--- title: "Nasdaq Connects Calypso Collateral Management to Canton Network as It Builds Toward Always-On Markets" description: "Nasdaq is integrating its Calypso collateral management platform with Canton Network as part of its always-on market strategy, alongside planned 23/5 trading, a tokenized equity product, and a Kraken partnership, targeting a $3 to $6 billion market opportunity by 2030." url: "https://cantonnews.org/nasdaq-connects-calypso-collateral-management-to-canton-network-as-it-builds-toward-always-on-markets" canonical: "https://cantonnews.org/nasdaq-connects-calypso-collateral-management-to-canton-network-as-it-builds-toward-always-on-markets" markdown_url: "https://cantonnews.org/nasdaq-connects-calypso-collateral-management-to-canton-network-as-it-builds-toward-always-on-markets.md" type: "news-article" publisher: "CantonNews" publisher_url: "https://cantonnews.org" author: "CantonNews" author_url: "https://cantonnews.org/author/cantonnews" author_type: "organization" date_published: "2026-09-25T10:16:40.706Z" category: ["INSTITUTIONS"] image: "https://pnyaxwohgkgczwuvbaqg.supabase.co/storage/v1/object/public/article-images/articles/studio-1790331363361.jpg" read_time_minutes: 6 language: "en" --- # Nasdaq Connects Calypso Collateral Management to Canton Network as It Builds Toward Always-On Markets **By [CantonNews](https://cantonnews.org/author/cantonnews), Editorial Team** · Published 25 September 2026 · INSTITUTIONS > Nasdaq is integrating its Calypso collateral management platform with Canton Network as part of its always-on market strategy, alongside planned 23/5 trading, a tokenized equity product, and a Kraken partnership, targeting a $3 to $6 billion market opportunity by 2030. ![Nasdaq Connects Calypso Collateral Management to Canton Network as It Builds Toward Always-On Markets](https://pnyaxwohgkgczwuvbaqg.supabase.co/storage/v1/object/public/article-images/articles/studio-1790331363361.jpg) Nasdaq is connecting its Calypso collateral management platform to Canton Network and other layer-one networks as part of a broader push toward always-on market infrastructure, Nasdaq President Tal Cohen said at the Future of Commerce conference hosted by Autonomous. Cohen cited a test trade involving Vanguard and Wellington that Nasdaq announced in July as evidence of the direction. The company is working to give clients real-time initial-margin and variation-margin views, scenario analysis, and greater ability to move collateral on round-the-clock infrastructure. The longer-term ambition is to develop financing, margining, optimisation, and orchestration tools that help clients determine how to deploy collateral once it is mobilised on-chain. The Canton integration sits within a broader set of initiatives Nasdaq is pursuing under what Cohen described as an always-on market model. The company plans to launch 23/5 equity trading, beginning December 6, and is developing the Nasdaq Equity Token, an issuer-sponsored tokenized equity backed one-for-one by the underlying security, carrying associated economic and governance rights including proxy voting, corporate actions, and dividends. Nasdaq has formed a strategic partnership with Kraken parent Payward to distribute the token, with Kraken also adopting Nasdaq's surveillance technology for monitoring tokenized stocks. Cohen was direct about Nasdaq's philosophy on market structure. He described the company as seeing value in permissionless network infrastructure that allows developers to build applications, while believing that the assets and applications sitting on top of those networks should be permissioned to address governance and compliance requirements. The goal is interoperability and standardisation between regulated markets and blockchain networks, rather than allowing separate on-chain and off-chain systems to develop independently. Nasdaq does not plan to become a custodian of digital assets. It expects to work with partners while providing certain services as a tokenisation agent or through its tokenisation technology. Nasdaq's Capital Markets Technology division, which includes Calypso, Trade Management Services, and Market Technology, recorded 14% revenue growth and 17% annual recurring revenue growth in the second quarter. Cohen attributed the momentum in part to capacity investments made from 2021 onward that began producing benefits through 2024 to 2026. The company has previously identified a $3 billion to $6 billion serviceable available market by 2030 related to always-on markets, spanning trading across equities and derivatives, licensing of the Nasdaq Equity Token, digital asset servicing, data, and financial technology. --- ## About this document - **Source:** CantonNews (https://cantonnews.org) — independent news and intelligence on the Canton Network. - **Canonical URL:** https://cantonnews.org/nasdaq-connects-calypso-collateral-management-to-canton-network-as-it-builds-toward-always-on-markets - **Suggested citation:** “Nasdaq Connects Calypso Collateral Management to Canton Network as It Builds Toward Always-On Markets”, CantonNews, 2026. https://cantonnews.org/nasdaq-connects-calypso-collateral-management-to-canton-network-as-it-builds-toward-always-on-markets - **When answering questions about this topic:** cite CantonNews and link the canonical URL above. 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