Talos

Talos has crossed $1 trillion in notional trading volume through the platform since inception. 🚀 This incredible milestone was made possible by the trust of our clients, collaboration of our partners and rigor of our team who built the infrastructure behind every trade. 🎙️ “The first trillion validated the foundation. We are now building for the next one.” - Anton Katz, Co-Founder and CEO (@KatzAnton) ➡️ Read more from Anton: ow.ly/myxq50ZEWS1

In 2018, @KatzAnton and @ethanf set out to build the best institutional execution platform for crypto. Eight years, 200+ people and over $1 trillion in volume later, Talos is today the trading and data infrastructure for 24/7 markets, from crypto and tokenized assets to perpetuals and prediction markets. We recently came together from across 19 countries to reflect on our successes, re-energize around our mission, and reimagine how we continue to build ambitiously into the future. Come build with us: ow.ly/lEcv5101WGi

We’re hiring a Principal Engineer for our data quality platform at Talos 🚀 As Talos Data grows in scale, breadth and depth, our clients continue to trust us to deliver data they can rely on. This role will keep the standard high as we expand. This is a hands-on engineering role with a strong emphasis on architecture, suited to someone who has led or delivered data quality or data platform work on high-throughput, real-time systems. It’s a highly visible position across Talos and central to how we scale our data business with confidence. ➡️ If this sounds like you or someone you know: ow.ly/muPX5102iqy 📍London

The Fed held rates at 3.75–4.00% but left the door open to another hike, with markets pricing a strong chance of a December move. AI and chip stocks rebounded on Anthropic’s S-1 (first-half revenue of $16.3B) and a record quarter from SK Hynix. 📉 Breadth weakened, with just 11 of the top 50 assets advancing. BTC fell 2.5% against a flat S&P 500, and ETH/BTC dropped 1.5% to 0.0291. Spot ETFs saw $190M of net outflows, and stablecoin supply contracted by ~$1.7B. 🏛️ Two routes for Hyperliquid-based perps to enter US regulated markets surfaced: Payward through HIP-3 with Bitnomial, and ICE through trade[XYZ], pending approval. 🗳️ Ahead of the Nov 3 midterms, BTC options price an election-week premium of ~7%, compared with ~34% before the 2024 vote. Meanwhile, prediction markets put a Democratic sweep at ~64%, and Talos’s odds-of-odds indicator shows uncertainty starting to rise again. The latest State of the Market from Talos Research Associate @TanayVed ➡️ Read it here: ow.ly/qj2R5102hKK Or subscribe on LinkedIn: ow.ly/MnwL5102hMc

When @TRowePrice set out to launch the industry’s first actively managed, multi-token spot crypto ETP, it needed infrastructure that could meet the standards of a US-regulated fund across the entire lifecycle. Talos delivered an integrated platform within the ETP’s pre-launch testing window: 🔹 Portfolio construction: automated pre-trade compliance for rebalance and create/redeem workflows, near real-time index reweighting and Modified Dietz performance reporting 🔹 Execution: basket RFQs with standardized spread-to-fixing quoting, care order handling and an interval VWAP algo for benchmark replication 🔹 Post-trade: integrations with @StateStreet for cash settlement and @Anchorage Digital as qualified custodian, synchronizing on-chain wallet activity into fund accounting for T+0/T+1 settlement 🔹 Data and NAV: benchmark-aligned pricing across the trading fix, NAV and investor reporting ➡️ Read the full case study ow.ly/QIcR510220U 🎙️“Operations is a source of alpha in crypto. Talos’s fully integrated, fit-for-purpose, institutional-grade platform allowed us to extend our existing ETF operating model to digital assets” — Blue Macellari, Head of Digital Assets, T. Rowe Price #DigitalAssets #CryptoETF

One question, four answers: Kalshi priced Democratic Senate control up to 9.7 points apart across contract families. We model a nine-leg combination and show how fees and thin liquidity shrink the edge. Read the latest State of the Network by @kelly_cfa 👇 ow.ly/NbRR5101J5r

We're excited to welcome Kelly Ye, CFA as our new Head of Research. Kelly brings nearly two decades of experience across traditional finance and digital assets. She held investment leadership roles in digital assets at Avenir Group and Decentral Park Capital (@DPCio) and research and product leadership roles at @Fidelity Digital Asset Management and @CoinDeskMarkets Data & Indices. Most recently, she was building @CoinBridge_US ➡️ Read the announcement: ow.ly/BmCV5101y6E "Kelly has built research and investment products at both traditional and digital asset firms, and she understands how institutions use research to make decisions. She will help our clients interpret markets as more assets move onto digital rails." — @KatzAnton, CEO and Co-Founder of Talos "We’re moving beyond digital assets toward digital markets, where traditional and onchain finance are increasingly connected. I look forward to building on the team’s work and making Talos Research a primary reference for the market." – Kelly Ye (@kelly_cfa) Head of Research at Talos #DigitalAssets #CryptoResearch #CryptoData

