Nasdaq deepens its digital assets strategy as it partners with Talos to tackle tokenized collateral management and unlock new efficiencies for global institutions. Nasdaq and Talos Connect Infrastructure for Integrated Collateral Workflows On March 23, 2026, Nasdaq (Nasdaq: NDAQ) and Talos announced a new partnership in New York that connects Talos’ digital assets […]
Nasdaq deepens its digital assets strategy as it partners with Talos to tackle tokenized collateral management and unlock new efficiencies for global institutions.
Nasdaq and Talos connect infrastructure for integrated collateral workflows
On March 23, 2026in New York, Nasdaq (Nasdaq: NDAQ) And Talos has announced a new partnership connecting Talos’ digital asset infrastructure with Nasdaq’s Calypso and Trade Surveillance platforms. The goal is to provide an integrated solution for managing tokenized collateral across mainstream and digital markets.
The initiative aims to remove structural barriers that have so far limited the institutional use of tokenized assets. In particular, it addresses the challenge of embedding digital tools into existing risk management, margin and collateral workflows without fragmenting supervision.
Tokenized collateral represents traditional financial assets on distributed ledger technology in a programmable form. Furthermore, it enables real-time movement of securities, cash equivalents and other high-value assets between platforms and jurisdictions, potentially reshaping the way institutions manage their liquidity.
A recent one Nasdaq report found that 25% of collateral is currently stuck in remedial and non-interest-bearing processes, which amounts to more than $35 billion excess or unpaid collateral. However, converting this trapped capital into productive assets requires an infrastructure that allows institutions to manage these instruments with the same precision and integrated controls as mainstream asset classes.
Combining Calypso risk tools with Talos execution capabilities
Talos provides institutional-level capabilities for digital assets ranging from front-office portfolio construction, valuation and execution to back-office operations. In the meantime, Nasdaq Calypso is widely used by global financial institutions to manage risk, margin and collateral requirements for traditional asset classes.
By connecting these platforms, the partners provide a route for institutions to oversee both on-chain and off-chain collateral flows in a unified environment. That said, the partnership also extends institutional connectivity to a broad network of marketplaces and operators operating in both conventional and digital ecosystems.
“This partnership solves a fundamental challenge facing institutional markets: the inability to manage exposure to different markets with a single risk and asset lens,” said Roland ChaiExecutive Vice President at Nasdaq. “This partnership builds on a series of strategic initiatives designed to converge on- and off-chain market ecosystems, while maintaining 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 described the initiative as a step toward more integrated global capital markets.
“The evolution towards tokenized collateral is a natural progression for institutional capital markets,” said Anton KatzCEO and co-founder of Talos. He argued that by combining Talos’ digital asset infrastructure with Nasdaq’s Calypso and Trade Surveillance platforms, companies can connect execution, risk, collateral and compliance workflows, reducing operational friction between on- and off-chain asset classes and supporting scalable tokenized collateral management.
Improving market integrity with advanced surveillance
The digital asset industry continues to face market abuse tactics that mainstream markets have been tackling for decades. As digital asset activity increases, regulators and institutions alike are calling for the same standards of trust, integrity and regulatory compliance that underpin the world’s most established markets.
Through the partnership Talos that clients have access to Nasdaq Trading Surveillancea leading platform for detecting and investigating potential market abuse on mainstream and digital asset platforms. In practice, this means that 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.
Notably, customers will receive advanced alerts that flag suspicious trading behavior, including layering, spoofing, wash trading and cross-market manipulation, across all connected locations. Additionally, as market abuse schemes become more complex, the platform’s cross-product analytics capabilities are designed to identify behavioral patterns spanning multiple markets and instruments.
This integration makes it possible for financial institutions to use the Talos platform to strengthen their compliance frameworks and demonstrate their 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 powering the world’s economies. The company designs modern markets, supports the innovation economy and works to build trust in the global financial system through technology.
Nasdaq says it expands economic opportunity by designing and deploying technology, data and advanced analytics that help customers seize opportunities, manage risk and build resilience. In addition, its solutions include market infrastructure, trading technology, data services and analytics for institutions worldwide.
For more information about Nasdaqits technology solutions and career opportunities, the company refers interested parties to LinkedIn, X @Nasdaq and its website at www.nasdaq.com.
About Talos
Talos provides institutional-quality technology and data that support the full lifecycle of digital asset investing, including liquidity sourcing, price discovery, trading, settlement and portfolio management for professional investors.
Developed by a team with extensive experience in building institutional trading, portfolio and data systems Talos platform connects institutions with 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 solutions for digital assets, interested institutions can visit www.talos.com.
In summary, the Nasdaq-Talos collaboration aims to align digital and traditional market infrastructure, combining collateral, risk and surveillance capabilities to support the adoption of programmable assets at an institutional scale.