Crypto: OKX and NYSE owner launch tokenized stock exchange

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The announced catalog combines shares of companies in the crypto sector and ETFs from Direxion, a manager specializing in particular in leveraged funds and inverse funds. The latter seek to evolve opposite to their benchmark index. With 59 funds announced, Direxion alone represents most of the catalog presented. The platform plans to open access to US OKX customers who meet its criteria and have completed their registration.

According to the operation described, each token would represent an existing security, held on a unit-for-unit basis through a registered broker. Exchanges would take place on X Layer, the OKX network, with access restricted to authorized participants. Continuous trading would extend the hours at which these customers can trade the securities offered. However, available liquidity may vary depending on the time and number of participants.

The project would be part of an SEC exemption regime that would allow issuers to object to the tokenization of their securities by a third party. According to information reported in a November 5 regulatory filing, 67 companies have exercised this option, including Meta, Tesla, Netflix, Home Depot and Costco. Their objections concern the representation of their titles on these platforms.

Nasdaq has also expressed reservations about trading tokenized securities outside of the National Market System, the framework that organizes the flow of orders and dissemination of data in the US equity market. His fear concerns the distribution of liquidity between several platforms. For the same title, scattered volumes can make prices more difficult to compare and reduce the quantity available at a given price.

For investors, the interest of OKXICE depends as much on the accessible securities and the quality of order execution as on the breadth of trading hours. Wall Street more than ever on the blockchain!

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An editorial article. Le Journal du Coin, the first French-speaking news media on cryptocurrency, Bitcoin, and blockchain protocols.

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Machine-translated from French