#成长值抽奖赢iPhone17和周边 Time goes back to three months ago, on September 8, when Nasdaq submitted a milestone rule change application to the U.S. Securities and Exchange Commission (SEC). At first glance, the core objective seemed quite radical: to allow investors to directly trade stocks of listed companies like Apple and Microsoft, as well as exchange-traded products (ETPs), on the Nasdaq main board in the form of blockchain tokens.

However, if you look closely at the many details disclosed in this application, you’ll find that beneath the radical appearance, Nasdaq has offered a highly politically savvy “hybrid architecture” solution. This is thanks to its deep understanding of the SEC’s red lines. Instead of choosing to start from scratch, Nasdaq has cleverly separated “trading” from “settlement”:

The key to the entire application is treating tokenized stock business as regular stock trading, where every tokenized stock transaction is cleared and settled through the Depository Trust Company (DTC), and “trade matching still takes place in the same order book. Even if an order contains tokenized stocks, it does not affect the exchange’s execution priority for that order.”

In other words, on the front end, everything remains the same—the investor experience is almost unchanged. Trade matching still takes place in the same order book, tokenized stock orders do not receive additional priority, transactions are still included in the National Best Bid and Offer (NBBO), and buyers of tokens receive all shareholder rights, including voting and liquidation rights.