NYSE National Goes Token: Trading Securities as Digital Assets
Published Date: 5/15/2026
Notice
Summary
NYSE National is updating its rules to let people trade securities as digital tokens during a special pilot program run by the Depository Trust Company. This change affects traders and investors by making trading faster and more modern, starting right away with no extra fees announced. The Exchange is inviting feedback while rolling out this exciting new way to trade!
Analyzed Economic Effects
5 provisions identified: 3 benefits, 0 costs, 2 mixed.
Exchange Allows Tokenized Trading
The Exchange will permit trading of tokenized versions of certain equity securities and exchange-traded funds during the Depository Trust Company's (DTC) tokenization pilot program. Tokenized shares that are fungible, share the same CUSIP and trading symbol, and afford the same rights as traditional shares will trade together with their traditional counterparts on the same order book and with the same execution priority. Trading in tokenized form will begin once DTC establishes its infrastructure and the Exchange issues a Trader Update (at least 30 calendar days' notice before trading begins).
Which Securities Can Be Tokenized
For this proposal, only (i) securities in the Russell 1000 Index at the time the service launches (and additions thereafter) and (ii) exchange-traded funds that track major indices are eligible to be tokenized and trade in tokenized form on the Exchange under the DTC pilot program. Other securities will not be available for tokenized trading under this proposal.
How Tokenized Settlement Works
To clear and settle trades in tokenized form under the DTC pilot, DTC Eligible Participants must select a tokenization flag when entering their orders; the Exchange will communicate the tokenization preference to DTC on a post-trade basis. If at order entry the participant is not a DTC Eligible Participant, the security is not a DTC Eligible Security, or DTC cannot execute the tokenization (including for risk, compatibility, tax, or reporting reasons), the order will settle in traditional form. Trades in tokenized securities handled by DTC will continue to settle on a T+1 basis.
No Fee or Data Differences for Tokenized Shares
The Exchange states that its pricing structure and rates will not vary depending on whether a transaction involves tokenized or traditional shares. Market data feeds will not differentiate between tokenized and traditional securities, and all existing order types, routing strategies, and trading sessions will be available for tokenized securities.
DTC Pilot Is Time-Limited (Three Years)
DTC will provide tokenization services on a pilot basis for a period of three years after launch, after which DTC will sunset the service. The Exchange says it will revisit its rule proposal when it knows what, if anything, will replace the service after the pilot sunsets.
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Key Dates
Department and Agencies
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