Dream Exchange Pushes for SEC Nod on Virtual Stock Trading
Published Date: 7/14/2025
Notice
Summary
Dream Exchange Holdings, Inc. (DreamEx) wants to become a national stock exchange with a fully electronic trading platform—no trading floor, just online action. They filed an important update to their application, and the SEC is asking the public for feedback before making a decision. This affects broker-dealers who might join DreamEx, with no immediate money changes but a big step toward a new way to trade stocks.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 0 costs, 3 mixed.
New Exchange Membership for Broker‑Dealers
If you are a registered broker‑dealer, DreamEx proposes one class of membership open to registered broker‑dealers and would allow members to register as market makers who are subject to specified requirements and obligations. DreamEx filed its Form 1 on February 14, 2025 and filed Amendment No. 1 on July 8, 2025; the SEC is soliciting public comment through August 4, 2025.
Fully Electronic Trading Platform (No Floor)
DreamEx proposes to operate a fully automated electronic trading platform for NMS stocks and would not maintain a physical trading floor; liquidity would come from orders submitted electronically by its registered broker‑dealer members from remote locations. The SEC is considering DreamEx's application as amended on July 8, 2025.
Ownership, Voting, and Governance Revisions
Amendment No. 1 revises DreamEx's By‑Laws and the LLC agreements of its parent entities to update ownership, voting, and governance provisions, including a limited temporary exemption from ownership and voting limitations in DxC and DxLLC to conform to existing national securities exchanges; it also updates the list of shareholders owning 5% or more. These revisions are described in the amendment filed July 8, 2025.
Waiver of Qualification Exams for Affiliate Staff
Amendment No. 1 revises Exhibit B‑1 to add rules regarding the waiver of qualification examinations for individuals working for a financial services affiliate of a DreamEx member so that those rules conform to another self‑regulatory organization's rules. This change is part of the July 8, 2025 amendment.
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Department and Agencies
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