How Nasdaq Calypso is Leading in Collateral Management Technology

Post-trade operations, particularly collateral management, have become increasingly strained and challenged over recent years. As volatility and volumes grow, legacy systems become outdated and existing frictions become more costly and time-consuming.

Knowing these pain points of capital market participants, Nasdaq Calypso is designed to deliver efficiency, transparency, scale and functionality and winning “Collateral Management Solution of the Year” at the FOW International Awards 2026 reflects our commitment and investment in providing trusted solutions to firms.

In this Q&A, Rohit Agarwal, AVP, Strategy & Solutions, Capital Markets at Nasdaq Financial Technology, discusses the accomplishment and how we’re not only helping financial institutions in the now but also laying the groundwork for a future of tokenized collateral.

Rohit: Industry recognition provides strong evidence of Nasdaq Calypso’s capabilities in delivering enterprise-grade solutions across margin, collateral and securities finance.

An integrated, end‑to‑end, cross-asset approach across the full trade lifecycle differentiates it from other solutions in the market.

The award underscores Nasdaq Calypso’s role in helping institutions transition from fragmented, manual, siloed collateral processes to a more automated and future-proof operating model. Further, it validates our sustained investment in innovation, particularly with respect to tokenized assets and blockchain-enabled settlement workflows and confirms our client-centric focus. 
 

Rohit: Firms are dealing with rising margin requirements, regulatory complexity and capital inefficiencies that expose the limits of fragmented collateral inventories, siloed workflows and manual processes. Nasdaq Calypso addresses this providing a single foundation for real‑time inventory management, cross‑asset and multi‑agreement support, and rules‑based automation to improve efficiency, transparency and operational resilience.

Several factors make collateral optimization a strategic imperative, including rising regulatory margin requirements; growing scarcity and costs of high‑quality collateral; expansion of cleared and bilateral margin; larger and more frequent margin calls. Additionally, collateral still remains fragmented across CCPs, custodians, and internal pools, limiting firms’ ability to mobilize assets efficiently. Nasdaq Calypso helps financial institutions address these challenges by providing real‑time, enterprise‑wide collateral visibility and automated, cost‑aware optimization across cleared and bilateral markets. This ensures that the right assets are delivered to the right obligations under stress and intraday conditions.
 

Rohit: Nasdaq is investing in the infrastructure to support tokenization and real‑time collateral workflows at scale. Part of that is due to industry-wide collaborations and partnerships we’ve pursued to buttress the strengths of Nasdaq Calypso while also architecting for digital assets and tokenized collateral. These proof points include:

• Blockchain‑based margin and collateral pilot on the Canton Network, powered by the Calypso platform and delivered in collaboration with QCP Capital, Primrose Capital and Digital Asset.
• Partnership with Baton Systems to enhance Calypso’s core functionality with Baton’s network-based post trade orchestration, bringing intraday collateral functionality and cross-CCP connectivity to clients.
• Integration with Talos Trading to bridge mainstream and digital asset rails, delivering a unified platform for valuation, risk, collateral and connectivity that supports the institutional adoption of digital assets. 

Rohit: Collateral tokenization represents one of the biggest leaps forward in enabling collateral mobility and utilization. A new study from Nasdaq found more than half of the firms expect to manage live tokenized collateral by the end of the year. Leveraging tokenization to unlock trapped collateral, improve capital efficiency and automate processes is expected to help them reduce costly buffers and redeploy capital across markets. The upside is potentially significant additional interest earnings with the help of this innovation.
 

Rohit: “Always-on” markets require that collateral management evolves from batch based, reactive processes into a real-time, continuous function that actively supports 24/7 trading. Over the next few years, we believe a much stronger focus on collateral mobility across markets and asset classes will occur, supported by higher levels of automation and intraday decisioning with seamless tokenization integration. 

This will help transform collateral management into a strategic control function that provides enterprise-wide visibility and optimizes scarce balance sheet resources across cleared and bilateral markets rather than simply meeting regulatory obligations. 

Nasdaq Calypso's product direction reflects these priorities with a focus on automation, usability and modular, API-driven architecture to enable client agility amidst digital and mainstream convergence. This momentum reinforced by industry recognition supports progress toward a unified, future ready collateral management ecosystem that delivers measurable client value at scale.

Information set forth in this post contains forward-looking statements. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ from those contained in the forward-looking information. Forward-looking statements can be identified by words such as “will,” “believe” and other words and terms of similar meaning. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control.  Nasdaq Calypso is a product of Nasdaq’s Financial Technology business and is operationally independent and distinct from The Nasdaq Stock Market, LLC.

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