From Parallel Markets to Unified Infrastructure: Why Nasdaq and Talos Are Working Together

Over the years, digital asset markets have evolved on separate rails from traditional finance. That disconnect challenges institutional participation today as firms seek scale and operational seamlessness across these parallel worlds.

Closing that gap isn’t a matter of bolting on new tools. It requires infrastructure that can bridge ecosystems and provide cross-asset workflows that deliver the connectivity, integrity, and liquidity and risk management to support the full scope of digital asset operations.

As digital assets accelerate, Nasdaq and Talos are partnering to bring these solutions to bear for financial institutions. By connecting Talos’ digital asset infrastructure with Nasdaq Calypso and Nasdaq Trade Surveillance, we’re creating a truly comprehensive cross-asset platform supporting unified connectivity, collateral, valuation, risk and surveillance.

In this Q&A, Roland Chai, President of European Markets and Head of Digital Assets at Nasdaq, and Kyle Downey, Head of Product Strategy at Talos, discuss digital asset adoption, what “institutional‑grade” really means, how trends like tokenization factor in and the advantages of collaboration between Nasdaq and Talos.

Q1: We’ve seen years of experimentation in digital assets, often at the edges of institutional portfolios. What do you see as the next major turning point as digital assets move from parallel ecosystems into the core of market infrastructure?

Roland: The turning point is when institutions can engage digital markets or deploy innovation (e.g., tokenized collateral) using the same operational rigor and efficiency they already apply elsewhere without needing to stand up parallel systems and controls or replace entire operating models. Institutionalization begins when digital assets can be run with the same standards that market participants apply everywhere else: consistent governance, robust risk management, repeatable and reliable processes, and an operating model that can extend and scale across assets while being built for the future.

Q2: Where do you see the greatest operational friction today as institutions try to extend their existing trading, risk and collateral frameworks into 24/7 digital markets? 

Kyle: It comes down to not having a unified view and a consistent risk framework. At the end of the day, you cannot manage the risks you cannot see, and you cannot aggregate risks you don’t know are related. Many of these challenges stem from:

• Lacking reference data and linkage: Risk management starts from knowing the commonalities.
• Fragmented systems: Separate systems for digital and non-digital assets.
• Fragmented connectivity: Introducing a new set of institutional-grade custody providers with digital asset expertise, as well as new liquidity venues. 

Q3: Digital and mainstream markets have often been treated as separate domains, each with its own technology stack and controls. Why is bridging these environments fundamentally an ecosystem challenge?

Roland: Because we’re not just connecting technology. We’re aligning operational expectations across participants, venues and workflows. Mainstream and digital markets have evolved separately to this point. The gaps that have resulted can be costly and show up persistently in reconciliation, oversight and lifecycle management. Institutionalization requires shared standards across the ecosystem—connectivity, data and controls—so workflows remain consistent even as investors, markets and asset types mature. That alignment spans not just risk and collateral, but valuation, ensuring exposures are governed using consistent methodologies. 

Q4: Talos supports the full digital asset trading lifecycle, from portfolio construction and execution through post trade operations. What changes are there for an institutional trading or risk team once that lifecycle is connected to Nasdaq Calypso?

Kyle: The use cases will always vary, but in general trading teams will be able to stage orders for execution into Talos same as any other EMS, giving them access to 70+ trading venues. OTC derivatives on Bitcoin, Ethereum and other crypto-assets will be supported alongside the full range of derivatives already supported by Nasdaq Calypso, thanks to Talos risk model integration. Margin requirements will also be taken into account, both tokenized and non-tokenized representations of bonds and other collateral assets, in a fully transparent way. 

Q5: How does integrating digital assets into Nasdaq Calypso advance the “Always-On” vision that’s shaping the next generation of markets?

Roland: If trading is always-on and continuous, then risk, margin and collateral functions must also keep pace. Many of today’s systems are built for overnight and batch processing. But the reality of 24/7 markets, for both digital and mainstream assets, requires far more platform performance and reliability for firms. Nasdaq Calypso is already trusted by firms across the capital markets spectrum to provide real-time data, transparency and end-to-end functionality. By integrating with Talos, we create a unified platform spanning asset classes to support always-on, future-ready operations.

Q6: What’s the institutional value of interoperability? And on the other hand, what’s the opportunity cost of fragmentation and silos?

Kyle: Blind spots are dangerous, and juggling multiple systems to get a single view is both costly for teams and makes it impossible to get a single view without stitching together in spreadsheets or other offline systems, which is an intensive and expensive effort. A true unified portfolio view of all holdings and all risk can only come about when you have a normalized representation of all the instruments, positions and risk. Interoperability’s value lies in making financial product offerings like crypto-assets and their derivatives more and more part of the picture. In a related way, margin needs to continue to net appropriately and the risk view needs to be complete, whether the mix is tokenized and non-tokenized assets, or crypto and non-crypto. 

Q7: As digital asset markets mature, how does Nasdaq Trade Surveillance help support integrity and transparency? 

Roland: Integrity at institutional scale is non-negotiable. Nasdaq Trade Surveillance supports that by detecting and investigating potential market abuse as activity expands across venues and products. In converging markets, the goal is to see patterns that don’t stay confined to one venue or one asset class. Practically, that means detection coverage for behaviors like layering, spoofing, wash trading and cross‑market manipulation—functionality that Talos users will be able to leverage through our partnership.

Q8: Looking ahead five years, what will market leaders need to do to further prepare and differentiate?

Roland: Market leaders will differentiate by seizing opportunities unlocked by convergence‑ready, unified cross‑asset infrastructure. That may mean streamlined onboarding, faster time-to-market and tokenized collateral. These can all act as accelerators to agility, modernization and capital efficiency, supporting more real‑time, resilient operations to scale with growth.

Kyle: Differentiation will emanate from those who lead an orderly transition: From a world where digital assets are a fraction of the portfolio, to one where they are the entire portfolio. The focus should be on building for what the world will look like in five years, rather than just wedging in digital assets now. Transformation requires significant change; far from being a side-show to the evolution of modern markets, it is the main event.

^{Talos Disclaimer: The views and opinions expressed herein are those of the speaker(s) and do not necessarily reflect the views of Talos Global, Inc. or its affiliates (collectively, "Talos"). This material is for informational purposes only and is only intended for sophisticated institutional investors, and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of Talos.}