The two largest U.S. stock exchanges are in a race to bring equities trading into a 24/7 world — and the technology driving both efforts is blockchain.

NYSE's Tokenized ATS

The New York Stock Exchange, owned by Intercontinental Exchange (ICE), announced plans in January to launch a tokenized alternative trading system (ATS) pending SEC approval. The platform will allow trading of tokenized shares — fungible with traditionally issued securities — around the clock, with instant settlement and stablecoin-based funding. Shareholders on the new venue retain standard dividend and governance rights. ICE is working with banks including BNY and Citi to support tokenized deposits across its clearinghouses.

Nasdaq Takes a Modular Approach

Nasdaq's strategy is broader. It involves three coordinated tracks: post-trade tokenization to improve settlement efficiency, an issuer-facing tokenization gateway for programmable corporate actions, and an offshore DeFi trading rail built with Kraken that offers 24/7 access and instant settlement outside the U.S. regulatory framework. Nasdaq's core order book remains unchanged — tokenization is applied after execution.

Who Wins, Who Loses

Market analysts are blunt about the stakes. Mati Greenspan of Quantum Economics told CoinDesk that the biggest losers won't be traders — it'll be intermediaries who have long profited during hours when markets were closed. Thin liquidity after 4 p.m. ET creates wider spreads and, according to Greenspan, has historically allowed brokers to influence opening prices in ways that favor the house.

The DTCC's clearing infrastructure is targeting a 24/5 schedule by June 28, 2026, with fully round-the-clock operations following as regulatory approval clears.