ICE and OKX plan 24/7 tokenized stock trading using Uniswap
Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, and OKX are collaborating on a groundbreaking project to introduce 24/7 trading of tokenized US stocks. Their joint venture, OKXICE, filed a notice with the Securities and Exchange Commission (SEC) on October 4, seeking to launch a Tokenized Securities Venue under the regulator's Innovation Exemption. The platform aims to support 63 securities initially, including major companies like Nvidia, Tesla, Apple, Microsoft, JPMorgan, Goldman Sachs, Coinbase, and Circle.
The proposed venue would operate around the clock, allowing tokenized shares to reprice even when traditional markets are closed. Prices would be determined by automated market maker (AMM) liquidity pools rather than traditional exchange mechanisms. This setup could provide continuous pricing signals, potentially offering insights into investor sentiment during off-hours. However, the SEC has expressed concerns about liquidity and pricing discrepancies between tokenized and underlying shares.
OKXICE plans to use Uniswap v4 liquidity pools on OKX's X Layer blockchain network, replacing traditional order books with decentralized finance infrastructure. Investors would hold tokenized stocks in self-custodial wallets, with access restricted to those passing identity and anti-money-laundering checks. The platform would not take custody of assets or extend credit, combining regulated securities with crypto-native market mechanics.
The SEC has imposed strict limits on the experiment, capping the number of securities and trading volume. The exemption runs through September 17, 2031, with the SEC reserving the right to modify it earlier. OKXICE cannot begin operations until at least November, following a 30-day notice period. Additionally, companies like Cerebras Systems have already objected to their shares being tokenized, highlighting potential issuer resistance.