.png)
Formation’s public notice under the SEC Innovation Exemption names Solidus to monitor tokenized NMS stock trading across AMM liquidity pools
Solidus Labs is pleased to share that it has been selected as the market surveillance provider for Formation Securities LLC’s Tokenized Securities Venue (TSV) on Solana under the SEC’s Innovation Exemption.
Formation published its Public Notice of Tokenized Securities Venue on November 9, 2026, naming Solidus as its market surveillance provider. Under the Notice, Formation “will implement reasonable measures to monitor trading activity and flag potential price and volume manipulation, insider trading, or other abusive trading activity in Tokenized NMS Stock, utilizing Solidus’ Trade Surveillance platform.” Formation will also use Solidus’ platform to investigate any flagged activity.
The venue will support secondary trading of tokenized NMS stocks through permissioned automated market maker (AMM) liquidity pools. Trading will run 24/7 and is expected to begin in early 2027. Tokenized shares of Exodus Movement (EXOD), Forward Industries (FWDI) and Galaxy Digital (GLXY) are expected at launch.
“We’re proud to support Formation in ensuring that tokenized securities trading maintains the same levels of investor protections and market integrity as any securities market,” said Asaf Meir, Founder and CEO of Solidus Labs, “New market structures always come with new challenges to market integrity, requiring modern, fit-for-purpose trade surveillance practices that can operate across onchain and offchain, 24/7 and highly fragmented environments. Solidus is delighted to provide the right tools for this challenge.”
An AMM has no order book. Tokenized securities’ novel market structure introduces new trade monitoring nuances, which legacy surveillance technology, heavily focused on order-book monitoring, are not effective in addressing. Working with Formation, Solidus HALO will read liquidity pools directly from the chain, covering swaps, liquidity changes, and the wallets behind them. Solana brings speed and 24/7 settlement to equities, and HALO brings the oversight to match.
For TSVs, surveillance is a business enabler. Independent surveillance like Solidus HALO signals trust to issuers before they decide whether to object. It backs the surveillance disclosure in the TSV Notice, and it gives liquidity providers a reason to commit capital.
About Solidus Labs
Born in crypto and built for Wall Street, Solidus Labs is the gold standard for multidimensional market integrity and trade surveillance. Founded in 2018 by Goldman Sachs veterans, the company merges institutional rigor with crypto-native innovation and Agentic AI to reinvent compliance for the modern financial era. At the core is HALO, an AI-powered risk-based platform trusted by financial institutions, crypto firms, and regulators globally to drive proactive, intelligence-led oversight across any product, venue, or asset class. For more information, visit www.soliduslabs.com.
