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Ironlight Wins FINRA Approval for First U.S. Regulated ATS With Onchain Atomic Settlement
The firm gained approval to introduce a regulated trading system for tokenized securities.
Oct 29, 2025, 12:00 p.m.
What to know:
- Ironlight Markets received FINRA approval to operate a U.S.-regulated alternative trading system (ATS) for both traditional and tokenized securities.
- The platform is the first in the U.S. to enable atomic onchain settlement, allowing trades to clear and settle instantly.
- Ironlight plans to start with institutional participants across private credit, venture capital and alternative investments, expanding access to tokenized markets under regulatory oversight.
Ironlight Markets, a FINRA-registered broker-dealer and subsidiary of Ironlight Group Inc., said it received regulatory approval to operate an alternative trading system (ATS) for both traditional and tokenized securities, including real-world assets (RWA).
The authorization makes Ironlight one of the few U.S.-regulated platforms cleared to trade digital asset securities and the only one capable of atomic onchain settlement, in which trades clear and settle instantly.
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“FINRA’s approval confirms Ironlight’s leadership in building the first open-access, institutional-grade marketplace for tokenized assets,” Robert McGrath, CEO of Ironlight Group, said in a statement.
“By delivering atomic settlement and sub-20 microsecond trade matching, we’re removing friction from the legacy clearing process and creating a direct bridge between the U.S. financial system and blockchain technology.”
Ironlight’s ATS integrates a centralized order book with atomic onchain settlement, enabling real-time trading and clearing.
The system allows banks, brokers and registered investment advisers to connect via FIX or API interfaces, bringing blockchain efficiency to regulated markets.
With approval secured, Ironlight plans to start the platform with institutional participants across private credit, venture capital and alternative investments.
The firm aims to expand access, partner with regulated custodians and accelerate adoption of tokenized infrastructure in global finance.
Read more: TradFi Veterans Pitch Tokenized Asset Marketplace With Eyes on U.S. Regulatory Approval
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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