SEC approves Nasdaq’s tokenised-securities trading rules

The SEC approved Nasdaq’s tokenised-securities proposal on 18 March under order 34-105047. The model lets eligible participants request tokenised clearing and settlement through the Depository Trust Company’s pilot. A tokenised share must be interchangeable with its traditional counterpart, use the same identifier and symbol, and provide the same shareholder rights. Both forms trade in the same order book with the same execution priority. SEC Nasdaq approval order.

The order records that DTC-handled trades continue to settle on a T+1 basis. Nasdaq’s fees, market surveillance and risk controls also remain applicable. Tokenisation therefore does not itself turn the approved model into instant settlement or a market operating around the clock. The scope covers eligible Russell 1000 securities and exchange-traded funds tracking major indices, subject to the pilot’s requirements. Implementation depends on DTC’s infrastructure and post-trade services, with Nasdaq to notify members before trading starts. The order approves a framework; it does not establish immediate trading availability for every eligible security. SEC Nasdaq approval order.