a. Disclaimer
TSV LLC is not registered with the Securities and Exchange Commission in any capacity for the activities performed pursuant to the TSV Exemption. The Commission has not passed upon the merits or accuracy of the disclosures contained in this Notice.
The Venue is not subject to the fair-access requirements applicable to registered national securities exchanges or alternative trading systems subject to Rule 301(b)(5) of Regulation ATS. Unfair or unreasonably discriminatory denials or limitations of access by the Venue are not subject to Commission review under those fair-access requirements.
The Venue is not subject to Regulation NMS.
b. Use of the Exemption
TSV LLC acknowledges that its reliance on the TSV Exemption is subject to Commission oversight and that operation of the Venue in a manner inconsistent with the conditions of the TSV Exemption could result in Commission enforcement action.
c. Overview of the Tokenized Securities Venue
TSV LLC is a Puerto Rico limited liability company established to operate a Tokenized Securities Venue for secondary-market trading of eligible Tokenized NMS Stock through permissioned automated market maker liquidity pools ("AMM Liquidity Pools").
TSV LLC is owned in equal proportions by Ali Abrar and Ryan Trinkle, each of whom owns a 50% membership interest. Both members reside in Puerto Rico.
TSV LLC is managed by Ali Abrar and Ryan Trinkle. The managers are responsible for oversight of the Venue and for establishing or approving policies concerning asset eligibility, participant eligibility, trading access, AMM parameters, fees, risk controls, trading stoppages, regulatory compliance, and other material aspects of Venue operations.
The Venue does not use token-holder voting or other decentralized governance to make corporate, regulatory, listing, access-control, or Venue-management decisions.
Certain Venue applications may use Contract-Controlled Parties ("CCPs") and decentralized-party confirmation mechanisms as technical authorization and security mechanisms. These mechanisms do not confer corporate or Venue-governance rights on token holders, liquidity providers, or CCP confirmation participants.
Liquidity-provider interests or positions do not confer governance rights over TSV LLC or the Venue.
TSV LLC currently has no affiliated Tokenized Securities Venues.
The Venue will not conduct primary offerings of securities through its trading functionality.
d. Non-Exempt Activities
TSV LLC is not currently registered with the Commission in any capacity.
TSV LLC intends to license the Tradecraft automated market maker software from Obsidian Software LLC. Obsidian Software LLC will provide software development, maintenance, technical support, monitoring, and certain operational and oversight systems to TSV LLC pursuant to contractual arrangements.
TSV LLC's operation of the Venue is separate from any alternative trading system or other securities-market product that uses technology developed or licensed by Obsidian Software LLC.
e. TSV Participants
The Venue intends to permit participation by eligible persons including retail investors, institutional investors, proprietary trading firms, liquidity providers, and registered broker-dealers.
Eligible participants may access the Venue directly where permitted or, where supported, through a broker-dealer or other eligible intermediary.
Liquidity provision may be subject to additional eligibility and regulatory-status requirements beyond those applicable to an ordinary trading participant.
f. Permissioned Trading Access Eligibility
Trading access will be permissioned.
Before a person or wallet address is authorized to trade, TSV LLC or a service provider acting on its behalf will perform identity and eligibility checks appropriate to the participant type. Such procedures are expected to include, as applicable, identity verification for natural persons, verification of legal entities and beneficial owners, sanctions screening, jurisdictional eligibility review, association of approved wallet addresses with approved participants, and other checks required by applicable law or Venue policy.
TSV LLC will deny, restrict, suspend, or terminate access where it determines such action is necessary or appropriate to comply with applicable law, economic and trade sanctions administered by OFAC, applicable AML/CFT requirements, the conditions of the TSV Exemption, Venue risk controls, or Venue participation policies.
Permissioning may be implemented through onchain credentials, allowlists, transfer restrictions, offchain eligibility systems, or combinations of those mechanisms.
