Nasdaq and Talos Partner for Tokenised Collateral Management
Posted by Colin Lambert. Last updated: March 23, 2026
Nasdaq and Talos has unveiled a partnership the firms say will connect Talos’ digital asset infrastructure to Nasdaq’s Calypso and trade surveillance platforms, to deliver an integrated solution for managing tokenised collateral.
The firms add 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”, which they say 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. Capturing this opportunity, however, requires infrastructure that enables institutions to manage tokenised collateral with the same operational rigour and integrated controls applied to mainstream asset classes, the firms assert.
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,” says Roland Chai, executive vice president, Nasdaq. “[It] 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.”
Anton Katz, CEO and co-founder of Talos, adds, “The evolution toward tokenised collateral is a natural progression for institutional capital markets. 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.”
Highlighting the trade surveillance aspect of the connection, the firms observe that the digital asset industry “faces market abuse tactics that mainstream markets have addressed for generations”.
The connection to Nasdaq’s trade surveillance platform will enable Talos clients to monitor all trades executed through the Talos platform with the same oversight used by leading exchanges and market participants globally. Specifically, the firms explain that clients will receive access to detection alerts that identify suspicious trading patterns – including layering, spoofing, wash trading, and cross-market manipulation – across the venues they trade on through Talos. As market abuse schemes become increasingly sophisticated, the platform’s cross-product analytics capabilities are essential to identify patterns of behaviour that transcend both market ecosystems, they add.
