{"id":242248,"date":"2026-04-30T12:32:50","date_gmt":"2026-04-30T16:32:50","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=242248"},"modified":"2026-05-01T15:34:24","modified_gmt":"2026-05-01T19:34:24","slug":"is-tokenization-the-next-big-macro-shift","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/podcasts\/ibkr-podcasts\/is-tokenization-the-next-big-macro-shift\/","title":{"rendered":"Is Tokenization the Next Big Macro Shift?"},"content":{"rendered":"\n<p>In this IBKR Podcast Episode, Michael Normyle from Nasdaq joins us to explore how tokenization is transforming collateral, liquidity and the speed of modern markets. Join us as we unpack what this shift could mean for investors and the future of finance.<\/p>\n\n\n\n<iframe title=\"Is Tokenization the Next Big Macro Shift?\" allowtransparency=\"true\" height=\"150\" width=\"100%\" style=\"border: none; min-width: min(100%, 430px);height:150px;\" scrolling=\"no\" data-name=\"pb-iframe-player\" src=\"https:\/\/www.podbean.com\/player-v2\/?i=2am89-1ab09e4-pb&#038;from=pb6admin&#038;share=1&#038;download=1&#038;rtl=0&#038;fonts=Arial&#038;skin=1b1b1b&#038;font-color=ffffff&#038;logo_link=episode_page&#038;btn-skin=c73a3a\" loading=\"lazy\"><\/iframe>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-summary-ibkr-podcasts-ep-378\">Summary \u2013 IBKR Podcasts Ep. 378<\/h2>\n\n\n\n<p><em>The following is a summary of a live audio recording and may contain errors in spelling or grammar. Although IBKR has edited for clarity no material changes have been made<\/em>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman\">Jeff Praissman<\/h3>\n\n\n\n<p>Hi everyone. This is Jeff Praissman with Interactive Brokers Podcast.\u00a0It&#8217;s\u00a0my pleasure to welcome back Michael\u00a0Normyle, U.S. Economist at Nasdaq. Hey, Michael, how are\u00a0you?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-michael-normyle\">Michael\u00a0Normyle<\/h3>\n\n\n\n<p>Doing well, thanks. Glad to be back.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-0\">Jeff Praissman<\/h3>\n\n\n\n<p>Always excited to have you in for our monthly podcast, and today\u00a0we&#8217;re\u00a0gonna\u00a0dive into how digitalization is, you know, reshaping not just markets, but economic signals investors rely on every day as well.\u00a0<\/p>\n\n\n\n<p>NASDAQ had an article a few weeks ago basically talking about tokenization;\u00a0we&#8217;re\u00a0gonna\u00a0kind of touch on that a little bit, as well as throw in your economic angle as well.\u00a0And I\u00a0kind of wanted\u00a0to kick it off with the first question: Nasdaq&#8217;s research showed that more than half of all institutions expect to use tokenized collateral by the end of next year. From a macro perspective, how significant is that shift for capital efficiency and overall financial conditions?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-michael-normyle-0\">Michael\u00a0Normyle<\/h3>\n\n\n\n<p>Just to lead off here, I\u00a0wanna\u00a0mention that article that\u00a0you&#8217;re\u00a0referring to\u2014we were highlighting one of the recent white papers that Nasdaq did on this subject.\u00a0So\u00a0I&#8217;m\u00a0probably\u00a0gonna\u00a0be referring to that a lot throughout this conversation, but like\u00a0you&#8217;re\u00a0saying, over half\u201452%, to be exact\u2014of institutions surveyed expect to be using tokenized collateral by the end of this year.\u00a0And that really matters because the average firm today, they manage about\u00a0$75 billion\u00a0in total collateral across all activities\u2014so repos, derivatives, securities lending, et cetera. But about 25% of that is essentially idle because\u00a0firms, they\u00a0have to post their collateral early, often overnight, just to make sure that it&#8217;s in the right account by the morning, and they\u00a0overpost\u00a0by about 7% as a buffer against failed deliveries.\u00a0<\/p>\n\n\n\n<p>So\u00a0this is an opportunity cost for these businesses, and for firms with over\u00a0$100 billion\u00a0in assets under management, tokenization could mobilize\u00a0nearly\u00a0$5 billion\u00a0of currently idle collateral, and that translates to about $350 million per year in\u00a0additional\u00a0interest.