Boerse Stuttgart Group | Seturion DLT Licence

BaFin, Germany’s Federal Financial Supervisory Authority, has granted a Boerse Stuttgart Group subsidiary a DLT Trading and Settlement System (TSS) licence, the group announced on 20 October 2026, today. DLT is distributed ledger technology, the shared-database technology used to issue and settle tokenised assets, meaning traditional securities recorded as digital tokens. The licence falls under the DLT Pilot Regime, Regulation (EU) 2022/858, an EU sandbox for tokenised securities infrastructure. The group, which describes itself as Europe’s sixth-largest exchange group and is unlisted, says it is the first exchange group in Europe to obtain the licence. Ledger Insights reports it is the fifth DLT TSS licence under the regime and that the European Securities and Markets Authority (ESMA) and the European Central Bank (ECB) were involved.

The group says the licence “provides the regulatory foundation for Seturion to operate as a pan-European digital settlement platform”. Seturion links off-chain trading to on-chain settlement and runs 24/7 without a central securities depository (CSD), the institution that normally holds and settles securities. Users can bring their own wallet, and it supports public and selected private blockchains. It settles against central bank money, fiat or on-chain cash, and offers issuance and registrar services. According to Seturion, venues that connect do not need their own DLT licence.

The platform is aimed at banks, brokers, trading venues including multilateral trading facilities (MTFs) and over-the-counter (OTC) venues, tokenisation platforms, issuers and custody banks. The group’s own venues connect first. SeturionX, the first DLT trading facility licensed by Swiss regulator FINMA, already uses the settlement solution. Ledger Insights says the first use case is structured products with Societe Generale, with flatexDEGIRO, which has 3.5 million retail investors, and SG FORGE stablecoins EURCV and USDCV providing the cash leg, the payment side of a trade. Nasdaq Stockholm is on the trading side. Ledger Insights also notes Seturion tested central bank money settlement with six German banks in the ECB’s 2024 trials.

The pilot regime caps volume at €6bn per infrastructure. According to Ledger Insights, the European Commission proposes €100bn, while finance ministers’ position is €300bn. The cap decision and the launch date remain open.

Sources: Boerse Stuttgart Group, Seturion; Regulation (EU) 2022/858, EUR-Lex; Ledger Insights