OKXICE files plan for 24/7 trading in over 60 stocks
OKXICE has filed plans for a 24/7 U.S. venue covering more than 60 tokenized stocks, a bid to bring blockchain-based share trading into regulated markets.
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OKXICE, a joint venture between crypto exchange OKX and Intercontinental Exchange, has filed with the U.S. Securities and Exchange Commission to launch a venue for round-the-clock trading in tokenized U.S. stocks. The plan covers more than 60 listed companies, according to Reuters’ report on the filing. Tokenized stocks are digital versions of shares recorded on a blockchain.
What would OKXICE offer traders?
The proposed venue would let people trade those shares throughout the week, including outside regular stock-market hours. OKXICE is a joint venture of OKX and Intercontinental Exchange, the owner of the New York Stock Exchange.
CoinDesk’s report says the tokenized shares would carry the same rights as regular stock, including dividends and voting. It also says the blockchain-based format could allow faster settlement, the process of completing a trade.
When could the venue open?
The filing is a step toward a launch, not confirmation that trading has started. The plan relies on a new SEC “Innovation Exemption,” which CoinDesk reports the agency issued on September 17. The exemption allows qualifying venues to trade tokenized U.S. stocks using automated market makers and liquidity pools, which match buyers and sellers through pooled assets.
The exemption runs for five years. Companies whose shares are proposed for tokenization have 30 days to object, according to CoinDesk. The launch also depends on other regulatory steps, so a start date has not been confirmed.
Why does the filing matter?
U.S. stock trading usually follows set market hours. A venue that trades around the clock could let users react to news when traditional markets are closed. It would also bring a crypto-style, blockchain-based way to trade shares into a U.S. market framework.
OKXICE’s proposal comes as major exchanges explore longer trading hours, Reuters reports. For now, the filing sets out a plan. Whether and when investors can use the venue depends on the remaining regulatory process and any company objections.
Sources
- Reuters’ report on the filing — investing.com
- CoinDesk’s report — coindesk.com