OKXICE LLC told the Commission on October 4 that it plans to trade 63 listed US stocks as tokens in permissioned Uniswap v4 pools, a venue that needs no approval because September's exemptive order lets one open on 30 days of notice. Cerebras Systems filed an issuer objection, and its stock is not among the 63.
OKXICE LLC has told the Securities and Exchange Commission that it intends to trade tokenized versions of 63 US exchange-listed stocks, in a notice dated October 4. The company is a Texas entity owned half by Intercontinental Exchange Holdings, the parent of the New York Stock Exchange, and half by OKC USA Holding Inc., an OKX entity. It is not asking the Commission for permission.
That is a feature of the regime the venue is using rather than a claim the company is making. The Commission issued an exemptive order on September 17 that created a category it calls a Tokenized Securities Venue and freed those venues from registering as exchanges. The relief applies on notice rather than approval and runs for five years from publication, which the Federal Register records as September 22. A venue has to give 30 calendar days of public notice before it starts operating. Ledger Insights, which read the filing, reported that OKXICE plans to begin in early November. That is what the 30-day clock implies rather than a date the Commission has set.
The caps in that order shape the list. A venue may carry at most 75 Tier 1 symbols, the tier that takes in S&P 500 and Russell 1000 stocks, and in each of them may trade no more than 0.25 percent of the prior month's average daily volume. Sixty-three names sit inside the symbol limit with room to spare. The Industry Spread, reporting from the notice, said the list includes NVIDIA, Apple, Microsoft, Tesla, Coinbase, Circle, BitGo, JPMorgan Chase, Goldman Sachs and Walmart, with Alphabet appearing twice as GOOGL and GOOG.
One company has pushed back, using a part of the order that had not been tested until now. A venue must give an issuer 30 days of notice before making a third-party tokenized version of its stock available, which hands the issuer a window to object. Cerebras Systems filed a notice of issuer objection, a fact reported separately by The Industry Spread, Ledger Insights and The Defiant. The Industry Spread noted that Cerebras does not appear among the 63 symbols and that the filing does not record a name being removed. Ledger Insights reported that the objection prevents the stock from trading. The sequence is not documented in the material available, so whether Cerebras was dropped from a longer list or never reached it is unclear.
The venue's mechanics are specific. Ledger Insights reported that trading would run through permissioned Uniswap v4 pools on XLayer, OKX's layer 2, with USDC, USDG and Tether accepted for payment and wallet access gated by soulbound tokens. OKXICE would control pool creation, trading pauses and contract upgrades, exercising that authority through administrative keys held by OKX Technology. Permissioned automated market makers are what the exemption contemplates. The same order gave firms supplying capital to those pools relief from dealer registration, acknowledging that funding one can involve conduct indicative of dealing.
Fortune reported that each token is backed by the underlying share rather than tracking its price, which is what the order requires. Tokens have to carry the same rights as the shares they represent, a condition that rules out synthetic exposure. Tokenized equities already circulate in decentralized finance on that basis. Aave opened a USDC market against seven Coinbase-issued stock tokens in late September, taking them as collateral at 65 to 79 percent.
Intercontinental Exchange has been accumulating the parts of this for most of the year. Fortune put its March investment in OKX at about $200 million, at a $25 billion valuation. At the start of September the company took a stake in tZERO and licensed 103 patents covering transfer restrictions and corporate actions. Two weeks later NYSE Group said Blockchain.com would route its users to a planned digital alternative trading system that had not opened. Neither OKXICE's notice nor the reporting on it says how the two efforts relate, and OKXICE is its own company rather than an NYSE subsidiary.
Andrew Cuomo, the former New York governor, cochairs OKXICE with Trabue Bland, an ICE executive. Cuomo joined about three months ago, and supplied the pitch in Fortune's account: "The market never sleeps, so why should trading? Ownership shouldn't have office hours."
What is on the record is thinner than the announcement. crypto.news, citing Bloomberg, said the notice was not yet in searchable Commission records when it checked, and no source has published its file number. The relief OKXICE is relying on is exemptive rather than a rule. It expires five years after publication, and nothing in it obliges the Commission to replace it.