TSV LLC has not selected its production identity-verification provider as of the publication date of this Notice. Production trading will not commence until the participant-verification and screening functionality required for Venue operations is operational.
g. Securities, Non-Security Crypto Assets, and Tokenized Money Market Funds Traded
As of the publication date of this Notice, TSV LLC has not commenced operations and no assets are presently available for trading.
Before making an asset available, TSV LLC will determine that the asset is eligible for use on a TSV under the conditions of the TSV Exemption.
Eligible pairs may include Tokenized NMS Stock paired with another Tokenized NMS Stock, an eligible non-security crypto asset, or an eligible tokenized money market fund.
TSV LLC expects that paired assets may include U.S. dollar-denominated stablecoins or other eligible non-security crypto assets available on the Canton Network. No specific production paired asset has yet been designated.
TSV LLC will identify each Tokenized NMS Stock and paired asset made available for production trading and will update this Notice as required.
h. Tokenization of Securities
The Venue may support Tokenized NMS Stock that is tokenized by or on behalf of the issuer of the underlying NMS Stock or Tokenized NMS Stock tokenized by an unaffiliated third party, provided the applicable conditions of the TSV Exemption have been satisfied.
TSV LLC will not treat a separate security that merely provides synthetic economic exposure to an underlying NMS Stock as Tokenized NMS Stock eligible under the TSV Exemption.
Before admitting a Tokenized NMS Stock for trading, TSV LLC intends to evaluate matters including its legal structure; its relationship to the underlying NMS Stock; the tokenization and ownership-recording mechanism; the applicable distributed ledger; minting, burning, and transfer authority; technical soundness; operational integrity; transfer restrictions; corporate-action processing; custody or securities-entitlement arrangements where applicable; and its ability to satisfy the conditions of the TSV Exemption.
For Tokenized NMS Stock tokenized by an unaffiliated third party, TSV LLC will provide the required Issuer Notice and will not commence trading before expiration of the applicable notice period or following a timely issuer objection.
i. Verification of Equivalent Rights and Privileges
Before making a Tokenized NMS Stock available for trading, TSV LLC will take steps reasonably designed to verify that holders receive the same rights and privileges required by the TSV Exemption as holders of conventional NMS Stock of the equivalent class.
The review will address, as applicable, the holder's economic interest in the issuer, dividend rights, voting rights, rights to residual assets upon liquidation, treatment of corporate actions, proxy materials, and issuer communications.
Verification may include review of issuer and transfer-agent documentation, legal analysis, contractual arrangements, custody or securities-entitlement documentation, technical analysis, attestations, certifications, independent review, or other evidence appropriate to the particular tokenization structure.
No Tokenized NMS Stock is currently available for trading, and therefore no asset-specific verification determination has yet been made. Asset-specific disclosures will be provided before or when the applicable asset is made available, as required.
j. Notice of Issuer Objection
As of the publication date of this Notice, TSV LLC has received no Notice of Issuer Objection.
TSV LLC will update this Notice as required if it receives a timely Notice of Issuer Objection.
k. Tokenization by TSV LLC or Its Affiliates
TSV LLC and its affiliates develop and have access to distributed-ledger technology capable of supporting the issuance and tokenization of assets on the Canton Network.
Obsidian Software LLC may develop, deploy, or license software and related technical infrastructure for use by issuers, transfer agents, custodians, or other authorized persons in connection with asset tokenization.
TSV LLC does not presently intend to exercise production minting authority over Tokenized NMS Stock made available for trading on the Venue.
For supported Tokenized NMS Stock, production issuance, minting, burning, or equivalent asset-control authority is expected to be exercised by the issuer of the underlying NMS Stock, an authorized agent of that issuer, or an eligible third-party tokenizer, depending upon the relevant tokenization structure.
The development, deployment, or licensing of software capable of tokenization does not by itself mean that TSV LLC or an affiliate exercises production minting authority over a particular Tokenized NMS Stock.
