行业投资评级 - 非银金融行业评级为推荐（首次）[7] 核心观点 - 纳斯达克向SEC提交代币化交易规则提案 目标是在不破坏现有国家市场体系的前提下引入代币化证券结算合规通道[2] - 代币化证券与传统证券在CUSIP 股东权利和撮合优先级上完全一致 仅在清算层面采用链上方式 体现同权同质原则[3] - 提案通过DTC完成链上清算与结算 预计2026年三季度上线链上结算功能 或将开启证券代币化时代[4] - 全球监管与交易所预计加快跟进 中国香港地区或成为最早响应的离岸市场 建议关注香港证监会 港交所及本地主要券商的政策与技术跟进[4] 实施机制与技术安排 - 基础设施通过DTC完成链上清算与结算 需进行技术改造[4] - 交易环节代币化证券与传统证券共用同一订单簿 享有同等撮合优先级[4] - 操作方式为成员下单时勾选"tokenization flag" 指示以代币化形态完成结算 交易所传递信息至DTC 由DTC完成代币铸造与账户对账[4] - 安全设计为DTC将参与者记账头寸转入控制账户 铸造对应代币并发送到注册链上钱包 并与控制账户对账[4]

[Music] NASDAQ's making moves in the crypto and token space. Plus, the CBOE has Bitcoin news to share. Hey there everyone, I'm Jenny Horn and this is Crypto Corner on Schwab Network.We've got a lot to discuss as always, so let's bring in Adam Lynch, director at Schwab Equity Research. Adam, we talked about the SEC and CFTC last week warming up to the space. Seems like the NASDAQ is ready to go.So, walk us through the latest. Yeah, thanks Jenny. Uh, so this week NASDAQ asked the SEC to let it trade clearly l ...

NEW YORK, Sept. 10, 2025 (GLOBE NEWSWIRE) -- At the end of the settlement date of August 29, 2025, short interest in 3,315 Nasdaq Global MarketSM securities totaled 13,901,511,651 shares compared with 13,965,671,937 shares in 3,302 Global Market issues reported for the prior settlement date of August 15, 2025. The mid-August short interest represents 2.39 days compared with 2.34 days for the prior reporting period. Short interest in 1,673 securities on The Nasdaq Capital MarketSM totaled 3,057,145,541 share ...

纳斯达克正加速推进核心市场的深层变革。CEO Adena Friedman最新公开表态，纳斯达克将把代币化、 全天候交易等前沿创新引入股票核心市场，并积极推动IPO和上市流程改革，以重塑现代资本市场结构 和效率。 从市场结构来看，代币化与交易时长延伸将大幅提高清算、结算等后端环节效率，简化流程、缩短时 间、降低摩擦，有助于提升资本流转速率和降低中间成本。Friedman特别指出，目前纳斯达克能够实现 每秒处理300万条消息、单日处理近千亿消息，但后续的清算与结算依然存在较大提升空间。 监管先行：谨慎拥抱数字资产 在拥抱加密货币等新兴数字资产方面，纳斯达克采取了"监管先行"的审慎立场。Friedman 坦言，此 前"缺乏明确的监管规则"是纳斯达克未能进入该领域的主要障碍。她强调，纳斯达克的首要原则始终 是"投资者保护优先"，因此不愿贸然进入一个完全无监管的高风险领域。 Friedman 在近日接受All-in播客采访中宣布，纳斯达克即将实现股票代币化，将区块链技术直接嵌入核 心证券交易体系，而不再局限于场外或附属市场。另外，交易时间将从传统的美股9:30–16:00延长，逐 步迈向每周五天24小时甚至未来7天全 ...

In case you thought that blockchain was just for crypto, Nasdaq may want to have a word. It petitioned the Securities and Exchange Commission Monday for permission to tokenize US securities, including stocks and exchange-traded products. The setup it’s proposing would allow investors to choose how their trades are executed: the traditional way or via a distributed ledger. If they choose the latter, the Depository Trust Corporation would handle the backend work to clear and settle, recording assets on the ...

