Answers to the questions members, issuers, investors, and regulators ask most about California Stock Exchange - the exchange built for California's economy.
No. California Stock Exchange connects to the systems you already have through standard market-data and order-entry interfaces - your OMS, EMS, and custody stack stay in place. Our role is to match, clear, settle, and record trades, not to replace your front office.
California Stock Exchange operates under U.S. and California securities regulation - SEC frameworks including Reg NMS, Reg ATS, Reg SCI, and Reg SHO, FINRA membership rules, and oversight from the California DFPI, with CFTC frameworks applying to certain digital assets. Surveillance, best-execution, and market-integrity obligations are built into the platform, and the exchange maintains SOC 2 and ISO 27001 controls.
Three, on one venue: Regulated Equities - a national securities exchange for listing and trading common shares; Digital Assets - digital securities and real-world assets with instant T+0 settlement backed by a tamper-proof record; and Private & SMB Markets - a regulated venue for private-company shares, pre-IPO secondaries, and small and regional-business equity. All three share one rulebook.
Trading-membership connectivity can typically be tested in a sandbox within weeks of a scoping call. We focus on one market first - equities, digital assets, or private - stand up order-entry and market-data connectivity end-to-end, and certify it before expanding.
No - that is the entire point of the design. The matching, clearing, and settlement layers are independently governed. No single desk, including any one at the exchange, can alter a settled record. Every settlement is tamper-proof, timestamped, and independently verifiable.
The terms we use most often, in plain language.
The SEC's National Market System rules governing order protection, fair access, and price transparency across U.S. securities exchanges - the backbone of best execution.
The continuous, transparent record of buy and sell interest at each price. Orders match on price-time priority, so price discovery is fair and visible to every participant.
Same-instant settlement where the asset and cash legs transfer together with finality the moment a trade executes - removing the counterparty risk of multi-day cycles.
The output of a settlement: a tamper-proof, timestamped record any authorized participant can independently verify. Not a PDF, not a statement - a verifiable record.
A dramatically more affordable, regulatory-efficient path to public capital - so small-cap, high-growth companies that legacy exchanges price out can list, trade, and raise on a regulated venue.
Digital securities and a range of real-world assets traded and settled with the same transparency and instant finality as any other instrument on the venue, backed by an independently verifiable record.
A cyber-secure, timestamped settlement record that cannot be quietly edited after the fact. Any participant can independently verify that a settlement happened and has not been altered.
Regulators and members can confirm any settlement themselves - what happened, when, and that nothing changed since - without relying on any single desk's word for it.
Every member, issuer, investor, and regulator comes at California Stock Exchange from a different angle. Tell us yours and we'll route the right conversation.
Get direct order-book access, low-latency connectivity, and instant T+0 settlement across all three markets.
Onboard as a memberList public shares, raise as a private company, or offer digital securities - affordably, on one regulated venue.
Explore listingIndependently verify any settlement, with real-time surveillance and no reliance on any single desk.
Brief our teamDeep, transparent liquidity and independently verifiable settlement behind every trade.
Verify a settlement