According to Bloomberg, Nasdaq announced a partnership with digital asset technology company Talos to integrate cryptocurrency trading and risk management tools into traditional financial systems used by banks and broker-dealers. Through this collaboration, Talos clients—including hedge funds and broker-dealers—will be able to use the Nasdaq Calypso platform to manage risk, margin, and collateral requirements. This move is part of efforts by U.S. capital markets infrastructure operators to embed crypto assets into the core "market plumbing" of the financial system. Meanwhile, the New York Stock Exchange is also building a blockchain-based trading platform to support 24-hour trading of tokenized stocks and ETFs.

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