Nasdaq is deepening its digital asset strategy as it teams up with Talos to tackle tokenized collateral management and unlock new efficiencies for global institutions.
Nasdaq and Talos link infrastructure for integrated collateral workflows
On March 23, 2026, in New York, Nasdaq (Nasdaq: NDAQ) and Talos announced a new partnership that connects Talos’ digital asset infrastructure with Nasdaq’s Calypso and Trade Surveillance platforms. The goal is to deliver an integrated solution for managing tokenized collateral across mainstream and digital markets.
The initiative seeks to remove structural barriers that have so far limited institutional use of tokenized assets. In particular, it addresses the challenge of embedding digital instruments into existing risk management, margin, and collateral workflows without fragmenting oversight.
Tokenized collateral represents traditional financial assets on distributed ledger technology in a programmable form. Moreover, it enables real-time movement of securities, cash equivalents, and other high-quality assets across platforms and jurisdictions, potentially reshaping how institutions manage liquidity.
A recent Nasdaq report found that 25% of collateral is currently locked in corrective and non-interest-bearing processes, representing over $35 billion in excess or non-remunerated collateral. However, turning this trapped capital into productive assets requires infrastructure that lets institutions manage these instruments with the same rigor and integrated controls applied to mainstream asset classes.
Combining Calypso risk tools with Talos execution capabilities
Talos provides institutional-grade capabilities for digital assets, spanning front-office portfolio construction, valuation, and execution through to back-office operations. Meanwhile, Nasdaq Calypso is widely used by global financial institutions to manage risk, margin, and collateral requirements across traditional asset classes.
By linking these platforms, the partners offer a route for institutions to oversee both on-chain and off-chain collateral flows in a unified environment. That said, the collaboration also extends institutional connectivity to a broad network of marketplaces and custodians that operate across both conventional and digital ecosystems.
“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. “This partnership builds on a series of strategic initiatives designed to converge on- and off-chain market ecosystems, while preserving the liquidity, transparency and integrity of regulated markets.”
Chai added that, as both a market operator and technology provider to the global financial industry, Nasdaq is positioned to drive the next wave of innovation and growth. Moreover, he framed the initiative as a step toward more integrated global capital markets.
“The evolution toward tokenized collateral is a natural progression for institutional capital markets,” said Anton Katz, CEO and Co-Founder of Talos. He argued that by combining Talos’s digital asset infrastructure with Nasdaq’s Calypso and Trade Surveillance platforms, firms can connect workflows for execution, risk, collateral, and compliance, reducing operational friction across on- and off-chain asset classes and supporting scalable tokenized collateral management.
Enhancing market integrity with advanced surveillance
The digital asset industry continues to face market abuse tactics that mainstream markets have spent decades addressing. As digital asset activity scales, both regulators and institutions are calling for the same standards of trust, integrity, and regulatory compliance that underpin the most established markets worldwide.
Through the partnership, Talos clients will gain access to Nasdaq Trade Surveillance, a leading platform for detecting and investigating potential market abuse across mainstream and digital asset venues. In practice, this means Talos users can monitor all trades executed through the Talos platform with the same level of institutional oversight used by top exchanges and buy-side firms.
Specifically, clients will receive sophisticated alerts that flag suspicious trading behaviors, including layering, spoofing, wash trading, and cross-market manipulation, across all connected venues. Moreover, as market abuse schemes become more complex, the platform’s cross-product analytics capabilities are designed to identify patterns of behavior that span multiple markets and instruments.
This integration enables financial institutions using the Talos platform to reinforce their compliance frameworks and demonstrate adherence to evolving regulatory expectations. That said, it also supports broader market integrity as institutional participation in digital assets continues to expand across regions and asset types.
About Nasdaq
Nasdaq (Nasdaq: NDAQ) describes itself as a leading technology platform that powers the world’s economies. The company architects modern markets, supports the innovation economy, and seeks to build trust in the global financial system through technology.
Nasdaq says it empowers economic opportunity by designing and deploying technology, data, and advanced analytics that help clients capture opportunities, manage risk, and build resilience. Moreover, its solutions span market infrastructure, trading technology, data services, and analytics for institutions around the world.
To learn more about Nasdaq, its technology solutions, and career opportunities, the company directs interested parties to LinkedIn, X @Nasdaq, and its website at www.nasdaq.com.
About Talos
Talos delivers institutional-grade technology and data that support the full digital asset investment lifecycle, including liquidity sourcing, price discovery, trading, settlement, and portfolio management for professional investors.
Engineered by a team with extensive experience building institutional trading, portfolio, and data systems, the Talos platform connects institutions to key providers in the digital asset ecosystem. These include exchanges, OTC desks, prime brokers, lenders, custodians, and other service providers, all accessible through a single interface.
For additional information about Talos and its institutional digital assets solutions, interested institutions can visit www.talos.com.
In summary, the Nasdaq and Talos collaboration aims to align digital and traditional market infrastructure, combining collateral, risk, and surveillance capabilities to support institutional-scale adoption of programmable assets.
Source: https://en.cryptonomist.ch/2026/03/23/tokenized-collateral-management-nasdaq/