\u00a0For firms with $20 to\u00a0$99 billion\u00a0in AUM,\u00a0that&#8217;s\u00a0nearly $200 million\u00a0in potential earnings.\u00a0So\u00a0when you aggregate that across the industry,\u00a0you&#8217;re\u00a0talking about a\u00a0pretty meaningful\u00a0shift in capital efficiency.\u00a0<\/p>\n\n\n\n<p>And there&#8217;s other aspects where tokenization can help, too. So that white paper mentions that&nbsp;it&#8217;s&nbsp;expected to reduce failed trades by about 13%, cut operating costs by&nbsp;nearly 12%, reduce collateral buffering by 12%, and improve collateral&nbsp;utilization&nbsp;by over 3%.&nbsp;So&nbsp;from a macro perspective, tokenization can help make the entire financial&nbsp;system&#8217;s&nbsp;plumbing&nbsp;faster, more reliable, and more capital efficient.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-1\">Jeff Praissman<\/h3>\n\n\n\n<p>And\u00a0so\u00a0it seems like there&#8217;s potential\u2014I highlight potential\u2014for a lot more efficiency if\u00a0there&#8217;s\u00a0a changeover. But, you know, if assets either from equities and collateral become\u2014if they become digital and tokenized\u2014would that change how economists should interpret traditional indicators like liquidity, credit availability, and the velocity of money, given what you\u2014\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-michael-normyle-1\">Michael\u00a0Normyle<\/h3>\n\n\n\n<p>Yeah, and I think, just to your point, it is good to highlight that this is potential at this point, right?\u00a0It&#8217;s\u00a0a\u00a0relatively small\u00a0amount of assets involved at this point, but something that could certainly build over time. But to your question on how to interpret the traditional indicators because of this change, this shift\u2014as we assume that\u00a0it&#8217;s\u00a0gonna\u00a0grow\u2014I&#8217;m\u00a0not really concerned about it\u00a0at the moment, like\u00a0you&#8217;re\u00a0saying, because\u00a0it&#8217;s\u00a0partly potential at this point.\u00a0But it could become a bigger issue\u00a0in the long run\u00a0as adoption of tokenization\u00a0broadens\u00a0and the amount of assets involved rises. And that&#8217;s\u00a0because\u00a0traditional indicators like the M2 money supply or credit growth, or velocity of money\u2014they were designed in a world of batch processing and T+1 or T+2 settlement.\u00a0So if we switch to a world where a lot of collateral is moving in real time, 24\/7 across jurisdictions, then those traditional measures, they need to be, I guess, adjusted to catch up to the new reality and to accurately measure the liquidity in the system, or the lag in reporting them will start to feel even longer, because these are also things that don&#8217;t come out immediately following the data.\u00a0And then\u00a0there&#8217;s\u00a0the\u00a0additional\u00a0challenge\u2014and this is something that we discussed in that Market Makers article on Nasdaq.com that you were referring to\u2014which is just that not all tokens are the same.\u00a0So\u00a0it&#8217;s\u00a0a term\u00a0that&#8217;s\u00a0used widely, but some tokens\u00a0represent\u00a0direct ownership of\u00a0equities,\u00a0some\u00a0represent\u00a0a promise of ownership, but those two things carry\u00a0very different\u00a0risk profiles.\u00a0<\/p>\n\n\n\n<p>So&nbsp;in updating these measurement tools, we also need to discern not only which type of tokens are moving, but how much. And like I said, though,&nbsp;I think this&nbsp;is a longer-term issue to solve as the amount of assets involved grows.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-2\">Jeff Praissman<\/h3>\n\n\n\n<p>Yeah. And in your opening statement, you\u00a0kind of stated\u00a0how a lot of firms are putting this money in the night before and going 7% over, you know, on average. Tokenization is often discussed in terms of faster settlement and reduced friction. So again, if this does happen, could that speed meaningfully affect how quickly financial conditions tighten and loosen compared to past cycles?\u00a0<\/p>\n\n\n\n<p>Would everything be sped up, or is it sort of like a kind of speeding up that day, but not the overall big picture?