Company Overview

Nasdaq, Inc. is a global technology company that operates financial market infrastructure and provides data, analytics, software, and services to capital markets participants. While historically known as a stock exchange operator, the company has evolved into a diversified provider of market technology and information services serving exchanges, broker-dealers, asset managers, banks, regulators, and corporates. Its activities span the capital markets, financial data, market infrastructure, and financial technology industries.

The company’s primary revenue drivers are market services (trading, clearing, and listings), data and analytics, and market technology solutions. Nasdaq is uniquely positioned as both a leading exchange operator and a mission-critical technology provider, supplying trading, surveillance, and risk management systems to markets worldwide. Founded in 1971 as the world’s first electronic stock market, Nasdaq has transitioned from a U.S.-focused equity exchange into a global financial technology enterprise through organic growth and targeted acquisitions.

Business Operations

Nasdaq operates through several core business segments that generate recurring and transaction-based revenue. Market Services includes equity and options trading, clearing, settlement, and issuer services such as listings and corporate solutions. Data & Analytics delivers proprietary market data, index products, analytics, and anti-financial crime solutions to institutional and corporate clients. Market Technology provides trading platforms, clearing systems, market surveillance, and regulatory technology to exchanges, regulators, and financial institutions globally.

Operations are both domestic and international, with a significant portion of revenue generated outside the United States. Nasdaq owns and operates multiple exchanges, including the Nasdaq Stock Market, Nasdaq Nordic, and Nasdaq Baltic markets. The company controls proprietary trading and surveillance technologies that are licensed to more than 100 market infrastructure organizations worldwide, creating long-term, contract-based revenue streams.

Strategic Position & Investments

Nasdaq’s strategy emphasizes expanding recurring revenue, growing its technology and analytics businesses, and reducing reliance on transaction-based trading income. Growth initiatives focus on financial crime prevention, regulatory technology, index and analytics expansion, and cloud-enabled market infrastructure. The company has made significant investments to modernize market operations and transition technology platforms to scalable, software-driven models.

Notable acquisitions supporting this strategy include Adenza, a provider of risk management and regulatory software, which significantly expanded Nasdaq’s presence in financial software and compliance solutions. Nasdaq also maintains a portfolio of technology-focused subsidiaries and platforms aligned with capital markets modernization, digital assets infrastructure, and advanced analytics. Its strategic direction consistently highlights innovation, resilience, and the global digitalization of financial markets.

Geographic Footprint

Nasdaq is headquartered in North America, with its principal executive offices in the United States, and maintains a broad global presence across Europe, Asia-Pacific, Latin America, and the Middle East. The company operates exchanges and clearinghouses in the U.S. and Northern Europe and provides technology and data services to clients in more than 50 countries.

Internationally, Nasdaq has a strong operational footprint through Nasdaq Nordic and Nasdaq Baltic, serving multiple European capital markets. Its technology and data businesses extend the company’s influence well beyond owned exchanges, enabling Nasdaq to support market infrastructure, regulators, and financial institutions across all major continents.

Leadership & Governance

Nasdaq is led by an executive team with extensive experience in global financial markets, technology, and regulation. The leadership emphasizes long-term value creation through innovation, operational resilience, strong governance, and the integrity of global capital markets. The company operates under a shareholder-owned governance model and is subject to U.S. public company regulatory standards.

Key executives include:

• Adena T. Friedman – President and Chief Executive Officer
• Tal Cohen – President, Market Services
• Ann Dennison – Executive Vice President and Chief Financial Officer
• Brad Peterson – Executive Vice President and Chief Technology Officer
• John Zecca – Executive Vice President and Global Chief Legal Officer
• Edward S. Knight – Executive Vice President, Chief Legal and Policy Officer

Nasdaq’s leadership philosophy centers on advancing transparent, resilient, and inclusive capital markets while leveraging technology to improve efficiency and trust across the global financial system.