美股将迎“全年无休”交易时代

Core Viewpoint - Nasdaq is planning to introduce a new tokenization mechanism for equities aimed at enhancing issuer control and improving the experience for public companies, with a target launch in the first half of 2027 [2][5]. Group 1: Tokenization Mechanism - The new framework will allow token holders to enjoy the same governance rights as traditional shareholders [2]. - The tokenization of stocks is expected to facilitate 24/7 trading, similar to cryptocurrencies like Bitcoin and Ethereum, and enable near-instant settlement of trades while potentially reducing intermediary costs [4][5]. - Nasdaq's design for equity tokens aims to modernize corporate actions, proxy voting, and shareholder engagement processes [4]. Group 2: Participation and Regulatory Aspects - All interested issuers, including those not listed on Nasdaq, can participate in the tokenization program [5]. - Nasdaq has proposed a conversion channel in collaboration with Payward to allow tokenized stocks to transfer between regulated markets and blockchain markets [5]. - The proposal is currently awaiting approval from the U.S. Securities and Exchange Commission [6]. Group 3: Market Context and Competitors - Nasdaq's initiative is positioned to empower public companies and enhance global investor access to U.S. equities [6]. - Competitor New York Stock Exchange is also developing a blockchain-based platform for trading tokenized stocks and ETFs around the clock [7]. - Some cryptocurrency exchanges have already introduced tokenized products for popular U.S. stocks, but these products often lack the rights associated with traditional shares, leading to criticism [7].