If TSV LLC or an affiliate subsequently issues, tokenizes, or exercises production minting authority with respect to Tokenized NMS Stock made available for trading on the Venue, TSV LLC will disclose the affected security and any differences in its treatment as required.
l. Trading Activities of TSV LLC and Its Affiliates
TSV LLC does not initially expect to enter proprietary trading interest or provide proprietary liquidity on the Venue.
TSV LLC or an affiliate may in the future participate on the Venue as a user or liquidity provider, subject to applicable law, applicable registration requirements or exemptive relief, conflict-of-interest controls, and disclosure under the TSV Exemption.
Neither TSV LLC nor an affiliate will receive undisclosed preferential access to confidential trading information, transaction sequencing, market data, pricing, or fees by reason of its affiliation.
m. Differences in Treatment of TSV Participants
The Venue may differentiate among TSV Participants based on their functions, regulatory status, risk profile, technical access, or use of Venue services.
For example, liquidity providers may receive functionality not available to users that only buy or sell assets, and broker-dealers or institutional participants may use different technical integration methods than individual retail participants.
Differences may include permission to create or fund liquidity positions, API or programmatic access, risk limits, operational permissions, fee schedules, rebates, or other functionality appropriate to a participant's role.
Any material differences concerning access, trading procedures, market data, or fees will be disclosed as required.
n. Distributed Ledger Technology
The Venue intends to deploy distributed-ledger applications written in Daml on the Canton Network.
Canton provides privacy-preserving distributed transaction processing in which transaction information is disclosed to parties entitled to receive it rather than broadcasting all transaction contents globally. Canton synchronization infrastructure establishes consistent transaction ordering while transaction payloads are cryptographically protected.
TSV LLC intends to make the source code for distributed-ledger applications used to operate the Venue publicly available and auditable as required by the TSV Exemption.
In addition to the distributed-ledger records generated through Venue activity, TSV LLC will operate a public post-trade publication mechanism through which transaction information required by the TSV Exemption will be made freely and publicly available to market participants on equal terms, in machine-readable form, within the applicable reporting period.
TSV LLC intends promptly to engage Commission staff concerning application of the TSV Exemption's public, permissionless distributed-ledger condition to the intended Canton architecture. TSV LLC will not commence operations pursuant to the TSV Exemption unless it determines that this condition has been satisfied or obtains such additional relief as may be necessary.
Production Venue contracts have not yet been deployed as of the publication date of this Notice. Applicable production contract identifiers and other required deployment information will be disclosed prior to their use in Venue operations.
The Venue expects to support access through a web-based interface, supported wallets, APIs or other programmatic integrations, and other permitted integrations with Venue applications.
Certain Venue components may use Contract-Controlled Parties. A CCP is an on-ledger party whose authority is constrained by the governing Daml smart-contract state machine and which does not possess a general-purpose wallet or independent transaction-submission capability.
CCPs may use decentralized-party confirmation mechanisms requiring a configured threshold of confirming participants. Where the relevant CCP configuration requires confirming participants to vet an upgraded package, TSV LLC cannot unilaterally deploy an upgrade that exercises the authority of that CCP without satisfying those confirmation requirements.
TSV LLC retains Venue-level authority to determine whether Venue functionality should be introduced, modified, suspended, or ceased, but its technical ability to alter CCP-governed functionality is subject to the authorization and package-vetting mechanisms applicable to the relevant CCP.
o. Entry of Trading Interest
A participant seeking to trade may select an eligible trading pair and specify or approve transaction parameters that may include the asset and direction of the trade, quantity, expected or quoted input or output, slippage tolerance, minimum output or maximum input, transaction expiration, and wallet authorization.
Before execution, Venue functionality will verify applicable participant permissions, asset permissions, and transaction constraints.
Transactions will settle only after the required authorizations and distributed-ledger validations have occurred.
The Venue does not presently intend to impose a general participant-level daily trading limit or standardized minimum or maximum transaction size.
