OKXICE, the joint venture of the exchange OKX and Intercontinental Exchange, parent company of the NYSE, announced on 11 November that it will launch OKXICE TSV on the 23rd. The platform offers round-the-clock trading of tokenized stocks and ETFs for eligible US customers in the OKX app, according to the company’s statement.
The venture said more than 70 tickers are expected to be listed, including shares of Strategy and Circle and 59 ETFs from Direxion.
Regulatory basis and opt-outs
Japanese outlet CoinPost reported that the launch relies on the five-year Innovation Exemption that the SEC introduced in September, which opens the way to permissioned on-chain trading.
Under that exemption, issuers can choose not to have their shares traded on specific platforms. According to CoinPost, which cited the latest published list dated 5 November, 67 companies opted out, including all of the Magnificent Seven.
A spokesperson for Applied Optoelectronics, one of the companies that opted out, reportedly told the Wall Street Journal that the company was concerned about the unclear effect of tokenization on share price, liquidity and volatility. The spokesperson also cited the risk that investors might confuse the company with the tokenized offering, according to CoinPost’s account.
How the platform works
OKXICE said trading will take place on X Layer, OKX’s Ethereum layer-2 network, in automated market maker liquidity pools built on Uniswap v4. Securitize provides the tokenization infrastructure.
According to the statement, each token is backed 1:1 by the underlying US share and carries the applicable shareholder rights and economic benefits, including dividends, voting and corporate actions.
Access is restricted. The company said smart contracts limit trading and liquidity provision to eligible wallets, and only US-based OKX Inc. customers who have enabled a CeDeFi Wallet and completed OKXICE onboarding, including KYC, can take part. Tokens are held in self-custodial wallets, and OKXICE TSV holds neither assets nor private keys, the statement said.
Official comment and open questions
OKXICE co-chair and former New York governor Andrew Cuomo said, as reported by CoinPost, that the SEC has created a real opportunity for the US to lead the next era of finance.
Several points remain unclear. It is not known which companies beyond the Magnificent Seven and Applied Optoelectronics opted out, nor whether the opt-outs will affect the more than 70 expected listings or which tickers will be live on day one. Market reaction and trading volumes after the launch are also unknown.
Sources
- coinpost.jp CoinPost — 『OKXICE TSV』、23日にトークン化証券の取引開始 マグニフィセント・セブン含む65社超が拒否 Accessed
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