T-DX is an organised trading facility operated by Swiss securities firm Taurus SA. It supports digital assets and tokenised/private securities under discretionary trading rules, including auctions. Retail clients can participate indirectly under its rulebook. This venue should be distinguished from Taurus PRIME’s separate OTC service and from a stock-exchange listing.[2][3][7]
Markets & services
Sections ↑Reference table01
Marketplace scope
| Item | Published terms |
|---|---|
| Crypto | Admitted cryptocurrency marketsSource 1Source 2 |
| Tokenised/private securities | Equity, debt and other admitted instrumentsSource 1Source 2 |
| Market structure | Continuous order books and auctionsSource 1Source 2 |
| Operator discretion | Taurus can admit, suspend or remove instruments and vary schedulesSource 1Source 2 |
Reference table02
T-DX and PRIME have different roles
| Item | Published terms |
|---|---|
| T-DX | Organised trading facility with its own rules and market scheduleSource 3Source 6 |
| PRIME | Separate OTC brokerage/trading, custody and staking serviceSource 3Source 6 |
| Custody difference | T-DX disclosure says omnibus; PRIME says individual/segregatedSource 3Source 6 |
| Access interface | Shared app branding does not remove the legal/product distinctionSource 3Source 6 |
Reference table03
Published OTF trading hours
| Item | Published terms |
|---|---|
| Normal rule | Monday–Friday, 09:00–17:00 Swiss timeSource 2Source 3 |
| Market-specific schedule | May differ; shown for the instrumentSource 2Source 3 |
| Auctions | Execute according to the particular auction timetableSource 2Source 3 |
| Exceptional conditions | Taurus may alter hours or halt tradingSource 2Source 3 |
Reference table04
Order entry and binding effect
| Item | Published terms |
|---|---|
| Channels | Electronic platform, API and FIXSource 2 |
| Orders | Binding offers; amend/cancel through the available channelsSource 2 |
| Matching | Taurus may exercise the discretion allowed by the OTF rulesSource 2 |
| Executed trade | Confirmation evidences a binding agreementSource 2 |
Reference table05
Transparency and monitoring
| Item | Published terms |
|---|---|
| Pre-trade | Six best bids and asks with volumes described in the rulebookSource 2 |
| Post-trade | Price, quantity and time published for executionsSource 2 |
| Surveillance | Independent internal monitoring function and chronological recordsSource 2 |
| Exception | Required transparency can be suspended where a competent authority permits itSource 2 |
Reference table06
Algorithmic access
Fees & commercial terms
Sections ↑Reference table07
Price schedule and cost components
| Item | Published terms |
|---|---|
| Standard OTF fees | Rulebook directs clients to the app price listSource 2Source 6 |
| Tariff limitation | Complete current Swiss numerical schedule was not retrievedSource 2Source 6 |
| Additional charges | Terms permit applicable third-party brokerage, exchange, tax, custody and network costsSource 2Source 6 |
| Changes | Normally effective 30 calendar days after notification, unless otherwise specifiedSource 2Source 6 |
Reference table08
OTF price versus principal quote
| Item | Published terms |
|---|---|
| OTF | Execution follows its market schedule and rulebookSource 6Source 2 |
| No available bid/ask | Taurus is not obliged to supply a priceSource 6Source 2 |
| Principal OTC | All-in price can include external spread, fees and a Taurus markupSource 6Source 2 |
| Separate obligation | Principal-pricing terms should not be substituted for the OTF execution policySource 6Source 2 |
Reference table09
Account charges and remuneration
| Item | Published terms |
|---|---|
| Interest | Terms say client accounts do not receive interestSource 6 |
| Debits | Agreed charges, expenses, taxes and applicable negative interest can be debitedSource 6 |
| Rounding | Custody terms permit rounding to the nearest five Swiss cents or equivalentSource 6 |
| Negotiated terms | A separately agreed tariff can applySource 6 |
Deposits, withdrawals & settlement
Sections ↑Reference table10
Settlement methods
| Item | Published terms |
|---|---|
| Traditional securities | Relevant market practices and SIX SIS procedures where applicableSource 2Source 6 |
| Digital assets | Taurus uses distributed ledgers permitted by T-DXSource 2Source 6 |
| Execution versus delivery | Order confirmation and completed delivery are different recordsSource 2Source 6 |
| Banking details | Actual account instructions and cutoff times belong to the client arrangementSource 2Source 6 |
Reference table11
Issuer registration and asset rights
| Item | Published terms |
|---|---|
| Shareholder register | Taurus rulebook disclaims responsibility for registering a new shareholderSource 2Source 3 |
