OKX (@OKX) and Intercontinental Exchange (@ICE_Markets) will open the OKXICE Tokenized Securities Venue on November 23, bringing round-the-clock onchain trading of tokenized US securities to eligible customers. The platform aims to move parts of traditional US capital markets onto blockchain rails and allow 24/7 trading of tokenized stocks. Under the announced design, the tokens are pegged one-to-one to underlying securities and settle into users' personal wallets.

The launch was confirmed on November 11. Reuters reported that OKXICE, the joint venture between OKX and Intercontinental Exchange (ICE), will launch a platform for round-the-clock trading in tokenized US securities on that date.

What Will Be Available at Launch

According to The Block, the companies have confirmed 70 assets so far, including issuers such as Coinbase, Circle and Robinhood, as well as 59 exchange-traded funds. Unchained reported that not all of these assets may trade on opening day, and that the venue is initially open only to eligible US customers of OKX Inc.

Access is limited to users who have completed onboarding. Per ICE's announcement as republished by Rallies.ai, eligible US-based OKX customers who activated a CeDeFi wallet and completed onboarding with OKXICE can access the venue.

The venue operates under the SEC's Innovation Exemption. Unchained described it as a five-year order issued on September 17 that lets such venues trade tokenized stocks without registering as exchanges. Before listing a stock tokenized by an unaffiliated third party, a venue must give the issuer written notice and a chance to object.

Issuer Objections and Market Structure Questions

The launch comes as many large companies have objected to tokenized versions of their shares trading on the venue. Unchained, citing the venue's November 5 public notice, reported that 67 issuers had filed objections, including Apple and Tesla. The Block noted that dozens of issuers have objected to tokenized versions of their stock trading on OKXICE.

Some critics have also raised wider concerns. The Block quoted Zecca, who said the exemption allows tokenized securities to trade outside the National Market System, which maintains a market data, reporting and transparency framework for stock trading, and warned this could lead to fragmentation.

Price tracking is another point to watch. In an October notice reported by cryptonews.net, the venture warned that tokenized prices, set solely by liquidity pools, may diverge from the underlying shares, particularly outside regular exchange hours.

ICE invested in OKX at a $25 billion valuation in March, and the two firms formed the joint venture in June, Unchained reported. OKXICE co-chair Andrew Cuomo, a former New York governor, said the market is moving toward 24/7 trading, according to a PANews summary of Bloomberg's report.

Sources

Reuters: OKXICE to launch 24/7 trading in tokenized US securities
The Block: OKXICE sets Nov. 23 launch for tokenized securities venue
Unchained: OKXICE Tokenized Stock Venue to Open Nov. 23