Where a tokenized share is just a share.
Switzerland did not build a sandbox for tokenization. It changed the Code of Obligations so that a ledger-based security is an ordinary security — no expiry date, no special permission. The result is visible in a public register of small companies: a shipping line, a sock maker, an ice hockey club.
Why this one can be read
Aktionariat publishes its whole token registry without authentication, and the securities themselves are ledger-based under Swiss law, so the register IS the instrument rather than a wrapper around one.
Source: api.aktionariat.com/tokens
The rules there
Ledger-based securities (Registerwertrechte) have existed in the Code of Obligations since 1 February 2021. A right registered in a securities ledger may be exercised and transferred only through that ledger. Running a trading venue is separately licensed; issuing is not.
66 securities from 36 companies
A shipping line on Lake Murten, a sock maker, an ice hockey club, a Bernese grocer. Not fintechs — ordinary Swiss SMEs keeping their share register on-chain, which is the clearest evidence anywhere that this works at small scale.
See the providers →What the authorities publish — and what we read
Status: Public register, read. Every address below was loaded, not guessed. A register entry records that an authority licensed, registered or approved something; it says nothing about whether you may or should buy it.
| Authority | Register | Finding |
|---|---|---|
| FINMA (FinfraG DLT-Handelssystem, Art. 73a ff.; DLT law 2021) | (1) FINMA Liste der bewilligten und anerkannten Finanzmarktinfrastrukturen – section 'Bewilligte DLT-Handelssysteme' (2) FINMA Fintech-Bewilligung Art. 1b BankG | Public register, read |
Liste der bewilligten und anerkannten Finanzmarktinfrastrukturen (incl. DLT-Handelssysteme)
Licensed or registered providers · 317 entries · 1 marked “dlt”, listed firstEidgenössische Finanzmarktaufsicht (FINMA) · source · read 2026-10-14
| Register no. | Dlt | Name |
|---|---|---|
| Seturion AG | ✓ | Seturion AG |
| BX Swiss AG | BX Swiss AG | |
| SIX Swiss Exchange AG | SIX Swiss Exchange AG | |
| SIX Repo AG | SIX Repo AG | |
| Betreffend SIX Repo AG, Zürich bezieht sich die Aufsicht der FINMA ausschliesslich auf jene Tätigkeiten, die nicht im Auftrag der Schweizerischen Nationalbank ausgeführt werden. | Betreffend SIX Repo AG, Zürich bezieht sich die Aufsicht der FINMA ausschliesslich auf jene Tätigkeiten, die nicht im Auftrag der Schweizerischen Nationalbank ausgeführt werden. | |
| SIX x-clear AG | SIX x-clear AG | |
| SIX SIS AG | SIX SIS AG | |
| SIX Trade Repository AG | SIX Trade Repository AG | |
| 9Street Capital Markets B.V. | 9Street Capital Markets B.V. | |
| ABN AMRO Clearing Bank N.V. | ABN AMRO Clearing Bank N.V. | |
| Allgemeine Sparkasse Oberösterreich Bankaktiengesellschaft | Allgemeine Sparkasse Oberösterreich Bankaktiengesellschaft | |
| Austrian Anadi Bank AG | Austrian Anadi Bank AG | |
| Baader Bank AG | Baader Bank AG | |
| Bank Pictet & Cie (Europe) AG | Bank Pictet & Cie (Europe) AG | |
| Banque Internationale à Luxembourg S.A. | Banque Internationale à Luxembourg S.A. | |
| Barclays Bank PLC | Barclays Bank PLC | |
| Barclays Capital Securities Ltd. | Barclays Capital Securities Ltd. | |
| Bluefin Europe LLP | Bluefin Europe LLP | |
| BME Clearing, S.A.U | BME Clearing, S.A.U | |
