Overview
- Eligibility is initially limited to Russell 1000 constituents and ETFs tracking major benchmarks such as the S&P 500 and Nasdaq-100.
- Tokenized shares will use the same ticker and CUSIP, trade on the same order book at the same price, and carry identical voting and dividend rights.
- Clearing and settlement will run through the DTCC/DTC on a T+1 timeline, with participants able to opt in per trade and automatic fallback to traditional settlement if criteria are not met.
- Participation is restricted to eligible participants, and the SEC said amendments addressed surveillance and price‑parity concerns while keeping existing reporting and oversight in place.
- Nasdaq is coordinating with partners including Kraken/Payward and European venues, as rival operator ICE pursues parallel tokenization initiatives linked to the NYSE.