Osaka Digital Exchange
Osaka Digital Exchange began operating START, a proprietary trading system for security tokens and Japan's first secondary market for them, with two real estate tokens at launch.
- Status
- Live
- Announced
- (announcement)
- Stage
- Production
- Chain or network
- unknown (tokens recorded on the issuers' security token platforms)
- Participants
- SBI Securities, Daiwa Securities, SMBC Nikko Securities, Nomura Securities
- Next review
Scorecard
As of the review on . Changes since the previous review are marked. How pilots are scored
| Ledger | Unknown |
|---|---|
| Settlement | Off-ledger cash |
| Access | Whitelisted institutions or investors |
| Legal standing | Unclear |
| Scale | Repeat |
What they said they would do
- OpenNomura Securities to join as a trading participant in spring 2024. (by )
- OpenSMBC Nikko Securities to join as a trading participant during 2024. (by )
Review history
Live Production
SMBC and its Project Trinity partners, ODX among them, describe START as fully operating, with real estate security tokens trading, and note that the cash and token legs of trades settle separately. The two broker claims are not confirmed in the sources read.
Evidence: smbc.co.jp
Live Production
START remains in operation. Project Trinity, which ODX joined, tested stablecoin DvP for trades modelled on START but did not change how START settles. No trading volumes are published in the sources read.
Evidence: odx.co.jp, smbc.co.jp
What was announced
On 25 December 2023 Osaka Digital Exchange (ODX) began operating START, a proprietary trading system (PTS) for security tokens, which it calls the first PTS for security tokens in Japan. Security tokens are securities whose ownership is recorded and transferred on a blockchain. ODX’s launch notice named the trading participants and said Nomura Securities would join in spring 2024 and SMBC Nikko Securities during 2024. ODX was founded by the SBI and SMBC groups.
How it works
ODX matches orders from securities firms registered in Japan; investors trade through those firms, so access is whitelisted. START’s rules are ODX’s own, not an exchange’s, though listed products remain subject to the Financial Instruments and Exchange Act. The tokens are recorded on the issuers’ platforms, not on a ledger ODX runs, and ODX’s notices do not name those platforms for each token, so ledger is unknown. The partners in Project Trinity say that in START trades the cash payment between brokers and the token delivery do not happen together, so settlement is offchain. Whether the token or another register is the legal record is not stated for START listings, so legal is unclear.
Record so far
START opened with real estate security tokens. In August 2025 SMBC, ODX and their partners said START was fully operating with real estate tokens trading, and that public offerings of security tokens in Japan had passed a cumulative 193.8 billion yen by the end of July 2025, a figure they attribute to BOOSTRY’s market dashboard. ODX then joined Project Trinity, whose test of stablecoin DvP for trades modelled on START finished its second phase in September 2026. No START trading volumes appear in the sources read for this entry.
What to watch
Published trading volumes, which would settle scale. Whether START adopts DvP against a stablecoin, which would change settlement. Confirmation of when Nomura and SMBC Nikko joined.