Nasdaq is a global technology company that provides platforms to enhance liquidity, transparency, and integrity in the global economy, serving corporate clients, investment managers, banks, brokers, and exchange operators . The company operates through three main business segments, offering a range of services and solutions that cater to different aspects of the financial markets . These segments include Capital Access Platforms, Financial Technology, and Market Services, each contributing significantly to Nasdaq's overall revenue .
- Market Services - Provides trading and clearing services across various asset classes, ensuring efficient and secure transactions.
- Capital Access Platforms - Enhances liquidity, transparency, and integrity for corporate issuers and the investment community, including Data & Listing Services, Index, and Workflow & Insights.
- Financial Technology - Offers risk management, regulatory reporting, and capital markets software solutions, including AxiomSL and Calypso, to meet the growing demand for financial technology services.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Adena T. Friedman ExecutiveBoard | Chair and CEO | Vanderbilt University Board of Trust, Director of Federal Reserve Bank of New York, FCLTGlobal | Adena T. Friedman has been CEO since 2017 and Chair since 2023. She has over 25 years of industry leadership and has driven Nasdaq's transformation into a global technology company. | View Report → |
Bradley J. Peterson Executive | EVP and CIO/CTO | None | Bradley Peterson has been Nasdaq's CIO/CTO since 2013, leading its technology and cloud transformation. | |
Brendan Brothers Executive | Senior Strategic Advisor | None | Brendan Brothers co-founded Verafin and joined Nasdaq in 2021. He transitioned to an advisory role in September 2024. | |
Bryan E. Smith Executive | EVP and Chief People Officer | None | Bryan Smith joined Nasdaq in 2012 and leads human resources strategy, including DEI initiatives. | |
Jeremy Skule Executive | EVP and Chief Strategy Officer | None | Jeremy Skule joined Nasdaq in 2012 and became Chief Strategy Officer in 2021. He also chairs Nasdaq Verafin. | |
John A. Zecca Executive | EVP and Chief Legal, Risk, and Regulatory Officer | None | John Zecca joined Nasdaq in 2001 and oversees legal, risk, and regulatory functions. | |
Michelle L. Daly Executive | SVP, Controller, and Principal Accounting Officer | None | Michelle Daly joined Nasdaq in May 2021. She oversees financial reporting and compliance. | |
P.C. Nelson Griggs Executive | President, Capital Access Platforms | None | Nelson Griggs joined Nasdaq in 2001 and leads the Capital Access Platforms division, including listings and corporate platforms. | |
Sarah Youngwood Executive | EVP and CFO | None | Sarah Youngwood joined Nasdaq in December 2023. She previously served as CFO at UBS and held senior roles at JPMorgan Chase. | |
Tal Cohen Executive | President | None | Tal Cohen joined Nasdaq in 2016 and became President in April 2023. He oversees global markets and financial technology businesses. | |
Alfred W. Zollar Board | Director | IBM Board Member, BNY Mellon Board Member, Siris Capital Executive Advisor | Alfred Zollar joined the Nasdaq Board in 2019. He is a former IBM executive with expertise in technology and governance. | |
Charlene T. Begley Board | Director | Hilton Worldwide, SentinelOne | Charlene Begley has been a director since 2014. She is a former GE executive with expertise in finance and risk management. | |
Essa Kazim Board | Director | Governor of Dubai International Financial Centre, Chairman of Borse Dubai, Vice Chairman of Emirates Telecommunications Group | Essa Kazim has been a director since 2008. He brings extensive experience in international finance and governance. | |
Holden Spaht Board | Director | Managing Partner at Thoma Bravo, Spaht Family Foundation | Holden Spaht joined the Nasdaq Board in 2023. He is a Managing Partner at Thoma Bravo, specializing in software and technology investments. | |
