OKX and NYSE Owner Launch Joint Venture for 24/7 US Stock Trading
Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, and OKX, a major cryptocurrency exchange, have announced plans to launch a joint venture called OKXICE, which will allow for 24/7 trading in 63 US stocks. The venture is a result of a joint partnership between ICE and OKX, which was announced in June, and will enable OKX's retail clients to trade in ICE futures and tokenized NYSE shares.
The list of stocks includes major companies such as Nvidia, Tesla, Apple, SpaceX, and Goldman Sachs, as well as cryptocurrency companies like Coinbase, Circle, and Robinhood. The trading will take place through permissioned liquidity pools on the XLayer blockchain, pairing each stock with the USDC, USDG, or USDT stablecoins.
The SEC has granted an exemption to OKXICE, allowing it to operate without registering with the agency. The exemption is valid for five years and will enable the joint venture to trade without adhering to Regulation NMS and the fair-access rules that bind exchanges. The notice warns that token prices may drift from the underlying stock, particularly outside regular exchange hours or when a pool is thin.
Former New York Governor Andrew Cuomo, who co-chairs OKXICE, has called the filing 'a landmark step toward a truly global, 24/7 Wall Street.' The joint venture will not run an order book or hold client assets, and participants will trade from their own wallets against the permissioned liquidity pools.