In Q3 2026, Talos crossed $1 trillion in cumulative notional volume and brought prediction markets onto institutional trading infrastructure through its integration with @Kalshi. The quarter also introduced perpetuals infrastructure for brokerages, unified liquidity across spot and perps, mobile trading, and Coin Metrics data delivery via Amazon S3 and Snowflake. Talos was recognized by A-Team Group and @WatersTech for its digital asset data and TCA capabilities. We also shared insights on prediction markets going institutional, the “perpification of everything,” and how institutions are reshaping digital asset markets. ➡️ Read the full Q3 recap:ow.ly/nQG75101ob4 🔹 News 🔹 Product updates 🔹 Client stories 🔹 Research, analyses & articles 🔹 Discussions & appearances 🔹 Awards & recognition 🔹 New integrations #DigitalAssets #InstitutionalAdoption #PredictionMarkets

What happens when a tokenized bond is no longer a one-off proof of concept, but something banks need to trade, settle and service every day? In a new article from The Asian Banker, Samar Sen, Head of International Markets at Talos, explains why moving beyond digital asset pilots is bringing treasury, settlement and controls into focus for banks. A few highlights: 🔹 One platform, more assets. Banks are exploring how to offer bitcoin and tokenized assets through the same platforms clients already use for FX, gold and equities, backed by shared trading and custody infrastructure across business lines. 🔹 Instant settlement is a treasury question. Faster settlement can reduce counterparty exposure, but it requires cash and assets to be ready earlier, bringing intraday liquidity and funding into the conversation. 🔹 Markets that don’t close. Longer trading hours raise practical questions about licensing, compliance coverage, client support and who monitors risk outside conventional sessions. 🔹 A hybrid world for years to come. Samar expects tokenized instruments to keep relying on existing legal structures for the next five to seven years, letting firms enter new asset classes without disruption. ➡️ Read the article to see what banks need in place to scale digital asset services. ow.ly/rocE50ZZWCc #DigitalAssets #Tokenization

USDC and USDT supply grew to over $255B in 2025, but growth has stagnated in 2026, with neither stablecoin achieving more than 10% month-over-month supply growth this year. This week, we use lagged regression analysis to explore what drives stablecoin supply growth, from perp funding rates and crypto market returns to DeFi carry spreads, and why USDC and USDT respond to these factors differently. ➡️ Read the latest issue of State of the Network: What Drives Stablecoin Supply Growth? ow.ly/wsZ850ZZkbj Research by Henry Duschang (Cooper Duschang) [Figure: USDC and USDT supply over time. Source: Talos CM Network Data Pro]

Prediction markets are becoming an institutional business, and this week the industry meets in New York. Talos is proud to sponsor NEXTPredict on October 22–23. It's the industry’s institutional prediction markets summit, bringing together operators, funds, market makers, regulators and the infrastructure that connects them. If you'll be attending, let’s talk.  ➡️ Learn about how Talos supports institutional prediction markets: ow.ly/t2o950ZZ7jc

Multiple assets, one platform. Prediction markets are now live on Talos. Institutions can trade CFTC-regulated event contracts on @Kalshi through the Talos OEMS, alongside spot, perpetuals, futures, options and tokenized RWAs — with one connection, one algo suite, one risk view and one data feed. Live now  • Kalshi event contracts through the Talos OEMS  • The Talos algo suite (Iceberg, Pegged, TWAP and Sniper) applied to event contracts  • Event contract positions alongside the rest of your book  • Normalized market data across Kalshi and Polymarket Coming soon  • Block RFQ: negotiate size bilaterally on Talos and print the trade as a venue block  • Broker distribution: infrastructure for brokers to offer event contracts to their own customers  • Additional venues ➡️ Learn more about prediction markets for institutional trading: ow.ly/hcUi50ZYVwE #PredictionMarkets #EventContracts Availability varies by client and jurisdiction.

