Nasdaq partners with Talos on tokenized collateral platform

NEW YORK - Nasdaq (Nasdaq:NDAQ) and Talos announced today a partnership to integrate Talos’ digital asset infrastructure with Nasdaq’s Calypso and Trade Surveillance platforms for managing tokenized collateral. The exchange operator, with a market capitalization of $49 billion, has been expanding its technology offerings amid strong revenue growth of nearly 13% over the last twelve months.

The collaboration connects Talos’ digital asset capabilities with Nasdaq Calypso, a platform used by financial firms to manage risk, margin, and collateral requirements across asset classes. The integration aims to enable institutions to manage both on-chain and off-chain collateral workflows through a unified system.

Tokenized collateral refers to digital representations of traditional financial assets on distributed ledger technology. A 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, according to the press release statement.The partnership comes as Nasdaq trades at a PEG ratio of 0.46, suggesting attractive valuation relative to growth prospects. According to InvestingPro analysis, which offers comprehensive insights on over 1,400 US stocks, the company currently appears overvalued based on Fair Value metrics. InvestingPro subscribers have access to 5 additional exclusive tips about Nasdaq’s financial position and growth trajectory.

The partnership also provides Talos clients access to Nasdaq Trade Surveillance, a platform that detects potential market abuse. Clients will be able to monitor trades executed through the Talos platform for suspicious trading patterns including layering, spoofing, wash trading, and cross-market manipulation.

"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 at Nasdaq.

Anton Katz, CEO and Co-Founder of Talos, stated that the integration allows firms to "connect workflows for execution, risk, collateral and compliance to reduce operational friction across both on- and off-chain asset classes."

Talos provides technology supporting the digital asset investment lifecycle, including liquidity sourcing, trading, settlement and portfolio management. The platform connects institutions to exchanges, OTC desks, prime brokers, lenders, and custodians through a single interface.

In other recent news, Nasdaq Inc. announced an increase in its medium-term Solutions revenue growth outlook, adjusting it from 8-11% to 9-12%. This update was revealed during the company’s Investor Day, highlighting an elevated outlook for its Capital Access Platforms division and sustained growth expectations for its Financial Technology division. Despite this optimistic revenue forecast, Nasdaq maintained its medium-term expense guidance at 5-8% and reaffirmed its 2026 expense outlook. In another development, Nasdaq has launched its Nasdaq Private Capital Indexes, aiming to provide transparency and standardized measurement for private markets. These indexes encompass data from over 14,000 institutional private market funds, representing more than $11.4 trillion in global assets. Additionally, Nasdaq plans to introduce an equity token design for public companies, which aims to modernize corporate processes while preserving regulatory frameworks. Raymond James has reiterated an Outperform rating for Nasdaq, with a price target of $109.00, citing the company’s updated medium-term financial outlook. These developments reflect a series of strategic moves by Nasdaq to enhance its market offerings and financial performance.

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