Whalesbook
SEC ne Wednesday, March 19, 2026 ko Nasdaq ke tokenized stock aur ETF trading pilot program ko approve kar diya hai. Yeh U.S. stock market mein blockchain technology ko integrate karne ki taraf ek bada, par measured step hai. Is framework mein, stocks aur Exchange Traded Funds (ETFs) ko digital tokens ke roop mein test kiya jayega, lekin yeh sab traditional finance (TradFi) ke existing structures ke andar hi hoga.
Ye tokenized securities bilkul regular shares jaisi hi hongi – unke rights, dividends aur voting power same rahenge. Yeh same order books par trade hongi, aur execution priority & market data bhi wahi rahega. Surveillance systems bhi dono formats ko monitor karenge. Sabse important point, clearing aur settlement ke liye Depository Trust & Clearing Corporation (DTCC) hi responsible rahega, jisse current T+1 settlement cycle maintain hoga, instant settlement nahi. Yeh approach U.S. market ki stability aur investor protection ko priority deta hai.
U.S. iss field mein global peers se thoda peeche lag raha hai. Kazakhstan, El Salvador, Switzerland, UAE, Singapore aur Hong Kong jaise countries pehle se hi tokenized securities ke liye zyada open regulatory frameworks le aaye hain. European Union ka MiCA regulation bhi digital assets ke liye clear rules deta hai. U.S. ka financial system bahut bada aur complicated hai, isliye yeh gradual approach rakha ja raha hai taaki investor protection aur market stability bani rahe.
Ab Nasdaq Inc. (NDAQ) ki financial health ki baat karein toh, March 2026 tak inka Price-to-Earnings (P/E) ratio lagbhag 27.6 hai, jo inke pichle 2 saal ke low ke kareeb hai. Matlab stock shaayad thoda attractive valuation par hai. Financials mast hain, Piotroski F-Score 9 aur Beneish M-Score -2.59 hai, matlab company solid hai aur fraud ka risk kam hai. Analysts bhi positive hain, target price around $111.46 de rahe hain aur recommendation score 1.8 hai (jo positive view dikhata hai). Sabse achhi baat, institutional investors ke paas 84.45% ownership hai, matlab bade players ko bhi company par bharosa hai.
Lekin haan, is pilot program mein kuch limitations bhi hain. Participation sirf 'eligible participants' tak seemit hai aur stocks bhi limited honge, mainly large-cap Russell 1000 ke stocks aur major index-tracking ETFs. Isse uska immediate impact kam ho sakta hai. Aur DTCC settlement ki wajah se blockchain ke pure benefits, jaise instant settlement ya 24/7 trading, abhi nahi mil payenge. Critics keh rahe hain ki yeh sirf incremental efficiency gains dega, na ki koi bada revolution.
Future mein SEC aur regulations laayega, par yeh sab step-by-step hoga. U.S. market mein blockchain ka integration badhega, jo competition badhayega aur traditional brokers ko adapt karne par majboor karega. Par is innovation ki speed regulators aur market participants par hi depend karegi.