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Launched on the New York Stock Exchange The basis for one of the biggest changes in the structure of the US stock market in decades.
The exchange announced plans to support tokenized securities and enable 24/7 continuous trading. It is an attempt to modernize how shares are exchanged, settled and absorb information in the global financial system.
If successful, this change could change price discovery, liquidity risk, liquidity behavior and investor psychology in the US markets.
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What the New York Stock Exchange actually offers
focus plain The New York Stock Exchange is building a blockchain-based platform capable of supporting… Tokenized versions of traditional securitiesincluding stocks and exchange-traded funds. This is amazing Tokenized securities They will represent real, legally recognized shares, individually backed by the underlying assets and subject to the existing securities laws of the United States.
Tokenized shares also represent ownership in a public company, with the same economic and governance rights as traditional shares. The difference lies in how the property is registered and how the transactions are settled.
Most importantly, the NYSE does not replace the existing market overnight. It was finished Design of tokenized securities To work along with Traditional shares, with the ability to change between formats over time.
So, this is a parallel system, not forced migration.
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The current stock market structure is showing signs of aging
Despite decades of technological progress, US stock markets still rely on a layered structure built for the pre-digital age. Trading, clearing, settlement and holding are managed by separate entities, each of which maintains its own ledger.
This structure poses several problems. Capital is held during liquidation periods. Counterparty risk continues until trades are fully settled. Settlement between brokers adds cost and operational risk.
Most importantly, markets remain restricted to fixed trading hours, despite the continuous global flow of information.
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These frictions are not always visible to individual investors. But they shape volatility, liquidity and market behavior every day.
Coding changes everything at the infrastructure level
Coding aims for this efficiency Directly. By representing securities in a shared digital ledger, ownership updates and settlement can occur in near real time. Trade and settlement should no longer be two separate processes that are joined after the fact.
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This reduces settlement risk because delivery and payment can happen atomically. It also improves the efficiency of capital, as collateral and cash are no longer held waiting for trades to clear.
For the organization, this has an impact on the budget. For the market as a whole, this will simplify the post-trade plumbing that has become more complex.
The key point is that the markup does not change what the stock is. Change how the system handles ownership of shares.
Market Markaz Designed for continuous action changes this dynamic. Trading does not stop at weekends or overnight hours. Price discovery becomes continuous rather than over time.
This has important implications. Today, when earnings, geopolitical events or macroeconomic data arrive outside market hours, the price adjustment is delayed and then compressed into strong movements at the opening.
In general, continuous trading allows prices to gradually adjust to the spread of information, reducing artificial shock points.
