The UK's Financial Conduct Authority (FCA) opened the Digital Securities Sandbox (DSS) for applications at the end of September, relaxing certain rules for DLT market infrastructure. The two entities currently announcing preliminary approval are (expected) Central Securities Depository (CSD) Montis (owned by Archax) and ClearToken, which plans to operate as a central clearing house for crypto and tokenized assets. ClearToken is backed by companies such as Laser Digital, a unit of Nomura Securities, and Zodia Custody, a unit of Standard Chartered.