OKXICE 24/7 Tokenised US Stock Venue Plan
OKXICE, the joint venture of NYSE owner Intercontinental Exchange (ICE) and crypto exchange OKX, has notified the US Securities and Exchange Commission (SEC) that it will launch a Tokenized Securities Venue for 24/7 onchain trading of tokenised US stocks. The notice was published on Sunday 4 October, and no launch date has been stated.
OKX’s release, carried by Markets Media, says the venue will cover more than 60 US stocks, naming Nvidia, SpaceX, Apple and Palantir as examples. Andrew Cuomo, OKXICE Co-Chair, called it “a landmark step toward a truly global, 24/7 Wall Street”. The notice is posted on OKX’s site. ICE took a stake in OKX in March, as LeapRate reported.
The basis: an SEC exemption, not an approval
The SEC did not approve OKXICE. Its order (Release No. 34-106402), dated 17 September 2026 and published in the Federal Register on 22 September 2026, grants a temporary, five-year conditional exemption from the definition of “exchange” to a class of such venues. Operators must notify the SEC at least 30 calendar days before they begin operating, and OKXICE says it has done so under that route.
Caps and conditions
Limits apply per tier and are aggregated with affiliated venues. Tier 1 covers S&P 500 and Russell 1000 constituents and certain exchange-traded products. Tier 2 covers all other national market system (NMS) stock. Volume is measured against average daily volume (ADV), the typical number of shares traded per day.
| Condition | Limit |
|---|---|
| Tier 1 maximum symbols | 75 |
| Tier 1 maximum share of prior-month ADV, per stock | 0.25% |
| Tier 2 maximum symbols | 250 |
| Tier 2 maximum share of prior-month ADV, per stock | 2.5% |
| Exemption term | Five years after publication |
| Notice before operating | At least 30 calendar days |
| Issuer wait for third-party tokens | At least 30 calendar days from receipt |
| Pause after repeat volume breach | Three months in that stock |
| Leverage or borrowing | Not permitted |
| Halts | Trading must stop when the underlying is halted or suspended |
A first breach of a volume limit triggers no action; each later breach pauses that stock for three months. The venue must be run by a US person, use auditable public smart contracts on a public, permissionless blockchain (open to anyone), and offer no primary issuance. Tokens must carry the same rights as the shares, public transaction data in US dollars must appear within 10 minutes, and books and records must be kept in the US. For tokens created by third parties, the issuer must get written notice and can block trading by objecting. Participants may include retail investors, institutions and broker-dealers. The notice must also state that the venue is not SEC-registered for these activities, and is not subject to Regulation NMS or fair-access requirements.
What it means for brokers and venues
This is a small, parallel pool, not a replacement for exchange trading. Regulation NMS, the rule set that protects best-priced orders across US exchanges, does not apply. The SEC itself said such a venue “could not comply with the requirements of Regulation NMS without significant modifications”. Pricing from an automated market maker (AMM) liquidity pool, which derives prices from the ratio of assets in the pool, means token prices “could dislocate” from the stock price, the SEC warned. It cited self-custody, around-the-clock trading, fractional ownership and near-instant settlement as benefits.
No launch date has been given. On LeapRate’s arithmetic, not a stated date, 30 calendar days from a 4 October notice means no start before early November. Brokers and venues will want to note that window, consider how tokenised-stock access and halt-linking could affect their own overnight offering, and remember that broker-dealers taking part keep their own obligations.