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-michael-normyle-2\">Michael\u00a0Normyle<\/h3>\n\n\n\n<p>Yeah, I mean, I think\u00a0that&#8217;s\u00a0possible, and\u00a0I guess it\u00a0is\u00a0kind of like\u00a0a continuation of what\u00a0we&#8217;ve\u00a0been seeing throughout history, right? Like it used to\u00a0be\u00a0you&#8217;d\u00a0read about what happened the next day in the newspaper, and now you can get a push notification from the Fed, or you can watch the Fed meeting live or the press conference.\u00a0<\/p>\n\n\n\n<p>So\u00a0we&#8217;ve\u00a0definitely seen\u00a0that speed between something changing and getting the news widely\u00a0disseminated\u00a0shrink over time. But if we think about the Fed changing the Fed funds rate, the effect or impact on financial conditions depends on how much collateral is\u00a0actually responsive\u00a0to that change.\u00a0Like I talked about earlier, it could help unfreeze some 25% of capital\u00a0that&#8217;s\u00a0sitting idle overnight or over the weekend.\u00a0So\u00a0if\u00a0that&#8217;s\u00a0added to the pot of money responding, then you could think about the financial system potentially responding quicker to rate changes in that way.\u00a0<\/p>\n\n\n\n<p>And it&nbsp;seems to be&nbsp;something that people in the industry are thinking about, since Nasdaq&#8217;s new white paper shows that the repo market is the top priority for tokenization among all the firms that were surveyed.&nbsp;<\/p>\n\n\n\n<p>And so those repos, they help banks and hedge\u00a0funds\u00a0and financial institutions borrow cash overnight. And of course, as an overnight rate, they move closely with the Fed funds rate, which is the rate that banks charge each other overnight for loans.\u00a0So currently, when the Fed funds rate changes, the repo rate changes. That settlement is still batch processed, and that could take a day or two.\u00a0So\u00a0I think\u00a0it&#8217;s\u00a0really speeding up the settlement side that tokenization would address there. And then, of course, when everything happens faster, that means that we need to think about what kind of safeguards are in place to respond to or prevent problems from popping up.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-3\">Jeff Praissman<\/h3>\n\n\n\n<p>Yeah, I was\u00a0gonna\u00a0say there&#8217;s always unintentional consequences, right? With every, you know, with every technology change, and, you know, I was\u00a0gonna\u00a0ask you, is there, you know, is there a risk with this, you know, more efficient collateral usage through tokenization? Could it amplify, you know, leverage during expansions and accelerate stress during downturns and\u00a0kind of really\u00a0make some bigger swings versus what the systems used to?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-michael-normyle-3\">Michael\u00a0Normyle<\/h3>\n\n\n\n<p>Yeah, and this is something that\u00a0does come\u00a0up in the white paper. So first, to, I think, understand why\u2014like I mentioned earlier, again\u2014firms,\u00a0they\u00a0overpost\u00a0collateral by about 7%, and about 25% of all collateral is earning no return.\u00a0So\u00a0if tokenization means that same money could be used more efficiently, then they can also support more positions. And if the firms surveyed estimated, that would mean a 3% improvement in collateral\u00a0utilization\u00a0here.\u00a0But of course, when\u00a0you&#8217;re\u00a0boosting\u00a0leverage somewhat, that does add to risks when things go sideways too.\u00a0So\u00a0the speed and interconnectedness of tokenized markets could potentially accelerate that stress during downturns. But again, I think\u00a0that&#8217;s\u00a0why those safeguards need to be put in place and managed. And\u00a0I think regulatory issues\u00a0is\u00a0one of the big discussions around this area too, because\u00a0that&#8217;s\u00a0something that people want in place to, you know, get the benefits of this technology while mitigating the risks as much as possible.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-4\">Jeff Praissman<\/h3>\n\n\n\n<p>And with some digital markets moving toward continuous or near 24\/7 trading, is that\u00a0gonna\u00a0improve price discovery, or does it just introduce new forms of volatility that the traditional economic data may miss?