| Token registration agreement | Relevant terms must be read for the individual securitySource 2Source 3 |
| Investment right | Holding a token does not establish identical rights across different issuersSource 2Source 3 |
Custody & asset handling
Sections ↑Reference table12
T-DX asset holding
Reference table13
Deposit protection is asset-specific
| Item | Published terms |
|---|---|
| Eligible deposits | Taurus says esisuisse protection is capped at CHF 100,000 per clientSource 3 |
| Securities | Including tokenised and ledger-based securities: excluded from deposit insuranceSource 3 |
| Crypto | Non-government-currency balances and custody crypto are excludedSource 3 |
| Market losses | Deposit protection does not insure an investment’s priceSource 3 |
Reference table14
Private-security disclosure risks
| Item | Published terms |
|---|---|
| Admission | Trading on T-DX is not a stock-exchange listingSource 3 |
| Issuer reporting | No extra continuous reporting duty arises solely from T-DX admissionSource 3 |
| Liquidity and valuation | Sparse disclosure and trading can impair exit and valuationSource 3 |
| Takeover/listing rules | Ordinary listed-company protections do not automatically attachSource 3 |
Client eligibility & restrictions
Sections ↑Reference table15
Direct participants
| Item | Published terms |
|---|---|
| Swiss institutions | Banks, securities firms and qualifying supervised entitiesSource 2 |
| Foreign institutions | Relevant FINMA authorisation required under the rulebookSource 2 |
| Admission | Customer due diligence, sanctions checks and operator approvalSource 2 |
| Ongoing compliance | Admission can be restricted or withdrawnSource 2 |
Reference table16
Indirect participants include retail clients
| Item | Published terms |
|---|---|
| Taurus clients | Retail, professional or institutional clients trading for their own accountSource 2Source 3 |
| Other clients | Can connect through a participating bank or securities firmSource 2Source 3 |
| Other eligible roles | Issuers and market-making/liquidity entities under the rulesSource 2Source 3 |
| Product restriction | Client category does not override an instrument’s offering restrictionsSource 2Source 3 |
Reference table17
Cross-border material requires care
| Item | Published terms |
|---|---|
| App footer exclusions | Names US, Canada, UK, Singapore and China residentsSource 5 |
| UK cross-border notice | Separately addresses specified investment professionals and qualifying entitiesSource 5 |
| Result | Public wording is not a single consistent country-acceptance matrixSource 5 |
| Account decision | Obtain explicit current entity/product eligibility before relying on a website noticeSource 5 |
Reference table18
Execution-only service
| Item | Published terms |
|---|---|
| Advice | Taurus says it does not provide investment adviceSource 3 |
| Suitability/appropriateness | Disclosure says these assessments are not performed for its execution-only serviceSource 3 |
| Investor responsibility | Issuer terms, liquidity and trading schedule remain materialSource 3 |
Support & contacts
Sections ↑Reference table19
Support and public information
| Item | Published terms |
|---|---|
| [email protected]Source 5Source 1Source 3 | |
| Market changes | Official T-DX notices pageSource 5Source 1Source 3 |
| Service incidents | Status link in the official site/appSource 5Source 1Source 3 |
| Mediation | Taurus disclosure identifies Swiss Chambers’ Arbitration Institution as its recognised FinSA ombudsman routeSource 5Source 1Source 3 |
Authorisations & registrations
Sections ↑Reference table20
Independent FINMA evidence
| Item | Published terms |
|---|---|
| Firm | Taurus SASource 7Source 2 |
| City | GenèveSource 7Source 2 |
| Licence category | Securities firmSource 7Source 2 |
| List date inspected | 27 October 2026Source 7Source 2 |
| OTF operation | Described in the firm’s dedicated rulebook under Swiss FMIA Articles 42–43Source 7Source 2 |
Reference table21
Regulatory boundaries
| Item | Published terms |
|---|---|
| T-DX | Swiss OTFSource 3Source 5 |
| Stock exchange/MTF/DLT trading facility | The firm expressly distinguishes T-DX from these categoriesSource 3Source 5 |
| European affiliate | Separate Taurus (Europe) Ltd references do not extend Swiss OTF permissionSource 3Source 5 |
| Corporate identifier | CHE-337.375.281 identifies the company, not a financial licence numberSource 3Source 5 |
Operator & entity scope
Sections ↑Reference table22
Operator identity
- Operator
- Taurus SA
- Exchange model
- Centralised
- Service scope
- Swiss OTF for digital assets, tokenised securities and other admitted instruments, using continuous books and auctions. PRIME OTC brokerage is a separate service within the Taurus product family.
