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Here are 1-3 brief analogies to describe Nasdaq:

• It's like the Amazon Web Services (AWS) for the financial industry, providing the fundamental technology, data, and infrastructure that powers global trading, listings, and compliance for banks and companies.
• Imagine if Microsoft ran a global stock exchange, sold vast amounts of financial data, and also provided cutting-edge anti-financial crime software to institutions.

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• Anti-Financial Crime Technology: Provides SaaS solutions like Nasdaq Trade Surveillance, Nasdaq Automated Investigator, and Verafin to help financial institutions comply with regulations and detect illicit financial activity.
• Market Data Services: Sells and distributes historical and real-time market data to various clients.
• Indexing and Financial Products: Develops and licenses Nasdaq-branded indexes and other financial products.
• Investment Insights and Workflow Solutions: Offers tools and insights to assist investors with their workflow and decision-making.
• Listing Services: Operates platforms for companies to list their securities on the Nasdaq Stock Market.
• Investor Relations & Governance Solutions: Provides intelligence and tools to assist companies with investor relations and corporate governance.
• Trading and Clearing Services: Operates exchanges and facilities for trading and clearing across various asset classes, including equities, derivatives, fixed income, and commodities.
• Market Infrastructure Services: Provides essential infrastructure services for financial markets, including broker, clearing, settlement, and central depository functions.

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Major Customers of Nasdaq (NDAQ)

Nasdaq (NDAQ) primarily sells its services and technology to other companies rather than individuals. While the company has a vast number of corporate customers, specific names of major customers are not explicitly provided in the description. Instead, its major customers can be categorized as follows:

• Publicly Listed Companies: These are companies that choose to list their securities on The Nasdaq Stock Market. As of December 31, 2021, Nasdaq had 4,178 companies listed across its various markets (The Nasdaq Global Select Market, The Nasdaq Global Market, and The Nasdaq Capital Market). These customers also utilize Nasdaq's corporate platforms for investor relations intelligence and governance solutions.
• Financial Institutions and Market Participants: This broad category includes brokers, banks, institutional investors, trading firms, and asset managers. They are customers for Nasdaq's market technology solutions (such as anti-financial crime tools like Nasdaq Trade Surveillance, Nasdaq Automated Investigator, and Verafin), subscribe to historical and real-time market data, and participate in trading and clearing on Nasdaq's various exchanges and marketplace facilities across asset classes (equities, derivatives, fixed income, commodities). They also leverage Nasdaq's broker, clearing, settlement, and central depository services.
• Financial Product Issuers: These are typically asset managers or investment firms that license Nasdaq-branded indexes for the development and issuance of various financial products, such as Exchange Traded Funds (ETFs) and other structured investment vehicles.

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Adena T. Friedman, Chair and Chief Executive Officer

Adena Friedman became President and Chief Executive Officer of Nasdaq in January 2017 and was appointed Chair of the Board of Directors in 2023. She brings over 20 years of industry leadership to her role and is recognized for her significant contributions to Nasdaq's strategic transformation into a global exchange and technology solutions company. Friedman originally joined Nasdaq in 1993, serving in various positions including head of data products, head of corporate strategy, and Chief Financial Officer, where she played an instrumental role in the company's acquisition strategy, overseeing the acquisitions of INET, OMX, and the Philadelphia and Boston Exchanges. She left Nasdaq in 2011 to serve as Chief Financial Officer and Managing Director of The Carlyle Group, a private investment firm, and played a significant role in taking that company public in December 2012. Friedman rejoined Nasdaq in 2014 as President.

Sarah Youngwood, Executive Vice President and Chief Financial Officer

Sarah Youngwood assumed the role of Executive Vice President and Chief Financial Officer at Nasdaq on December 1, 2023. She leads a global team responsible for corporate finance, treasury, financial planning and analysis, investor relations, ESG reporting, procurement, real estate, facilities, and security. Prior to joining Nasdaq, Youngwood served as Chief Financial Officer and Group Executive Board member at UBS Group, where she led a global team of 3,500 people and was crucial in modernizing the bank's infrastructure and the acquisition of Credit Suisse. Before UBS, she spent more than 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

Tal Cohen is President of Nasdaq, leading the company's Market Services and Financial Technology divisions, overseeing North American and European Market Services businesses, as well as marketplace technology, surveillance, risk management, and regulatory reporting solutions. He joined Nasdaq in April 2016. Before his tenure at Nasdaq, Cohen served as Chief Executive Officer of Chi-X Global Holdings, LLC from 2010 to 2016, where he led a global startup that built a profitable business on three continents within six years. His work at Chi-X included launching the first new stock exchange in Australia in over a century. He also held senior leadership roles at Instinet, including co-head of the electronic sales team and head of the Canadian brokerage division, and was an M&A Manager at American Express.