Jeffery W. Yabuki Board | Director | Chair of Sportradar, RBC Board Member, Milwaukee Art Museum Trustee | Jeffery Yabuki joined the Nasdaq Board in 2023. He is the Chair of Sportradar and a former CEO of Fiserv. | |
Johan Torgeby Board | Director | President and CEO of SEB, Swedish Bankers Association, Institute of International Finance | Johan Torgeby joined the Nasdaq Board in 2022. He is the CEO of SEB and has extensive experience in financial services. | |
Kathryn A. Koch Board | Director | CEO of TCW Group, Notre Dame Trustee, Toigo Foundation Director | Kathryn Koch joined the Nasdaq Board in 2024. She is the CEO of TCW Group and a former Goldman Sachs executive. | |
Melissa M. Arnoldi Board | Director | None | Melissa Arnoldi has been a director since 2017. She is the Chief Customer Officer for AT&T Consumer. | |
Michael R. Splinter Board | Lead Independent Director | Gogoro Inc., TSMC, Tigo Energy, U.S. CHIPS Act Advisory Committee, WISC Partners | Michael Splinter has been a director since 2008 and served as Chair of the Board from 2017 to 2022. He is a veteran of the semiconductor industry. | |
Thomas A. Kloet Board | Director | Chair of Northern Funds and Northern Institutional Funds | Thomas Kloet has been a director since 2015. He is the former CEO of TMX Group and has extensive experience in financial services. | |
Toni Townes-Whitley Board | Director | CEO of SAIC, Marathon Petroleum, PNC Financial Services | Toni Townes-Whitley joined the Nasdaq Board in 2021. She is the CEO of SAIC and a former Microsoft executive. |
- With the significant decrease in professional services revenue following the completion of a major client project last year, how do you plan to sustain and grow revenue in the Market Technology segment, especially considering the tough year-over-year comparisons and potential roll-off of certain contracts?
- The pushout of a key Calypso client's renewal by up to two quarters has impacted your revenue recognition this quarter; does this indicate potential challenges in the renewal environment for your fintech solutions, and how might this affect your revenue expectations in the near term?
- Despite generating strong free cash flow, your leverage ratio remains relatively high at 3.8x; how does this elevated leverage impact your ability to invest in growth opportunities or return capital to shareholders, and what are your plans to deleverage more aggressively?
- Given the decline in listings revenue due to lower listings activity and prior year delistings, what specific strategies are you implementing to rejuvenate growth in your listings business, especially in the face of competitive pressures and a modest uptick in U.S. listings?
- While you've seen some success in upselling Verafin solutions to Tier 1 and Tier 2 clients, lengthy sales cycles pose a challenge; how are you addressing these challenges to accelerate revenue growth in your anti-financial crime technology offerings?
Research analysts who have asked questions during NASDAQ earnings calls.
Alexander Blostein
Goldman Sachs
4 questions for NDAQ
Brian Bedell
Deutsche Bank
4 questions for NDAQ
Patrick Moley
Piper Sandler & Co.
4 questions for NDAQ
Alex Kramm
UBS Group AG
3 questions for NDAQ
Ashish Sabadra
RBC Capital Markets
3 questions for NDAQ
Benjamin Budish
Barclays PLC
3 questions for NDAQ
Craig Siegenthaler
Bank of America
3 questions for NDAQ
Daniel Fannon
Jefferies Financial Group Inc.
3 questions for NDAQ
Kyle Voigt
Keefe, Bruyette & Woods
3 questions for NDAQ
Michael Cyprys
Morgan Stanley
3 questions for NDAQ
Owen Lau
Oppenheimer & Co. Inc.
3 questions for NDAQ
Simon Clinch
Redburn Atlantic
2 questions for NDAQ
William Katz
TD Cowen
2 questions for NDAQ
Y. Cho
JPMorgan Chase & Co.
2 questions for NDAQ
Ben Budish
Barclays PLC
1 question for NDAQ
Christopher Allen
Citigroup
1 question for NDAQ
Dan Fannon
Jefferies & Company Inc.
1 question for NDAQ
Jeffrey Schmitt
William Blair
1 question for NDAQ
Jeff Schmitt
William Blair & Company, L.L.C.
1 question for NDAQ
Kwun Sum Lau
Oppenheimer
1 question for NDAQ
Michael Cho
JPMorgan Chase & Co.
