Intercontinental Exchange and OKX File to Launch 24/7 Tokenized Stock Trading
Intercontinental Exchange and OKX's joint venture OKXICE notified the SEC on October 4 of plans to launch a Tokenized Securities Venue under the regulator's Innovation Exemption. The platform would enable continuous trading of up to 63 NYSE-listed stocks as tokens, including dividend and voting rights.
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The Filing and Proposed Venue
OKXICE, the 50-50 joint venture between Intercontinental Exchange (NYSE's parent company) and crypto exchange OKX, filed notice with the SEC on October 4 of its intent to operate a Tokenized Securities Venue under the SEC's new Innovation Exemption framework. The proposed platform would allow tokenized versions of NYSE-listed stocks to trade continuously, including after traditional market hours, leveraging existing decentralized exchange infrastructure like Uniswap.
The Asset List and Token Terms
The venue plans to initially support up to 63 NYSE-listed companies as tokenized securities. According to the filing, issuers have 30 days to opt out before their stock tokens begin trading on the new venue. Any tokens that proceed to trade must retain the economic and governance rights of the underlying shares, including dividend distributions and voting privileges.
Regulatory Path and Market Implications
The Innovation Exemption, introduced by the SEC to accelerate testing of new market infrastructure, allows platforms to operate under a simplified regulatory framework for a defined period. This filing marks one of the first attempts by a traditional exchange operator to move equity trading onto tokenized and decentralized rails. If approved, the venue would create a parallel market where US equities reprice around the clock rather than adhering to traditional 9:30 AM to 4:00 PM ET trading hours.
Why It Matters
For Traders
24/7 tokenized equity trading could fragment liquidity across venues and time zones, potentially widening spreads outside traditional market hours.
For Investors
If approved, this signals the SEC is willing to permit traditional asset classes to migrate onto blockchain rails, reducing regulatory friction for tokenization efforts.
For Builders
DEX protocols like Uniswap may become settlement layers for traditional equities, requiring new market-making and oracle infrastructure to handle continuous repricing.
This article is for information only and is not financial advice. Read the full disclaimer.
