Nasdaq has announced a partnership with digital asset technology firm Talos to integrate cryptocurrency trading and risk management tools into traditional financial systems used by banks and brokers. This collaboration will allow Talos clients, including hedge funds and brokers, to utilize Nasdaq's Calypso platform for managing risk, margin, and collateral requirements. This move is part of a broader effort by U.S. capital market infrastructure operators to embed crypto assets into the core 'market plumbing' of financial systems. Concurrently, the New York Stock Exchange is developing a blockchain-based trading platform to support 24-hour trading of tokenized stocks and ETFs.