market-structure
Every record this desk has filed under market-structure, newest first, each with the number of sources it can still show you.
The SEC exempted venues trading tokenized stock from being 'exchanges' at all — temporarily, conditionally, for five years — and asked the public what it thinks afterwards.
On September 17 the Securities and Exchange Commission issued an order granting 'temporary, conditional exemptive relief' to Tokenized Securities Venues from the definition of 'exchange' in the Securities Exchange Act of 1934, so they can trade tokenized National Market System stock through permissioned automated market makers and liquidity pools. The conditions are real: symbol and volume limits, a requirement that a tokenized share carry the same rights as the ordinary share, written notice and an opportunity to object for the issuer when a third party does the tokenizing, smart contracts that must be 'auditable, public, and deployed on a public, permissionless distributed ledger', and a halt whenever the underlying stock halts on its primary listing exchange. Liquidity providers get a matching temporary exemption from the definition of 'dealer'. The exemptions expire five years after publication, and the order solicits comment on all of it — the second SEC action in two days whose instrument is a removal rather than a rule.
Also filed undersectokenized-securitiesexemptive-reliefcomment-deadline
A record appears here because it carries market-structure in its own frontmatter. If a record you expected is missing, it was filed under a different subject — the full list is on the topics index.