Explainers
Can You Price an IPO Before the IPO?
Companies stay private longer, so investors and reporters increasingly try to read a company's value before its IPO. Here is how pre-IPO pricing actually works, what signals it, and where the gaps are.
tokenized securities
Press & News
Allium Comments on the SEC's Proposal to Rescind Regulation NMS Rules 611 and 610(e)
Standardize evidence, not outcomes. Allium's comment letter to the SEC on the proposed rescission of the trade-through rule.
securities lending
Securities Lending for Tokenized Securities Explained
How securities lending works in traditional markets, what it looks like when the collateral and the loan live onchain, and what remains unbuilt.
tokenized securities
15c3-3 for Tokenized Securities: A Clear Guide
SEC Rule 15c3-3 requires broker-dealers to segregate and control customer securities. Here is what possession and control mean when the security is a token on a blockchain.
tokenization
Dematerialization vs Tokenization: A Clear Guide
Dematerialization turned paper stock certificates into electronic book-entry records held at a central depository. Tokenization moves ownership records onto public blockchains. This guide explains what each one actually does and why the difference matters.
tokenized securities
Transfer Agent for Tokenized Securities Explained
A transfer agent keeps the official record of who owns a security. Here is what that function does in traditional markets, and what it looks like when the security is a token on a blockchain.
tokenized securities
Atomic Settlement for Tokenized Securities Explained
Atomic settlement lets a tokenized security and its payment change hands in a single, indivisible transaction. Here is how it compares to T+1, what breaks, and what is still being built.
tokenized securities
Central Securities Depository for Tokenized Securities
A plain-English guide to how a central securities depository works in traditional finance, and what its onchain equivalent looks like for tokenized securities.
tokenized securities
Qualified Custodian for Tokenized Securities Explained
A qualified custodian holds securities on behalf of clients under strict legal and operational rules. Here is how that function translates to tokenized securities, and what is still unresolved.
tokenized securities
Clearing and Settlement for Tokenized Securities
A plain-English explainer on how clearing and settlement work for tokenized securities, from the DTCC model that built modern markets to the emerging onchain equivalent.
tokenized securities
Identifier for Tokenized Securities: A Clear Guide
Tokenized securities live across many blockchains with different contract addresses and no common key. Here is how identifiers solve that, from ISIN and CUSIP to onchain-native standards like DASID.