News, data and analysis on tokenized assets, market design and digital economic systems.
Operator of the Nasdaq Stock Market, which won SEC approval on 23 March 2026 to let members trade Russell 1000 constituents in tokenized form on the same order book, making the change a settlement option rather than a separate market.
Operator of the Nasdaq Stock Market, which opened on 8 February 1971 as the first electronic quotation system for over-the-counter securities, alongside Nordic exchanges, index businesses and trading technology used by markets in other jurisdictions; more than 4,000 companies are listed on its exchange. On 23 March 2026 the Securities and Exchange Commission approved its rule change allowing members to trade Russell 1000 constituents and major index exchange-traded funds in tokenized form, restricted to participants in the Depository Trust Company's tokenization pilot. The design deliberately keeps tokenisation out of trading: tokenized shares are fungible with ordinary shares, carry the same CUSIP and symbol and the same shareholder rights, and trade on the same order book with the same priority, with a flag selected at order entry and passed to DTC after the trade. If tokenization cannot be effected, the trade settles conventionally, which makes the change a settlement option rather than a separate market.
Developments in which Nasdaq, Inc. is a named party, newest first.
The Securities and Exchange Commission approved a Nasdaq rule change on 18 March 2026 allowing certain tokenized securities to trade on the exchange, alongside an interpretation of how the federal securities laws apply to tokenized instruments. A related…
The SEC approved a Nasdaq proposed rule change, as modified by Amendment No. 2, permitting securities to trade on the exchange in tokenized form through DTC's tokenization pilot, in Release 34-105047. Eligible participants may set a tokenization flag on orders in Russell 1000 constituents and large index ETFs; tokenized and conventional shares trade on the same order book with the same priority provided they remain fungible and share the same CUSIP and symbol.
The Securities and Exchange Commission approved rule changes allowing eight spot ether exchange-traded products to list on NYSE Arca, Nasdaq and Cboe BZX. The order relied on the Commission's own analysis of correlation between CME ether futures and Coinbase spot prices from October 2021 to March 2024, which it put at no less than 96.2% at hourly intervals, 85.7% at five-minute intervals and 67.1% at one-minute intervals.
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