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OKXICE, a joint venture equally owned by cryptocurrency exchange operator OKX and Intercontinental Exchange (ICE), has filed a public notice with the U.S. Securities and Exchange Commission describing plans for a blockchain-based venue for trading tokenized U.S. shares around the clock. The October 4 notice lists 63 proposed stocks, while Reuters reported the filing on October 5. The venture’s plan comes under a temporary SEC exemption for certain tokenized-stock trading venues; it does not mean the SEC has registered or endorsed the platform.
The proposed venue would let approved retail and institutional participants trade digital tokens representing shares through permissioned automated market-maker pools. OKXICE says the tokens would be backed one-for-one by underlying shares held through a broker-dealer when issued by an unaffiliated third party. Its notice also says the venue would not custody participants’ assets, operate an order book or conduct primary securities offerings.
A 63-stock list, with one objection disclosed
The notice names 63 proposed securities, including shares associated with Nvidia, Apple, Microsoft, Tesla, Amazon, Coinbase and Circle. The tokenized shares would be paired with one of three payment stablecoins: USDC, USDG or USDT. Listing a company in the notice does not by itself guarantee that its token will be available to trade.
OKXICE disclosed that it had received an issuer objection from Cerebras Systems as of the notice date. The SEC’s exemption requires a venue to notify an issuer before making an unaffiliated third party’s tokenized stock available; trading cannot start until at least 30 calendar days after notice, and an issuer can object within that period. The objection illustrates that the proposed roster may change before trading begins.
Trading would use permissioned blockchain pools
According to the filing, the venue would use Uniswap v4 automated market-maker pools deployed on XLayer, a public blockchain. A software extension would restrict access: participants must complete identity, anti-money-laundering and sanctions checks, use an approved self-custodial wallet and receive a non-transferable token that enables participation. The notice says users could connect through OKXICE’s web or mobile interface, or use an API where supported.
The proposed design differs from a conventional exchange order book. Participants would trade against liquidity pools, and each pool would pair one tokenized stock with a supported stablecoin. OKXICE says it would not hold customer assets or extend credit, and that the underlying stock would be held one-for-one against tokens when a third-party tokenizer issues them.
SEC relief is temporary and conditional
The SEC published its temporary conditional exemptions in the Federal Register on September 22, 2026. The agency described the relief as an interim measure, set to expire five years after publication, while it gathers experience and considers further action. The framework permits qualifying tokenized securities venues to use permissioned automated market-maker pools, subject to conditions and SEC oversight.
Those conditions include preserving the rights of the equivalent traditional share. The SEC order specifies the same company interest, dividends, voting rights and claim on residual assets in liquidation. It also requires venues to stop tokenized trading when the underlying listed stock is halted, and applies limits to the number of securities and trading volume. The notice states that OKXICE is not registered with the SEC and that the agency has not passed on the notice’s merits or accuracy.
For third-party tokenization, OKXICE says the underlying shares would be held by a broker-dealer registered with the SEC and a FINRA member, with token records reconciled against the tokenizer’s books. Its notice describes a process for checking reserve attestations, rights pass-through and the availability of redemption. These are stated operating commitments, not evidence that the venue has launched or that every proposed token has completed review.
Launch timing remains unspecified
The notice sets out the proposed technology, access controls and securities list but does not provide a public trading start date. Reuters reported that OKXICE co-chair Andrew Cuomo characterized the initiative as a step toward continuous global stock trading. The SEC’s filing framework, however, requires adherence to its conditions; the notice itself expressly cautions that the venue is not SEC-registered.
The venture was formed in June by OKX and ICE, the parent of the New York Stock Exchange, to develop infrastructure for tokenized financial products. Reuters reported that established exchanges including the NYSE, Nasdaq and London Stock Exchange were also preparing round-the-clock trading plans. Whether OKXICE’s proposed pool-based structure attracts trading interest will depend on the venue meeting regulatory conditions, completing its implementation and resolving any issuer objections; the public notice did not announce when those steps would be finished.
