Regulation · Permission · United Kingdom · Sandbox admission or approval notice · Bank of England
Digital Securities Sandbox Gate 2 approval notice: HSBC Bank plc (Digital Securities Depository)
Gate 2 sandbox approval notice letting HSBC Bank plc run a live Digital Securities Depository in the DSS, using its HSBC Orion platform, for digitally native bonds including the DIGIT digital gilt. It was the first Gate 2 approval in the sandbox.
In force · effective 13 Jul 2026 · part of Digital Securities Sandbox (UK)
Key points
- Approves HSBC to carry on notary, central maintenance and settlement services for UK government debt and corporate bonds and notes in a live environment.[1]
- Initial limit of £900m for GBP corporate bonds; the UK government debt limit was still to be confirmed.[1]
- HSBC Orion will run in the sandbox for digitally native bond issuance and settlement, including DIGIT.[2]
Timeline
- 7 Jul 2025 · FinalGate 1 approval.[3]
- 13 Jul 2026 · In forceGate 2 approval notice issued, replacing the Gate 1 notice.[1]
Held by
Deployments operating under it
| Deployment | Status | Assets | Use cases | Last reviewed |
|---|---|---|---|---|
| HSBC Orion digital bond issuanceUpdated 17 Oct 2026 HSBC Orion | Live (limited) | Reviewed 14d ago | ||
| UK Digital Gilt Instrument (DIGIT) pilotUpdated 15 Oct 2026 HSBC Orion | Announced | Reviewed 24d ago |
Sources
- [1]Sandbox Approval Notice for Gate 2 of the Digital Securities Sandbox: HSBC Bank plc — Bank of England, 13 Jul 2026. Accessed 12 Oct 2026.A
- [2]HSBC is first company to get Bank of England regulatory approval to go live in the Digital Securities Sandbox — HSBC, 15 Jul 2026. Accessed 12 Oct 2026.B
- [3]Digital Securities Sandbox Dashboard — Bank of England, 9 Oct 2026. Accessed 12 Oct 2026.A