Alongside the NYSE’s plans for a tokenised trading venue, ICE has begun collaborating with major banks to enable tokenised deposits for clearing members, supporting 24/7 funding and cross‑border liquidity needs.
The New York Stock Exchange (NYSE) has announced the development of a platform for trading and on‑chain settlement of tokenised securities, but the move forms just one part of a wider digital strategy by parent company Intercontinental Exchange (ICE) which places significant emphasis on tokenised deposits and 24/7 funding.
According to ICE, the group is working with BNY Mellon and Citi to support tokenised deposits across its clearinghouses. The initiative, announced January 19, is designed to help clearing members transfer and manage money outside of traditional banking hours, meet margin obligations, and accommodate funding requirements across jurisdictions and time zones.
“Everyone else is building infrastructure to tokenise existing assets,” says Simon Taylor, Head of Market Development at Tempo. “NYSE is building a new way to bring equities on-chain and the venue to trade them. This puts them in competition with Figure‘s OPEN and Superstate.”
ICE operates six clearing houses globally, including the world’s largest energy clearing house and the largest clearing house for credit default swaps. The company stated that preparing these infrastructures for 24/7 operations and potential integration of tokenised collateral is a core component of its digital roadmap.
The NYSE’s planned tokenised securities platform will offer 24/7 trading, instant settlement, fractional share capabilities, and stablecoin‑based funding. The exchange said the venue will support tokenised shares that are fungible with traditionally issued securities, as well as natively issued digital securities. Tokenised shareholders will retain dividend and governance rights.
Lynn Martin, President of NYSE Group, said the exchange aims to “lead the industry toward fully on‑chain solutions,” while Michael Blaugrund, ICE’s Vice President of Strategic Initiatives, described support for tokenised securities as a “pivotal step” in the company’s strategy to operate on‑chain market infrastructure.
Technical details still undisclosed
Technical specifications for the NYSE’s tokenised securities platform remain limited at this stage. The announcement confirms the venue will combine the NYSE’s Pillar matching engine with blockchain‑based post‑trade systems and will be capable of supporting multiple chains for settlement and custody.
However, the release does not identify which blockchains will be used, how interoperability will be managed, or whether the infrastructure will rely on permissioned or public networks.
The NYSE also did not disclose details on the stablecoin models which will be supported for funding, nor the specific mechanisms behind instant settlement or tokenised share fungibility. Further information is expected to depend on regulatory approvals and subsequent technical filings.