Nelson Griggs, President

Nelson Griggs is President of Nasdaq, leading the Capital Access Platforms division, which includes Data & Listings, Index, and Workflow & Insights businesses. In this capacity, he is responsible for leading a business that serves over 10,000 corporate clients and 5,000 investor clients. Previously, he served as Executive Vice President of Nasdaq's Corporate Platforms business, overseeing new listings, capital markets, governance, investor relations solutions, and global business development for over 4,000 listed companies worldwide. Griggs joined Nasdaq in 2001 and has held various leadership roles within its Listing Services unit, including Senior Vice President of New Listings and Capital Markets in the U.S. and Asia. Before joining Nasdaq, he worked in sales at Fidelity Investments and a San Francisco-based startup.

Jeremy Skule, Executive Vice President, Chief Strategy Officer

Jeremy Skule serves as Nasdaq's Executive Vice President and Chief Strategy Officer. In this role, he oversees the company's corporate strategy, global marketing and communications, and research and insights functions.

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The key risks to Nasdaq's business include:

1. Regulatory and Compliance Risks: Nasdaq operates within a highly regulated global financial landscape, encompassing extensive regulations in the U.S., Europe, and Canada. The company faces ongoing and potentially increasing governmental and public scrutiny, leading to rising costs of compliance and non-compliance, which can strain its technology and operating infrastructure. New regulations, such as a proposed financial transaction tax by the European Commission, could divert trading activity from EU-based exchanges and adversely impact revenues.
2. Competition and Market Share Risks: Nasdaq confronts intense competition across its diverse business segments. This includes traditional exchange operations, where it competes with established entities like Intercontinental Exchange (ICE) and CME Group, as well as in technology and analytics, against major data providers and agile fintech innovators. A decline in Nasdaq's market share in trading, clearing, or listings could lead to reduced revenues and diminish the perceived attractiveness of its platforms for liquidity and new listings.
3. Cybersecurity Risks: As a critical infrastructure provider for global financial markets and the operator of The Nasdaq Stock Market, Nasdaq is a prime target for cybersecurity threats. These include attacks from state-sponsored actors, hacktivists, and financially motivated criminals. Past investigations have indicated vulnerabilities due to lax security practices, and weaknesses such as the lack of a valid Content Security Policy increase the risk of attacks like XSS and clickjacking. A significant cyberattack could severely damage its reputation, disrupt operations, and incur substantial financial losses.

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The addressable markets for Nasdaq's main products and services are as follows:

Anti-Financial Crime Technology

Nasdaq's anti-financial crime technology business, including solutions like Nasdaq Trade Surveillance, Nasdaq Automated Investigator, and Verafin, operates within the broader RegTech, Trade Surveillance Systems, and Anti-Money Laundering (AML) solutions markets.

• The global RegTech market was valued between approximately USD 17.12 billion and USD 19.06 billion in 2025. It is projected to grow significantly, with estimates ranging from USD 70.64 billion by 2030 to USD 105.23 billion by 2034.
• The global trade surveillance systems market was valued at approximately USD 2.43 billion in 2024 and is expected to reach around USD 5.2 billion by 2030. Other estimates place the global trade surveillance market at USD 1.9 billion in 2025, projected to reach USD 3.1 billion by 2035.
• The global anti-money laundering (AML) solutions market size is estimated to be between USD 2.07 billion and USD 4.13 billion in 2025. Projections indicate growth to approximately USD 9.27 billion by 2031 or USD 9.14 billion by 2035. Total spending on third-party AML systems is forecast to grow from USD 33.9 billion in 2025 to over USD 75 billion by 2030. The AML transaction monitoring solutions segment is expected to grow from USD 3.6 billion in 2024 to USD 6.8 billion by 2028.

Investment Intelligence (Market Data, Analytics, and Investment Insights)

Nasdaq's Investment Intelligence segment, which sells and distributes historical and real-time market data and provides investment insights and workflow solutions, addresses the financial and market data, financial analytics, and data-as-a-service markets globally.

• The global financial and market data industry is estimated to be roughly USD 45 billion in 2025 and is projected to reach around USD 60 billion by 2030.
• The global financial data services market was valued at USD 28.1 billion in 2025 and is projected to reach USD 59 billion by 2035.
• The global financial analytics market size was valued at approximately USD 10.7 billion to USD 12.57 billion in 2025 (or 2024). It is projected to grow to around USD 27.36 billion by 2034 or USD 29.65 billion by 2033.
• The global Data as a Service (DaaS) market was valued at USD 18.56 billion in 2024 and is expected to grow to USD 228.80 billion by 2034. Another source indicates the DaaS market will be worth USD 29.72 billion in 2026 and reach USD 61.18 billion by 2031.
• The global Big Data as a Service market size was valued at USD 43.25 billion in 2025 and is projected to reach USD 191.59 billion by 2034.

Corporate Platforms (Listing Platforms)

Nasdaq's Corporate Platforms segment operates listing platforms within the global stock exchanges market.

