Nasdaq and Talos announced a partnership on March 23, 2026, to connect Talos’s digital asset infrastructure with Nasdaq’s Calypso and Trade Surveillance platforms. The collaboration creates a unified solution for managing tokenized collateral, allowing institutional market participants to bridge the gap between traditional and digital asset ecosystems in New York and global jurisdictions.
The initiative targets over $35 billion in excess collateral currently trapped in non-interest-bearing measures by enabling real-time mobility of digital securities and cash equivalents. By integrating these workflows, the platforms provide institutional-grade compliance and cross-product analytics to detect market abuse such as wash trading and spoofing across multiple trading venues.
The integration allows financial institutions to manage both on-chain and off-chain collateral within a single operational framework while maintaining rigorous regulatory oversight. This technical convergence aims to reduce operational friction and improve capital efficiency for global firms navigating the evolving digital asset landscape.
“This partnership solves a fundamental challenge facing institutional markets: the inability to manage exposure across markets with a single risk and asset lens,” said Roland Chai, Executive Vice President at Nasdaq.
🧭 FAQs
• Where is the new tokenized collateral solution available for institutional use? The integrated platform is available to global financial services firms across multiple jurisdictions.
• What specific local market risks does the Nasdaq surveillance integration address? The system detects market abuse like wash trading to ensure integrity in local markets.
• How much trapped capital does this partnership aim to unlock globally? The initiative targets over $35 billion in excess collateral currently held in non-remunerated measures.
• Which entities are leading this digital asset infrastructure project in New York? Nasdaq and Talos are the primary partners developing this unified collateral management solution.
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