Q1 2026 Nasdaq Inc Earnings Call

April 23, 2026

Operator: Time all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. You will hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. In the interest of time, please limit yourselves to one question. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker, Ato Garrett, Senior Vice President and Investor Relations Officer. Please go ahead.

Speaker #1: ML participants aren't a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press STAR 11 on your telephone; you will then hear an automated message advising your hand is raised.

Speaker #1: To withdraw your question, please press STAR 11 again. In the interest of time, please limit yourselves to one question. Please be advised that today's conference is being recorded.

Speaker #1: We view this impact as short-term tactical behavior and not representative of structural trends. Although we don't view early quarter flows as predictive, we are encouraged by the momentum we've seen to date in the second quarter, with $15 billion of net ETP inflows as of April 20.

Speaker #1: I would now like to hand the conference over to your first speaker, Atto Garrett, Senior Vice President and Investor Relations Officer. Please go ahead.

Speaker #1: Our index performance has been underpinned by our success in product innovation. 46% of inflows were driven by product launches of the last 5 years and 25% were driven by launches over the last 3 years.

Speaker #2: Good morning, everyone, and thank you for joining us today to discuss NASDAQ's first quarter 2026 financial results. On the line are Adena Friedman, our Chair and Chief Executive Officer; Sara Youngwood, our Chief Financial Officer; and other members of the management team.

Ato Garrett: Good morning, everyone, and thank you for joining us today to discuss Nasdaq's Q1 2026 financial results. On the line are Adena Friedman, our Chair and Chief Executive Officer; Sarah Youngwood, our Chief Financial Officer; and other members of the management team. After our prepared remarks, we will open the line for Q&A. The press release and earnings presentation accompanying this call can be found on our investor relations website. I would like to remind you that we will be making forward-looking statements on this call that involve risks. A summary of these risks is contained in our press release, and a more complete description in our annual report on Form 10-K. We will discuss our financial performance on a non-GAAP basis, excluding the impact of acquisitions and divestitures, as well as the impact of changes in FX rates.

Speaker #1: Institutional adoption of our index products grew among annuity providers, contributing to a 30% increase in insurance-related revenues. International expansion was driven by strong demand from EMEA and EPAC this quarter.

Speaker #2: After our prepared remarks, we will open the line for Q&A. The press release and earnings presentation accompanying this call can be found on our Investor Relations website.

Speaker #1: This contributed to 19% total ETPAUM coming from non-US clients. We launched 31 new products in the quarter, including 12 international products and 11 in the institutional annuity space.

Speaker #2: I would like to remind you that we will be making forward-looking statements on this call that involve risks. A summary of these risks is contained in our press release, and a more complete description in our annual report on Form 10-K.

Speaker #2: We will discuss our financial performance on a non-GAAP basis, excluding the impact of acquisitions and divestitures, as well as the impact of changes in FX rates.

Speaker #1: We also launched the NASDAQ Private Capital Indexes, a way for investors to benchmark private market investment allocations. A NASDAQ asset has historically lacked transparency.

Speaker #2: Definitions and reconciliations of US GAAP to non-GAAP, plus adjustments, can be found in our earnings presentation, as well as in a file located in the Financials sections of our Investor Relations website, at ir.nasdaq.com.

Ato Garrett: Definitions and reconciliations of US GAAP to non-GAAP, plus adjustments can be found in our earnings presentation, as well as in a file located in the financial sections of our investor relations website at ir.nasdaq.com. With that, I will now turn the call over to Adena.

Speaker #1: We were also pleased to announce that we will expand access to the NASDAQ 100 later in the spring with two new carefully selected partners: BlackRock and State Street.

Speaker #1: We'll continue to work closely with our long-standing partner Invesco. The pricing terms related to the index license for these upcoming new US listed ETFs will be consistent with the QQQ pricing terms.

Speaker #2: And with that, I will now turn the call over to Adena.

Speaker #3: Thank you, Otto, and good morning, everyone. Today, I'll start with a review of our first quarter financial results, and we'll then review the operating performance across our divisions.

