Nasdaq (NDAQ) Bank of America 31th Annual Financials CEO Conference summary

Strategic transformation and business mix

• Nasdaq has shifted from a trading-focused exchange to a technology and information services provider, with nearly 80% of revenue now from non-trading businesses such as indexing, data, corporate services, and regulatory technology.

• The company’s transformation began a decade ago, anticipating trends in cloud, distributed ledger, and AI, which now underpin its offerings and position it as a modern financial infrastructure provider.

• Revenue growth has been strong, with double-digit alpha growth and mid-teens revenue growth in recent quarters, and the business now operates at a 'rule of 70%' efficiency.

Tokenization and digital assets

• Nasdaq will launch Equity Tokens in Q2 2027, aiming to maintain unified liquidity pools and provide issuers with programmable features while preserving trading integrity.

• The approach differentiates from competitors by avoiding liquidity fragmentation, focusing on transparency and seamless integration with existing market structures.

AI and technology adoption

• GenAI adoption is accelerating rapidly, with applications in data delivery, investment tools, and financial crime management, including patent-pending data solutions.

• AI-driven agents are used by 800 banks for tasks like sanctions processing, delivering significant efficiency gains and automating up to 80% of certain workflows.

• Regulatory technology leverages GenAI for compliance and reporting, supporting thousands of regulatory updates annually across 64 countries.