Nasdaq (NDAQ) Oppenheimer 27th Virtual Annual Technology, Internet & Communications Conference summary

Strategic transformation and business model

• Transitioned from a traditional exchange operator to a global technology provider, with 78% of revenue from Solutions business in H1.

• Focuses on maximizing liquidity, transparency, and integrity in financial markets through technology and services.

• Provides technology to 130 markets globally, including risk management, market data, analytics, and regulatory technology.

Shareholder and board developments

• Thoma Bravo sold half its stake post-earnings in July, reducing overhang and attracting new shareholders; board seat now at Nasdaq's invitation as their stake fell below 10%.

IPO market outlook

• IPO activity in 2024 has been slower than expected due to high cost of capital and restrictive monetary policy.

• Pipeline of nearly 100 companies, with most targeting 2025 for IPOs, contingent on economic resilience and lower rates.