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Benjamin Elliot Budish

Senior Equity Analyst at Barclays PLC

Benjamin Elliot Budish is a Senior Equity Analyst at Barclays PLC specializing in coverage of U.S. brokers, asset managers, and stock exchanges, with a research portfolio including firms such as LPL Financial, Robinhood, Ares Management, KKR & Co., Blackstone Group, and Charles Schwab. Budish maintains a top-tier performance track record, with a 71% success rate and an average return of 19.3% per rating according to TipRanks, frequently ranking within the top 150 Wall Street analysts. Having issued over 850 ratings and actively involved in Barclays’ Global Financial Services Conference as a lead sector specialist, Budish’s career timeline centers on Barclays but includes recognized expertise in financial services research. He holds relevant professional credentials, including securities analyst registration, and is widely respected for accurate investment calls on major financial sector stocks.

Benjamin Elliot Budish's questions to NASDAQ (NDAQ) leadership

Question · Q3 2025

Benjamin Elliot Budish inquired about Nasdaq's 2026 OpEx outlook, noting the implied slower year-over-year growth in Q4 and the 3% gap between solutions and OpEx growth, asking about the pace of spend for initiatives like tokenized equities and 24/5 exchange operations.

Answer

Sarah Youngwood, CFO, stated that the OpEx trajectory is consistent with the medium-term outlook, with strong double-digit solutions revenue growth leading to volume-related expenses. She confirmed that all mentioned initiatives are funded within the current full-year guidance. Adena Friedman, Chair and CEO, added that Nasdaq maintains a consistent approach to platform investments, with robust product roadmaps and 24/5 trading embedded in the 2026 outlook. She emphasized driving efficiency into the core enterprise to fund Horizon 1 and Horizon 2 investments.

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