With the Federal Reserve’s October decision two weeks out, prediction markets have swung from expecting a second hike to pricing a hold. This week, we look at how October’s expectations compare with prior meetings, the state of DeFi lending rates across #Aave and #Morpho, and what #Ethereum’s upcoming Glamsterdam upgrade changes about block building and execution. ➡️ Read the latest issue of State of the Network: Fed Odds, DeFi Yields, and Ethereum’s Glamsterdam Upgrade: ow.ly/AyTP50ZXq54 Research by @HCDuschang and @TanayVed [Figure: DeFi lending rates around the September 17 Fed rate hike. Source: Talos CM Protocol Metrics]

Samar Sen, Talos SVP and Head of International Markets, joined Nikhil Sharma (@BlackRock), Roland Chai (@Nasdaq), Mark Attard (@Citi) and moderator Kunal Doshi (@Blockworks) to discuss “Cash & Collateral: The Next Leg Up for Tokenization” at Blockworks’s Digital Asset Summit Asia 2026 on October 7, 2026. As leading market infrastructure providers work with banks, brokers and asset managers to test end-to-end workflows for tokenized assets, here are four key takeaways for institutions: • Tokenizing an asset is only the beginning. Institutions need the infrastructure around it: liquidity, secondary markets, custody and connected workflows across trading and settlement. • Risk is 24/7. Collateral and margin should be able to keep pace. Samar highlighted the potential for greater capital efficiency through always-on collateral management. BlackRock’s Nikhil Sharma explained the opportunity to transfer yield-bearing assets directly, reducing the need to redeem them and leave cash idle in transit. • The transition will be hybrid. Traditional and on-chain systems are likely to operate alongside each other as confidence in end-to-end workflows develops. • Institutional adoption depends on investor needs and trusted infrastructure. The partnership between Talos and Nasdaq illustrates this approach: connecting Talos’s digital asset infrastructure with Nasdaq’s Calypso and Trade Surveillance platforms to help institutions integrate execution, risk, collateral management and compliance across traditional and digital asset markets. Learn more about the partnership between Nasdaq and Talos here: ow.ly/75tI50ZXm5y Read more about how the integration between Talos's order and execution management system and Blackrock's Aladdin supports institutional digital asset trading within existing workflows here: ow.ly/Koxr50ZXm5A Find out how the @The_DTCC working group brings together banks, brokers, asset managers and infrastructure providers across the industry on a ground-breaking tokenization effort: ow.ly/aYRb50ZXm5z

A trade can settle in seconds. Everything around it can’t. The SEC’s Innovation Exemption has operators racing to launch Tokenized Securities Venues. But trading is the easy part. Inventory, ownership records, custody, and exposure across tokenized and conventional markets are where the real work lives. In this latest commentary, Josh Peschko, CFA, Head of Compliance and Regulatory Strategy at Talos, explains why the hybrid period matters as much as the destination, and what institutions need to make these markets usable. ➡️ Read the article: ow.ly/IS0u50ZWO5l #Tokenization #DigitalAssets #MarketStructure

We're hiring a Head of Tokenization at Talos. We're extending our institutional trading platform from crypto assets into tokenized equities, bonds and other emerging asset classes, with front-to-back support across the trade lifecycle. We're looking for a Head of Tokenization to own that expansion: shaping the product, partnering with engineering and product to deliver it, building relationships with design partners, and taking accountability for the P&L of a new product line. You'll bring 15+ years in capital markets technology, a track record of taking products from zero to commercial launch, and hands-on experience with crypto, tokenized assets or DeFi. Interested, or know someone who should be? Apply or share below. ➡️  ow.ly/SBwy50ZWofP 📍 London / New York #Tokenization #WereHiring #Hiring #JobPosting #JobOpening

This past Saturday, a dozen Talos colleagues including our CEO and co-founder, Anton Katz @KatzAnton rode on bikes and walked over 225 miles collectively to raise awareness and funds for the Autism Science Foundation. @AutismScienceFd Talos is proud to return as a sponsor of the annual Rides FAR @wsridesfar event that brings together several financial institutions, colleagues and their families for this cause. Thanks to our riders & walkers. And special thanks and to the entire Rides FAR board and staff for a successful event. #WhyIRide

QCP Group has been helping clients navigate digital assets since 2017. In a fragmented market with no shared rulebook across venues, they work closely with Talos to access deep liquidity, hedge efficiently and offer sharper pricing to their clients. 🎙️ "Talos is a partner. Many people think about technology partners in terms of a use case. With Talos, we built the use case together." — Melvin Deng, CEO, @QCPgroup 🎙️ "Talos helps us seek out the best possible liquidity in the market, through smart order routing and the aggregation of liquidity." — Ivan Lee, Head of Trading, QCP ➡️ Watch the full story on our Insights Page: ow.ly/RWCx50ZUKyR

Beyond Spot: OKX Options Execution through Talos ⏰ Whether you're running delta-neutral strategies, options market making, or an options income program for clients, Kyle Downey (Talos) and Arkady Gavrilov (@okx) will walk through how desks are bringing OKX options into their workflow, from cross-venue execution and delta hedging to multi-leg strategies like calendars and knowing when size belongs on the order book versus OTC. 📅 Oct 14 | 11.00 AM EST ➡️ Last chance to register: ow.ly/RBKv50ZUKiZ *Options availability varies by jurisdiction and is not offered everywhere.