Mentioned:
The New York Stock Exchange wants to be a first mover in tokenized stocks. And they’re building their very own trading platform to do it.
What’s happening:
- The New York Stock Exchange has officially begun developing a new platform for tokenized stocks and securities that are traded and settled directly on the blockchain
Why it matters:
- This is the first time ever that the New York Stock Exchange has built their own platform for tokenizing assets and enabling 24/7 global trading
Going deeper:
- The new trading platform being developed by the New York Stock Exchange will leverage their proprietary Pillar electronic trading and matching engine and simultaneously shifting settlement and custody to a tokenized layer
- Both BNY and Citi are also working with the New York Stock Exchange on enabling tokenized deposits to transfer money, meet margin requirements and fund accounts outside of traditional banking hours
The intrigue:
- Intercontinental Exchange (NYSE: ICE) who owns the New York Stock Exchange has been making multiple new bets on the future of new markets and trading platforms lately, including notably committing up to $2B USD in funding for prediction market platform Polymarket
The fine print:
- The United States Securities and Exchange Commission will ultimately need to give the New York Stock Exchange regulatory approval on their new trading platform before it can be launched
