FSA Market System Working Group interim report dated 2022-06-22 addressed smoother circulation of unlisted securities, including security tokens, through PTS functionality. JSDA materials state that rules for PTS trading of unlisted securities were created after the FSA interim report and discussions with the Japan STO Association.

JSDA describes the rule purpose as fair and smooth trading of unlisted securities on PTS, investor protection, and development of the circulation market. JSDA materials identify the scope of unlisted approved PTS issue to include tokenized securities and certain specified-investor securities.

ODX / START Route

Osaka Digital Exchange and its START security-token market are the main FinWiki route for public secondary-market security-token trading. ODX announced that START began operation on 2023-12-25 and described it as Japan’s first secondary trading market / PTS for security tokens.

Trading on START is routed through securities firms accepted by ODX as trading participants. ODX public materials state that ODX itself does not directly serve non-professional investors. START products follow ODX’s own rules rather than exchange-listing rules, while the instruments and intermediaries remain within FIEA-related disclosure and regulatory routes.

Progmat Route

Progmat is a tokenization platform route linked to security tokens, stablecoins, utility tokens, and platform infrastructure where public materials support the connection. Security-token product pages identify issuer, asset, broker, trust / custody, and transfer mechanics where disclosed.

The Progmat public concept page source pack recorded the following market-size fields:

Field	Value in source pack
Domestic cumulative security-token cases	87
Progmat-handled cumulative cases	45
Domestic outstanding balance	Over JPY 667.4 billion
Progmat-handled outstanding balance	Over JPY 452.2 billion

These fields are tied to the Progmat public page and require the visible page date when used in time-sensitive summaries.

JPX / BOOSTRY Adjacency

JPX publicly announced an investment in BOOSTRY and a security-token business alliance in March 2023. JPX also publicly announced security-token-based digital bond work. These records are issuance / infrastructure adjacency rather than START venue records.

Mainstream JPX cash equities provide a comparison baseline where trading venue, clearing, and settlement roles are separated across the exchange venue, JSCC, and JASDEC.

Public Record Fields

Field	Source route
Issuer / asset type	Product disclosure and issuer materials.
Token platform	Progmat / platform public pages.
Securities firm	FSA FIBO registry and broker product pages.
Trading venue	ODX / START public pages and PTS-related materials.
Trading participant	ODX participant disclosure and securities-firm product route.
Rule route	JSDA unlisted securities PTS rules and FSA market-system materials.
Eligibility / investor category	Product documents and broker terms.
Trading hours / matching method	Venue public pages.
Settlement / custody structure	Product documents, trustee / custodian / platform disclosure.
Secondary-market status	Venue notices, product pages, and issuer announcements.

Settlement Research Fields

Field	Source route
Cash leg	Securities-firm terms, trust bank / bank route, tokenized deposit / stablecoin experiment page where disclosed.
Token transfer	Platform disclosure and product terms.
DvP status	ODX / platform / bank experiment announcements where public.
Custody / recordkeeping	Product documents and trustee / custodian disclosure.
Investor statement route	Securities-firm and product documents.

Sources

FSA: Market System Working Group interim report and working-group index.
JSDA: unlisted securities PTS self-regulatory rules and term definition.
ODX: START launch and corporate pages.
Progmat: public concept page.
JPX: BOOSTRY alliance and digital bond announcements.
JPX: cash equity clearing / settlement outline and institution pages.
FSA: financial instruments business operator list.