Nasdaq (NDAQ) Morgan Stanley US Financials Conference 2026 summary

Market performance and structural trends

• Markets business grew 10% in Q1, driven by strong corporate earnings, retail engagement, and favorable regulatory environment, with AI as a key tailwind.

• U.S. equities and options divisions hold leading market share, with index options business growing over 60% year-over-year.

• Migration to the Fusion global derivatives trading platform will complete by end of summer, upgrading the entire technology stack for options.

• Approval for 23/5 trading launches December 6, expanding opportunities across trading, data, and collateral management.

• Infrastructure, operations, and technology are being enhanced to support always-on markets and ensure resilience.

Options market innovation and risk management

• Short-dated options launched on nine major stocks, showing strong liquidity and market quality, with plans to expand to more days and names.

• Short-dated options serve as key hedging and sentiment tools for both institutional and retail clients.

• Industry collaboration focuses on risk management and education, especially as new products like binary options are introduced.

• Binary options targeting a year-end launch, starting with Nasdaq-100, leveraging existing infrastructure and retail partnerships.

• Regulatory clarity on perpetuals and new product types remains a focus, with complementary opportunities identified.

Tokenization and always-on strategy

• Deep issuer and investor relationships, global partnerships, and regulatory leadership position the platform strongly for tokenization.

• First SEC-approved tokenization filing and unique equity token design address issuer needs.

• Calypso and other fintech solutions support tokenized assets, with collateral management as a key opportunity.

• Short-term and long-term opportunities identified, with a $3–6 billion market potential for tokenization and related services.