Intercontinental Exchange, the parent of the New York Stock Exchange, and crypto exchange OKX have notified the SEC that their 50-50 joint venture OKXICE intends to launch a Tokenized Securities Venue — a 24/7 market for tokenized US stocks built on Uniswap v4 liquidity pools.

The Oct. 4 filing invokes the SEC's new Innovation Exemption. The proposed platform would initially support 63 securities, including Nvidia, Tesla, Apple, Microsoft, JPMorgan, Goldman Sachs, Coinbase and Circle. Trading cannot begin before early November at the earliest, because the SEC requires venues to publish notice at least 30 calendar days before opening.

"This is a landmark step toward a truly global, 24/7 Wall Street," OKXICE co-chair and former New York Gov. Andrew Cuomo said. OKX founder and CEO Star Xu described the filing as a market-structure experiment worth testing at scale, adding that "Wall Street is moving onchain."

What does the venue actually change?

The structure creates a parallel market for some of America's most actively traded companies that stays open nights and weekends, when NYSE and Nasdaq cash markets are closed. Tokenized shares could keep absorbing information during those dead hours, offering a continuously updated indication of where prices may move when regular exchanges reopen.

The mechanics are notably different from a conventional exchange. OKXICE's smart contracts will not use the prevailing NYSE or Nasdaq price to determine executable levels. Instead, prices come from the ratio of assets in automated market maker liquidity pools. External stock-market data can inform displays and trading-halt checks, but it will not feed directly into the pricing contracts.

If market-moving news about Nvidia or Tesla breaks on a Saturday, investors could trade tokenized shares against stablecoins. That weekend price would not determine where the underlying stock opens Monday. A sufficiently liquid pool could nonetheless give traders a live read on investor positioning before conventional trading resumes. Thin pools, conversely, could produce wider swings or larger deviations from eventual cash-market values.

How do tokens stay tied to the underlying shares?

The filing requires third-party tokenizers to maintain one underlying share for each token outstanding, with minting and redemption channels open to eligible participants. Tokens must carry equivalent economic and governance rights, including dividends, voting rights and claims on residual assets.

That backing gives arbitrage a mechanism to close gaps between onchain and conventional prices once the cash market is open. Authorized participants can mint or redeem tokens using underlying shares during traditional trading hours, connecting the AMM pools to the equity market. Weekend shocks, however, leave arbitrageurs without an open cash market in which to hedge or acquire shares immediately.

Uniswap mechanics meet US equities

OKXICE proposes replacing the exchange order book with DeFi infrastructure outright. Its permissioned markets will run on Uniswap v4 pools deployed on X Layer, OKX's blockchain network. Tokenized stocks will trade against USDC, USDT or USDG, placing stablecoins on the cash side of transactions in some of America's largest public companies.

Investors keep assets in self-custodial wallets, but access is gated. Prospective users must pass identity, anti-money-laundering and sanctions screening before receiving a non-transferable credential that lets their wallet interact with the venue. The platform will not operate an order book, take custody of customer assets or extend credit.

The result combines regulated securities ownership with crypto-native plumbing: fully backed instruments with shareholder rights, settled through stablecoins, smart contracts and self-hosted wallets.

How far does the SEC let the experiment run?

The exemption imposes hard caps. Tier 1 securities are limited to 75 symbols per venue, with trading in any individual stock capped at 0.25% of its prior month's average daily volume. Tier 2 securities face a 250-symbol limit and a 2.5% volume ceiling. A venue that breaches a threshold for a given security must halt trading in that token for three months.

Those limits make it unlikely OKXICE will immediately rival the NYSE or Nasdaq in volume. They give regulators a contained market in which to observe whether continuous onchain trading develops enough liquidity to affect pricing elsewhere. The SEC, in granting the exemption, sought public comment on how overnight tokenized-stock trading could affect liquidity, pricing and the opening, reopening and closing processes of conventional exchanges, and cited potential price dislocations for companies whose stocks may be tokenized by third parties.

Issuers hold a veto of sorts. Companies must receive at least 30 days' notice before their shares are offered and can object during that window, blocking the venue from listing their tokenized stock under the exemption. Cerebras Systems has already objected, meaning OKXICE cannot offer its tokenized shares under the current framework.

The exemption runs through Sept. 17, 2031, though the SEC can modify it earlier as it assesses whether a permanent framework is warranted. The coming month will show which of the 63 proposed listings draw issuer objections — and whether liquidity providers are willing to make prices in the hours when Wall Street itself cannot.