Nasdaq (NDAQ) Barclays 24th Annual Global Financial Services Conference summary

Macro environment and IPO trends

• Macro environment described as constructive, with strong investment in AI and digital sectors, resilient consumer, and supportive earnings.

• IPO pipeline is robust, with $111 billion raised in the first half, including $86 billion from SpaceX, indicating market preference for scale and maturity.

• IPO activity spans AI infrastructure, defense, insurance, real estate, and a resurgence in biotech.

• Fintech segment saw 15% revenue growth and 16% ARR growth in Q2, reflecting strong client engagement.

• Nasdaq maintains a 73% IPO win rate, with top 10 companies listed, reinforcing its market relevance.

Market services and innovation

• Digital Liquidity Networks initiative aims to meet investor demand for always-on markets while upholding liquidity, transparency, and integrity.

• Acquisition of LeveL ATS expands access to off-exchange liquidity and connectivity to 2,500 buy- and sell-side participants.

• Progress on tokenization includes settlement solutions with DTCC and strategic investment in Payward (Kraken) to bridge fiat and token markets.

• Nasdaq Equity Token and surveillance tools are being adopted by new market participants.

• Calypso platform is central to collateral management, enabling movement between tokens and fiat.

Product development and market opportunities

• New products, including off-exchange event contracts, are set to launch by year-end, focusing on financial rather than sports or political events.

• Perpetual futures represent less than 1% of revenue overlap but present infrastructure opportunities.

• Always-on markets and new products are expected to drive additional demand, liquidity, and market share.

• AI-forward strategy and robust digital efforts position the company for growth in both market services and foundational infrastructure.