Settlement
by Nasdaq Private Market
Private market settlement. Finally solved.
The only patented platform for clearing and settling private company share transfers. Purpose-built for issuers, broker-dealers, shareholders and investors — and free for private companies.
$1.5B+
Private company share transfers settled*
2,000+
Secondary market transactions processed*
12 DAYS
Faster settlement than off platform, on average*
150+
Private companies on the platform*
*As of May 2026
The problem
Private company share transfers are messy.
There’s never been a standard for how private company securities get cleared and settled. Every issuer has its own rules, timelines, and documentation requirements. The result? Settlement cycles that stretch 90 to 120 days, back-office teams buried in manual workflows, and brokers chasing signatures across disconnected systems.
Solution
Settlement by NPM.
One platform. Every private share transfer.
We built the infrastructure that private markets were missing: a single, standardized, AI-powered settlement platform that manages every step of the post-trade process for private company securities — from stock transfer notice to tax reporting.
Works with any broker. Any trading venue. Any issuer. Regardless of where the trade was matched, Settlement by NPM handles the rest.
technology
The industry’s first patent for private company securities clearing and settlement.
In March 2026, the United States Patent and Trademark Office awarded Nasdaq Private Market U.S. Patent No. 12,572,980 — the first patent ever granted for a private company securities clearing and settlement platform.
The patent covers our proprietary engine for standardizing the clearing and settlement of private company share transfers. It’s the result of years of engineering built directly around how private companies, broker-dealers, and institutional investors actually operate in the secondary market.
Our AI-powered trade ingestion accepts transfer inputs in virtually any format — structured notices, emails, even phone call transcripts — and automatically routes them through the full post-trade workflow. From ROFR initiation through approval management, agreement generation, fund wiring, and tax document production. No manual handoffs.
This isn’t a workflow tool bolted onto an existing system. It’s purpose-built infrastructure for private company securities settlement, protected by the first patent of its kind in the industry.
FOR PRIVATE COMPANIES
Your cap table stays clean.
Your team stays focused.
When shareholders want to sell, the administrative burden lands on your legal, finance, and equity administration teams. We take that off your plate — completely.
Settlement by Nasdaq Private Market manages the full post-match settlement workflow on your behalf: stock transfer notices (STNs), ROFR initiation and tracking, approval routing, transfer agreement generation, fund coordination, and post-settlement documentation including 1099-B tax forms. All of it. In one system.
And it’s free to issuers. Settlement by NPM is offered to private companies at no direct charge.
One dashboard for every transfer
Track every share transfer in real time. See status, documents, approvals, and fund flows in one place — no more email chains or manual status updates.
AI-powered trade ingestion
Our system accepts transfer inputs in any format — stock transfer notices, emails, phone transcripts, or direct entry — and converts them into structured post-trade workflows automatically. No re-keying. No data loss.
Verified holdings & buyer diligence
Verify seller holdings and eligibility before transfer execution. Review buyer and seller submissions, vet new buyers, and maintain a clean record of every secondary transaction.
Automated ROFR management
We initiate and manage the transfer approval and applicable right-of-first-refusal process automatically, routing notifications to the right parties and tracking the applicable ROFRwindow so nothing falls through the cracks.
Auto-generated transfer agreements
Transaction agreements are generated automatically and routed to all parties for signature. Version control, audit trail, and execution history are all captured in the platform.
Books and records updated at close
Once a trade is settled, we coordinate with transfer agents and cap table providers to ensure books and records are updated accurately. Your equity administration team gets a clean handoff, every time.
FOR BANKS & BROKER-DEALERS
The post-trade infrastructure your private market desk needs.
If you facilitate buying and selling private company shares — as a registered broker-dealer, wealth manager, investment bank, or prime broker — you know the post-trade burden is significant. Disparate issuer processes, unstructured documentation, slow ROFR cycles, and manual fund coordination make every private secondary transaction a one-off project.
Settlement by NPM gives you a single, standardized infrastructure layer across all your private company transactions. One integration. One workflow. Consistent settlement, regardless of which issuer, which trading venue, or which counterparty you’re working with.
Broker-agnostic and venue-agnostic
Our platform connects to private company settlement workflows regardless of where the trade was matched. You don’t need to be on the Nasdaq Private Market platform to use it. Settlement by NPM is an open infrastructure layer for the entire private secondary market.
Streamlined fund flows and wire coordination
Wire instructions are collected, stored, and timestamped within the platform. Fund transfers are initiated and tracked alongside the equity administration workflow — eliminating the back-and-forth between parties that slows settlement.
Dramatically faster settlement timelines
Trades settled through NPM close an average of 12 days faster than those settled off-platform. In some cases, settlement is completed inside of a week. Compare that to the 90–120 days typical of manual private market settlement.
Standardized post-trade workflow
For large secondary block trades, we provide buyside book-building and capital introduction services, matching sellers with institutional buyers across our network. NPM knows how to move discreetly without disrupting or your cap table.
Automated document generation and routing
From stock transfer notices to transfer agreements to 1099-B tax forms and trade confirmations, every document is auto-generated, routed, and stored in the platform. Compliant documentation, without the manual labor.
Institutional-grade data security
All trade data, documentation, and counterparty information is secured within NPM-managed systems. Data is confidential and only accessible to company-approved parties. Built to institutional security standards.
HOW IT WORKS
From match to settled.
Here’s every step.
STEP 01
Trade is matched
A buyer and seller agree on terms — through a broker-dealer, wealth platform, or direct transfer. NPM receives the trade notice in any format via our AI-powered ingestion engine.
STEP 02
Issuer is notified
Our platform automatically generates and routes a stock transfer notice (STN) to the issuer’s legal, finance, and equity administration team. No email required.
STEP 03
ROFR process is managed
The right-of-first-refusal window opens. NPM manages all communications, tracks the ROFR clock, and routes approvals — so nothing stalls.
STEP 04
Transfer agreements are auto-generated
All required documentation — stock transfer agreements (STAs), investor questionnaires, and supporting materials — is generated automatically and routed for signature.
STEP 05
Funds are coordinated
Wire instructions are collected and stored. Fund transfers are initiated, timestamped, and tracked in the platform alongside the equity transfer.
STEP 06
Settlement is confirmed
Books and records are updated. Trade confirmations and 1099-B tax forms are generated and delivered. The transfer is complete — with a full audit trail.
TRUST & COMPLIANCE
Institutional-grade. Independently verified
Securities-related services are offered through NPM Securities, LLC, a registered broker-dealer and alternative trading system, and member of FINRA/SIPC. Settlement by NPM is built to the standards institutional counterparties require.
Our platform is bank-grade secure, compliance-ready, and designed to integrate with existing equity administration, cap table management, and transfer agent workflows — so you’re not rebuilding what you have. You’re just removing what slows it down.
