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The New York Stock Exchange said it is developing a platform for trading and on-chain settlement of tokenized securities, describing a “new NYSE venue” that would operate around the clock and require regulatory approvals before launch, according to its announcement on Business Wire. The initiative is being positioned as part of the wider Intercontinental Exchange (ICE) group’s digital strategy, with NYSE Group President Lynn Martin and ICE executive Michael Blaugrund cited in the release at the same source.
NYSE said the platform is designed to combine the NYSE Pillar matching engine with blockchain-based post-trade systems, supporting tokenized shares that are intended to be fungible with traditionally issued securities as well as securities issued natively in tokenized form. The exchange also said the venue would facilitate 24/7 trading of U.S.-listed equities and ETFs, allow orders sized in dollar amounts, enable fractional share trading, and provide for immediate settlement through “tokenized capital,” again as described in the same announcement.
ICE said in the release that it is preparing clearing infrastructure for 24/7 trading and exploring integration of tokenized collateral, adding that it is working with banks including BNY and Citi to support tokenized deposits across ICE clearinghouses. Separately, BNY has described extending its digital cash capabilities by enabling an on-chain mirrored representation of client deposit balances, a step it framed as part of its deposit tokenization approach, while Citi has disclosed that its Citi Token Services uses a private permissioned blockchain for tokenized internal liquidity transfers and 24/7 USD clearing flows for institutional clients.
Because NYSE operates as a registered national securities exchange, any new trading venue or major change to market structure would sit within the U.S. securities regulatory perimeter overseen by the SEC, which describes exchanges as registered under Section 6 of the Securities Exchange Act of 1934 and lists New York Stock Exchange LLC among registered exchanges. The NYSE statement that it will seek regulatory approvals underscores that the tokenized trading and settlement model is being presented as an exchange-led infrastructure change rather than a standalone digital-asset market, as set out in the announcement.
What this affects: For issuers and broker-dealers, the proposal would concentrate potential tokenized equity and ETF trading in an NYSE-operated venue accessible to qualified broker-dealers, as described by NYSE. For market infrastructure participants, the platform’s linkage between matching, blockchain-based post-trade, and “tokenized capital” raises operational dependencies on settlement rails and cash-on-chain mechanisms that major banks are already testing in parallel disclosures from BNY and Citi.
