Federal Register #SR-NYSENAT-2026-09

SEC Regulatory Notice: NYSE National Tokenized Securities Trading Pilot and CAT Fee Proposal

This notice details a Securities and Exchange Commission (SEC) regulatory action regarding the trading of tokenized securities: - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs and Vendors Mentioned: - NYSE National, Inc. (exchange operator) - Depository Trust Company (DTC) (infrastructure and settlement services) - 24X National Exchange LLC (proposing CAT fees) - Products/Services Requested: - No physical products or IT solutions are being procured; this is a regulatory notice - Services include: - Operation of a three-year pilot program for trading securities in tokenized form on NYSE National, managed by DTC - Implementation of rule amendments to enable tokenized trading, order routing, clearance, and settlement - Collection of Consolidated Audit Trail (CAT) funding fees from Industry Members for a specified period - Unique or Notable Requirements: - Tokenized securities must be fully fungible with traditional securities, sharing the same CUSIP number, trading symbol, and investor rights - Eligible securities include those in the Russell 1000 Index and major index-tracking ETFs - The pilot program is limited to three years, after which the service will sunset unless extended - CAT fees are set at $0.000001 per executed equivalent share for a defined eight-month period - The initiative is designed to maintain investor protections, market surveillance, and compliance with reporting requirements - No procurement of goods or IT systems is involved; this is a regulatory and fee notice

Description

The Securities and Exchange Commission has published a notice regarding a proposed rule change by NYSE National, Inc. to amend its rules to enable the trading of securities on the exchange in tokenized form. The proposal includes adopting Rule 7.39 and amendments to Rules 1.1, 7.36, 7.37, and 7.41 to facilitate trading of tokenized securities during a pilot program operated by the Depository Trust Company (DTC). The tokenized securities will be fungible with traditional securities, share the same CUSIP number and trading symbol, and afford holders the same rights and privileges. The proposal aims to integrate tokenized securities trading within the existing national market system framework, ensuring investor protections and market surveillance.

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