The New York Stock Exchange Develops Tokenized Securities Platform

Key Terms

tokenized securities technical

A digital representation of a traditional financial asset—such as a share, bond or fund—recorded on a blockchain or similar electronic ledger so ownership and transfers are tracked automatically. It matters to investors because tokenized securities can make buying, selling and dividing assets faster, cheaper and available around the clock, potentially increasing liquidity and allowing investors to buy smaller slices of expensive assets, while also introducing platform, custody and regulatory considerations.

on-chain settlement technical

On-chain settlement is the process of recording and finalizing a financial transaction directly on a blockchain, a shared and tamper-resistant digital ledger, so the transfer of an asset or ownership becomes visible and verifiable on that ledger. For investors it matters because on-chain settlement can speed up finality, reduce intermediaries and counterparty risk, and provide transparent proof of ownership, while also exposing holdings and depending on the security and rules of the underlying blockchain.

stablecoin-based funding financial

Funding raised or transferred using stablecoins — digital tokens whose value is tied to a fiat currency or other stable asset — instead of traditional bank transfers or cash. Investors should care because stablecoin funding can move money faster and across borders with lower fees, like using a digital courier instead of postal mail, but it also introduces risks around the token’s peg, custody, platform security, and evolving regulation that can affect value and access.

blockchain-based technical

"Blockchain-based" describes systems or technologies that rely on a digital ledger shared across many computers to record and verify transactions securely and transparently. Imagine a shared spreadsheet that everyone can see and update, but once a change is made, it cannot be altered without everyone’s agreement. This approach helps ensure trust and security without needing a central authority, which can be important for investors seeking reliable and tamper-proof record-keeping.

clearinghouses financial

A clearinghouse is a financial middleman that ensures trades between buyers and sellers are completed smoothly by matching orders, confirming details, collecting money, and guaranteeing payment and delivery. Think of it like an escrow and referee combined: it reduces the risk that one side fails to pay or deliver, which lowers market uncertainty and helps keep trading orderly and reliable—key for investors who depend on markets to settle correctly and on time.

margin obligations financial

Margin obligations are the cash or securities an investor must deposit with a broker or clearinghouse to cover the risk of a leveraged or short trading position. Think of it as a security deposit for borrowing: if the value of your investments falls, you may need to add more funds to meet the requirement. Investors care because unmet margin obligations can force sales, amplify losses, and increase volatility in a portfolio or market.

custody financial

Custody is the safekeeping and management of financial assets, such as stocks or bonds, by a specialized institution on behalf of an investor. It ensures that the assets are securely stored, properly maintained, and accurately accounted for, similar to how a bank safely holds valuables for a customer. This arrangement gives investors confidence that their assets are protected and properly managed, allowing them to focus on their investment goals.

tokenized collateral technical

Tokenized collateral is a digital representation of a real asset—like property, a bond, or artwork—issued as a tradable token on a digital ledger and pledged to secure a loan or obligation. Investors care because tokenization can make collateral easier to trade, divide into smaller pieces, and track in real time, which can boost liquidity and price discovery but also changes legal, custody and counterparty risks compared with traditional collateral.

• Will facilitate 24x7 trading of U.S. listed equities and ETFs
• Will allow for fractional share trading
• Will offer immediate settlement via tokenized capital

NEW YORK--(BUSINESS WIRE)-- The New York Stock Exchange, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today announced its development of a platform for trading and on-chain settlement of tokenized securities, for which it will seek regulatory approvals.

NYSE’s new digital platform will enable tokenized trading experiences, including 24/7 operations, instant settlement, orders sized in dollar amounts, and stablecoin-based funding. Its design combines the NYSE’s cutting-edge Pillar matching engine with blockchain-based post-trade systems, including the capability to support multiple chains for settlement and custody.

Subject to regulatory approvals, the platform will power a new NYSE venue that supports trading of tokenized shares fungible with traditionally issued securities as well as tokens natively issued as digital securities. Tokenized shareholders will participate in traditional shareholder dividends and governance rights. The venue is designed to align with established principles for market structure, with distribution via non-discriminatory access to all qualified broker-dealers.

The launch of the NYSE’s tokenized securities platform is one component of ICE’s broader digital strategy, which includes preparing its clearing infrastructure to support 24/7 trading and the potential integration of tokenized collateral. ICE is now working with banks including BNY (NYSE: BK) and Citi (NYSE: C) to support tokenized deposits across ICE’s clearinghouses to help clearing members transfer and manage money outside of traditional banking hours, meet margin obligations, and accommodate funding requirements over different jurisdictions and time zones.

“For more than two centuries, the NYSE has transformed the way markets operate,” said Lynn Martin, President, NYSE Group. “We are leading the industry toward fully on-chain solutions, grounded in the unmatched protections and high regulatory standards that position us to marry trust with state-of-the-art technology. Harnessing our expertise to reinvent market infrastructure is how we’ll meet and shape the demands of a digital future.”

ICE, parent company of the NYSE and operator of six clearing houses around the world including the world’s largest energy clearing house and the world’s largest clearing house for credit default swaps, has been at the forefront of market innovation for more than 25 years.

"Since its founding, ICE has propelled markets from analog to digital,” said Michael Blaugrund, Vice President of Strategic Initiatives, ICE. “Supporting tokenized securities is a pivotal step in ICE's strategy to operate on-chain market infrastructure for trading, settlement, custody, and capital formation in the new era of global finance.”

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 6, 2025.

Category: NYSE

Source: Intercontinental Exchange

ICE-CORP

View source version on businesswire.com: https://www.businesswire.com/news/home/20260119300589/en/

NYSE Media Contact:

Kearney Ferguson

kearney.ferguson@nyse.com

+1 (212) 656-2369

ICE Investor Contact:

Steven Eagerton

Steve.eagerton@ice.com

+1 (904) 854-3683

Source: Intercontinental Exchange