OKX–ICE venture seeks round-the-clock trading for more than 60 U.S. stocks

Shares in more than 60 U.S.-listed companies could trade around the clock under a plan from a venture backed by the owner of the New York Stock Exchange. The proposal would put those shares on a blockchain while preserving investors’ dividend and voting rights. But the path to opening the venue includes a window for companies to object to having their stock turned into digital tokens.

OKXICE, the joint venture between crypto exchange OKX and NYSE parent Intercontinental Exchange, has notified the U.S. Securities and Exchange Commission of its plans, according to CoinDesk (direct). Andrew Cuomo, the former New York governor who serves as the venture’s co-chair, announced the move on X. The notification marks a step toward a U.S. trading venue, rather than the start of trading itself.

A different clock for stock trading

The proposed venue would initially cover more than 60 companies listed on U.S. exchanges. Their tokenized shares—digital versions of stock recorded on a blockchain—would be available for trading outside regular market hours. The model also offers faster settlement, the process through which a trade is completed. For investors, the proposition combines the flexibility of crypto-style trading with rights associated with ordinary company shares.

The regulatory basis is an SEC measure issued on Sept. 17 called the “Innovation Exemption.” It gives qualifying venues a temporary, five-year route to trade tokenized U.S. stocks using automated market makers and liquidity pools. These are trading mechanisms that use automated systems and pools of available assets. The exemption provides the framework for OKXICE’s proposal, but further regulatory steps remain before the venue can launch.

The rules also set conditions on what those digital shares must represent. They must retain the same rights as conventional stock, including dividends and shareholder votes. Companies get 30 days to object to the tokenization of their shares. That period is a key part of the launch process: the venture’s planned initial stock list does not remove the companies’ opportunity to push back.

From offshore products to a U.S. venue

OKX and ICE established their equally owned venture in June to develop infrastructure for tokenized financial products. ICE’s involvement brings the parent of a major traditional stock exchange into a market already served by crypto platforms. The distinction is where the products can be offered and the rights they carry: OKXICE is seeking an onshore, regulated U.S. venue for shares with conventional dividend and voting rights.

OKX already lists more than 70 tokenized stock tickers, but those products are issued under offshore rules and are unavailable to U.S. investors. The broader tokenized-stock market is worth about $3.2 billion, having grown 15% over the past month, according to RWA.xyz figures cited by CoinDesk. Those figures describe the existing market, not the size of the proposed OKXICE venue.

The next milestone is regulatory rather than commercial. The timetable depends on the 30-day company objection period and the other steps needed to proceed. For investors watching the proposal, the immediate question is when those requirements will be met and round-the-clock trading can move from a plan to an operating U.S. venue.