# SEC staff approves Nasdaq rule to trade tokenized shares on the same order book as ordinary shares

> On March 18, 2026 the SEC's Division of Trading and Markets, acting for the Commission under delegated authority, approved Nasdaq rule filing SR-NASDAQ-2025-072, as amended (Release No.

- URL: https://riadefi.com/regulation/2026-03-18-nasdaq-tokenized-securities-trading-rule/
- Posture: Agency order
- Authorities: SEC Division of Trading and Markets (delegated authority); The Nasdaq Stock Market LLC
- Event date: 2026-03-18
- Version: 1, published 2026-09-23 (first published 2026-09-23)
- Advisor-relevant: yes

## What changed

On March 18, 2026 the SEC's Division of Trading and Markets, acting for the Commission under delegated authority, approved Nasdaq rule filing SR-NASDAQ-2025-072, as amended (Release No. 34-105047). The rule lets participants in DTC's tokenization pilot trade tokenized forms of pilot-eligible securities, Russell 1000 stocks and ETFs that track major indices, on Nasdaq. A tokenized share trades on the same order book, with the same priority, as the ordinary share, but only if it is fungible with it, shares its CUSIP and symbol, and carries the same rights. A member flags an order for token settlement; Nasdaq passes the flag to DTC after the trade without checking eligibility, and DTC settles in ordinary form if it cannot mint the token. Settlement stays T+1, and fees, market data, and surveillance do not change. Nasdaq says the rule takes effect only once DTC's tokenization infrastructure and post-trade services exist, and it will give members at least 30 calendar days' notice before tokenized trading starts. The rule is not yet operative.

## Who it affects

- Nasdaq members that are DTC pilot participants
- Broker-dealers and custodians that would hold tokenized shares for customers in registered wallets
- Advisers whose clients may be offered tokenized forms of listed stocks and ETFs

## What is still open

- When DTC's tokenization service goes live, which starts the 30-day notice
- How corporate actions work when DTC must de-tokenize or force-convert a token to receive a distribution
- Whether Nasdaq files for other tokenization routes or non-fungible tokenized instruments, which the order says need new filings

## What it means for an advisor

- A token that trades under this rule must carry the same CUSIP and rights as the share; anything sold as a tokenized stock without them falls outside it
- Before using token settlement, confirm the broker is a DTC pilot participant and the wallet is registered with DTC; otherwise the trade settles in ordinary form
- Watch for Nasdaq's Equity Trader Alert, which starts the 30-day clock

## Sources

1. [Nasdaq: Order Approving a Proposed Rule Change, as Modified by Amendment No. 2, to Enable the Trading of Securities on the Exchange in Tokenized Form (Release No. 34-105047; SR-NASDAQ-2025-072)](https://www.sec.gov/files/rules/sro/nasdaq/2026/34-105047.pdf) · SEC Division of Trading and Markets (delegated authority) · 2026-03-18


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Published by Ketju Research on RIADeFi (https://riadefi.com). Educational research for financial professionals; not investment, legal, tax, or compliance advice.