Transactions remain subject to available pool liquidity, participant-defined transaction constraints, technical limitations, Venue risk controls, asset-specific controls, and applicable Venue-wide or asset-specific trading-volume limitations under the TSV Exemption.
The Venue may introduce additional participant-level or asset-level limits where reasonably appropriate for market-integrity, operational, regulatory, or risk-management purposes. Such limits will be disclosed as required.
p. AMM Liquidity Pool Trading Procedures
The Venue will use Tradecraft AMM software licensed from Obsidian Software LLC.
The Venue may operate multiple AMM Liquidity Pool designs, including constant-product pools and concentrated-liquidity pools. Initial pools are expected principally to use a constant-product pricing curve. Concentrated-liquidity pools may permit liquidity providers to allocate liquidity within specified price ranges and may use pool-specific fee tiers or other configurable parameters. The applicable pricing model, liquidity-allocation method, fee structure, and other material parameters will be disclosed for each pool before it is made available for trading.
Eligible liquidity providers may contribute eligible assets to AMM Liquidity Pools and may withdraw their liquidity in accordance with the applicable pool rules and distributed-ledger applications.
Liquidity committed to a pool may be held by a Contract-Controlled Party whose ability to transfer or otherwise dispose of those assets is constrained by the governing smart contracts. The CCP can act only through the transitions permitted by those contracts and does not possess a general-purpose discretionary transaction-submission capability.
Participants buy and sell assets by interacting with the applicable AMM Liquidity Pool. Execution price and available size are determined by the applicable pool algorithm, pool reserves, participant-specified constraints, applicable fees, and other disclosed pool parameters.
The Venue may offer pool-specific customization, including different pricing models, fee levels, fee allocation, liquidity ranges, or other parameters supported by the applicable protocol. Material pool characteristics will be disclosed before participants interact with the pool.
q. Offchain Trading Procedures
The Venue may use offchain systems to support functions including participant onboarding and identity verification, sanctions and eligibility screening, user-interface functionality, transaction preparation, quote presentation, market-data ingestion, risk controls, market surveillance, public transaction reporting, regulatory books and records, and operational monitoring.
Offchain functionality may prepare or facilitate a transaction, but final asset transfers effected through Venue AMM functionality will be recorded through the applicable distributed-ledger applications.
Offchain systems will not be intentionally used to provide undisclosed preferential access to confidential pre-execution trading information or preferential transaction ordering.
r. Hours of Operation
The Venue is intended to be technically available 24 hours per day, seven days per week.
Trading in an individual asset or availability of Venue functionality remains subject to mandatory trading stoppages, Venue risk controls, scheduled maintenance, emergency maintenance, material operational events, corporate actions, asset-specific restrictions, and other circumstances described in this Notice.
Scheduled maintenance windows will ordinarily be designated, scheduled, and communicated to participants in advance. Emergency or unscheduled maintenance may occur where advance notice is not practicable.
s. Use of Market Data
The Venue expects to use external NMS market data for market-integrity, compliance, and risk-management purposes.
Potential uses include identifying trading stoppages in underlying NMS Stocks, monitoring reference prices and material price dislocations, applying volatility or risk controls, calculating applicable trading-volume limitations, and monitoring corporate actions.
External market data may serve as a risk-control input but will not necessarily determine the algorithmic execution price produced by an AMM Liquidity Pool.
No production market-data provider has been selected as of the publication date of this Notice. Production trading will not commence until market-data functionality necessary to satisfy the Venue's applicable obligations is operational.
t. Display and Dissemination of Trading Information
Venue functionality will display information sufficient for a participant to understand a proposed AMM interaction. Depending on the interface and pool, this may include pool state, indicative or executable amounts, price, price impact, applicable fees, estimated transaction output, slippage parameters, and other relevant transaction information.
TSV LLC does not intend to publicly disseminate confidential unexecuted participant transaction intent before execution.
Following execution, TSV LLC will publicly disseminate transaction information required by the TSV Exemption. Such information will be denominated in U.S. dollars, provided freely in machine-readable form to market participants on equal terms, and updated within the period required by the TSV Exemption.
