Introduction
In a significant move for the financial markets, a new trading platform is set to roll out tokenized shares for over 60 companies that are publicly traded in the United States.
Collaboration and Application
OKXICE LLC, a collaboration between the cryptocurrency exchange OKX and the Intercontinental Exchange (ICE), which owns the New York Stock Exchange, has submitted an application to the US Securities and Exchange Commission (SEC). This platform aims to operate under the SEC’s recently unveiled innovation exemption, which promotes advancements in the financial landscape.
Vision for the Future
Andrew Cuomo, co-chairman of OKXICE, expressed that this initiative represents a pivotal advancement towards creating a global, round-the-clock trading environment similar to Wall Street.
He emphasized the importance of anchoring the evolution of digital finance within the United States.
Partnership and Infrastructure Development
This venture is rooted in a 50-50 partnership established between OKX and ICE back in June, focused on developing infrastructures that support tokenized finance. This initiative aligns with the SEC’s September decision to grant temporary exemptions that allow some trading of tokenized US stocks through specific on-chain platforms.
Regulatory Framework
The innovation exemption facilitates these Tokenized Securities Venues (TSVs) to engage in controlled trading activities involving tokenized stocks that are part of the National Market System (NMS), utilizing automated market makers and liquidity pools for transaction facilitation.
