Asks about Nasdaq's SEC filing for tokenized stocks and ETPs, seeking main drivers beyond current market interest
Host
Matt Savarese
Nasdaq's SEC filing allows investors choice between tokenized and traditional forms while maintaining full shareholder rights and fungibility
Asks how tokenized assets integrate with current market structures under existing securities laws
Host
Matt Savarese
Trading remains same order book under SEC rules; benefits come in post-trade processing and new applications like borrowing/lending/collateral
Seeks additional benefits beyond efficiency and 24/7 trading potential
Host
Matt Savarese
Near-term: process efficiencies and collateral mobility; Long-term: programmable nature of blockchain for corporate actions and enhanced utility
Asks about SEC approval timeline and whether other exchanges will follow
Host
Matt Savarese
Working with SEC on timing; views this as evolutionary innovation similar to paper-to-electronic transition
Asks about Nasdaq's crypto ETF offerings and custody business history
Host
Matt Savarese
Nasdaq has extensive digital asset infrastructure including exchange technology, indices, collateral management, and surveillance systems
Asks about TradFi-DeFi convergence and 2026 outlook
Host
Matt Savarese
Convergence of TradFi risk management with DeFi programmability; 2026 focus on institutional adoption through collateral management and capital efficiency