Nasdaq Eyes Always-On Markets With Tokenized Equities and 23/5 Trading

Nasdaq is advancing its 'always-on' market strategy by integrating tokenized equities and extended trading hours to enhance investor access and market efficiency. President Tal Cohen confirmed that the upcoming Nasdaq Equity Token will be issuer-sponsored, ensuring that economic and governance rights, such as proxy voting and dividends, remain intact for investors. The company has partnered with Kraken to distribute these tokens and utilize Nasdaq’s surveillance technology, aiming to bridge permissioned and permissionless blockchain environments. Nasdaq projects a $3 billion to $6 billion serviceable market for these always-on initiatives by 2030, encompassing trading, asset servicing, and collateral management. Furthermore, the firm is connecting its Calypso collateral-management platform to digital rails like the Canton Network to facilitate real-time margin views and 24/7 collateral mobility. By acquiring the alternative trading system LeveL, Nasdaq intends to expand its execution protocols and international reach while maintaining a strictly regulated framework. This shift represents a significant institutional effort to standardize interoperability between traditional financial markets and blockchain infrastructure.