The public data will include the applicable asset symbols, transaction price, transaction size, transaction time, transaction direction, applicable AMM Liquidity Pool information and smart-contract address, required trading-volume information, and required end-of-day pool-size information.
u. Fees, Rebates, Discounts, and Other Compensation
Fees may vary among AMM Liquidity Pools.
For a standard pool, TSV LLC presently expects a baseline total swap fee of 0.30%, with 0.20% ordinarily allocated to liquidity providers and 0.10% ordinarily allocated to TSV LLC as Venue operator.
This baseline is not a minimum, maximum, or fixed fee applicable to all pools.
A particular pool may use a higher or lower total fee, and the allocation of that fee between liquidity providers, TSV LLC, and any other disclosed recipient may differ from the baseline.
Pool-specific fees may vary based on factors including the asset pair, AMM design, liquidity characteristics, volatility, expected trading activity, market conditions, operational costs, participant role, liquidity-provider arrangements, and other characteristics relevant to operation of the pool.
TSV LLC may offer or arrange rebates, liquidity incentives, volume-based discounts, promotional rates, fee waivers, fee-sharing arrangements, or other economic incentives. Where economics are individually negotiated or otherwise non-standardized, relevant factors may include expected or actual liquidity provision, trading or liquidity volume, duration of liquidity commitments, market-making or liquidity-support obligations, integration or distribution arrangements, participant type, and other commercially relevant services or commitments.
TSV LLC does not presently intend to charge a general mandatory onboarding or Venue-access fee. TSV LLC reserves the right to charge, waive, subsidize, reimburse, or pass through disclosed third-party costs associated with identity verification, entity verification, compliance screening, or similar participant-specific services.
Transactions may also incur Canton Network traffic, gas, hosting, or other network-related charges determined independently of the Venue's swap fee. Such costs may be paid by participants, passed through by TSV LLC, sponsored or subsidized by TSV LLC or another party, rebated, or otherwise allocated as disclosed to the participant.
The applicable total fee, its material allocation, and any applicable participant-specific charge, rebate, discount, or incentive will be disclosed before the relevant transaction or activity occurs.
Because no production pools are currently operating, there is presently no separate production fee schedule. TSV LLC will publish the applicable fee schedule for production pools before trading commences and will make the current schedule available through its website and/or applicable Venue interface.
v. Complaints and Disputes
Participants may submit complaints, disputes, or reports of suspected execution errors to contact@tokenizedstockvenue.com.
TSV LLC will review complaints and alleged execution errors using available transaction records, distributed-ledger state, system logs, and other relevant information.
Distributed-ledger transactions may be final and irreversible. TSV LLC therefore cannot guarantee that an executed transaction can be reversed.
Where remediation is appropriate and technically and legally available, TSV LLC will determine an appropriate response based on the facts and circumstances.
TSV LLC will maintain appropriate records concerning material complaints, disputes, execution errors, and their disposition.
w. Protection of TSV Participant Information and MEV
TSV LLC intends to limit collection, use, and disclosure of confidential participant information to what is reasonably necessary for Venue operation, compliance, risk management, and applicable legal obligations.
Personally identifiable information and identity-verification records will generally be maintained separately from publicly disseminated transaction data.
TSV LLC may provide confidential participant information to service providers acting on its behalf and may disclose information to regulators, law-enforcement authorities, courts, or other persons where required or permitted by applicable law.
The Canton architecture does not generally broadcast plaintext pending transaction contents to unrelated network participants. Transaction information is selectively disclosed to persons and infrastructure entitled to participate in processing or validating the relevant transaction.
This architecture is intended to materially reduce opportunities for forms of abusive conduct that depend upon public visibility into unexecuted transaction contents, including conventional public-mempool front-running and sandwich attacks.
