Crypto: Nasdaq teams up with Talos to create a unified tokenized collateral platform across TradFi and digital assets

Nasdaq is integrating Talos' digital asset infrastructure with its Calypso risk and collateral platform and Trade Surveillance suite, aiming to let institutions manage tokenized and traditional collateral in a single environment with one consistent risk view. Nasdaq said 25% of institutional collateral is currently tied up in corrective or non-interest-bearing positions, leaving more than $35B idle. Tokenized collateral is designed to improve real-time mobility of securities and cash equivalents across platforms and jurisdictions. Under the partnership, Talos will support the digital asset workflow including execution, portfolio construction, settlement and custody connectivity. Calypso will cover traditional markets functions such as risk, margin and collateral management across bonds, equities and derivatives. Talos clients will also gain access to Nasdaq Trade Surveillance tools to detect spoofing, layering, wash trading and cross-market manipulation across digital asset venues. Talos CEO Anton Katz said: "The two worlds are starting to truly converge."