There are basically four variants of secondary marketplaces. The manual matching of buyers and sellers (“noticeboard”). Organised trading according to discretionary rules (OTF). Regulated trading in a non-discretionary manner (MTF). Finally, the regulated market on a stock exchange. The more regulated the market, the higher the requirements for the company, but also the lower the liquidity. Trading on an OTF, MTF or regulated market also requires that shares that can be held in custody have been created. The first trading venues exist for tokenised shares, but liquidity is very low here. In Switzerland, there is the discretionary trading of the Berner Kantonalbank (OTF), in Austria the Vienna Stock Exchange (MTF) and in Switzerland the stock exchanges BX Swiss, a subsidiary of the Stuttgart Stock Exchange, as well as the two segments of SIX, i.e. Sparks and Main Market.