OKXICE, a subsidiary of Intercontinental Exchange (ICE) and an OKX affiliate, plans to circulate stock tokens 24/7 on XLayer using Uniswap v4, with automated liquidity pools instead of order books and NYSE reference prices. The SEC granted these markets temporary, conditional five-year relief from registering as conventional stock exchanges, but OKXICE will not be subject to Regulation NMS. Sixteen of the 19 issuers on the updated list have objected, including Microsoft, Alphabet, Goldman Sachs and Cerebras; 15 of the 62 companies initially proposed had therefore rejected the offering, or about 25% of that list. In the example presented, a $1,000 purchase in a pool of 100 tokens backed by $10,000 in stablecoins yields about 9.09 tokens at an average price of $110, despite a $100 reference price. The price effect diminishes with deeper pools, but overnight and weekend trades remain exposed to liquidity shortages and hedging costs because the underlying shares are not always tradable outside the US market’s usual hours.
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