| BNP Paribas Financial Markets SNC | BNP Paribas Financial Markets SNC | |
| BNP Paribas SA | BNP Paribas SA | |
| China International Capital Corporation (UK) Limited | China International Capital Corporation (UK) Limited | |
| Citadel Derivatives Group (Europe) Limited | Citadel Derivatives Group (Europe) Limited | |
| Citadel Securities GCS (Ireland) Limited | Citadel Securities GCS (Ireland) Limited | |
| Citibank, N.A. London Branch | Citibank, N.A. London Branch | |
| Citigroup Global Markets Ltd. | Citigroup Global Markets Ltd. | |
| Clearstream Banking S.A. | Clearstream Banking S.A. | |
| CLSA (UK) | CLSA (UK) | |
| Commerzbank AG | Commerzbank AG | |
| Coöperatieve Centrale Raiffeissen-Boereleenbank B.A. (Rabobank) | Coöperatieve Centrale Raiffeissen-Boereleenbank B.A. (Rabobank) | |
| Criterion Arbitrage & Trading BV | Criterion Arbitrage & Trading BV | |
| Danske Bank A/S | Danske Bank A/S | |
| Deutsche Bank AG Global Markets | Deutsche Bank AG Global Markets | |
| Deutsche Bank AG London Branch | Deutsche Bank AG London Branch | |
| DNB Bank ASA | DNB Bank ASA | |
| Dornbirner Sparkasse Bank AG | Dornbirner Sparkasse Bank AG | |
| DRW Europe B.V. | DRW Europe B.V. | |
| DZ BANK AG Deutsche Zentral-Genossenschaftsbank | DZ BANK AG Deutsche Zentral-Genossenschaftsbank | |
| DZ PRIVATBANK AG, Niederlassung Luxemburg | DZ PRIVATBANK AG, Niederlassung Luxemburg | |
| Erste Group Bank AG | Erste Group Bank AG | |
| EUWAX AG | EUWAX AG | |
| Exane Derivatives | Exane Derivatives | |
| FINOVESTA GmbH | FINOVESTA GmbH | |
| Flow Traders B.V. | Flow Traders B.V. | |
| Goldenberg Hehmeyer LLP | Goldenberg Hehmeyer LLP | |
| Goldman Sachs International | Goldman Sachs International | |
| HRTEU Limited | HRTEU Limited | |
| HSBC Bank plc Global Banking and Markets | HSBC Bank plc Global Banking and Markets | |
| HSBC Investment Bank plc. | HSBC Investment Bank plc. | |
| Hypo Tirol Bank AG | Hypo Tirol Bank AG | |
| Hypo Vorarlberg Bank AG | Hypo Vorarlberg Bank AG | |
| ING Bank N.V. | ING Bank N.V. | |
| Instinet Europe Limited | Instinet Europe Limited | |
| J.P. Morgan Securities plc. | J.P. Morgan Securities plc. | |
| Jane Street Financial Ltd. | Jane Street Financial Ltd. | |
| Joh. Berenberg, Gossler & Co. KG | Joh. Berenberg, Gossler & Co. KG | |
| Jump Trading Europe B.V. | Jump Trading Europe B.V. | |
| Kaiser Partner Privatbank AG | Kaiser Partner Privatbank AG | |
| Kemp Trading B.V. | Kemp Trading B.V. | |
| Kepler Cheuvreux SA | Kepler Cheuvreux SA |
Showing 60 of 317. The full list is in the register itself (link above).
Personen mit Fintech-Bewilligung nach Art. 1b BankG
Licensed or registered providers · 6 entriesEidgenössische Finanzmarktaufsicht (FINMA) · source · read 2026-10-14
| Register no. | Name |
|---|---|
| Audax Solutions AG | Audax Solutions AG |
| Bivial AG | Bivial AG |
| Relio AG | Relio AG |
| Sequence SA | Sequence SA |
| SR Saphirstein AG | SR Saphirstein AG |
| Yapeal AG | Yapeal AG |
In our catalogue: 111 instruments from Switzerland
110 live, 1 matured or ended.
and 31 more.
Market sizes are read from named reports; the availability finding is tested separately by loading the platform’s own site, reading the API paths out of its JavaScript bundles and calling them. A guessed endpoint returning 404 proves nothing.
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