NYSE Tokenization Plan Extends ICE’s Electronic Trading History

The New York Stock Exchange is developing a tokenized-securities platform, extending the market-infrastructure plans of parent Intercontinental Exchange (ICE), whose electronic power-trading business launched in 2000. ICE founder and CEO Jeffrey Sprecher bought Continental Power Exchange from MidAmerican Energy in 1997. The purchase price is often put at $1,000 plus assumed debt, but Sprecher later said, “I don't remember if I paid $1 or $1,000.” Berkshire Hathaway agreed to acquire MidAmerican in October 1999 and completed the purchase in March 2000, after Sprecher’s deal. MidAmerican had invested about $35 million in the struggling business, which was losing roughly $1 million a month. Sprecher and eight colleagues spent three years building its electronic trading platform before launching ICE in May 2000. ICE held its initial public offering on Nov.

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