3 Takeaways from Sibos 2026: AI, Digital Assets and the Push Toward Always-On Markets
Key Takeaways
- The theme of Sibos 2026 - "digital finance for AI-driven economies" - was reflected in conversations on the ground around innovation and adoption.
- Agentic AI is moving closer to governed capital-markets workflows.
- Tokenized assets are gaining practical traction in collateral management.
- Always-on markets are reshaping operational and resilience requirements.
The theme of Sibos 2026 in Miami was “Digital finance for AI-driven economies.” That notion was on full display throughout the event as the industry navigates an inflection point driven by innovative forces of AI, digital assets and always-on markets.
While the opportunities are becoming clearer, so too are the operational demands that come with it. Representing a shift from curiosity to real-world application, market participants I spoke with were interested in how agents could support real work, how tokenized assets could fit into established processes and what more continuous markets would require from their operating models.
While some institutions are moving decisively, considerations around governance, control and infrastructure are mission-critical. Here are my top takeaways coming out of Sibos and how firms are evolving with market change.
Agentic AI Moves Closer to Capital-Markets Workflows
Interest in AI at Sibos centered on practical use cases and business outcomes. The discussion was grounded in the manual analysis, fragmented information and operational exceptions that still consume time throughout the trade lifecycle.
An assistant may retrieve information or explain documentation. An agent can investigate a problem, recommend a response or carry out an approved step. As AI assumes a more active role, the surrounding controls become central to its value. Permissions must be clear, actions traceable and decision ownership intact.
The caution expressed by some market participants is understandable. Institutions need to determine where agents can operate independently, where approval remains necessary and how activity will be governed within existing policies. Different workflows will warrant different levels of autonomy.
Nasdaq’s launch of agentic capabilities within Nasdaq Calypso illustrates how the market is beginning to address these requirements. At Sibos, we announced a contained, governed operating environment within the platform where financial institutions can run, connect and scale AI agents across capital-markets and treasury workflows. The first capability is a natural-language assistant that allows users to query platform data, documentation and other information.
The environment also allows clients to access Nasdaq Calypso agents and connect proprietary AI infrastructure through an integrated layer built on the Model Context Protocol (MCP). Operational boundaries, live oversight and sandboxing are part of the framework. This places agentic development within the systems, data and controls that already support the work.
Tokenized Assets Gain Ground in Collateral Management
Digital assets generated substantial interest at Sibos, although adoption remains far from uniform. Collateral management provided one of the clearest examples of how tokenization is moving into practical market discussions.
For a tokenized asset to serve as collateral, digital representation is only the beginning. The asset needs to be recognized under the relevant agreement, assessed for eligibility, included in available inventory and mobilized in response to a margin call. Its movement must then be reflected in the systems used to manage positions, exposure and risk.
Collateral connects tokenization with the movement of assets between counterparties and with the controls already applied to that movement. At Sibos, participants also discussed how more frequent margin calls and asset transfers could support a more dynamic approach to risk management.
Recent test trades completed by Vanguard and Wellington Management on the Canton Network, supported by Nasdaq Calypso, demonstrate how this can work. Money-market fund securities were tokenized using Nasdaq technology and issued as digital tokens on the network. The bilateral agreements were updated to recognize the tokenized shares as eligible collateral.
Nasdaq Calypso automatically generated the standard margin calls and supported the process from eligibility determination through on-chain transfer and post-trade reconciliation. Settlement took place on the Canton Network, while each firm’s collateral inventory was updated automatically in Calypso. The tokenized assets could be managed alongside existing collateral pools rather than through a separate process.
Always-On Markets Upend Traditional Assumptions
The expectation of more continuous markets is also gaining ground. Discussions at Sibos included the ability to post collateral and margin over weekends, along with the risk-management questions this would create.
Always-on markets are often framed in terms of access: assets can be traded or transferred beyond traditional market hours. For institutions, the implications reach further. Exposures may change outside conventional operating windows. Collateral may need to move more frequently. Exceptions may require attention before the next business day. Systems and recovery processes may need to remain effective for longer periods, with fewer opportunities for scheduled downtime.
Continuous markets do not require every process to become autonomous. They do require firms to decide which activities can run automatically, which actions require approval and how unresolved issues reach the right teams. Staffing, handovers and escalation paths may prove as important as the technology supporting the transaction.
Resilience also takes on a broader meaning. The less time available for manual reconciliation or delayed intervention, the more important it becomes to maintain a reliable view across trading, risk, collateral and settlement. Weak connections between those functions can obscure what has happened and who needs to respond.
Every market and institution will progress at its own pace. Readiness for greater continuity, however, is becoming part of long-term operating strategy rather than a distant technical consideration.
Building for a Demanding Operating Environment
Agentic AI brings automation closer to decisions and actions. Tokenized assets connect new forms of value with collateral and risk processes. Always-on markets extend the period during which those processes may need to function.
Together, they increase the value of reliable data, connected workflows, resilient infrastructure and well-defined controls. Gaps in any of these areas can limit the practical value of new capabilities or add further fragmentation as they are introduced.
Sibos showed clear momentum, but institutions will continue to move at different speeds. Progress will depend less on the number of technologies adopted than on whether firms can put them to work within accountable workflows, connect them with the rest of their operating environment and preserve sound judgment as activity becomes more automated and continuous.
The lasting significance of these developments will be determined by how reliably they serve the markets and institutions adopting them.
Information set forth in this post contains forward-looking statements, including statements regarding the planned development and future capabilities of AI agents for Nasdaq Calypso. 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,” “plans,” “could,” “may,” “seeking,” and “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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