James_September-October_2026_web - Flipbook - Page 10
into prices, markets deliver their
most democratic function: genuine
price discovery.
The next stage of innovation
now depends on getting the rules
right again. Investors no longer
accept access dictated by private
wires or executives in walnut-paneled offices. They want seamless,
around-the-clock markets. Tokenization can help by converting
ownership of assets like stocks
and bonds into digital records on
a shared ledger, making capital
easier to deploy and assets easier
to hold in fractions. It should not
be treated as a novelty or a substitute for how markets work, but as
a way to improve efficiency while
preserving the governance and
neutrality that institutional markets require.
Technology & legal frameworks
For that to work, our technology and legal frameworks need to
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be updated so a tokenized asset
carries the same property rights
as a share certificate. We have
stress-tested our markets through
crises before, and we know how to
build resilient infrastructure. The
same discipline should apply here.
Getting it right keeps every stock
and bond traded over the internet
U.S. dollar denominated and cements the greenback as the foundation of global wealth creation.
When a teenager in Malaysia or
Korea opens an app to buy shares
tracked by an American index, they
are casting a vote of confidence in
a system defined by transparency,
governance, and the rule of law.
The experiment that began 250
years ago depends on each generation being willing to take its own
moonshot, and on our willingness
to write clear rules worthy of it.
SPRECHER APPEARS FOR THIS YEAR’S FIFA
WORLD CUP OPENING BELL AT THE NEW YORK
STOCK EXCHANGE.
JAMES SEPTEM B E R/O C TO BE R 2 0 2 6
Atlanta resident Jeff Sprecher is the founder,
chair and CEO of Intercontinental Exchange.
