The list of companies opposing the trading of their shares on the upcoming OKX and ICE tokenized stock platform has expanded to 22 entities. Recent additions include Wells Fargo, Cisco Systems, Marvell Technology, Arm Holdings, Moderna, and Intuit.
The platform, a joint venture between Intercontinental Exchange and OKX, intends to facilitate 24/7 trading of tokenized U.S. stocks. Transactions are designed to utilize Uniswap v4 liquidity pools on the XLayer blockchain, primarily paired with stablecoins like USDC.
The venue operates under an SEC innovation exemption. Documentation highlights significant operational risks, including the absence of circuit breakers, potential for smart contract upgrades without notice, and unresolved issues regarding trade reporting and best execution for broker-dealers.
The platform allows for shares to be tokenized by either the issuers themselves or third parties. While the IMF has identified demand for off-hours trading of tokenized assets, it also noted concerns regarding market volatility and liquidity. Nasdaq has previously stated it will opt its shares out of the SEC exemption.
