The New York Stock Exchange submits a rule amendment proposal to the SEC, seeking to allow tokenized securities to be traded on the exchange
Foresight News reported that, according to the SEC's official website, the New York Stock Exchange (NYSE) previously submitted a rule amendment application to the SEC on April 9, proposing the addition of Rule 7.50 to allow eligible member institutions to trade tokenized securities within the framework of the DTC's three-year tokenization pilot program. This move aligns with Nasdaq's similar rule amendment, which received SEC approval on March 18.
According to the proposal, the range of securities eligible for tokenized trading is limited to Russell 1000 Index constituent stocks and ETFs tracking major indices. Tokenized securities must share the same CUSIP code and ticker symbol as traditional securities and grant holders the same rights, so that tokenized and traditional securities can be traded in parallel within the same order book. The priority rules for order execution will remain unchanged, and settlement will still follow the T+1 standard. NYSE stated that all existing regulatory rules will apply equally to tokenized securities, including short-sale rules, risk management, and market surveillance mechanisms. The overall framework will not require significant exemptions or a parallel market structure.
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