Overview
- Formation Securities told the SEC on Nov. 9, 2026 that it intends to open a tokenized securities venue on Solana and targets an early‑2027 start for initial listings.
- The company plans permissioned AMM pools that let verified investors trade tokenized National Market System stocks around the clock with trades settling directly on Solana in single blockchain transactions.
- Formation says tokenized shares will carry the same economic and voting rights as the underlying securities and that issuers may object to third‑party tokenizations under the SEC’s rules.
- The filing names custody, compliance and monitoring partners such as Anchorage Digital Bank, BitGo Bank & Trust, Fireblocks, Predicate, Solidus Labs and TRM Labs to handle onboarding, custody and surveillance.
- The venue still faces licensing steps, issuer consent rules and a temporary regulatory window that runs through Sept. 17, 2031, so its business model and platform choice will test how traditional shareholder records and on‑chain transparency work together.