According to Lex Sokolin, Nasdaq and LSEG are moving to tokenize equity and funds trading, framing the shift as TradFi adopting DeFi-style programmable finance and API-based product distribution. source: Lex Sokolin on X, Sep 28, 2025 LSEG previously disclosed work on a blockchain-based venue for tokenized assets, while Nasdaq Market Technology offers DLT-based market infrastructure for asset tokenization, lending credibility to production-grade rollout by tier-1 operators. source: Financial Times interview with LSEG executives, Sept 2023; Nasdaq Market Technology publications For trading context, institutional tokenization milestones have validated on-chain fund distribution, exemplified by BlackRock’s launch of the BUIDL tokenized fund on Ethereum in March 2024, which strengthened the RWA fund narrative used by market participants to gauge demand. source: BlackRock press release, Mar 2024 BIS has highlighted that tokenization enables atomic settlement and programmability, making venue design and interoperability choices material for liquidity pathways that traders track between TradFi and DeFi. source: Bank for International Settlements, The blueprint for the future monetary system, 2023