Nasdaq (NDAQ) 47th Annual Raymond James Institutional Investor Conference summary

Strategic vision and business model

• Focused on three pillars: modernizing markets, driving innovation, and building financial integrity and trust, targeting an $86 billion total addressable market.

• Operates as 'One Nasdaq' across Capital Access Platforms, Financial Technology, and Market Services, leveraging synergies to drive growth and client value.

• Balanced business model provides resilience across macro cycles, with trading and fintech divisions offsetting volatility in other segments.

• Competitive edge attributed to strong culture, innovative products, and significant organic growth opportunities, especially in fintech.

• Index, listings, and data businesses are industry leaders, benefiting from brand strength and ongoing product innovation.

Technology, AI, and product differentiation

• Product portfolio is highly differentiated, with unique data sets and embedded expertise, especially in financial crime management.

• AI is deeply integrated into product roadmaps, with agentic workforces already deployed in financial crime and sanction screening, used by over 350 clients.

• Regular product reviews ensure AI and agentic technologies are embedded to maintain competitiveness and client value.

• Cloud capabilities and proprietary data position the company to innovate and monetize AI across multiple business lines.

• AI-driven market changes have led to aggressive share repurchases and a focus on organic growth, with bolt-on acquisitions considered only if highly additive.

Growth opportunities and market trends

• Tokenization and 23/5 trading seen as major future opportunities, with a realistic timeline for broader adoption in the second half of 2026.

• Event contracts and binary options are being introduced in a regulated manner, targeting both retail and institutional investors.

• Retail participation now accounts for about 25% of U.S. equities and 45% of options volumes, viewed as a durable, structural trend.

• Financial technology expected to deliver 10%-14% annual growth over the next 3-5 years, driven by upsell and cross-sell opportunities.

• Index franchise continues to innovate, with 54% of AUM from products launched in the last five years and strong brand-driven asset growth.