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-michael-normyle-4\">Michael\u00a0Normyle<\/h3>\n\n\n\n<p>Yeah, so\u00a0I&#8217;m\u00a0gonna\u00a0cite our white paper again here, but\u00a0I think the answer\u00a0is a bit of both on this. So right now, firms,\u00a0they&#8217;re\u00a0saying that markets,\u00a0they&#8217;re\u00a0shut down Friday evening to Monday morning. And\u00a0so\u00a0there&#8217;s\u00a0some amount of guesswork that they need to do for the weekend gap, and that could be mitigated by continuous pricing.\u00a0<\/p>\n\n\n\n<p>And ultimately, though, that price discovery mechanism, its efficiency is dependent upon how much participation there\u00a0are\u00a0in markets outside of core hours. And of course, this is relevant from\u00a0the\u00a0US perspective, right? Because people need to sleep, they need to take weekends off. But then there&#8217;s also part\u00a0that&#8217;s\u00a0where the participants outside the US time zones come in.\u00a0So\u00a0it could add to that efficiency because\u00a0there&#8217;s\u00a0more liquidity coming from outside the US time zone.\u00a0But in terms of new forms of volatility, I mean,\u00a0it&#8217;s\u00a0possible that could happen, but I think\u00a0it&#8217;s\u00a0also something that\u00a0we&#8217;ve\u00a0been seeing already, even before tokenization and 24\/7 trading, or 23.5, whatever it ends up being.\u00a0But,\u00a0so if you think about the September 2022 mini budget crisis in the UK, the March 2023 bank failures in the US, these things are happening at a faster pace already.\u00a0<\/p>\n\n\n\n<p>So, you know, international&nbsp;events, they&nbsp;can already happen outside of US trading hours. But 24\/7 trading does mean more hours where there&#8217;s potential to see that volatility. But I think as it relates to traditional economic data,&nbsp;I&#8217;m&nbsp;a bit less concerned about that just because&nbsp;it&#8217;s&nbsp;already backward-looking, and&nbsp;maybe&nbsp;it&#8217;ll&nbsp;feel slightly more backward-looking in this case.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-5\">Jeff Praissman<\/h3>\n\n\n\n<p>Right. Yeah, I\u00a0wanna\u00a0pivot a little bit and\u00a0kind of just\u00a0talk about gold for a few questions. Gold&#8217;s long been a key macro signal for inflation expectations, real rates, and risk sentiment. How does digitalization change gold&#8217;s role as an economic indicator?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-michael-normyle-5\">Michael\u00a0Normyle<\/h3>\n\n\n\n<p>Yeah, I think one of the issues right now, if\u00a0you own physical gold, is\u00a0there&#8217;s\u00a0not a lot you can do with it\u2014it just sits on your shelf. But\u00a0that&#8217;s\u00a0not true everywhere. In India, for example, people already deposit gold and borrow against it.\u00a0So\u00a0if that kind of infrastructure scales globally through digital digitization, then gold becomes more liquid, more traded, and more responsive to macro conditions like\u00a0you&#8217;re\u00a0asking about.\u00a0And I think\u00a0it&#8217;s\u00a0clear that there&#8217;s interest in this because, again, this is something that came up in the survey of firms in the white paper, where they listed gold as an asset that they expect to tokenize for use as collateral. And\u00a0so\u00a0if we see that, that could mean gold signals as an economic indicator\u2014maybe it\u00a0gets sharper, reflecting that real-time sentiment and capital flows, rather than just being more of a slower-moving store of value.\u00a0And\u00a0so\u00a0when you potentially layer on atomic settlement and broader electronic access, you can turn gold into something that can react to macro developments as fast as other financial instruments.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-6\">Jeff Praissman<\/h3>\n\n\n\n<p>Yeah, and that kind of, it kind of just answered my other question, where I was basically just\u00a0gonna\u00a0say, you know, as gold&#8217;s becoming more digitalized and electronic ownership becomes more prevalent, you know, it seems like it&#8217;s\u00a0gonna\u00a0potentially stop behaving like a static value and more like a financial asset, with, you know, competing with bonds and cash and equities.