The New York Stock Exchange has picked Broadridge Financial Solutions to handle shareholder voting and other services for its planned tokenized stock platform. Investors would vote through digital wallets, brokerages or ProxyVote. The venue has yet to launch and awaits regulatory approval.
The New York Stock Exchange (NYSE) is tapping Broadridge Financial Solutions to handle shareholder voting and other services for its planned tokenized stock trading platform. Broadridge will supply onchain governance and digital transfer agency services, helping public companies manage shareholder records, communications and voting as their stocks move onto blockchain rails.
How voting would work onchain
Broadridge will connect tokenized shares with proxy voting, shareholder communications and verified ownership records. Investors will be able to vote through supported digital wallets, brokerage platforms or Broadridge's existing ProxyVote service.
According to The Defiant, NYSE will use Broadridge's smart contracts to link tokenized securities to meeting agendas, voting rules and verifiable results. The same report says the digital transfer agency service will also let NYSE-listed companies tokenize their stock for trading on the platform.
Broadridge CEO Tim Gokey said in a statement: "Broadridge is building the governance layer for tokenized equities,"
Securitize and tZERO already on board
Broadridge joins an existing effort. Securitize and tZERO are also set to provide transfer agency services for the NYSE platform, according to previous announcements. Broadridge serves over 10,000 public companies across the globe and settles over $15 trillion in securities trades daily.
NYSE is not alone. Rival Nasdaq is developing its own tokenized securities infrastructure, including a partnership with Kraken's parent company. The DTCC also unveiled its own tokenization platform last week, according to CoinDesk.
Launch still depends on regulators
The NYSE venue has yet to launch. Broadridge said it is scheduled to open following regulatory approval and gave no firm trading start date.
Sources: CoinDesk, The Defiant
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