Additional protections are expected to include participant permissioning, limited dissemination of confidential pre-execution information, participant-defined price and slippage constraints, post-execution public reporting, authorization controls, and monitoring for potentially abusive trading activity.
These mechanisms cannot eliminate all risks associated with information leakage, transaction sequencing, compromised infrastructure, misuse of legitimately obtained information, collusion, or other abusive conduct.
TSV LLC does not intend to prevent ordinary post-execution arbitrage or price-alignment activity merely because it follows another transaction, provided such activity is lawful and does not involve misuse of confidential information or other prohibited conduct.
x. Systems Safeguards
TSV LLC intends to maintain controls reasonably designed to support the capacity, integrity, resiliency, availability, and security of the Venue and its onchain and offchain systems.
Such controls are expected to include software review; automated testing; access and authorization controls; pre-deployment review; independent security review of material production smart contracts; post-deployment monitoring; vulnerability management; operational monitoring; incident-response procedures; emergency trading-stoppage capability; business-continuity and disaster-recovery procedures; and backup and recovery measures for applicable offchain systems and records.
Tradecraft software has previously been subject to independent security review. Material production changes will be evaluated for additional independent audit or security review before deployment.
Obsidian Software LLC will provide software development, maintenance, technical support, monitoring, and certain security and operational functions to TSV LLC.
y. Clearing and Settlement
Transactions executed through Venue AMM Liquidity Pools will be designed to settle atomically on the Canton Network such that the asset transfers comprising the transaction occur together or do not occur.
Participant assets that have not been committed to Venue functionality ordinarily remain associated with the applicable participant account or wallet.
Assets committed to an AMM Liquidity Pool may be held through a CCP-based structure in which disposition of the assets is constrained by predefined distributed-ledger application logic.
The use of a CCP is intended to constrain discretionary control over pooled assets. A CCP does not possess an ordinary general-purpose wallet or independent authority to submit arbitrary transfers.
The Venue will not provide margin financing or extend credit to participants for purchases of Tokenized NMS Stock where prohibited by the conditions of the TSV Exemption and will not provide prohibited borrowing or hypothecation functionality.
z. Material Risks
Participation in the Venue may involve risks including loss or compromise of private keys; wallet compromise; software or smart-contract defects; access-control failures; distributed-ledger failures or disruptions; denial-of-service attacks; cybersecurity incidents; congestion or degraded network performance; inaccurate or unavailable market data; oracle or reference-data manipulation; phishing or social engineering; market volatility; price divergence between Tokenized NMS Stock and conventional markets; low liquidity; impermanent loss; trading stoppages; corporate-action processing risks; tokenization, custody, recordkeeping, or securities-entitlement failures; information leakage; abusive transaction sequencing or MEV-related conduct; service-provider failures; and changes in applicable law or regulation.
TSV LLC intends to mitigate such risks through the systems, controls, permissioning, monitoring, disclosure, and operational procedures described in this Notice.
No system or control can eliminate all risk.
Unless TSV LLC expressly agrees otherwise or applicable law requires otherwise, participants should not expect TSV LLC to compensate them for market losses, impermanent loss, losses arising from compromised private keys or participant systems, or losses caused by unaffiliated third parties.
aa. Service Providers
As of the publication date of this Notice, TSV LLC expects to use the following material service providers:
Obsidian Software LLC will license the Tradecraft AMM software to TSV LLC and provide software development, maintenance, technical support, monitoring, and certain operational and trading-oversight systems.
IntellectEU is expected to provide Canton participant-node hosting and related infrastructure services.
Amazon Web Services (AWS) is expected to provide cloud infrastructure supporting certain offchain Venue systems and services.
TSV LLC has not yet selected its production identity-verification provider or production NMS market-data provider. TSV LLC may also engage additional specialized compliance, cybersecurity, market-surveillance, recordkeeping, transfer-agent, tokenization, or other service providers.
This Notice will be updated with respect to material service providers as required.
bb. Trading Oversight
TSV LLC intends to monitor Venue activity for patterns reasonably indicative of fraudulent, manipulative, prohibited, or otherwise anomalous conduct.
