Nasdaq(US:NDAQ) Huachuang Securities·2025-09-12 05:33Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [18]. Core Insights - Nasdaq has submitted a proposal to the SEC for tokenized trading, aiming to introduce a compliant channel for tokenized securities settlement without disrupting the existing National Market System (NMS) [2][3]. - The proposal emphasizes that tokenization is not about issuing new coins but rather a settlement alternative for traditional securities, marking a significant step in the U.S. capital market's approach to tokenized settlements [3][4]. - If approved, the DTC is expected to launch on-chain settlement functionality in Q3 2026, potentially ushering in an era of "equal rights and quality" for tokenized securities [4]. Summary by Sections Proposal Details - The core of the proposal focuses on on-chain settlement during the clearing phase, requiring technical upgrades at the DTC [4]. - Tokenized securities will share the same order book and have equal matching priority as traditional securities [4]. - Members can indicate their preference for tokenized settlement during order placement, which will be processed by the DTC [4]. Market Implications - The push for a compliant path for tokenization in the U.S. capital market is expected to accelerate similar regulatory and exchange developments globally, with Hong Kong potentially being an early offshore market to respond [4]. - Stakeholders should monitor the Hong Kong SFC, HKEX, and local brokers for developments in the tokenized settlement space [4].