Seturion gains DLT trading-and-settlement licence for European expansion

Boerse Stuttgart Group has obtained a DLT trading and settlement system licence under the EU’s distributed-ledger pilot regime, establishing the regulatory basis for Seturion’s expansion as a pan-European digital settlement platform. The group said on 20 October that BaFin granted the permission following a process involving ESMA and the European Central Bank.[1]

The authorisation moves the project beyond technology demonstrations into regulated market infrastructure. For banks, brokers and trading venues, its commercial proposition is to connect existing trading activity to a different post-trade process, reducing the fragmentation involved in moving securities between market participants.[1][3]

How the announced network fits together

The roles are clearest in the May partnership announcement. Société Générale aims to issue tokenised structured securities; flatexDEGIRO is to connect European retail order flow; SG-FORGE would supply its euro and dollar CoinVertible stablecoins; and Seturion would provide settlement between the participants. The proposal joins issuance, distribution and settlement through distinct institutions with separate responsibilities.[2]

Nasdaq’s March agreement envisages connecting its European trading venues while preserving established market structures and client workflows. That matters for adoption: a broker may be able to retain familiar trading connections while the processing of completed transactions changes. The announcement describes the intended architecture and rollout, so operational availability must be checked for each venue and instrument.[3]

The payment asset is another design choice. The May partner arrangement specifies CoinVertible stablecoins for settlement, whereas the broader platform proposition accommodates both on-chain money and central-bank money. A stablecoin-funded trade carries the rights and obligations of that payment instrument; the platform’s ability to support another settlement asset does not alter the terms of the asset actually used.[2][3]

From permission to measurable activity

Boerse Stuttgart describes itself as the first European exchange group to secure this permission. The qualification matters: 21X received its DLT trading and settlement system licence in December 2024. The new milestone is the participation of an established exchange group and its planned network, rather than the creation of Europe’s first DLT TSS.[1][4]

For connecting firms, the next decisions concern available instruments, live counterparties, funding arrangements, settlement exceptions and support responsibilities. A faster settlement process can change when cash or tokens must be available and how failed or disputed transactions are handled. Those details determine the operational work at broker level.[2][3]

The licence removes a major regulatory hurdle. Production volumes, the number of active connections and measured processing costs will show how quickly the authorised network translates into regular securities business.[1]

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