Nasdaq’s technology division has announced a partnership with digital asset infrastructure provider Talos to integrate Talos’ platform with Nasdaq’s Calypso collateral management system.
The pairing is a software integration play rather than an exchange initiative. Calypso is a platform used by global financial institutions to manage risk, margin and collateral across mainstream asset classes. Connecting it with Talos is intended to give firms a single view of on- and off-chain collateral positions, reducing the need to manage digital asset workflows in a separate operational silo.
The partnership also covers trade surveillance, which is distinct from the collateral workflow. Talos is a trading platform, and its clients will gain access to Nasdaq’s surveillance product, which flags patterns associated with layering, spoofing, wash trading and cross market manipulation. With US digital asset regulation taking shape, institutions face growing pressure to demonstrate that their compliance infrastructure is commensurate with their activity in these markets.
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