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-michael-normyle-6\">Michael\u00a0Normyle<\/h3>\n\n\n\n<p>Yeah, I mean, I think\u00a0that&#8217;s\u00a0fair, right? That could be the case. So, you know, historically,\u00a0it&#8217;s\u00a0something you hold instead of doing something productive with your capital, since\u00a0it&#8217;s\u00a0not\u00a0gonna\u00a0earn you any yield. But if you can lend against it,\u00a0post as\u00a0collateral, access it at any hour of any day, then, like\u00a0you&#8217;re\u00a0saying, it starts to directly compete more with short-duration bonds or money market funds, or even cash.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-7\">Jeff Praissman<\/h3>\n\n\n\n<p>And Michael, along the inflationary and policy and economic signal front here, you know, if capital is able to move faster through these digital and tokenized markets, could inflationary pressures show up in asset prices before they even appear in traditional consumer inflation data at this point?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-michael-normyle-7\">Michael\u00a0Normyle<\/h3>\n\n\n\n<p>I think, to me, that I feel like\u00a0there&#8217;s\u00a0a good argument to be made that&#8217;s\u00a0kind of already\u00a0the case for a\u00a0couple\u00a0reasons. The first just being that markets are forward-looking, and the second being that traditional inflation data,\u00a0it&#8217;s\u00a0typically\u00a0lagged\u00a0two to four weeks, depending on whether\u00a0you&#8217;re\u00a0looking at CPI or PCE.\u00a0So\u00a0markets are already trying to account for that inflation and activity in general in near real time. And so\u00a0that&#8217;s\u00a0why, you know, you read about companies using satellite imagery to look at how many lights are on as a proxy for activity or count cars in a mall parking lot.\u00a0So\u00a0markets are always trying to get ahead of the data, and then they can\u00a0recalibrate to\u00a0that data when\u00a0it&#8217;s\u00a0released.\u00a0And\u00a0that&#8217;s\u00a0why we have consensus economic forecasts that are mostly\u00a0priced in\u00a0before we get the data. And if those forecasts are\u00a0pretty much spot\u00a0on when that data comes out, then the markets\u00a0don&#8217;t\u00a0really react to it that much.\u00a0It&#8217;s\u00a0when\u00a0there&#8217;s\u00a0a big gap between expectations and the final data that you get that market reaction.\u00a0<\/p>\n\n\n\n<p>So&nbsp;I think this&nbsp;is&nbsp;maybe a&nbsp;case where tokenization may, at the margin, make it happen&nbsp;somewhat faster&nbsp;and more efficiently, but maybe not a complete game changer compared to some other areas.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-8\">Jeff Praissman<\/h3>\n\n\n\n<p>Got it, got it. And my answer to this is yes, but I\u00a0wanna\u00a0get your take on it. Being an economist, you know, central banks and policymakers\u2014will they eventually need to\u00a0monitor\u00a0new digital indicators, such as, say, tokenized collateral usage, alongside their old measures like lending growth and money supply?\u00a0I definitely feel like that&#8217;s a yes if this stuff continues.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-michael-normyle-8\">Michael\u00a0Normyle<\/h3>\n\n\n\n<p>Yeah, no,\u00a0I 100%\u00a0agree with you. And I think there&#8217;s already signs that\u00a0we&#8217;re\u00a0seeing it already. So, you know, I mentioned earlier, 52% of firms expect to be live with tokenized collateral by the end of this year, 78% of North American firms expect a significant impact.\u00a0If you look at something like Broadridge&#8217;s digital distributed ledger repo platform that&#8217;s processing\u00a0$9 trillion\u00a0in monthly turnover, the European Central Bank\u2014they started accepting tokenized securities as eligible collateral at the end of March\u2014and they have Project Pontus that&#8217;s\u00a0gonna\u00a0deliver regular distributed ledger tech settlement services in central bank money by Q3 of this year.