This will result in another market where deals will be made and then finalized on that 'official' when it opens. It's like with employee stock. You can sell it before you can...
I thought that this was explicitly forbidden in most SV employment contracts? "Thou shalt not offer your shares as collateral or (I forget the exact language) write or purchase any kind of derivative to hedge downside.' No buying PUTS! No selling CALLs! No stock-backed loans!
Or do people make secondary deals despite this, because, well, the company doesn't know, does it?