Nasdaq and Talos partner
23 March 2026 US
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Nasdaq and Talos have partnered to connect Talos' digital asset infrastructure with Nasdaq's Calypso and Trade Surveillance platforms to develop an integrated solution for managing tokenised collateral.
According to Nasdaq, 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.
The firm says the programmable approach presents a significant opportunity to unlock trapped capital and improve operational efficiency, with a recent Nasdaq report finding that 25 per cent of collateral is currently tied up in corrective and non-interest-bearing measures, representing over US$35 billion in excess or non-remunerated collateral.
Capturing this opportunity requires infrastructure that enables institutions to manage tokenised collateral with the same operational rigor and integrated controls applied to mainstream asset classes, says Nasdaq.
Talos delivers institutional-grade digital asset capabilities spanning front-office portfolio construction, valuation, and execution through to back office operations, while Nasdaq Calypso is 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 offchain collateral workflows in an integrated environment, while also expanding institutional connectivity to marketplaces and custodians across both market ecosystems.
Roland Chai, executive vice president, Nasdaq, states: “This partnership solves a fundamental challenge facing institutional markets: the inability to manage exposure across markets with a single risk and asset lens.
“This partnership builds on a series of strategic initiatives designed to converge on and offchain 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 offchain asset classes.”
Through this partnership, Talos clients will gain access to Nasdaq Trade Surveillance, a platform that detects and investigates potential market abuse across both mainstream and digital asset markets.
The platform will enable Talos clients to monitor all trades executed through the Talos platform with the same institutional-grade oversight used by leading exchanges and market participants globally.
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.
This integration allows financial institutions using the Talos platform to strengthen their compliance frameworks and demonstrate adherence to evolving regulatory expectations, while contributing to broader market integrity as institutional participation in digital assets continues to expand.
According to Nasdaq, 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.
The firm says the programmable approach presents a significant opportunity to unlock trapped capital and improve operational efficiency, with a recent Nasdaq report finding that 25 per cent of collateral is currently tied up in corrective and non-interest-bearing measures, representing over US$35 billion in excess or non-remunerated collateral.
Capturing this opportunity requires infrastructure that enables institutions to manage tokenised collateral with the same operational rigor and integrated controls applied to mainstream asset classes, says Nasdaq.
Talos delivers institutional-grade digital asset capabilities spanning front-office portfolio construction, valuation, and execution through to back office operations, while Nasdaq Calypso is 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 offchain collateral workflows in an integrated environment, while also expanding institutional connectivity to marketplaces and custodians across both market ecosystems.
Roland Chai, executive vice president, Nasdaq, states: “This partnership solves a fundamental challenge facing institutional markets: the inability to manage exposure across markets with a single risk and asset lens.
“This partnership builds on a series of strategic initiatives designed to converge on and offchain 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 offchain asset classes.”
Through this partnership, Talos clients will gain access to Nasdaq Trade Surveillance, a platform that detects and investigates potential market abuse across both mainstream and digital asset markets.
The platform will enable Talos clients to monitor all trades executed through the Talos platform with the same institutional-grade oversight used by leading exchanges and market participants globally.
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.
This integration allows financial institutions using the Talos platform to strengthen their compliance frameworks and demonstrate adherence to evolving regulatory expectations, while contributing to broader market integrity as institutional participation in digital assets continues to expand.
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