Nasdaq (NDAQ) Jefferies Global FinTech Conference summary

Integration and synergy progress

• Integration of Adenza is ahead of schedule, with leverage targets expected to be met 9-12 months early and 3.3x leverage reached at least 6 months ahead of plan.

• $80 million in net synergies targeted, with 70% of actions to be completed by year-end and 40% already executed in Q1.

• Cross-sell infrastructure is in place, with $100 million fintech cross-sell targeted by 2027 and multiple campaigns underway.

• Salesforce integration between companies completed in under a year, accelerating unified execution.

• Cross-sell pipeline is robust, spanning multiple products and client segments, with varying sales cycle lengths.

Business segment performance and growth drivers

• Data & Listings faces headwinds from delistings and a less favorable environment compared to 2021, but potential activity is indicated by recent data.

• Index segment saw $200 billion inflows over five years, with 38% core growth in Q1 and significant product and geographic expansion opportunities.

• Fintech, especially financial crime management, shows strong growth, with Verafin achieving 112% net retention and expanding into tier one banks.

• International fintech business is nascent but progressing with early proof-of-concept engagements.

• Workflow and Insights segment is impacted by sales cycle length but benefits from AI and data leverage for long-term growth.

Market environment and forward outlook

• IPO activity remains subdued but is expected to improve with potential rate cuts and pent-up demand from prior years.

• Short windows for IPOs are anticipated, with September and October likely to be active due to the election cycle.

• Market Services may be positively or negatively correlated with volatility, depending on market conditions.

• A more capital-friendly environment could drive growth across multiple business lines beyond listings.