Operators of over-the-counter trading platforms for fragmented investments established to build a securities token (STO) market trading infrastructure have selected two consortia led respectively by a Korean exchange and Nextrade. As financial regulators approach the substantive end of the preliminary licensing process, the fragmented investment market is officially entering the regulatory framework. At the meeting held on January 7, the Securities and Futures Commission under the Financial Committee reviewed the "Preliminary License Application for Financial Investment in Fragmented Investment OTC Exchanges" and decided to select the consortium (KDX), jointly formed by the Korean Exchange and the Korea Securities Depository, as well as the consortium (NXT), composed of Nextrade-Musicow, as operators. The Lucent Block consortium, which submitted the application together, was not selected in this review. Fragmented investment refers to dividing high-value assets such as artworks, real estate, and music copyrights into small units,