ClearToken Adopts Nasdaq Eqlipse Clearing to Enhance Capital Efficiency in Digital Asset Markets

New platform aims to reduce risk, unlock capital and streamline settlement to develop digital asset ecosystem

LONDON, November 20, 2025 —  ClearToken and Nasdaq today announced that ClearToken has adopted Nasdaq Eqlipse Clearing to support the development of its innovative new clearing and settlement service for digital assets.  The technology serves as a real-time, multi-asset clearing and risk platform for both traditional and digital markets.

ClearToken will first launch a digital settlement service, CT Settle, supporting delivery-vs-payment (DvP) and netting for digital assets and fiat currencies, including cryptoassets and stablecoins, having recently received authorisation from the UK Financial Conduct Authority (FCA).

“With our DvP service now ready to launch following FCA approval, we can begin offering settlement services that allow financial institutions to net their settlement exposures and to settle digital assets with greatly reduced settlement risk, addressing one of the most pressing issues for institutional investors in crypto markets today." said Steve Briscoe, Chief Information Officer of ClearToken. "Nasdaq’s clearing technology has allowed us to deliver a resilient and scalable infrastructure which is cloud native and meets the high standards demanded of financial market infrastructures in traditional markets, while also addressing the unique requirements of digital markets such as 24/7 processing and fractional ownership.”

Today, much of the digital asset market is characterised by bilateral trading conducted on a gross, unnetted basis, requiring participants and market makers to prefund their trades by putting up the total amount they trade with counterparties before entering transactions. ClearToken is actively working on establishing a full central counterparty clearing house for digital assets that connects to multiple trading venues, custodians, and settlement systems, rather than being tied to a single exchange or trading platform. 

This will allow participants to interface a central counterparty rather than each other, streamlining transactions and reducing risk across the ecosystem. It will operate 24/7 to accommodate the around-the-clock nature of digital asset markets while providing real-time risk management through margin and default fund contributions. 

"Capital inefficiency across the digital asset ecosystem is a significant barrier to achieving scale and supporting institutional adoption," said Magnus Haglind, Head of Capital Markets Technology at Nasdaq. "By bringing the benefits of centralized clearing to digital assets, this implementation demonstrates how proven market solutions can achieve capital efficiency while maintaining the highest standards of risk management and operational resilience. Nasdaq Eqlipse Clearing provides ClearToken the ability to accelerate the maturation of the digital asset ecosystem with robust, scalable technology."

Nasdaq’s Eqlipse Clearing platform draws on extensive expertise providing real-time solutions to over 20 central counterparty clearing houses worldwide. The platform offers comprehensive clearing, risk management and settlement capabilities for clearing houses across multiple asset classes and instruments, including digital assets. With a modular, scalable and resilient architecture, it provides support for the most demanding markets as well as the ability to scale down for low footprint setups and allows clients to adapt to mandated changes and launch new products and services with short time to market. Embedded AI assistants accelerate onboarding, boost operational efficiency, and maximize data accessibility across core clearing house processes.

Around the world, Nasdaq's technology is used by 97% of global systematically important banks, over half of the world's top 25 stock exchanges, 35 central banks and regulatory authorities, and 3,800+ clients across the financial services industry. As a scaled platform partner, Nasdaq draws on deep industry experience, technology expertise, and cloud managed service experience to help financial services companies solve their toughest operational challenges while advancing industrywide modernization.

Media contacts:

ClearToken via Streets Consulting:
Andrew Dunn, Practice Lead
+44 (0)20 7073 2649
andrew.dunn@streetsconsulting.com   

Nasdaq:
Andrew Hughes
+44 (0)7443 100896
Andrew.Hughes@nasdaq.com  

Camille Stafford
+1 (234) 934 9513
Camille.Stafford@nasdaq.com

About ClearToken

ClearToken Group, founded 2022, is majority market-owned and based in London. We’re building neutral, UK-supervised market infrastructure that provides post-trade settlement between venues on a 24/7 timetable, using post-trade tools recognised in traditional markets. We are actively pursuing regulatory authorisation and recognition, adhering to the IOSCO principles for financial market infrastructures and all relevant legislation governing clearing houses, payment systems, securities, and derivatives depositories.  

Our focus

CT Settle is a delivery-versus-payment (DvP) net-settlement service designed to complete both sides of a transfer together across venues, custodians and currencies. CT Settle has received authorisation from the UK Financial Conduct Authority (FCA).  
We are developing digital depository capabilities within the Bank of England’s Digital Securities Sandbox (DSS) to support book-entry recording for tokenised assets and legal settlement finality.  

We are preparing CT Clear, a horizontal central counterparty (CCP) clearing service and recognised clearing house (RCH), subject to regulatory approvals from the Bank of England, with the intention to seek subsequent recognition by the CFTC (DCO licence) in the US and the FSRA in the Abu Dhabi Global Market (ADGM).  

ClearToken connects multiple venues and custodians, applying strong AML/KYC standards. Our team are experienced market practitioners focused on reliable post-trade for always-on markets.   

For more information, please visit: www.cleartoken.io   

ClearToken Depository Limited is registered with the United Kingdom Financial Conduct Authority (Firm Reference Number 1016940) under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 in respect of its activities in cryptoassets only; and is an Authorised Payment Institution regulated by the Financial Conduct Authority under the Payment Services Regulations 2017 (Firm Reference Number 1017352)   

Registered address: 1 Bow Churchyard, London EC4M 9DQ, United Kingdom

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com. 

Cautionary Note Regarding Forward-Looking Statements:  
Information set forth in this press release contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward-looking statements can be identified by words such as “will”, “can” and other words and terms of similar meaning. Such forward-looking statements include, but are not limited to, statements related to the benefits of Nasdaq Eqlipse Clearing technology, as utilized for ClearToken’s new platform. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These risks and uncertainties are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.  

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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