Nasdaq (NDAQ) Piper Sandler Global Exchange and Fintech Conference summary

Market innovation and regulatory developments

• Recent CFTC approval of Bitcoin perpetual futures has sparked industry debate, but is not seen as a threat to equities or options due to their unique utility and established liquidity ecosystems.

• Emphasis on the importance of open, collaborative regulatory consultation for new products to ensure positive outcomes for investors and issuers.

• Expansion into 23/5 equities trading, extended options hours, and tokenization initiatives reflect a commitment to responsible innovation.

Nasdaq 100 methodology changes

• Quarterly rebalancing replaces annual, allowing faster inclusion of eligible companies and better alignment with market dynamics.

• Free float adjustment now more closely matches actual liquidity, using a 3X multiple up to 33% float before reflecting full market cap.

• Fast Entry rule enables top 40 IPOs to join the index within 15 trading days, supporting investor and issuer preferences.

Business environment and client engagement

• Constructive macro backdrop with strong corporate earnings, high retail engagement, and well-behaved volatility.

• Clients globally are focused on modernization, managing increasing complexity, and real-time risk management.

• Financial technology segment saw 18% growth in Q1, with strong customer engagement and robust sales cycles.