1 question for NDAQ
Simon Alistair Clinch
Redburn Atlantic
1 question for NDAQ
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Competes with the company in U.S. options markets, cash equities, and European equity derivatives trading and clearing. It also operates Multilateral Trading Facilities (MTFs) in Europe. | |
Miami International Holdings, Inc. | Competes with the company in U.S. options markets and cash equities. |
Competes with the company in U.S. options markets, cash equities, and European equity derivatives trading and clearing. | |
Members Exchange | Competes with the company in U.S. options markets and cash equities. |
BOX Options Market | Competes with the company in U.S. options markets. |
The Investors Exchange | Competes with the company in U.S. cash equities. |
Long Term Stock Exchange | Competes with the company in U.S. cash equities. |
Toronto Stock Exchange | Competes with the company in Canadian cash equities. |
Euronext N.V. | Competes with the company in European cash equities and for listings in Europe. |
Deutsche Börse AG | Competes with the company in European cash equities, equity derivatives trading and clearing, and for listings in Europe. |
London Stock Exchange Group plc | Competes with the company in European cash equities, equity derivatives trading and clearing, and for listings in Europe and Asia. |
Turquoise | Operates as a Multilateral Trading Facility (MTF) in Europe, competing with the company in European cash equities. |
Aquis | Operates as a Multilateral Trading Facility (MTF) in Europe, competing with the company in European cash equities. |
Eurex | Competes with the company in trading and clearing of options and futures on European equities. |
ICE Futures Europe | Competes with the company in trading and clearing of options and futures on European equities. |
London Clearing House | Competes with the company in clearing of European equity derivatives. |
TSX | Competes with the company in proprietary data products. |
S&P Dow Jones Indices | Competes with the company in providing financial indices, including indices that track the technology sector. |
Competes with the company in providing financial indices. | |
FTSE Russell | Competes with the company in providing financial indices. |
Morningstar | Competes with the company in analytics and corporate solutions. |
Competes with the company in analytics and corporate solutions. | |
Addepar | Competes with the company in analytics offerings. |
Caissa | Competes with the company in analytics offerings. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Adenza Holdings, Inc. | 2023 | Nasdaq acquired Adenza Holdings, Inc. in 2023 for approximately $10.02 billion through a merger agreement (completed on November 1, 2023) involving a mix of $5.77 billion in cash and Nasdaq common stock valued at about $4.25 billion, financed with $5.0 billion in debt and a $600 million term loan. This strategic acquisition is expected to enhance Nasdaq's capabilities in risk management, regulatory compliance, and capital markets software, delivering significant synergies including $80 million in annual run-rate net expense synergies and $100 million in revenue synergies over the long term, with Thoma Bravo also receiving a board seat. |
Recent press releases and 8-K filings for NDAQ.
- MBody AI and Check-Cap have signed a definitive merger agreement to form a combined company focused on embodied AI for the autonomous workforce.
- The combined entity will be renamed MBody AI Ltd., with current MBody AI equityholders owning 90% and Check-Cap equityholders owning 10% on a fully diluted basis.
- The merger is subject to Check-Cap shareholder approval at the Annual General Meeting on October 17, 2025.
- The transaction and related financing are expected to strengthen Check-Cap’s capital position and resolve its Nasdaq listing deficiency by restoring compliance with minimum stockholders’ equity requirements.
- Repurchased over 250,000 shares at an average price of US$ 8.32, below the treasury NAV per share of US$ 12.181 as of September 11, 2025, under its US$ 250 million buyback program.
- Launched staking operations on its Toncoin reserves to generate recurring on-chain revenue and accrue additional $TON tokens.
- Buyback program, authorized on September 8, 2025, allows repurchases up to US$ 250 million, with Cantor Fitzgerald & Co. appointed as non-exclusive agent.
- The all-stock strategic business combination closed on September 12, 2025, and the combined company, New Mount Logan, is set to begin trading on Nasdaq under the ticker MLCI on Sept. 15, 2025.
- Post-close, Mount Logan and 180 Degree Capital shareholders will own 56.4% and 43.6% of New Mount Logan, respectively, with approximately 13 million shares outstanding.
