---
title: DLT-MTF, DLT-SS and DLT-TSS
url: "https://www.unknowngravity.com/en/glosario/dlt-mtf-ss-tss"
site: Unknown Gravity
published: "2026-05-31T13:42:23+00:00"
modified: "2026-07-30T15:43:02+00:00"
language: en-US
description: "These are the three categories of market infrastructure provided for in the DLT Pilot Regime Regulation (EU) 2022/858 on a pilot regime for market infrastructures based on DLT, applicable since 23…"
section: "Home > DLT-MTF, DLT-SS and DLT-TSS"
---

# DLT-MTF, DLT-SS and DLT-TSS

GLOSSARY · BLOCKCHAIN & WEB3

What DLT-MTF, DLT-SS and DLT-TSS are: the three types of market infrastructure authorized by the EU pilot regime to trade and settle tokenized securities.

WHAT IS IT? · FOR DUMMIES

When you buy or sell a share, there are two distinct moments: first the **market** where the trade is matched (“I buy from you, you sell to me”), and then **settlement**, which is when the money and the security actually change hands. The EU created a “test bed” to do this with tokenized securities on blockchain, and defined three types of platform.

The **DLT-MTF** is like the market where orders are matched. The **DLT-SS** is the part that records and settles who holds each token. And the **DLT-TSS** is a hybrid platform that does both at once, something that the traditional world does not allow to be combined.

WHAT IS IT? · PRO

These are the three categories of market infrastructure provided for in the **DLT Pilot Regime Regulation (EU) 2022/858** on a pilot regime for market infrastructures based on DLT, applicable since 23 March 2023:

**DLT-MTF** (DLT multilateral trading facility): operated by an investment firm or market operator authorized under MiFID II (Directive 2014/65/EU), with a specific permission under the pilot regime. **DLT-SS** (DLT settlement system): operated by a central securities depository authorized under CSDR (Regulation (EU) 909/2014). **DLT-TSS** (DLT trading and settlement system): a hybrid arrangement integrating trading and post-trading activities within a single entity.

The regime grants temporary exemptions, subject to conditions, from certain requirements of MiFID II and CSDR, in order to permit the trading and settlement of financial instruments in tokenized form. It applies only to financial instruments, not to crypto-assets subject to MiCA.

## 01 / Key points

- Framework: **DLT Pilot Regime Regulation (EU) 2022/858**, in force since March 2023.
- **DLT-MTF:** trading (linked to MiFID II). **DLT-SS:** settlement (linked to CSDR). **DLT-TSS:** both within a single entity.
- Grants **temporary exemptions** from requirements of MiFID II (Directive 2014/65/EU) and CSDR (Regulation (EU) 909/2014).
- Covers only tokenized **financial instruments**, not MiCA crypto-assets.

This entry is informative. It is not legal, tax or investment advice. The rules cited change: check the current version on [BOE](https://www.boe.es) and [EUR-Lex](https://eur-lex.europa.eu).