Core Viewpoint - The New York Stock Exchange (NYSE) is initiating a significant transformation in US equity market infrastructure by supporting tokenized securities and enabling continuous, 24/7 trading, which could impact price discovery, settlement risk, liquidity behavior, and investor psychology across US markets [1]. Group 1: NYSE's Proposal - NYSE plans to develop a blockchain-based platform to support tokenized versions of traditional securities, including stocks and ETFs, which will be legally recognized and backed one-to-one by the underlying asset [2]. - Tokenized shares will represent ownership in public companies with the same economic and governance rights as conventional shares, differing mainly in ownership recording and trade settlement [3]. - The introduction of tokenized securities will occur alongside traditional shares, creating a parallel system rather than a forced migration [3]. Group 2: Current Market Structure - The existing US equity market structure is outdated, relying on a layered system designed for a pre-digital era, with trading, clearing, settlement, and custody managed by separate entities [4]. - This outdated structure leads to issues such as capital being tied up during settlement windows, persistent counterparty risk until trades clear, and added costs and operational risks due to reconciliations between intermediaries [4].