What are tokenized shares? Stocks are shares traded on traditional regulated exchanges. FTX lists tokens on select stocks. These spot tokens are backed by shares held by CM-Equity. If you wish, they can be exchanged with CM-Equity for the underlying shares. CM-Equity is fully regulated in Germany and is a financial institution authorized to offer such products. All FTX users trading tokenized stocks may also need to become a CM-Equity client and go through CM-Equity KYC and compliance. Additionally, all trading activity can be monitored by CM-Equity for compliance. CM-Equity owns the shares of a third party brokerage firm. CM-Equity (not FTX Trading LTD) provides brokerage services.