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The New York Stock Exchange Plans 24/7 Blockchain Trading
Money all the time // Image by Kait Cunniff with DALL-E
The New York Stock Exchange — the most famous stock exchange in the world — is looking to introduce a blockchain platform for trading tokenized securities.
Why It Hits: The 233-year-old NYSE doesn’t want to find itself outmoded in a rapidly changing fintech landscape. Its owner, Intercontinental Exchange, recently invested $2 billion in prediction platform Polymarket to develop “future tokenization initiatives,” per The WSJ. Clearly, Intercontinental Exchange doesn’t want to leave money on the table and sees blockchain tech as a necessary step toward capturing a new generation of investors.
Behind The Trades: Stock brokers are going to need an extra cup of coffee.
The new blockchain platform would allow clients to offer securities as digital tokens, which traders could purchase using cash, crypto, or stablecoins.
That would allow trades to be settled instantaneously, rather than taking one business day under current practice.
It would also enable 24/7 trading; right now, trades can only be made on weekdays, and trading services close at night.
The platform is still awaiting SEC approval, so no timeline has been announced for when the platform would launch.
Last Call: The potential new platform shows just how much blockchain tech is remaking markets. While NFTs and memecoins once made the burgeoning crypto industry feel like a house of cards, they changed how people think about trading assets — always available, immediate, transparent, and simplified. Those expectations have helped fuel the increase in retail trading in recent years.
And banks have had little choice but to adapt: JPMorgan Chase, Goldman Sachs, Bank of New York Mellon, and State Street are all getting on the tokenization train.
Prediction: If the new platform gets the greenlight and trades become possible around the clock, expect midnight-shift brokers to emerge as the new entry-level job on Wall Street.
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Today’s email was written by David Vendrell.
Edited, Polled, & Copy-edited by Kait Cunniff.
Published by Darline Salazar.