Intercontinental Exchange, the parent of the New York Stock Exchange, and crypto exchange OKX have filed with the SEC to launch a tokenized securities venue that would trade US stocks 24 hours a day, seven days a week. The joint venture, a 50-50 entity called OKXICE, notified the regulator on Oct. 4 that it intends to operate under the agency's new Innovation Exemption. The platform would start with 63 securities — Nvidia, Tesla, Apple, Microsoft, JPMorgan, Goldman Sachs, Coinbase, and Circle among them.
How the venue would actually price trades
That's where it gets interesting, and a bit unusual. Prices on OKXICE won't come from the NYSE or Nasdaq tape. They'll be set by the ratio of assets sitting in automated market maker liquidity pools — specifically Uniswap v4 pools deployed on X Layer, OKX's own blockchain. External stock market data will show up on screens and trigger trading halts if needed, but it won't feed into the smart contracts that determine executable prices. Tokenized stocks will trade against stablecoins: USDC, USDT, or USDG.
The design has no order book. OKXICE won't take custody of customer assets or extend credit. Investors hold positions in self-custodial wallets, but access isn't open — you need identity, anti-money-laundering, and sanctions screening to get a non-transferable credential. On the supply side, third-party tokenizers must keep one underlying share for every token outstanding, with minting and redemption channels open to eligible participants. Tokens have to carry equivalent economic and governance rights, including dividends, voting rights, and claims on residual assets.
What the SEC is worried about
Overnight trading is the headline feature, but it's also the piece regulators are least sure about. The SEC has already asked for public comment on how 24/7 tokenized stock trading could affect liquidity, pricing, and the mechanics of conventional exchanges. It flagged potential price dislocations as a concern. That's a real question when your reference price comes from a liquidity pool rather than the primary market — the two can drift apart, especially on weekends when there's no underlying trading to anchor them.
The push behind the filing
OKXICE co-chair Andrew Cuomo, the former New York governor, called the filing "a landmark step toward a truly global, 24/7 Wall Street." OKX founder and CEO Star Xu framed it as a market-structure experiment worth testing at scale, adding that "Wall Street is moving onchain." The pairing is notable: ICE brings the exchange infrastructure and regulatory muscle, OKX brings the crypto rails and the X Layer deployment. Neither side is doing this alone.
For all the ambition, the filing is just that — a notification of intent. The venue can't launch until the SEC signs off on the Innovation Exemption, and the agency's own request for comment suggests it isn't rushing. The open question is whether a liquidity-pool price for something like Nvidia can hold up next to the real thing, or whether the dislocation risk the SEC named turns out to be the thing that slows the whole experiment down.
