Nasdaq, Talos partner to advance tokenised collateral

By Puja Sharma

Integration of Talos’ digital asset infrastructure with Nasdaq’s Calypso and Trade Surveillance platforms delivers unified market access, cross-asset risk management, and institutional-grade compliance.

Nasdaq and Talos announced a partnership to connect Talos’ digital asset infrastructure with Nasdaq’s Calypso and Trade Surveillance platforms to develop an integrated solution for managing tokenised collateral. The partnership addresses structural barriers that have prevented widespread adoption of tokenised collateral in institutional markets, including the challenge of integrating digital assets into existing risk management and collateral workflows.

Tokenised collateral—the digital representation of traditional financial assets on distributed ledger technology—enables real-time mobility of securities, cash equivalents, and other high-quality assets across platforms and jurisdictions. This programmable approach presents a significant opportunity to unlock trapped capital and improve operational efficiency. A recent Nasdaq report found that 25% of collateral is currently tied up in corrective and non-interest-bearing measures, representing over $35 billion in excess or non-remunerated collateral. However, capturing this opportunity requires infrastructure that enables institutions to manage tokenised collateral with the same operational rigour and integrated controls applied to mainstream asset classes.

Talos delivers institutional-grade digital asset capabilities spanning front-office portfolio construction, valuation, and execution through to back-office operations, while Nasdaq Calypso is a leading platform used by global financial services firms to manage risk, margin, and collateral requirements across mainstream asset classes. Connecting the two platforms offers market participants a path to managing both on- and off-chain collateral workflows in an integrated environment. It also expands institutional connectivity to marketplaces and custodians across both market 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, 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. As both a market operator and technology provider to the global financial industry, Nasdaq is uniquely positioned to drive forward the next wave of innovation and growth across global capital markets.”

“The evolution toward tokenised collateral is a natural progression for institutional capital markets,” said Anton Katz, CEO and Co-Founder of Talos. “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 to reduce operational friction across both on- and off-chain asset classes.”