Nasdaq Business Summary

Nasdaq, Inc. (NDAQ) operates as a global financial technology and data powerhouse, having successfully transitioned from a traditional exchange operator to a diversified SaaS-driven enterprise. The company generates revenue through a high-density mix of recurring subscription fees, transaction-based execution fees, and intellectual property licensing. Its operations are organized into three primary segments: Financial Technology, which provides mission-critical risk management and anti-financial crime software (notably through its Verafin and Adenza platforms); Capital Access Platforms, encompassing its premier listings business and index licensing; and Market Services, which facilitates multi-asset trading and clearing. As of early 2026, solutions-based recurring revenue accounts for approximately 80% of total net revenue. Nasdaq competes directly with the Intercontinental Exchange (ICE), CME Group, Cboe Global Markets, and the London Stock Exchange Group (LSEG), distinguishing itself as the market leader in technology-centric listings and regulatory technology (RegTech) integration. Originally founded in 1971 by the National Association of Securities Dealers (NASD) as the world’s first electronic stock market, Nasdaq is currently led by Chair and CEO Adena Friedman, a veteran executive who rejoined the firm in 2014 after serving as CFO of The Carlyle Group. The leadership team includes Executive Vice President and CFO Sarah Youngwood, formerly of UBS and JPMorgan Chase, and Bradley J. Peterson, who serves as EVP and Chief Information/Technology Officer. Other key officers include Presidents Tal Cohen and Nelson Griggs, who oversee Market Platforms and Capital Access Platforms, respectively. The company’s institutional stability is reinforced by a board of directors featuring leaders from global conglomerates and significant backing from major investors, including Vanguard, BlackRock, and Investor AB, as well as strategic stakes held by Borse Dubai.