\u00a0Then the Bank of England, they have their synchronization lab that they&#8217;re launching, and that&#8217;s meant to help address the issue where many digital asset transactions, they settle the asset leg instantly on blockchain networks, but then the corresponding cash leg can settle hours or even days later through conventional banking infrastructure.\u00a0So\u00a0trying\u00a0to figure out how to, you know, manage those gaps.\u00a0But in terms of better enabling measurement, I think\u00a0that&#8217;s\u00a0another thing that came up during the surveys for the white paper, where 70% of firms see the common domain model as the foundation of consistent digital asset representation\u00a0on-chain.\u00a0So\u00a0using a standardized data language that can help capture a more complete picture of\u00a0what&#8217;s\u00a0going on, enabling more\u00a0accurate\u00a0measurement, and then central banks will have to\u00a0monitor\u00a0this alongside those traditional metrics. And\u00a0maybe those\u00a0metrics need\u00a0updating\u00a0too as things grow in this space too.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-9\">Jeff Praissman<\/h3>\n\n\n\n<p>And you mentioned earlier that not all tokens are the same, and there&#8217;s potentially different risks associated with different tokens.\u00a0So\u00a0it&#8217;s\u00a0not one\u00a0size\u00a0fits all. Could\u00a0you\u00a0kind of just\u00a0touch on, like a\u00a0big-picture, 10,000-foot view, what some of those risks could be?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-michael-normyle-9\">Michael\u00a0Normyle<\/h3>\n\n\n\n<p>Yeah, and\u00a0I think this\u00a0is something that we covered\u00a0really well\u00a0in the Market Makers post. But\u00a0there&#8217;s\u00a0been some steps in the right direction, I think, on this, to remove some of the uncertainty around tokens. One of the bigger ones coming from the SEC chair, Atkins\u2014he laid out his vision for kind of the token taxonomy late last year, and it&#8217;s centered on the Howey Test, where to qualify as a security, there\u00a0needs to be four requirements that are satisfied.\u00a0The first is the investment of money, so there needs to be\u00a0an initial\u00a0outlay of capital or other consideration of value. Common enterprise is the second requirement, so the\u00a0investor&#8217;s\u00a0money is pooled with that of other investors in a common venture, and so\u00a0it&#8217;s\u00a0creating some interdependence among participants. The third is the expectation of profits, so\u00a0investors, they\u00a0must expect to earn returns on their investment, either through capital appreciation or income distribution. And the last piece is that profits are derived from the efforts of others, and so that means those\u00a0profits,\u00a0they need to result primarily from the work and management of a third party rather than from the investor&#8217;s own efforts.\u00a0<\/p>\n\n\n\n<p>So&nbsp;when you take those four requirements, things like NFTs or cryptocurrencies&nbsp;don&#8217;t&nbsp;qualify as securities because&nbsp;there&#8217;s&nbsp;no effort of others really happening, like a company&#8217;s employees. And&nbsp;it&#8217;s&nbsp;actually only&nbsp;tokenized securities, where&nbsp;there&#8217;s&nbsp;a token that&nbsp;represents&nbsp;an underlying security like a share of&nbsp;stock,&nbsp;that would count as a security from the SEC&#8217;s perspective.&nbsp;<\/p>\n\n\n\n<p>But, you know, all these things\u2014they&#8217;re still relatively new technology, so like you&#8217;re saying, there&#8217;s room to improve clarity, I think, and that would eventually help improve the efficiency and functionality and, I think, help with adoption too, where anything that there&#8217;s uncertainty about\u2014especially in the financial sector\u2014is&nbsp;gonna&nbsp;be a hindrance.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-10\">Jeff Praissman<\/h3>\n\n\n\n<p>And final question,\u00a0kind of just\u00a0to wrap this whole thing up here. So financial digitalization, it sounds like\u00a0it&#8217;s\u00a0coming, right?\u00a0It&#8217;s\u00a0on its\u00a0way, if\u00a0it&#8217;s\u00a0not already here. Does it\u00a0ultimately make\u00a0the economy more resilient through transparency and access, or more fragile by increasing speed and interconnectedness during these periods of stress, or quite honestly both, right?