• The global stock exchanges market was valued at USD 85 billion in 2023 and is projected to grow to USD 130 billion by 2032. Another estimate states the global stock exchanges market was valued at USD 2365.56 billion in 2026 and is projected to reach USD 4594.8 billion by 2035.
• The total value of listed equities worldwide climbed to US$125.71 trillion in 2024.

Corporate Platforms (Investor Relations Intelligence and Governance Solutions)

Nasdaq's investor relations intelligence and governance solutions are part of the global investor relations software market.

• The global Investor Relations Software market size was approximately USD 755 million in 2025 and is projected to reach between USD 1.33 billion and USD 2.95 billion by 2032 or 2033.
• The global Investor Relations (IR) Website Builder Software market is predicted to be valued at USD 206.8 million in 2025 and is expected to grow to USD 651.2 million by 2034.
• The Investor Relationship Management Software Market is projected to grow at a 9.27% CAGR from 2025 to 2035.

Investment Intelligence (Develops and licenses Nasdaq-branded indexes and financial products)

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

1. Growth in Financial Technology Solutions, particularly Anti-Financial Crime: Nasdaq's Financial Technology division is a significant growth area, with the company maintaining a robust revenue growth forecast of 10-14% for this segment. This growth is fueled by strong performance in its Financial Crime Management technology business, which saw 23% revenue growth and 24.5% Annualized Recurring Revenue (ARR) growth year-over-year in Q1 2024, attracting 28 new clients. The combined revenues from AxiomSL and Calypso, both part of this division, also increased by 20% year-over-year. These solutions, including Verafin, AxiomSL, and Calypso, are increasingly cloud-based and leverage AI to enhance client offerings.
2. Expansion of Capital Access Platforms and Index Business: Nasdaq has an elevated outlook for its Capital Access Platforms division, raising its medium-term revenue growth projection from 5-8% to 6-10%. This segment includes the strong performance of its Index business, which saw a 26% increase in revenue and a 34% growth in overall Assets Under Management (AUM) in Q4 2023. Licensing revenues from futures contracts linked to the Nasdaq 100 Index have also contributed to this growth.
3. Increased Adoption of Cloud-Based and SaaS Solutions, coupled with Cross-Selling: A significant portion of Nasdaq's strategy involves transitioning to and expanding its Software-as-a-Service (SaaS) and cloud-based offerings. Annualized SaaS revenue grew 12% organically in Q4 2023. Nasdaq is actively working on converting more of its solutions, such as AxiomSL and Calypso, to cloud delivery, with Financial Crime Management already being entirely cloud-based. Furthermore, Nasdaq is focused on cross-selling its diverse suite of products, with a target of achieving or exceeding $100 million in cross-sell run-rate revenue by the end of 2027, having completed 42 cross-sells since the Adenza acquisition through year-end 2025.
4. Leveraging AI for Innovation and Enhanced Client Solutions: Nasdaq is positioning itself as a key partner in the AI era, accelerating AI-enabled innovation across its platforms and client solutions. This includes integrating AI into existing offerings like Verafin, eVestment, AxiomSL, Calypso, and Surveillance to drive more intelligent decisions and automated workflows for clients. The company believes that AI can automate manual workflows, potentially accelerating the growth of its serviceable addressable market.
5. Modernization of Market Infrastructure: Nasdaq plans to drive revenue growth through the modernization of market infrastructure. This includes the planned introduction of 23x5 trading in the second half of 2026 and the tokenization of equities later in the same year, both subject to regulatory approval. These initiatives represent new services and expanded market access that are expected to attract greater participation and volume.

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Share Repurchases

• Nasdaq returned $943 million to investors through share repurchases in 2021. In July 2021, a $475 million accelerated stock repurchase (ASR) program was announced, with $1.46 billion remaining under the authorized program.
• In January 2022, Nasdaq announced a $325 million accelerated stock repurchase program, with $784 million remaining available under the share repurchase program.
• For the full year 2025, Nasdaq returned $616 million to shareholders through repurchases of common stock, with approximately $1.1 billion remaining under the board-authorized share repurchase program as of December 31, 2025.

Share Issuance

• In 2021, Nasdaq issued approximately 6.2 million shares of its common stock to Newmark SPV I, LLC, in connection with the sale of its U.S. fixed income business.

Outbound Investments

• Nasdaq acquired Verafin for $2.75 billion in November 2020.
• In June 2023, Nasdaq made a significant and transformative investment by acquiring Adenza for $10.5 billion, aiming to strengthen its position as a financial technology and solutions provider.
• As of December 31, 2021, Nasdaq's venture program had approximately $90 million in aggregate initial and follow-on investments across 19 companies in sectors such as data, digital assets, market infrastructure, and anti-financial crime.

Capital Expenditures

• Nasdaq's capital expenditures for 2025 were -$266 million (cash outflow).
• Increased investments in technology and people were a primary focus, contributing to organic growth and innovation in 2025.
• The company continues to invest in high-growth areas, particularly within its Financial Technology segment.