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    Y. Cho • JPMorgan Chase & Co.

    Y. Cho's questions to LPL Financial Holdings Inc (LPLA) leadership

    Y. Cho's questions to LPL Financial Holdings Inc (LPLA) leadership • Q4 2024

    Question

    Y. Cho from JPMorgan Chase & Co. asked for more detail on expense efficiencies, questioning where savings were being extracted operationally and how to characterize the 2025 expense profile on the path to greater operating leverage.

    Answer

    Executive Matthew Audette cited automation of manual processes and more efficient institutional onboarding as key drivers of savings, pointing to the 6-8% core G&A growth guidance as evidence of operating leverage. Executive Richard Steinmeier added that the focus is balanced, with significant opportunities on the revenue monetization side, including banking, partnerships, and pricing, driven by a new operating committee structure.

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    Y. Cho's questions to Nasdaq Inc (NDAQ) leadership

    Y. Cho's questions to Nasdaq Inc (NDAQ) leadership • Q4 2024

    Question

    Y. Cho asked about Nasdaq's efforts to engage the new administration on reducing the regulatory burden for public companies to make the public market option more attractive.

    Answer

    Adena Friedman, Chair and CEO, expressed optimism about engaging with an administration focused on unlocking growth. She identified key areas for potential reform, including the proxy process, accounting policies under the PCAOB, litigation reform, and enhancing disclosure requirements for short positions to provide companies with better investor information.

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    Y. Cho's questions to Nasdaq Inc (NDAQ) leadership • Q3 2024

    Question

    Y. Cho inquired about Nasdaq's pricing strategy, specifically whether new AI features in products like Verafin and Corporate Solutions are being used to drive direct price increases or are included as value-adds.

    Answer

    CEO Adena Friedman clarified that while most AI features, like Verafin's Copilot, are not explicitly charged for, they provide significant value that strengthens their position during contract renewals and price negotiations. However, some new capabilities, like a sustainability lens module, are launched as paid add-ons, demonstrating a flexible approach to monetization.

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