- Client types
- Retail clients; Professional clients; Institutional clients
- Pricing publication
- Public and quoted pricing
- Other names
- T-DX; Taurus Digital eXchange; Taurus T-DX OTF
- Headquarters
- Geneva, Switzerland
- Covered jurisdictions
- Switzerland
- Pricing scope
- Rulebook links to a public price list in the app, but a complete current numeric Swiss tariff was not retrievable in the reviewed public pages. OTF trading and principal OTC pricing follow different provisions.
- Funding scope
- Digital-asset transactions settle through permitted distributed ledgers; traditional securities follow market/SIX SIS practices where applicable. Exact funding accounts and fees follow the client arrangement.
- Custody and asset handling
- T-DX disclosure describes collective/pooled/omnibus digital-asset holdings for execution and settlement. PRIME separately describes individual/segregated custody. Crypto and securities are outside esisuisse deposit insurance.
- Client eligibility
- Rulebook allows eligible regulated direct participants and indirect retail, professional and institutional clients. Admission, country restrictions and individual product eligibility remain separate.
- Support
- [email protected]; official notices and status page. Taurus disclosure identifies a Swiss mediation route for financial-services clients.
- Authorisation and registration scope
- FINMA’s 27 October 2026 list names Taurus SA, Geneva, as a securities firm. The firm operates T-DX as a Swiss OTF; its corporate UID is not a licence number.
Exchange metadata checked 27 Oct 2026Source 1Source 2Source 3Source 4Source 5Source 6Source 7
Covered contracting entities
Additional Information
Sections ↑Reference table23
Current instrument-notice distinctions
| Item | Published terms |
|---|---|
| Audacia | 12 October notice schedules final auction for 29 October 2026 at 12:00 CET; future at this reviewSource 4 |
| QoQa Brew | Notice says trading suspended/terminated on 25 March 2026 at 09:00 CETSource 4 |
| RealUnit | Notice ended trading on 29 August 2025 at 17:00Source 4 |
| Interpretation | Older promotional examples are not evidence that an instrument remains tradableSource 4 |
For a private or tokenised security, the venue’s regulated status answers only part of the assessment. Issuer rights, actual bids, the current trading schedule and any termination notice determine how the position can be held or sold. That is especially relevant where trading takes place in periodic auctions.[3][2][4]
Sources & further reading
- T-DX marketplace and product categories Taurus · Accessed 27 Oct 2026
- T-DX OTF Rulebook — participant conduct, trading and settlement Taurus · Accessed 27 Oct 2026
- Taurus SA regulatory and investor-risk disclosure Taurus · Accessed 27 Oct 2026
- T-DX official participant notices and auction calendar Taurus · Accessed 27 Oct 2026
- Taurus PRIME client interface and cross-border statement Taurus · Accessed 27 Oct 2026
- Taurus SA financial services terms, including custody and trading prices Taurus · Accessed 27 Oct 2026
- FINMA authorised banks and securities firms list, 27 October 2026 FINMA · Accessed 27 Oct 2026
This profile reports dated public information, including exchange-published services and terms. It does not independently test or guarantee trading, custody, pricing or withdrawals. Inclusion is not an endorsement. Permissions and protections apply only to the named legal entity, service and client category; check the current official records and your contract.