## **What are tokenized stocks?**
Equities are stocks that trade on traditional regulated exchanges. FTX lists tokens on select equities. These spot tokens are backed by shares of stock custodied by CM-Equity.  They can be redeemed with CM-Equity for the underlying shares if desired. 

CM-Equity is fully regulated in Germany, and is a licensed financial institution permitted to offer such products.  All FTX users who trade tokenized stocks may also have to become customers of CM-Equity, and pass through CM-Equity's KYC and compliance.  Furthermore, all trading activity may be monitored for compliance by CM-Equity.  CM-Equity custodies the equities at a third party brokerage firm.  CM-Equity (not FTX Trading LTD) provides the brokerage services.

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