Formation Securities plans to launch the venue in early 2027, with tokenized EXOD, FWDI and GLXY at launch. Verified investors would hold tokenized shares in digital wallets, trading 24/7 against stablecoins with atomic onchain settlement. The firm is licensing trading technology from Orca, whose tech has processed $550B+ since 2021, with Certora formal verification and 11 audits by four firms. The venue is designed under the SEC's Innovation Exemption, issued Sept. 2026, permitting secondary trading of tokenized stocks via AMM pools. Partners include Superstate, Securitize, Anchorage, BitGo and Fireblocks. President C.P. Montagano said the market will be built together with issuers.

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