NYSE’s owner is backing 24/7 stock tokens without Wall Street’s usual price rules
ICE and OKX’s OKXICE plans a 24/7 venue for tokenized US stocks, using Uniswap-style liquidity pools rather than conventional order books. Trades will be priced by the pool’s token and stablecoin balances, so large orders or thin liquidity can produce prices that diverge substantially from the stock’s market reference price. The venue will display estimated costs and allow slippage limits, but it will not use an external stock-price feed to set execution prices. Token holders are intended to receive rights equivalent to the underlying shares, subject to SEC conditions, identity checks and trading halts. Sixteen companies had objected to proposed third-party tokens as of October 19. The key challenge is overnight liquidity: market makers may be unable to hedge against underlying shares while traditional markets are closed, leaving prices disconnected. Nasdaq is pursuing a different tokenized-stock model integrated with existing market infrastructure.
