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Nasdaq UBS’s 2025 Global Technology and AI Conference summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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UBS’s 2025 Global Technology and AI Conference summary2 Dec, 2025

Strategic transformation and business model evolution

  • Transitioned to a technology platform company, with 80% of revenue from solutions and consistent double-digit growth since 2017.

  • Operates three core pillars: modern market architecture, innovation (including indexes and data), and trust (regulatory, compliance, and financial crime management solutions).

  • Serves 135 markets globally, with significant market cap representation and $800 billion in AUM across indexes.

  • Large addressable markets: $31 billion SAM and $79 billion TAM.

Fintech segment performance and integration

  • Achieved accelerated deleveraging, reaching 3.2x leverage 16 months ahead of schedule, targeting 3.0x by year-end.

  • Overachieved synergy targets, reaching $150 million two quarters before program end.

  • Cross-sell momentum strong, with 15% of pipeline in cross-sell and on track for $100 million by 2027.

  • Both acquired and legacy fintech businesses performing well under unified leadership.

ARR growth and outlook

  • Reported 9% ARR growth for three consecutive quarters, driven by fintech and capital access platforms.

  • Strong enterprise signings in financial crime management expected to translate into revenue and ARR acceleration starting Q4.

  • Professional services fees in AxiomSL set to restart, supporting future subscription revenue.

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Frequently asked questions

The Second Largest Stock Exchange

Founded in 1971, Nasdaq stands as an important pillar of global financial markets, primarily known for its electronic stock exchange and the associated index. Nasdaq's innovative approach transformed the trading world, introducing electronic trading that replaced the traditional floor system. Beyond its stock exchange, Nasdaq offers a plethora of services, including market technology, investment management, corporate services, and more.

The First Electronic Stock Exchange

Founded in 1971, Nasdaq, short for the National Association of Securities Dealers Automated Quotations, represented a significant departure from traditional stock exchanges by introducing the world to an electronic trading platform. Contrasting the physical floor trading of its counterparts, Nasdaq's technology-driven approach revolutionized how securities were traded. Initially, it served as a quotation system and did not have trade-executing capabilities. However, by 1982, it evolved into a full-fledged stock exchange. Today, Nasdaq stands as the second-largest stock exchange by market capitalization, second only to the NYSE, which is operated by ICE.

The Index

Besides just the stock exchange, Nasdaq also provides several indices. Established alongside the exchange in 1971, the Nasdaq Composite is heavily weighted towards the technology sector. Due to its tech-centric composition, the index is often viewed as a barometer for the technology industry's strength. As technology companies have grown in significance in the 21st century, the Nasdaq Composite has become a pivotal reference point for investors looking to gauge the tech sector's performance and the broader market's direction. The Nasdaq Composite is one of the most heavily referenced together with indices provided by MSCI and S&P Global.

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Nasdaq's operations extend beyond US borders. Globally, it's recognized for its strategic ownership and collaborations with various stock exchanges. For instance, Nasdaq owns and operates several European exchanges, including those in Stockholm, Helsinki, Copenhagen, and several others in the region. Additionally, it provides technology solutions, trading, and services to a global network of exchanges and its technology powers numerous marketplaces in Asia, Europe, the Middle East, and the Americas.

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