Market Structure working group
Examine the plumbing of secondary markets for tokenized private and public issuances — venue design, settlement topology, regulatory thresholds (notably 12(g)), and transfer-agent reform. The group produces recommendations to standards bodies, venues, and regulators with explicit scope boundaries to avoid overreach.
The Association is currently convening membership for this working group. Senior practitioners, academic researchers, regulators, and supervisors working in this area are invited to write to secretariat@boli.org with a short note on background and the open question they would most like to contribute to.
- Policy brief · 2026-03Rethinking the 12(g) threshold for tokenised private issuances →
- Working paper · 2026-04Secondary liquidity for tokenised private funds →
- Protocol specification (pre-circulation) · 2026-04Draft quarterly-auction protocol specification
- 01
What is the minimum set of standardised parameters for a quarterly-auction protocol that preserves cross-venue fungibility without over-constraining venue design?
- 02
How should transfer-agent reform sequence with the 12(g) threshold reform? The two are related but the causal arrows are contested.
- 03
Is there a viable role for a neutral cross-venue clearing entity for tokenized private issuances, or does the market microstructure work better with venue-specific clearing?
Joining the market structure group.
The group operates under Chatham House Rule and accepts new members by invitation. The secretariat is typically receptive to inquiries from senior practitioners, academic researchers, regulators, and supervisors working in the field.
If you would like to be considered, write to secretariat@boli.org with a brief note on your background and the specific open question you would most like to contribute to.