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The SEC's new Innovation Exemption creates a five-year framework allowing certain tokenized NMS stocks to trade via automated market maker (AMM) pools without exchange registration, with limits on volume and requirements to preserve economic and voting rights. TD Cowen says U.S. investor demand for such tokenized stocks will likely be limited in the near term, citing easy access to underlying shares, issuer disinterest, and thin liquidity risks. The firm identifies perpetual futures as the more significant crypto-based avenue for stock exposure, noting much higher trading volumes in those products.
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