In SEC’s suggestion for rule change, BOX requests the commission to “adopt rules to govern the trading of equity securities on the Exchange” which “would operate a fully automated, price/time priority execution system for the trading of ‘security tokens.’”
BSTX has also mentioned its plan to establish its own listing standards for the platform. If successful, only tokens satisfying the criteria will get listed on the platform. The 129 page document elaborates how the guidelines under which the exchange functions would have to be modified and how the BSTX platform would function.
As per suggestion, the security ownership documents will be safely held on the Ethereum blockchain and would be refreshed by the end of every trading day. The exchange timings are 9.30 am to 4:00 pm EST. As per the application, only prevalidated (whitelist) Ethereum addresses would be provided with the service, implying BSTX and its recognized operators who the company refer as “wallet managers.”
The tokens added to the platform should adhere to ERC-20 criteria with the inclusion of certain safety features, and three smart contracts setup to monitor ownership, whitelisted addresses and adherence to regulations.