The NYALA Co-Listing Network feature enables tokenized securities to be distributed simultaneously across multiple investment platforms, breaking down traditional platform barriers and using network effects for raising more capital. It is built on a regulatory compliant infrastructure with support for both ECSP and MiFID regulations. and allows for cross-border securities distribution across the EU.

In this chapter, you will learn how to integrate multi-platform securities distribution into your existing workflows.

# How Co-Listing Works

The co-listing workflow involves four key parties orchestrated through the NYALA platform:

1. The **Originator** sources the asset, owns the relationship with the Issuer (or are the Issuer themselves), creates a co-listing request, selects partner platforms, allocates token supply to each Co-Lister and uploads the required project and Issuer information
2. **NYALA** acts as the centralized hub, storing project information and coordinating payments between all parties without sharing sensitive investor data
3. **Co-Listers** review incoming requests, decide to accept or reject offerings, and list approved opportunities on their platforms to offer the asset to their own investors
4. Our **Liability Umbrella** Partner, Concedus GmbH, reviews Co-Lister-specific KYC and investment data to ensure full compliance


> Note: You do not need to wait for the liability umbrella’s decision to accept any given investor; just like NYALA, they only need to receive the data.


# What the Co-Listing Product Enables

The NYALA co-listing feature provides all the required functionalities for multi-platform securities distribution.

The feature works via a mix of web interface and API calls:

Web portal: Create a co-listing request (Originator view), review incoming co-listing requests (Co-Lister view)

API: submit investor and investment data for Co-Lister investors to the NYALA system

> **Important note**:  Due to the co-listing legal setup, Co-Lister investor and investment data is submitted to NYALA's liability umbrella partner for compliance review.  However, the Co-Lister's investor data remains fully anonymized for the Originator and investor data is never shared between Originators and Co-Listers.


## Managed via NYALA Web Portal

The following co-listing functions are currently available through the NYALA web portal, with API integration planned for future releases:

* Create and manage co-listing requests with project details, partner selections, and token allocations
* Review, approve, reject, and cancel co-listing requests
* Track token subscription across Originators and Co-Listers in real-time
* Coordinate token allocations across the network (initial allocation and subsequent increases)


In the NYALA web portal, you can see the following co-listing status, depending on whether you are in the role of the "Originator" or the "Co-Lister"

**Originator - Possible viewable co-listing statuses in the NYALA Web Portal (Europa)**

| Status | Conditions to be met | Opt-In Possible? |
|  --- | --- | --- |
| Draft | When a co-listing request has been started but not submitted yet | No |
| New request | The subscription period is not finished AND none of the selected co-listers have yet accepted or rejected the request. | Yes |
| In progress | At least one selected co-lister has accepted the co-listing request. | Yes |
| Funded | The subscription period has reached its scheduled end date OR the total target volume has been fully subscribed. (total target = total subscribed). It is still possible for investors to keep subscribing to the asset beyond that point. | Yes |
| Delisted | The originator manually cancels the co-listing request | No |
| Rejected | All selected co-listers have rejected the request | No |


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**Co-Lister- Possible viewable co-listing statuses in the NYALA Web Portal (Europa)**

| Status | Conditions to be met | Opt-In Possible? |
|  --- | --- | --- |
| New request | The co-lister has not yet accepted or rejected the request. | No |
| In progress | The co-lister has accepted the co-listing request. | Yes |
| Funded | The subscription date was reached OR the target volume of the co-lister was reached (i.e., target volume = subscribed amount for the given co-lister) | Yes |
| Delisted | Co-listing has been cancelled by the originator | No |
| Rejected | The co-lister has rejected the request | No |


## Upcoming Key Features

* Blockchain-Native Distributions: Automated on-chain coupon, interest, and principal payments in EUR stablecoin (Monerium EURe)
* Automated Tax Handling: Integration with tax partners for withholding tax calculations and payments across the European Union


This API documentation provides detailed specifications for integrating with NYALA's co-listing infrastructure. As a co-listing platform, you can use the API to submit investor KYC and investment data when your users opt into co-listed offerings. This data is submitted directly to NYALA's liability umbrella partner for compliance review as required by the co-listing legal framework.