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-michael-normyle-10\">Michael\u00a0Normyle<\/h3>\n\n\n\n<p>Yeah, I mean, I feel like, I guess the sum of everything that we talked about today, I think\u00a0there&#8217;s\u00a0definitely a\u00a0case for the increased resilience aspect thanks to the potential efficiency that financial digitalization can provide. But\u00a0by the same token, if\u00a0it&#8217;s\u00a0not implemented with proper guardrails, then you could see more volatility during times of stress.\u00a0So\u00a0like\u00a0you&#8217;re\u00a0saying,\u00a0it&#8217;s\u00a0a bit of both, but I think\u00a0there&#8217;s\u00a0a way to make it more of the benefit with less of the risk aspect,\u00a0as long as\u00a0those guardrails are properly put in place.\u00a0And I think there&#8217;s\u00a0gonna\u00a0be time to learn along the way, even just because of the comparatively small size of assets that are involved. But over time, regulation, market structure, legal frameworks, and investor education, those will need to keep pace with the technology.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-11\">Jeff Praissman<\/h3>\n\n\n\n<p>Michael, this has been great, as always. I think what&#8217;s really clear to me, at least, is that, yeah, digitalization\u2014it&#8217;s not just changing how the assets\u00a0trade,\u00a0it&#8217;s also\u00a0gonna\u00a0potentially change how people decipher economic signals, how quickly they form, how quickly they reach markets. I guess, like other\u00a0big changes\u00a0in history, people are\u00a0gonna\u00a0adapt, right?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-michael-normyle-11\">Michael\u00a0Normyle<\/h3>\n\n\n\n<p>I think\u00a0that&#8217;s\u00a0been really the story of the financial industry for a long time, right?\u00a0Everything&#8217;s\u00a0been speeding up and getting more efficient, and this is\u00a0maybe the\u00a0next step in that evolution.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-12\">Jeff Praissman<\/h3>\n\n\n\n<p>And for our audience, you can find more from Michael\u00a0Normyle\u00a0at Nasdaq.com, as well as on our website. We do a monthly podcast with him and his team, and\u00a0also\u00a0we will include a link to the article that we referenced in the podcast as well.\u00a0So\u00a0it&#8217;s definitely worth the read as well to do a little bit of a deeper dive into the subject.\u00a0Thanks, Michael.\u00a0<br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this IBKR Podcast Episode, Michael Normyle from Nasdaq joins us to explore how tokenization is transforming collateral, liquidity and the speed of modern markets. Join us as we unpack what this shift could mean for investors and the future of finance.<\/p>\n","protected":false},"author":914,"featured_media":242251,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[10842,13857],"tags":[21460,2417,21461,4479,9825,3224,6988,1006,17763,789,1666,6014,20436,8228],"contributors-categories":[13576,13756],"class_list":{"0":"post-242248","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-podcasts","8":"category-podcasts","9":"tag-blockchain-finance","10":"tag-central-banks","11":"tag-collateral-management","12":"tag-digital-assets","13":"tag-digital-transformation","14":"tag-economic-indicators","15":"tag-financial-markets","16":"tag-fintech","17":"tag-interactive-brokers-podcast","18":"tag-investing","19":"tag-liquidity","20":"tag-macroeconomics","21":"tag-market-structure","22":"tag-tokenization","23":"contributors-categories-interactive-brokers","24":"contributors-categories-nasdaq"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Is Tokenization the Next Big Macro Shift? | IBKR Podcasts<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/242248\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Tokenization the Next Big Macro Shift? | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"In this IBKR Podcast Episode, Michael Normyle from Nasdaq joins us to explore how tokenization is transforming collateral, liquidity and the speed of modern markets. 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