Why Broker-Dealers Matter More Than Platforms
In the tokenized securities conversation, most of the attention goes to the technology platforms: which blockchain, which token standard, which smart contract framework. But the regulated infrastructure that actually enables securities to be sold and traded runs through broker-dealers and alternative trading systems.
A broker-dealer is a firm registered with the SEC and FINRA that can legally buy and sell of securities. An ATS (Alternative Trading System) is a SEC-regulated electronic venue where securities can be matched and traded outside of traditional exchanges like NYSE or NASDAQ.
For tokenized real-world assets, these are not optional. If your token is a security (and under most structures, it is), it must be distributed through or supervised by a registered broker-dealer.
The Key Players
tZERO tZERO operates as a SEC/FINRA-regulated broker-dealer, ATS, and special purpose broker-dealer. They received FINRA approval in December 2025 to offer retail access to tokenized mutual funds and for secondary trading in corporate debt securities. Their ATS now supports 23.5 hours of trading per business day with 24/7 order entry. In March 2026, their partnership with Nomyx created an integrated issuance-to-trading pipeline.
tZERO is the closest thing to a full-stack regulated exchange for digital securities in the United States. If secondary trading is a priority, they are the most established venue.
Securitize Markets Securitize operates both an issuance platform and a registered broker-dealer/ATS. They are most notable for tokenizing BlackRock's BUIDL fund, which holds nearly $2 billion in assets. Their end-to-end approach covers issuance, compliance, cap table management, and secondary trading.
For issuers who want a single platform handling everything from token creation to investor onboarding to secondary market access, Securitize is the most integrated option.
Dalmore Group Dalmore is a FINRA-registered broker-dealer that acts as broker-dealer of record for Reg A+, Reg CF, and Reg D offerings. They have helped over 1,000 clients raise more than $2 billion. Their model is compliance supervision: they oversee the offering, manage KYC/AML, verify accreditation, and can license your own sales team under their broker-dealer umbrella.
For issuers who want to maintain their own investor relationships and marketing while having a regulated BD supervise the compliance layer, Dalmore is the most flexible option.
North Capital Private Securities North Capital is a registered broker-dealer that also operates the PPEX Alternative Trading System for secondary trading of private and exempt securities. Their TransactAPI platform enables broker-dealers and funding platforms to conduct online private securities offerings with standards-based API integration.
For issuers with existing technology infrastructure who need a broker-dealer and ATS that integrates via API rather than requiring a platform switch, North Capital offers the most modular approach.
Rialto Markets Rialto is a FINRA member broker-dealer and SEC-registered ATS focused on primary issuance and secondary trading for Reg A+, Reg CF, and Reg D securities. Their DATS (Decentralized Automated Trading System) embeds ATS logic into smart contracts for on-chain matching and settlement.
Their 2025 partnership with Inveniam positions them for tokenized private market derivatives, futures, and swaps. For issuers interested in more sophisticated secondary market structures beyond simple buy-sell matching, Rialto is worth evaluating.
How to Evaluate a Broker-Dealer
Three criteria separate the serious players:
Regulatory track record. Have they actually supervised a compliant offering that closed? Ask for references from issuers, not just platform demos. Check their FINRA BrokerCheck record for any disclosures or disciplinary history.
Integration architecture. Can they work with your existing workflow, or do they require you to rebuild everything around their platform? Some BDs require exclusive use of their technology. Others operate as a compliance overlay on your existing systems.
Fee transparency. Setup fees, percentage of capital raised, per-investor costs, ongoing compliance fees, ATS listing fees. If they cannot give you a clear cost estimate before engagement, that is worth questioning.
Choosing a Partner
The broker-dealer you choose becomes a permanent part of your offering's infrastructure. Investors see the BD's name on the subscription documents. Regulators hold the BD responsible for compliance supervision. Secondary trading happens (or does not) based on the ATS's liquidity and reach.
Choose carefully. Your broker-dealer becomes a permanent part of your offering's infrastructure, and the relationship is hard to unwind once investors are onboarded.