NYSE owner and OKX plan 24/7 tokenized stock trading using Uniswap
Key Summary
Intercontinental Exchange (ICE) and OKX are launching a 24/7 tokenized stock trading platform, OKXICE, under the SEC's Innovation Exemption. The platform, which will initially support 63 securities, including Nvidia, Tesla, and Apple, will create a parallel trading venue for US stocks that remains open 24/7. Tokenized shares will trade against stablecoins, and prices will be set by automated market maker liquidity pools. The SEC has capped the number of securities and trading volume under the exemption, with limits of 75 symbols and 0.25% volume ceiling for Tier 1 securities. The platform is expected to launch in early November, with OKXICE co-chair Andrew Cuomo stating that it marks a "landmark step towards a truly global, 24/7 Wall Street.
Intercontinental Exchange and OKX are preparing an always-open market where tokenized US stocks could keep repricing after Wall Street closes. On Oct. 4, OKXICE, the companies' 50-50 joint venture, notified the Securities and Exchange Commission (SEC) that it intends to launch a Tokenized Securities Venue under the regulator's new Innovation Exemption. The proposed platform would […]