Adena Friedman: Thank you, Ato, and good morning, everyone. Today, I'll start with a review of our Q1 financial results, and we'll then review the operating performance across our divisions. I will then hand the call over to Sarah to walk through the financial results in more detail. Nasdaq entered 2026 with strong momentum, and our Q1 performance reflects one of the strongest starts to a year in our company's history. We delivered the highest Q1 organic growth since 2021 across net revenue, solutions revenue, and operating income, as well as our highest-ever quarterly revenue growth in the Financial Technology division. The results this quarter demonstrate the breadth and depth of the client engagement we are experiencing across our platform, which is resulting in meaningful growth.

Speaker #1: We are excited to continue to grow and expand distribution of our flagship index to new investors across the US and globally with all of our high-quality partners.

Speaker #3: I will then hand the call over to Sara to walk through the financial results in more detail. NASDAQ entered 2026 with strong momentum, and our first quarter performance reflects one of the strongest starts to a year in our company's history.

Speaker #1: For example, with Invesco, we continue to create new marquee products to address investors' evolving needs. Recently, we expanded the Invesco QQQ Innovation Suite with the launch of the Invesco QQQ Equal Weight ETF.

Speaker #3: We delivered the highest Q1 organic growth since 2021 across net revenue, solutions revenue, and operating income, as well as our highest-ever quarterly revenue growth in the financial technology division.

Speaker #1: Additionally, with the expanded partnerships with BlackRock and State Street, we look forward to working with them to make the NASDAQ 100 more accessible to their investor universe and to help drive additional institutional adoption.

Speaker #3: The results this quarter demonstrate the breadth and depth of the client engagement we are experiencing across our platform, which has resulted in meaningful growth.

Speaker #3: As we outlined at Investor Day, the power of our platform enables us to serve as a trusted transformation partner to our clients. Underpinned by our embedded client community, deeply integrated solutions, gold-standard data, and engineering excellence.

Adena Friedman: As we outlined at Investor Day, the power of our platform enables us to serve as a trusted transformation partner to our clients, underpinned by our embedded client community, deeply integrated solutions, gold standard data, and engineering excellence. This is a dynamic moment for the world and for markets, underpinned by an accelerated pace of technological change, persistent geopolitical tensions, and concerns about the stability of the private credit market, as well as overall complexity across the global economy. In the US, softer labor conditions and inflation pressures are offset by resilient spending from higher income households and continued capital deployment in AI. Investment in AI continues to be a meaningful driver of economic activity, especially in the United States, through large-scale data center and infrastructure build-outs. Within this overall environment, macroeconomic growth remains balanced and constructive in the US and across other major economies.

Speaker #1: Turning to workflow insights, revenue grew 6%, driven by continued strength in analytics. Analytics delivered solid revenue growth, underpinned by investors' strong performance, which benefits from powerful network effects and sustained demand in volatile markets.

Speaker #3: This is a dynamic moment for the world and for markets. Underpinned by an accelerated pace of technological change, persistent geopolitical tensions, and concerns about the stability of the private credit market, as well as overall complexity across the global economy.

Speaker #1: Within investment, we continue to expand the reach of our data assets to meet the evolving needs of our clients and to enhance the value that we bring to asset owners and asset managers, including in private markets.

Speaker #1: This quarter, we integrated our data with Databricks to broaden entitled access to investments, comprehensive institutional investor data. Across analytics, we're leveraging our goals-based standard data assets to support our client AI strategy.

Speaker #3: In the US, software labor conditions and inflation pressures are offset by resilient spending from higher-income households and continued capital deployment in AI. Investment in AI continues to be a meaningful driver of economic activity, especially in the United States, through large-scale data center and infrastructure buildouts.

Speaker #1: Investment AI-ready data has been adopted by global asset managers, GPs, and institutional investors representing over 9 trillion dollars in asset under management and helps drive a 29% year-over-year increase in Q1 bookings.

Speaker #3: Within this overall environment, macroeconomic growth remains balanced and constructive in the US and across other major economies. Smart regulation is also starting to take shape across the capital markets and banking industry, and as a result, clients are moving forward with investments in the modernization of their core infrastructure.

Adena Friedman: Smart regulation is also starting to take shape across the capital markets and banking industry. As a result, clients are moving forward with investments in the modernization of their core infrastructure. Within the banking sector, we're experiencing increasing demand for cloud-based mission-critical solutions that include AI features to support workflow automation. Within capital markets, we're experiencing demand for solutions and services related to the transition to always-on markets and the tokenization of assets. As the industry addresses these trends, Nasdaq is well-positioned to reinforce its role as the trusted fabric of the global financial system. Turning to our financial results. In the first quarter, we delivered $1.4 billion in net revenue, a 13% year-over-year increase. Our overall annualized recurring revenue, or ARR, grew 12% year over year to $3.2 billion.

