1. Issue. Properly issue the security tokens. This may involve working with a trusted issuance partner, such as Polymath, TokenSoft, or Securitize, and developing a token to an appropriate standard (typically ERC20).
2. Control. Build processes and controls—using smart contracts and more traditional processes—to comply with appropriate regulatory lockup periods.
3. Comply. Submit documentation associated with a compliance review, to make sure that the underlying company is properly incorporated, that it meets the standards of the exchange and that the tokens map to the company’s capitalization structure.
4. Contract. Execute the listing agreement, setting the terms and requirements associated with listing on the exchange.
5. Market. Generate news and business results, develop a market-making program, and achieve liquidity.