Nasdaq CEO Adena Friedman expressed concerns about tokenized stock derivatives and trading that takes place outside established market infrastructure. She said these models can reduce visibility into quotes and transactions, weaken price discovery, and fragment liquidity across trading venues. Nasdaq is focusing on issuing and trading tokenized shares through its core market infrastructure so that investors retain direct ownership of the securities. The company is developing an end-to-end approach to tokenizing equities on blockchain while preserving the transparency and ownership rights of traditional markets.
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