Tokenization of Stocks Could Fragment Markets, Says TD Securities
Nasdaq and TD Securities are exploring stock tokenization, a move that could modernize markets but also fragment liquidity. Blockchain-enabled trading promises continuous operation, reduced intermediaries, and fractional shares—yet may create competing market ecosystems.
TD Securities warns this innovation could divide liquidity across platforms rather than consolidate it. The tension between modernization and market unity defines this pivotal moment in financial infrastructure.