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, is preparing to go public with Nasdaq as both its listing venue and an investor, Reuters reported Tuesday, citing sources familiar with the matter. According to the news outlet, Nasdaq has agreed to buy $50 million worth of Gemini shares in a private placement tied to the initial public offering. The arrangement apparently goes beyond funding. Nasdaq’s clients will gain access to Gemini’s custody and staking services, while Gem ...

Nasdaq took a step toward blending blockchain with traditional finance on Sept. 8, 2025, by submitting a filing to the Securities and Exchange Commission (SEC) in the United States. The move aims to let member firms and investors trade tokenized versions of equities and exchange-traded products (ETPs) on the Nasdaq Stock Market. According to a LinkedIn post by Nasdaq President Tal Cohen, this integration could reduce friction in markets, speed up settlement times, and automate processes. Cohen noted the fi ...

Question-and-Answer SessionWell, great to have you kind of kicking off today. I mean, I feel like you guys always have a unique view into the macro backdrop. So could you perhaps, starting off, talk about what you're seeing coming out of a period of very intense volatility earlier in the year? How does the environment look for capital markets, IPOs, the fintech business? I think investors are always particularly curious about your near-term 6-, 12-month expectations for IPOs, how volumes looked year-to-date ...

"我们欢迎来自世界各地、寻求进入美国资本市场的公司。"SEC主席保罗·阿特金斯(Paul Atkins)在一份 声明中表示。"但我们不会容忍试图利用国际边界来挫败并规避美国投资者保护的害群之马——无论是 公司、中介、把关人还是投机性的交易员们。" SEC指出了一些所谓瞄准针对美国投资者的风险，比如一些外国公司以"拉抬出货(pump-and-dump)"计 划以及导致所谓"拉升后大规模抛售出货(ramp-and-dumps)"的极端市场波动。 智通财经APP获悉，美国证券交易委员会(SEC)正在设立一个新的部门，专注于管理外国公司的证券欺 诈行为，这是特朗普政府执政下该监管机构执法优先事项的首批重大信号之一。这个新成立的特别工作 组还将调查来自外国司法管辖区的公司，以及其审计师和承销商。 SEC周五表示，这个名为"跨境特遣队(cross-border task force)"的小组将调查来自"外国司法管辖区的公 司，在这些地方，政府控制及其他因素对投资者们构成独特风险"。据悉，除公司本身外，该新部门还 将有权审查其审计相关的团队和承销商们。 SEC的这一公告紧随纳斯达克公司(Nasdaq Inc.)9月3日宣布 ...

格隆汇9月5日｜纳斯达克已向美国证券交易委员会(SEC)提交拟议规则，以对现有上市标准进行三项重 大调整，旨在提高上市公司质量并强化对投资者保护。新规则若获批准，将对纳斯达克上市公司产生直 接影响，尤其涉及公众持股门槛、退市流程及中国公司首次公开发行(IPO)的要求。 针对中国公司IPO的新要求：纳斯达克特别针对中国公司提出要求：通过IPO募集的资金必须至少达到 2500万美元。这一措施意在确保中国企业在纳斯达克上市时具备足够资本实力，并提升投资者对其财务 稳健性的信心。这可能对部分拟赴美上市的中概股公司产生直接影响。 退市与暂停交易加速措施：对于市值低于500万美元的公司，拟议规则将加快其暂停交易和退市的程 序。这意味着财务表现不达标或市值过低的公司，将面临更快的监管处理和退市风险，从而提高整体市 场的透明度与安全性。 公众持股量门槛提高：拟议规则将最低公众持股量门槛从目前的500万美元提高至1500万美元，这一调 整旨在确保上市公司具有足够的流动性与广泛投资者基础，从而增强市场稳定性和股价表现的可靠性。 分析人士指出，此举可能影响部分小型或微型企业的上市资格。 ...