Nasdaq has launched Eqlipse Digital to connect tokenized markets with trusted financial market infrastructure and Nasdaq Ventures has invested in One Trading, the regulated European 24/7 trading venue.

Nasdaq Eqlipse Digital went live on 28 October 2026 and Roland Chai, head of Digital Liquidity Networks at Nasdaq, said in a blog that markets are moving toward always-on trading and financial market infrastructures will play a central role in delivering scale. He added: “To do so in a durable way, they must consider how to bring tokenized assets into their markets without building parallel infrastructure, splitting liquidity or weakening investor trust.”

Financial market infrastructures can achieve this by either integrating with existing infrastructure, bridging mainstream and digital asset ecosystems or building trusted tokenization capabilities, according to Chai. He argued that Nasdaq Eqlipse Digital is built to support each approach and adapt as new token models emerge as it has a set of digital asset capabilities that extends the Eqlipse platforms and also works alongside other environments.

“Tokenized assets connect to the same systems as their mainstream equivalents, under the governance operators apply today, and participants reach them through the connections they already use,” added Chai.

Adena Friedman, chair and chief executive of Nasdaq, said on the third quarter results call on 22 October 2026 that he shift towards more connected and always-on markets is gaining momentum, and Nasdaq is shaping the next generation of market infrastructure.

In the results call Friedman said Nasdaq had signed a deal with Eqlipse Trading technology to power the 24/7 U.S. equities trading ecosystem. She added that Nasdaq remains on track to go live with 23/5 trading of U.S. equities on 6 December 2026, which will expand global access to the stocks.

In addition, Nasdaq is working with DTCC on the post-trade market infrastructure’s tokenization service which went live on 28 October 2026.

One Trading

On 8 October 2026 One Trading announced a strategic investment from Nasdaq Ventures to explore opportunities to combine their market infrastructure expertise, global reach and advanced derivatives technologies to support market innovation and enable 24/7 trading of equity futures.

Gary Offner, global head of Nasdaq Ventures, said in a statement: “One Trading has developed a differentiated approach to integrating trading, risk management and settlement, and we believe the company is well positioned to play an important role in the evolution of derivatives markets.”

Josh Barraclough, chief executive of One Trading, has a background in traditional finance as he previously worked at J.P. Morgan. Barraclough told Markets Media that he saw the “very cool” products being developed in crypto and became particularly interested in perpetual futures. Five years ago Barraclough sat down with regulators in Europe to discuss creating a framework to enable the launch of this “brilliant” product.

“We decided the Dutch regulators were the best for that, and spent two years going through a lengthy and extensive licensing process and building cutting-edge technology,” he added. “We have built a complicated tech stack that performs fully in real time with super-low latency, and is capable of servicing millions of order types a second.”

In July 2024 One Trading received regulatory approval for European crypto derivatives trading and operates a MiFID II-regulated organised trading facility (OTF) authorised by Dutch regulators. The OTF license allowed One Trading to become the only perpetual futures trading venue in the European Union and the first cash-settled perpetuals platform in Europe. It was also the first regulated crypto derivatives exchange in Europe accessible to retail clients.

One Exchange launched five-year dated futures about a year and a half ago, with a floating funding rate that is consistent with perpetual futures. The exchange has been trading spot crypto for nearly five years and also trades index futures and equity futures 24/7. Barraclough said demand for equities outside the traditional hours is picking up as more macro events happen outside of market hours.

“We are veterans in the 24/7 trading space, and  focused on doing that for all asset classes and for all client types,” Barraclough added. “I think it is going to be really hard for traditional exchanges as it is very hard to retrofit these big technology platforms. The devil is in the detail.”

One differentiator for One Exchange is that it recalculates margin for every client on every position twice a second, and then settles all positions every 60 seconds 24/7, according to Barraclough. He said: “We continuously settle between all our counterparties while a traditional clearinghouse settles twice a day, and not over weekends. I don’t know anyone who is margining or settling with that frequency.”

As One Exchange does not have a weekend or out of hours gap risk, Barraclough said this means is that all the contracts can be traded the same. In contrast in traditional markets, prime brokers will significantly reduce the amount of leverage that can be used for more volatile contracts.

Friedman said on the results call that  always-on markets and AI will lead to the convergence of markets, asset classes and geographies, so risk management needs to be multi-asset class, global and real time.

One Trading is currently licensed to take stablecoins as collateral, as well as any fiat currency. The futures are dollar-denominated but any fiat currency can be used as eligible collateral 24/7 through the Kinexys by J.P. Morgan platform and it is fully cross-margined.

Clients of One Trading include direct retail clients and institutions, including Tier One banks, according to Barraclough. One Trading also provides white-labelling technology so that large companies with tens of millions of retail clients can offer the exchange’s products natively in their app. Barraclough said the exchange is working on more of these large partnerships, which will be announced shortly. The growth strategy also includes launching options and more equity products

LeveL Markets

While Nasdaq Ventures has invested in One Trading, Nasdaq announced the completion of its acquisition of LeveL Markets, the third largest U.S. alternative trading system (ATS), on 15 October 2026.

LeveL Markets sits within Digital Liquidity Networks, which was formed to unify the capabilities, investments, and solutions that Nasdaq has been developing to advance tokenization and always-on markets. Chai said in a statement: “LeveL Markets advances Nasdaq’s vision for more connected, always-on markets by adding a scaled off-exchange liquidity platform and execution expertise to Nasdaq’s technology, market capabilities, and client relationships.”