Market structure news and analysis covering trading, custody, clearing, settlement, liquidity and infrastructure across digital asset markets.
DTCC is shifting the tokenization discussion from individual assets to the infrastructure connecting assets, cash, collateral and data. That is the point at which tokenization becomes a market structure problem rather than an issuance problem.
LSEG has been appointed as a Super Validator on the Canton Network, expanding its role beyond operating a cash application on the network. The move adds governance participation, but the settlement activity cited so far still includes proof of concept transactions.
Nasdaq has agreed to invest $100 million in Payward as the two companies deepen work around tokenized equities and always on markets. The strategic question is how digital distribution can connect to existing ownership rights, governance and market controls without creating a separate version of the equity market.
