Nasdaq and Boerse Stuttgart have entered a partnership to enable tokenised trading and settlement of European assets, positioning themselves at the centre of efforts to modernise Europe’s post‑trade infrastructure.
The initiative uses DLT to streamline settlement processes and reduce the operational friction created by Europe’s fragmented national systems.
Boerse Stuttgart will connect its trading venues to Seturion, its new pan‑European settlement platform supporting all asset classes across public and private DLTs. Seturion enables settlement in both central bank money and on‑chain cash, aiming to provide a unified alternative to Europe’s siloed post‑trade environment.
Nasdaq’s European trading venues will link to Seturion to support trading of tokenised securities, beginning with structured products. The partners plan to expand connectivity to a wider network of issuers, brokers, and financial institutions, building a cross‑border ecosystem for tokenised assets.
For market participants, the model promises faster, more cost‑efficient settlement while preserving existing market structures and client workflows.
Why this matters
The move comes six months after an AFME report highlighted the high cost of settlement in Europe and the inefficiencies created by duplicated processes, long settlement cycles, and cross‑border complexity. By introducing a single DLT‑based settlement layer, Nasdaq and Boerse Stuttgart are positioning Seturion as a structural response to these issues – one that could reduce fragmentation and lower the cost base of European post‑trade operations.
Roland Chai, Nasdaq’s head of digital assets, said the partnership aligns with Nasdaq’s broader strategy to evolve market infrastructure across trading, clearing, settlement, risk management, and collateral.
Dr. Matthias Voelkel, CEO of Boerse Stuttgart, described Seturion as an open, pan‑European solution designed to overcome national settlement silos. Dr. Lidia Kurt, CEO of Seturion, called the partnership a defining step toward building “the post‑trade infrastructure of the digital age.”
