LTS ExchangeLondon Tokenisation Solutions
LQD-S1Last (clean)–Bid / Ask– / –Accrued–Pool factor–Outstanding–In escrow–Status–

How the money moves

InvestorsSubscribe in tokenised sterling at each tap and receive LQD-S1.
Trustee escrowHolds the next Chelsea instalment until its due date, earning interest.
Chelsea FCReceives each Minimum Guarantee instalment on time.
Liquidator salesNicholson's receipts are reported by LTS and attested by the trustee.
Payment enginePays coupon, costs, Chelsea's share, principal, then Nicholson, every quarter.

Trading

Prices are quoted clean, per 100 of outstanding principal. You pay the clean price plus interest accrued since the last quarter end, so the seller keeps the interest they earned.

As principal is repaid the pool factor falls, and each token represents less principal. New taps are issued at the current factor, so the whole line stays one fungible token.

You sign each order in your wallet. The exchange matches by price then time and settles each match on chain in one transaction: the token and the sterling move together or not at all. The venue fee is 0.05% each side.

Safeguards

Permissioned token. Only wallets on the investor register can hold or receive it. The transfer agent can freeze a wallet or pause trading under the legal terms.

Two-key sales data. LTS reports quarterly sales and the trustee attests the same data before any payment can run.

Escrow by date. An escrowed instalment can only be released to Chelsea on or after its due date.

No custody by the exchange. Your tokens and sterling stay in your wallet until a trade you signed settles.