Federal Register #SR-NYSE-2026-17

NYSE Rule Change Proposal for Tokenized Securities Trading Pilot (DTC)

This opportunity concerns a proposed rule change by the New York Stock Exchange (NYSE) to enable trading of tokenized securities during a pilot program operated by the Depository Trust Company (DTC), as authorized by the Securities and Exchange Commission (SEC). - Government Buyer: - Securities and Exchange Commission (SEC) - Key OEM/Service Provider: - Depository Trust Company (DTC) will provide tokenization infrastructure and settlement services - Products/Services Requested: - Tokenization and settlement services for eligible securities - Applies to securities in the Russell 1000 Index and exchange traded funds tracking major indices - Services include infrastructure to enable trading, clearing, and settlement of tokenized securities - Unique/Notable Requirements: - Tokenized securities must be fungible with traditional securities, sharing the same CUSIP, trading symbol, rights, and privileges - The pilot program is limited to a three-year period, after which the service may be revisited - The initiative aims to maintain investor protections and market integrity while integrating tokenized securities into the national market system - No specific commercial vendors or alternative OEMs are mentioned beyond DTC

Description

The New York Stock Exchange LLC (NYSE) has proposed a rule change to amend its rules to enable the trading of securities in tokenized form. This change involves adopting Rule 7.50 and amending Rules 1.1, 7.36, 7.37, and 7.41 to facilitate trading during a pilot program operated by the Depository Trust Company (DTC) under a SEC no-action letter dated December 11, 2025. The proposal limits tokenized securities to those in the Russell 1000 Index and exchange traded funds tracking major indices. The rule change aims to integrate tokenized securities trading within the existing national market system, ensuring investor protections and market integrity.

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