纽交所拟推“全天候交易平台” 传统金融机构加速转型

Core Viewpoint - The New York Stock Exchange (NYSE) is developing a blockchain-based "tokenized securities" trading platform aimed at enabling 24/7 trading of stocks, marking a significant shift in traditional financial market infrastructure [1][3]. Group 1: NYSE Announcement - NYSE plans to seek regulatory approval for companies to issue securities in the form of digital tokens, although no specific timeline for the platform's launch has been provided [3]. - The new platform aims to revolutionize trading mechanisms by offering 24/7 trading services, addressing the time barriers faced by investors across different time zones [3]. - The platform will also change the traditional "T+1" settlement system, utilizing blockchain technology for instant settlement [3]. Group 2: Market Implications - The NYSE's new platform is expected to enhance trading hours and improve settlement efficiency, potentially reducing risks associated with settlement [4]. - Tokenized shareholders will have rights to dividends and participate in corporate governance, which aligns tokenized stocks more closely with traditional securities [5]. - The NYSE's initiative reflects a broader trend among Wall Street giants accelerating their digital transformation, particularly in light of a more favorable regulatory environment for the crypto industry [5]. Group 3: Competitive Landscape - Nasdaq has already applied to the SEC to allow trading of tokenized stocks, indicating competitive pressure in the market [6]. - Major financial institutions like JPMorgan, Goldman Sachs, and BNY Mellon have launched tokenized money market fund projects, showcasing a growing interest in digital asset integration [6]. - Hong Kong is also focusing on tokenizing real-world assets as a key financial innovation, emphasizing the importance of secondary market liquidity and settlement [6]. Group 4: Industry Consensus - There is a consensus that for tokenization to transition from "on-chain registration" to "market infrastructure," two key issues must be addressed: the formation of secondary liquidity and the establishment of a compliant, controllable, and sustainable settlement framework [8].