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Here are 1-2 brief analogies to describe Nasdaq:

• An eBay for company shares and other financial assets, serving as a global marketplace for buying and selling.
• The Microsoft for global stock markets, providing much of the underlying technology and infrastructure that power trading and financial services worldwide.

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Nasdaq (NDAQ) Major Products and Services

• Listing Services

  Nasdaq provides a global marketplace where companies can list their securities to access public capital markets and enhance visibility.

• Market Services

  This category includes the execution, clearing, and settlement of trades across multiple asset classes, such as equities, options, and derivatives, on Nasdaq's exchanges.

• Market Technology

  Nasdaq develops and licenses advanced trading, clearing, surveillance, and settlement technology to other exchanges, brokers, and financial institutions worldwide.

• Information Services

  This segment supplies real-time and historical market data, index licensing (e.g., Nasdaq 100), and analytical products to investors, institutions, and media.

• Corporate Solutions

  Offers investor relations, public relations, and governance tools and advisory services to help companies manage stakeholder communications and regulatory compliance.

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• Alphabet Inc. (GOOGL)
• Oracle Corporation (ORCL)

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Adena T. Friedman, Chair and Chief Executive Officer

Adena T. Friedman has served as Chief Executive Officer of Nasdaq since January 1, 2017, and became Chair of the Board of Directors on January 1, 2023. She originally joined Nasdaq in 1993 as an intern and held various roles including head of data products, head of corporate strategy, and Chief Financial Officer. She played an instrumental role in Nasdaq's acquisition strategy, overseeing the acquisitions of INET, OMX, and the Philadelphia and Boston Exchanges. Friedman left Nasdaq in 2011 to serve as Chief Financial Officer and Managing Director of The Carlyle Group, a private equity firm, from March 2011 to June 2014. During her time at Carlyle, she played a critical role in taking the company public in May 2012. She rejoined Nasdaq in 2014 as President, subsequently serving as President and Chief Operating Officer, before her appointment as CEO.

Sarah Youngwood, Executive Vice President, Chief Financial Officer

Sarah Youngwood was appointed Executive Vice President and Chief Financial Officer of Nasdaq, effective December 1, 2023. Prior to joining Nasdaq, she served as Chief Financial Officer and Group Executive Board member at UBS Group. At UBS, she played a key role in modernizing the bank's infrastructure and the acquisition of Credit Suisse. Before UBS, Youngwood spent over two decades at JPMorgan Chase in various executive roles, including Chief Financial Officer for the Consumer and Community Banking and Global Technology businesses, Head of Investor Relations, and Managing Director in the Financial Institutions Group.

Tal Cohen, President, Market Platforms

Tal Cohen serves as President of Market Platforms at Nasdaq.

Nelson Griggs, President, Capital Access Platforms

Nelson Griggs serves as President of Capital Access Platforms at Nasdaq.

Bryan Smith, Executive Vice President, Chief People Officer

Bryan Smith is the Executive Vice President and Chief People Officer at Nasdaq, responsible for global human resources strategy and execution. Before joining Nasdaq in 2012, he was a founding partner with Meridian Compensation Partners LLC, an independent executive compensation advisory firm. He also held various senior HR outsourcing and consulting roles at Hewitt Associates LLC (now Aon Hewitt). Smith provided HR consulting services to companies undergoing corporate transactions, including mergers, acquisitions, divestitures, IPOs, spin-offs, and other restructurings.

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1. Market Volatility and Economic Conditions

Nasdaq's business is significantly exposed to fluctuations in external market forces, including market volatility and overall economic conditions. A slow initial public offering (IPO) market, for instance, directly pressures its Listing Services business due to fewer new listings. Economic uncertainty can lead to a decrease in trading volumes, which directly impacts Nasdaq's Market Services segment. Historically, trading and clearing volumes have fluctuated significantly based on economic, political, and market conditions, interest rates, inflation, and investor confidence. Such declines can lower revenues and adversely affect operating results, especially if not offset by pricing changes or growth in other segments.

2. Regulatory and Competitive Landscape

Nasdaq operates within a highly regulated environment, making it vulnerable to changes in regulatory frameworks and increased governmental scrutiny. New rules, such as potential financial transaction taxes, could divert trading volumes. Additionally, the financial services and technology sectors are intensely competitive, with numerous exchanges and technology providers vying for market share. The rise of alternative trading systems and fintech startups poses a threat to Nasdaq's traditional revenue sources, requiring continuous innovation and strategic partnerships to maintain its competitive edge. Even Nasdaq's proposed shift to near 24-hour trading, while a growth initiative, faces significant regulatory approval hurdles and could alter competitive dynamics, potentially disadvantaging firms unable to adapt to continuous operations.

