OKX and NYSE Owner ICE Plan 24/7 Tokenized Stock Trading Under SEC Exemption

In brief

• OKXICE, the joint venture between OKX and NYSE owner Intercontinental Exchange, has filed notice to run a 24/7 tokenized stock venue under the SEC's new Innovation Exemption.
• Its notice lists tokenized versions of more than 60 U.S.-listed stocks, each trading against USDC, USDG or Tether's USDT.
• Chipmaker Cerebras Systems has already lodged an objection with the venue, which does not name the firm issuing its tokens.

OKXICE, the joint venture between crypto exchange OKX and New York Stock Exchange owner Intercontinental Exchange (ICE), has notified the SEC that it plans to launch a round-the-clock trading venue for tokenized U.S. stocks, co-chair Andrew Cuomo said in a tweet Monday.

The venture published a notice dated October 4 under the SEC's "Innovation Exemption," which since September 17 has allowed qualifying venues to trade tokenized stocks without registering as exchanges. OKXICE will operate 24 hours a day, seven days a week, the notice says.

The SEC does not approve venues individually. A firm that meets the exemption's conditions notifies the agency and can then operate under it, subject to those conditions.

Cuomo, a former New York governor, called the filing "a landmark step toward a truly global, 24/7 Wall Street."