Tokenized stocks are spot tokens listed on FTX that represent shares of stock custodied by CM-Equity, a fully regulated financial institution in Germany. These tokens can be redeemed for the underlying shares if desired. To trade tokenized stocks on FTX, users may need to become customers of CM-Equity and pass through their KYC and compliance process. CM-Equity monitors all trading activity for compliance and custodies the equities at a third-party brokerage firm. Please note that CM-Equity provides the brokerage services, not FTX Trading LTD.