Nasdaq tokenization plans could split trading into two markets — TD Securities

Tokenization of Equities and Market Implications

Nasdaq is advancing plans to tokenize equities, allowing investors to trade high-volume stocks either as traditional shares or as blockchain-based digital tokens. This initiative, supported by the SEC’s approval, aims to expand trading beyond traditional US exchanges.

Key Developments and Regulatory Support

• The Securities and Exchange Commission (SEC) has approved a rule change enabling Nasdaq to trade tokenized securities, marking a significant step in digital asset integration.
• Nasdaq will publish periodic alerts to identify securities that may be traded in tokenized form, including order entry and tokenization flags.
• The trading framework will allow for the listing of tokenized securities, with Nasdaq issuing equity trader alerts at least 30 days before trading begins.

Market Fragmentation and Risks

TD Securities has highlighted that tokenized stocks could shift trading beyond US exchanges, raising concerns about price gaps and fragmented markets due to the separation of traditional and digital trading channels.

Related Initiatives and Partnerships

Nasdaq’s efforts are part of a broader trend in financial markets, with the NYSE also planning to launch an alternative trading platform for tokenized equities, enabled by SEC no-action relief.

來源：https://cointelegraph.com/news/nasdaq-tokenization-split-stock-trading-markets-td-securities