3. Operational Costs and Technology Challenges

Managing Nasdaq's growing, diversified technology business is expensive. The company faces challenges with increasing operational costs, driven by factors like compensation and technology infrastructure. Cybersecurity risks are also a significant concern, as Nasdaq's role as a critical infrastructure provider makes it an attractive target for various cyber threats. Furthermore, while Nasdaq is leaning into its technology platform, particularly its Solutions segment, there is a continuous need to invest in new technologies and innovate to maintain its competitive edge and adapt to changing market conditions. The transition to extended trading hours, for example, necessitates considerable investments in technology, cybersecurity, and operational infrastructure, including 24/7 staffing.

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Nasdaq (NDAQ) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

1. Growth in Solutions Segments, particularly Financial Technology and Capital Access Platforms: Nasdaq consistently highlights its Solutions segments, specifically Financial Technology and Capital Access Platforms, as primary drivers of revenue growth. For instance, in Q3 2025, Solutions quarterly revenues surpassed $1 billion, marking a 10% year-over-year increase, with Financial Technology Annualized Recurring Revenue (ARR) growing by 12% and Capital Access Platforms ARR by 7%. The company's medium-term outlook from March 2024 projected revenue growth of 10% to 14% for Financial Technology and 5% to 8% for Capital Access Platforms.
2. Continued Expansion of Annualized Recurring Revenue (ARR) and Software-as-a-Service (SaaS) Offerings: Nasdaq is increasingly focusing on a recurring revenue model, with strong growth in its ARR and SaaS offerings. In Q3 2025, ARR grew by 9% to reach $3 billion. Similarly, in Q1 2025, ARR increased by 8% (9% organically), and annualized SaaS revenue rose by 14%, representing 37% of total ARR. This shift towards more predictable, subscription-based revenue streams provides a stable foundation for future growth.
3. Strong Performance of the Index Business: The Index business, a component of Capital Access Platforms, is a significant growth driver, fueled by inflows into Exchange-Traded Products (ETPs) and market performance, along with new product launches. In Q2 2025, Index revenue grew 17%, supported by $88 billion of net inflows over the trailing twelve months. Nasdaq also introduced 35 new investment products in the index franchise, including options overlay products and insurance annuity vehicles, with 57% launched internationally.
4. Growth in Financial Crime Management Technology: This specialized area within Financial Technology demonstrates particularly robust growth. Financial Crime Management Technology revenue was up 21% in Q1 2025. In Q4 2024, this segment saw a 22% increase in revenue and 23% ARR growth, securing 102 new clients.
5. Realization of Synergies and Expanded Growth Opportunities from the Adenza Acquisition: The acquisition of Adenza is expected to continue to bolster Nasdaq's financial performance. The company anticipated actioning approximately 70% of the targeted $80 million in net expense synergies by the end of 2024, with full realization in 2025, thereby expanding growth opportunities and driving operating leverage. The acquisition has already contributed significantly to Nasdaq's pro forma and solutions revenues.

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Share Repurchases

• Nasdaq repurchased $100 million of common stock in the second quarter of 2025, with $1.5 billion remaining under the board-authorized share repurchase program as of June 30, 2025.
• In the third quarter of 2025, the company repurchased $115 million of common stock.
• During the first quarter of 2025, Nasdaq repurchased $115 million through repurchases of common stock.

Share Issuance

• As part of the $10.5 billion acquisition of Adenza in 2023, Nasdaq issued 85.6 million shares of its common stock to Thoma Bravo, the former owner of Adenza, with a fair value of $4.17 billion at the closing of the transaction.

Inbound Investments

• In connection with the Adenza acquisition in 2023, Thoma Bravo, a private equity firm, received 85.6 million shares of Nasdaq common stock, representing an approximate 14.9% stake in Nasdaq, valued at approximately $4.17 billion at the time.
• Borse Dubai remains a significant shareholder in Nasdaq, holding a 10.8% stake after trimming its ownership from 15.5% in 2023.

Outbound Investments

• In 2023, Nasdaq acquired Adenza, a financial technology platform, for $10.5 billion in cash and shares.
• Nasdaq acquired Verafin in 2021 for $2.75 billion to enhance its regulatory technology and financial crime management offerings.
• In 2025, Nasdaq Ventures made a strategic investment in Juniper Square to accelerate innovation in private markets technology, and Nasdaq invested $50 million in Gemini.

Capital Expenditures

• Nasdaq's capital expenditures were -$207 million.
• Increased investments in technology and people to drive innovation and long-term growth were reflected in non-GAAP operating expenses during the first and second quarters of 2025.