Overview
- ICE says the system will pair the NYSE Pillar matching engine with blockchain-based post-trade rails that support multiple networks for custody and settlement.
- Proposed features include near-instant settlement, orders entered in dollar amounts that enable fractional investing, and stablecoin funding for real-time cash movement.
- NYSE states that holders of tokenized shares would keep customary rights, including dividends and participation in corporate governance.
- Access would be non-discriminatory for authorized broker-dealers, consistent with established market-structure principles.
- ICE is working with BNY Mellon and Citi on tokenized deposits for its clearinghouses as it adapts infrastructure for continuous trading, and the platform would operate separately from the daytime NYSE.