Talos

In the latest issue of State of the Network, Senior Research Associate Tanay Ved looks back at Q1 2026 to understand the market trends and themes that shaped the quarter. Key Takeaways: 🔹 Crypto markets stayed under pressure in a volatile macro and geopolitical backdrop, but improving ETF demand over the quarter helped BTC find support at current levels. 🔹 Onchain venues and tokenization pushed further into 24/7 markets for traditional assets, with equity and index perpetuals on platforms like Hyperliquid and new stock perps from major exchanges driving steady growth in open interest. 🔹 Stablecoin supply stayed steady near ~$300B while adjusted transfer volumes grew to around $21.5T in Q1, as emerging regulatory clarity around stablecoin yield and distribution continues to shape the sector. ➡️ Read the full issue: https://ow.ly/lfqs50YBbZb

Talos now supports Ondo Finance tokenized asssets, giving institutional clients access to on-chain global markets. Clients can route orders via Talos’s existing integration with Gate.io., bridging traditional markets with digital asset infrastructure. 🎙️ “Banks, brokers, and asset managers can now all trade and manage tokenized assets as easily as any other institutional asset.” – Katie Wheeler, MD Global Partnerships at Ondo Finance 🎙️ "Tokenized assets are in high demand, and integrating Ondo Global Markets is an important way in which we’re meeting that demand head-on." – Drew Forman, SVP and Head of Strategy at Talos ➡️ Read more: https://ow.ly/sBVM50YBcrz

Selini Capital FZE has joined the Talos Provider Network, bringing independent HFT pricing and electronic liquidity to institutional clients. ➡️ Read more: https://ow.ly/9flG50YyMpt “Institutions don’t just need additional liquidity, they need independent price formation, consistent execution, and a partner that can warehouse risk through market regimes.” — Matthew Grint, General Manager, Selini Capital FZE “Selini brings a differentiated liquidity profile to the Talos Provider Network, combining electronic depth, high-performance distribution and a strong regulatory posture.” — Daniel Packham, VP and Head of Provider Network, Talos

In this edition of the Regulatory Roundup by Jon Blankfield: 🏛️ SEC and CFTC declare most crypto not securities 🇺🇸 CLARITY Act nears yield deal as politics resurface 🇬🇧 UK moves to shut down sanctions-linked “ghost” exchange 🇦🇺 Australia edges toward full crypto licensing regime ➡️ Also available on our Insights page: https://ow.ly/s1Qq50YyHpp #CryptoRegulation #CryptoCompliance #DigitalAssets

In the latest issue of State of the Network, Research Associate Henry Duschang breaks down how transactions move through Ethereum, who controls their ordering and where MEV comes into play. Key Takeaways: 🔹 Transactions can be affected by multiple external parties before being executed, creating opportunities known as Maximum Extractable Value (MEV). 🔹 Block building is a competitive marketplace where transaction flow and transaction ordering are critical to gain and maintain market share. 🔹 Transaction ordering is important for both traders and block builders to maximize their respective value. ➡️ Read the full issue: https://ow.ly/zNxG50Yy5g0

Last week, Talos's Global Head of Compliance and Regulatory Strategy, Josh Peschko, CFA joined The Digital Chamber's DC Blockchain Summit for the panel "Running Critical Crypto Infrastructure Under Pressure." Who was in the room? Senators, regulators, and builders gathered not to debate whether digital assets matter, but how to build on them safely. A few themes Josh brought to the conversation: 1️⃣ Infrastructure is invisible until it breaks. Last October's flash crash exposed which systems were built for normal conditions and which were built to withstand the unanticipated. 2️⃣ The compliance playbook already exists. The trading controls institutions need for digital assets are the same frameworks built in traditional finance. 3️⃣ Trust the industry. There are a lot of serious, experienced players in this space. Congrats to Cody Carbone, Lindsay Ezykowich, and the entire TDC team for bringing together this high-quality conversation. Special thanks to Ari Redbord for moderating. ➡️ Read and view highlights here: https://ow.ly/hKLa50YxTtH

Talos increasingly sits at the intersection of traditional capital markets and digital assets. Today, we're proud to announce we're partnering with Nasdaq to connect Talos’s digital asset infrastructure with Nasdaq’s Calypso and Trade Surveillance platforms. Through this partnership, we'll develop an integrated solution for managing tokenized collateral across both market ecosystems: 🧩 Nasdaq Calypso is a leading platform used by global financial services firms to manage risk, margin, and collateral for traditional assets 🧩 Talos is the infrastructure layer that enables institutions to trade, manage and settle tokenized assets at scale, without needing to understand or interact directly with blockchain complexity Read the announcement: https://ow.ly/uqSU50YwYII 🎙️ “This partnership solves a fundamental challenge facing institutional markets: the inability to manage exposure across markets with a single risk and asset lens.” — Roland Chai, Executive Vice President, Nasdaq 🎙️ “By combining Talos’s digital asset infrastructure with Nasdaq’s Calypso and Trade Surveillance platforms, firms can connect workflows for execution, risk, collateral and compliance to reduce operational friction across both on- and off-chain asset classes.” — Anton Katz, CEO and Co-Founder, Talos

Execution quality is where performance can be won or lost, especially in order-book crypto markets. In this excerpt from the Talos Quant Forum, Head of Quant Execution Services Eliad Hoch breaks down the building blocks for combatting slippage. 📈 Execution alphas: systematic signals from volume, volatility and spreads that help forecast intraday market conditions and inform how an order should be paced 📈 The Talos Market Impact Model: an empirically calibrated framework for estimating expected execution quality, decomposing costs into spread, physical impact and time risk to support better pre-trade decisions If you care about VWAP vs. TWAP tradeoffs or smarter algo parameter decisions, this is a useful walkthrough. ➡️ Watch the video and read the summary: https://ow.ly/IHFM50YwyTh

Talos expands its RFQ platform into OTC derivatives by connecting to FalconX's electronic OTC options. Institutional clients can now request quotes for crypto options from FalconX and access their principal liquidity through RFQ trading workflows on the Talos platform. 🎙️ “Electronic access to OTC derivatives is an important step in the evolution of institutional digital asset markets. Our integration with Talos expands how institutions connect to derivatives liquidity in crypto markets.” — Joshua Lim, Global Co-Head of Markets at FalconX 🎙️ “FalconX has established itself as a key liquidity provider in institutional crypto markets. Integrating their derivatives offering into Talos RFQ workflows expands the tools available to our clients as digital asset trading strategies continue to evolve.” — Daniel Packham, VP and Head of Provider Network at Talos ➡️ Read the full announcement: https://ow.ly/w4xl50YvZm0

As the market evolves toward multi-token ETFs, the execution challenges in the create/redeem workflow become substantially more complex. In this latest article, Talos Commercial Product Manager Thomas Kennedy outlines the challenges: ⚠️ Liquidity providers must price spreads across multiple tokens simultaneously ⚠️ Illiquid constituents can quietly drive the cost of the basket ⚠️ Issuers need per-token visibility even when execution is all-or-nothing ⚠️ Settlement can involve multiple blockchains, custodians and timelines The complexity is real, but manageable with the right platform. ➡️ Read the full analysis: https://ow.ly/JEF350YvBNZ