Key Takeaways
- • OKXICE, the joint venture of OKX and Intercontinental Exchange (ICE), notified the SEC on 4 October that it plans a tokenised securities venue for 63 US-listed stocks under the agency's Innovation Exemption.
- • Each tokenised share would be backed one-for-one by the underlying stock and carry dividend and voting rights, trading around the clock in permissioned Uniswap v4 pools on OKX's X Layer network.
- • Issuers have 30 days to decline before trading begins. The exemption caps Tier 1 stocks at 75 symbols per venue and limits daily trading in each token to 0.25% of the underlying stock's prior-month average daily volume.
- • On 6 October, SC Ventures by Standard Chartered, Circle, Ripple and Qube Research & Technologies invested in OKX at a $25 billion pre-money valuation.
- • UBS agreed to transfer its remaining fund administration business to Northern Trust and exit the activity.
Summary
OKXICE, the joint venture between OKX and NYSE owner Intercontinental Exchange (ICE), notified the US Securities and Exchange Commission (SEC) on 4 October that it plans to launch a tokenised securities venue. The filing was made under the agency's Innovation Exemption and would initially list tokens for 63 US-listed stocks. Each token would be backed one-for-one by the underlying shares and would carry dividend and voting rights. Trading would run around the clock in permissioned Uniswap v4 pools on OKX's X Layer network. Issuers have 30 days to decline before trading starts.
According to OKXICE's public notice, the exemption caps Tier 1 stocks at 75 symbols per venue. It also limits daily trading in each tokenised stock to 0.25% of the underlying stock's average daily volume over the prior month. These parameters constrain how far the venue can scale in its initial phase.
The filing comes days after a separate regulatory development. On 5 October, the Commodity Futures Trading Commission (CFTC) proposed a new category of crypto asset markets for leveraged, margined and financed retail crypto trading, and it is seeking public views on the proposal. On 6 October, SC Ventures by Standard Chartered, Circle, Ripple and Qube Research & Technologies invested in OKX at a $25 billion pre-money valuation, per the same weekly roundup.
Other developments in the week's roundup included UBS's agreement to hand its remaining fund administration business to Northern Trust and leave the activity. Eurex also said it will begin clearing single-stock and dividend futures on Japanese equities from 2 November. In financing, Capitolis raised $220 million in equity and debt, including a $120 million equity round led by Citi, to fund its purchase of securities lending agent eSecLending.
## Data
According to OKXICE's public notice, the exemption caps Tier 1 stocks at 75 symbols per venue. It also limits daily trading in each tokenised stock to 0.25% of the underlying stock's average daily volume over the prior month. These parameters constrain how far the venue can scale in its initial phase.
The filing comes days after a separate regulatory development. On 5 October, the Commodity Futures Trading Commission (CFTC) proposed a new category of crypto asset markets for leveraged, margined and financed retail crypto trading, and it is seeking public views on the proposal. On 6 October, SC Ventures by Standard Chartered, Circle, Ripple and Qube Research & Technologies invested in OKX at a $25 billion pre-money valuation, per the same weekly roundup.
Other developments in the week's roundup included UBS's agreement to hand its remaining fund administration business to Northern Trust and leave the activity. Eurex also said it will begin clearing single-stock and dividend futures on Japanese equities from 2 November. In financing, Capitolis raised $220 million in equity and debt, including a $120 million equity round led by Citi, to fund its purchase of securities lending agent eSecLending.
## Data
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