The Saliba Signal
The Saliba Signal
Latest posts
20 posts
October 9, 2026
The NYSE's Owner Wants Stocks Priced by Formula
ICE and OKX filed to trade 63 tokenized stocks around the clock with no order book and no reference price. Four companies objected within four days.
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October 2, 2026
ISO Markets Is Built to Net the Whole Book
A covered call on a crypto venue still posts 10 to 15 percent margin against coins the venue cannot see. The last part of the series is what ISO is building instead.
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September 25, 2026
Crypto Exchanges Make Profitable Traders Cover Defaults
Clearinghouses pay for a member's default from a fund every member paid into. Crypto exchanges force-close the traders who were making money on the other side.
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September 12, 2026
The OCC Clears Bitcoin Options
Through an ETF wrapper it clears more open interest than Deribit. What it cannot reach is the coin itself.
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September 4, 2026
The SEC Wrote Blockchain Into the Share Register
The rules governing who owns what have not been substantively touched since the late 1970s. 253 firms and $5 trillion a year run through them.
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August 28, 2026
Part III: Where Our Own Money Sits
The Market Changes Hands Twice, Part III of III. Annex, Stratofied, Champion Venture Partners and TokenBloq all approach the same wall. Mercury RWA is the venue we're standing up for it.
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August 21, 2026
Part II: Only 244 Firms Made It Through
The Market Changes Hands Twice, Part II of III. Four crypto companies hit a wall this year. Then Europe's licensing deadline left 244 firms standing out of roughly 3,000.
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August 14, 2026
Part I: The Exchange Was the Trade
The Market Changes Hands Twice, Part I of III. CME went public in 2002 at $35 and turned a dollar into sixty. The index managed ten.
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August 7, 2026
Half a Settlement Is Not Settlement
Wells Fargo joined seventeen banks building the money side on Tuesday. Tokenized securities go live in October; the bank cash to settle them lands in 2027.
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July 31, 2026
Ondo Took Its Order Book Off Chain
Wall Street separated matching from settlement a long time ago. The largest on-chain equity issuer just arrived at the same answer.
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July 24, 2026
Wall Street Says Tokenized Stocks Won't Matter
Broadridge polled 200 senior decision-makers. Half doubt tokenized equities. June's transfer volume ran 170 times last June's.
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July 17, 2026
JPMorgan Posted a Token as Margin
More than thirty firms went live at the DTC on Wednesday. Every headline trade was a financing desk moving collateral.
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July 10, 2026
The SEC Is Writing the Rulebook
A year of statements and no-action letters is about to become an actual proposed rule. The clause that matters for tokenized securities sits under the startup headlines.
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July 2, 2026
Happy Fourth of July
Markets are closed tomorrow, and so are we. Back next Friday with a regular issue.
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June 26, 2026
Bitcoin Tagged a 20-Month Low
A relief rally fizzled and the longs got flushed. The two catalysts that actually matter have nothing to do with the candle.
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June 19, 2026
Six Firms Are Building the Same Reserve Fund
The GENIUS Act mandated 1:1 stablecoin reserves. Eleven months later, Wall Street's biggest names all have a product.
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June 14, 2026
Tokenization Gets a Ticker
The firm behind BlackRock's tokenized funds is three weeks from the Big Board.
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June 5, 2026
DTC Is Putting Wall Street on a Public Blockchain
July pilot, October launch, and a $114 trillion custodian behind it.
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May 29, 2026
Half the Options Market Didn't Exist Five Years Ago
Same-day options are 59% of SPX volume. Different math, different risk, different winners.
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May 22, 2026
The SEC Is About to Let Stocks Live On Chain
Three weeks of institutional moves just got their regulatory bookend.
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