- The transaction was valued at US$122.7 million, implying a price per share of US$9.43 at closing.
- New Mount Logan plans an initial US$15.0 million tender offer for MLCI shares at or above US$9.43, with up to US$25.0 million in total repurchases over the next 24 months.
- Gemini raised $425 million in its Nasdaq IPO at $28 per share, valuing the company at $3.3 billion and achieving over 20× oversubscription.
- Nasdaq committed $50 million via a private placement and will partner with Gemini on custody, staking, and collateral management through its Calypso platform.
- The offering reserved 10% of shares for insiders and long-term users and allocated 30% to retail investors on Robinhood, SoFi, and Webull.
- Despite net losses of $283 million in the first half of 2025 (following a $159 million loss in 2024), strong institutional demand drove pricing well above expectations.
- 99% of Fortune 100 companies have used AI in an Adobe app, underscoring enterprise-wide engagement with Adobe’s AI tools.
- Nearly 90% of Adobe’s Top 50 enterprise accounts have adopted one or more AI-first innovations—including GenStudio, Firefly Services, and Acrobat AI Assistant—reflecting deep integration of AI offerings.
- Over 40% of the Top 50 accounts have doubled their annualized recurring revenue spend since the start of fiscal 2023, indicating significant revenue acceleration.
- Partnerships with Microsoft and IBM demonstrate productivity gains, as Adobe Firefly cut content costs by 80% and reduced ideation time from weeks to two days.
- Lucas GC Limited (NASDAQ: LGCL) received a Nasdaq notification for non-compliance with the $1.00 minimum bid price rule after 30 consecutive business days below threshold.
- The company has 180 calendar days (until March 4, 2026) to regain compliance by achieving a $1.00 closing bid for 10 consecutive business days.
- Listing of its ordinary shares will continue uninterrupted while it considers options such as a reverse stock split to meet requirements.
- SEGG Media acquired a 51% stake in DotCom Ventures (owners of Concerts.com and TicketStub.com) for $10 million in July 2025.
- The move follows StubHub’s IPO targeting a ~$9 billion valuation, highlighting strong investor demand in ticketing.
- A report forecasts the secondary ticketing market to grow to $4.8 billion by 2030, validating SEGG Media’s expansion strategy.
- SEGG Media will modernize both platforms and integrate them with its ecosystem—including Veloce, Quadrant, and Sports.com—to leverage over 500 million monthly views.
- Fluence Energy, Inc. (NASDAQ: FLNC) and DTEK have commissioned Ukraine’s largest battery-based energy storage portfolio with a 200 MW total capacity.
- The six independent systems collectively store 400 MWh, sufficient to power 600,000 homes for two hours.
- Project construction and fully remote commissioning were completed in under six months, enabled by training 20 Ukrainian engineers in Germany and Finland.
- The deployment leverages advanced grid-forming capabilities to boost grid stability and resilience and mitigate outage risks.
- The Board has initiated a review of strategic alternatives to maximize shareholder value, including refinancing debt, refranchising or selling all or part of the business.
- CEO Joe Christina noted the menu transformation and 4.5% comparable restaurant sales growth in August from the Delicious Duos platform.
- No deadline or assurance that the review will yield a transaction; Piper Sandler has been retained as the financial advisor.
- The brand operates approximately 450 restaurants with 7,000 team members.
- Credo reported Q1 FY2026 revenue of $223.1 million, up 274% YoY and 31% QoQ.
- GAAP gross margin was 67.4% (non-GAAP 67.6%), with GAAP operating expenses of $89.6 million and non-GAAP operating expenses of $54.5 million.
- GAAP net income was $63.4 million (GAAP diluted EPS $0.34) and non-GAAP net income was $98.3 million (non-GAAP diluted EPS $0.52).
- Ending cash and short-term investments totaled $479.6 million as of August 2, 2025.
- Q2 FY2026 guidance: revenue $230–240 million, GAAP gross margin 63.5–65.5%, non-GAAP gross margin 64.0–66.0%, GAAP opex $96–98 million, non-GAAP opex $56–58 million.