Nasdaq introduced Eqlipse Digital on 22 October as institutional infrastructure for tokenised issuance, servicing and settlement connectivity. The proposition is to connect existing market infrastructure with digital networks while preserving the operating roles of market operators and post-trade institutions.[1][2]
Two issuance models
| Item | Details |
|---|---|
| Digital twin | A tokenised representation of an existing assetSource 2 |
| Native digital issuance | An instrument issued in digital formSource 2 |
| Lifecycle functions | Registry, servicing and settlement connectivitySource 2 |
| Integration approach | Digital capabilities alongside existing infrastructureSource 2 |
The important distinction is the legal record
A digital twin creates a reconciliation question: how does the token correspond to the existing security, and which record determines ownership? Native issuance changes that starting point, but still needs an authoritative register, valid transfer rules and a process for corporate actions. A common technical platform cannot resolve those legal choices for every market.[2]
Nasdaq’s product page also describes connections to third-party wallet and custody providers and workflows involving tokenised collateral. These are infrastructure capabilities. They do not establish that every supported asset or network has received regulatory approval, or that any particular market operator has deployed them in production.[2]
A broker assessing a downstream connection would need to follow the whole settlement chain: where the security is recorded, how the cash leg is delivered, who can correct an erroneous transfer and how a corporate action reaches the end investor. The platform announcement is a useful starting point for those questions; proof of a working service requires a named implementation and its operating rules.[2]
Sources & further reading
- Nasdaq Launches Eqlipse Digital: Trusted Infrastructure Extended for Tokenized Markets Nasdaq Financial Technology · 22 Oct 2026 · Accessed 27 Oct 2026
- Nasdaq Eqlipse Digital product capabilities Nasdaq · Accessed 27 Oct 2026