The New York Stock Exchange (NYSE) is preparing to roll out a tokenized securities platform that will enable 24/7 trading and stablecoin-based financing.
The platform, which is yet to be approved by regulators, would also allow for instant settlement and orders in dollar amounts.
The project will power a new venue on the NYSE that aims to offer trading in tokenized shares of traditionally issued securities, in addition to tokens originally issued as digital securities.
NYSE Group president Lynn Martin says in a announcement that the exchange wants to continue a tradition of transforming ‘the way markets work’.
“We are leading the industry towards fully on-chain solutions, based on the unparalleled protection and high regulatory standards that position us to combine trust with cutting-edge technology. By leveraging our expertise to reinvent market infrastructure, we can meet and shape the demands of a digital future.
According to the announcement, NYSE’s parent company, Intercontinental Exchange (ICE), is preparing for the possible integration of tokenized collateral. The financial services provider has partnered with banking giants BNY and Citi to support tokenized deposits at ICE’s clearinghouses.
The new NYSE venture follows in the footsteps of its competitor, the Nasdaq Stock Market, which submitted with the Securities and Exchange Commission (SEC) in December to expand stock trading hours to 23 hours a day, five days a week.
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Featured image: Shutterstock/gg_tsukahara/Sensvector