Initial monitoring and oversight systems are expected to be provided in whole or in part by Obsidian Software LLC.
Monitoring may address, as applicable, wash trading, spoofing or manipulative trading interest, front-running or misuse of confidential trading information, coordinated manipulation, attempted circumvention of permissioning or Venue controls, unlawful trading, anomalous transaction patterns, and other market-abuse risks relevant to the Venue.
Monitoring may combine automated systems, distributed-ledger analysis, offchain records, and manual review.
TSV LLC may engage additional third-party surveillance providers as the Venue develops.
cc. Stoppage of Trading and Risk Controls
TSV LLC will stop trading in a Tokenized NMS Stock concurrently with any trading stoppage in the corresponding underlying NMS Stock where required by the TSV Exemption.
The Venue may also stop or restrict trading because of a Commission or listing-market suspension or halt, market-wide circuit breaker, scheduled maintenance, significant operational event, cybersecurity incident, distributed-ledger disruption, material software issue, unavailable or unreliable market data, pending or material corporate action, asset-integrity concern, extraordinary volatility or price dislocation, applicable trading-volume limitation, legal or regulatory requirement, or another circumstance that TSV LLC determines presents a material threat to orderly Venue operation, participants, or market integrity.
During periods when conventional markets for the underlying NMS Stock are open, TSV LLC expects to use external NMS market data as a market-integrity and risk-control input, including to identify anomalous price divergence, volatility, trading stoppages, and other conditions potentially warranting a warning, transaction restriction, or trading stoppage.
AMM execution prices will generally continue to be determined by the applicable pool algorithm rather than being mechanically pegged to an external quotation.
No fixed numerical reference-price band or Venue-wide price circuit breaker has been established as of the publication date of this Notice. TSV LLC may establish pool-specific or asset-specific reference-price controls, circuit breakers, transaction-size controls, or other safeguards in the future and will disclose such controls as required before they take effect.
The Venue is intended to support trading outside conventional exchange hours. When the conventional market for an underlying NMS Stock is closed, participants should understand that current conventional-market price discovery may be unavailable and that Tokenized NMS Stock may trade at prices materially different from the most recent conventional-market price.
TSV LLC does not intend mechanically to restrict off-hours AMM prices to the most recent conventional-market closing price. Depending upon available market information, liquidity, corporate actions, extraordinary news, or other conditions, TSV LLC may apply warnings, price-impact controls, transaction limits, temporary trading pauses, or other asset-specific safeguards.
Trading following a stoppage will resume only after TSV LLC determines that applicable requirements for resumption have been satisfied and the condition giving rise to the stoppage has been adequately addressed.
Participants will be informed of trading stoppages and resumptions through the Venue's website, interface, or other regular communication channels.
dd. Exclusive or Predominant Venue for Trading of Tokenized NMS Stock
TSV LLC does not presently intend to require Tokenized NMS Stock to trade exclusively on the Venue as a condition of admission.
The Venue may nevertheless become a predominant venue for a particular Tokenized NMS Stock as a result of liquidity, market adoption, tokenization architecture, or other circumstances.
Exclusive or predominant trading may create risks including reduced access to alternative sources of liquidity, dependence upon continued Venue operation, concentration of price discovery, and increased importance of Venue fees and operational availability.
Where supported by the applicable tokenization structure, mechanisms such as transfers to other eligible venues, redemption, conversion, withdrawal, burning, or detokenization may provide holders with alternatives to trading through the Venue.
Asset-specific limitations and applicable exit, redemption, conversion, or detokenization procedures will be disclosed as appropriate.
Notice Revision History
| Version | Date | Description |
|---|---|---|
| 1.0 | September 23, 2026 | Initial Notice published before commencement of Venue operations. |
TSV LLC will maintain current and prior versions of this Notice on its publicly available website as required by the TSV Exemption.