Nasdaq agreed to invest $100 million in Payward, Kraken’s parent company, and extend surveillance across five market types: crypto, equities, tokenized equities, futures and options. Classification of products, not surveillance, determines the paths to U.S. market access and investor protections, with different regulatory routes depending on whether products fall under SEC or CFTC jurisdiction. Citadel Securities asked U.S. regulators on September 9 to keep products tied to public company shares, including equity-linked perpetuals, within the SEC perimeter. Deployment timing and access to underlying U.S. cash-equity market data remain undisclosed by Nasdaq, leaving unanswered the question of whether multi-asset monitoring also means cross-market access to the data needed to detect manipulation and insider trading.
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