Speaker #1: In corporate solutions, AI adoption is strong, with 74% of IR insight users and 51% of board advantage users leveraging our AI solutions. Overall, the corporate buying environment remains muted, driven by lower IPO activity compared to historical levels.

Speaker #3: Within the banking sector, we're experiencing increasing demand for cloud-based mission-critical solutions that include AI features to support workflow automation. Within capital markets, we're experiencing demand for solutions and services related to the transition to always-on markets and the tokenization of assets.

Speaker #1: Turning to financial technology, we delivered record revenue growth of 18%, driven by sustained global demand for emission-critical technologies. We continue to deliver on our one NASDAQ strategy with strong bookings performance for Q1, signing 64 new clients, one cross-sell, and 85 upsells during the quarter.

Speaker #3: As the industry addresses these trends, NASDAQ is well-positioned to reinforce its role as the trusted fabric of the global financial system. Turning to our financial results, in the first quarter, we delivered $1.4 billion in net revenue, a overall annualized recurring revenue, year-over-year to $3.2 billion.

Speaker #1: The division sustained compelling wind and experimentum, driving more than 50% year-over-year growth in ETP bookings, while supporting clients' transition to cloud. Cloud-based solutions accounted for 80% of ACV bookings in the quarter.

Speaker #1: I would like to call out a key expansion this year of an existing AxiomSL and Calypso Tier 1 bank client that brings our cloud AI in one Nasdaq strategy to life.

Speaker #3: Expenses were $608 million up 8% year-over-year. Operating income was $799 million, up 17%. And we delivered $21% diluted EPS growth. Within our divisions, capital asset platforms generated 10% revenue growth and 7% ARR growth.

Adena Friedman: Expenses were $608 million, up 8% year over year. Operating income was $799 million, up 17%, and we delivered 21% diluted EPS growth. Within our divisions, Capital Access Platforms generated 10% revenue growth and 7% ARR growth. Financial Technology delivered 18% revenue growth and 16% ARR growth. Market Services delivered 10% net revenue growth. As we move into divisional performance, I'll cover how our results reflect disciplined execution against our expand, evolve, and transform growth framework. From delivering on One Nasdaq across our core franchises, to evolving our solutions with new innovations, to transforming the business in key strategic areas. Starting with Capital Access Platforms, where I'll first discuss data and listings.

Speaker #1: In Q1, we completed a significant renewal and expansion of Axiom SL, driven by our ability to deliver cloud and AI-enabled regulatory solutions. Early in the second quarter, we expanded the relationship further with a cross-sell for NASDAQ Verifen, our cloud-based AI native of financial crime management solution.

Speaker #3: Financial technology delivered 18% revenue growth and market services delivered 10% net revenue growth. As we cover how our results reflect disciplined execution against our move into divisional performance, I'll framework, from delivering on one NASDAQ across our core franchises to evolving our solutions with new innovations.

Speaker #1: The expansion of this relationship illustrates the power of our platform as we deliver innovative technology to address our clients' top regulatory and risk management needs.

Speaker #1: Turning now to a review of the subdivisions, starting with the financial crime management technology. NASDAQ Verifen delivered another strong quarter with 21% revenue growth across a growing client base of more than 2,800 clients, representing nearly 12 trillion dollars in collective assets.

Speaker #3: To transforming the business in key strategic areas. Starting with capital asset platforms, where all first discuss data and listings, in our US listings franchise, we welcomed 15 new operating companies raising over $5 billion in proceeds during the quarter, including seven of the top 10 IPOs.

Speaker #1: During the quarter, we signed 58 new SMB clients, driving a 24% year-over-year increase in ACV bookings from that client segment. In enterprise, we signed two renewals and one expansion with existing clients, and early in the second quarter, we added further momentum with an enterprise upsell and a new Tier 1 client cross-sell that I mentioned a moment ago.

Adena Friedman: In our US listings franchise, we welcomed 15 new operating companies, raising over $5 billion in proceeds during the quarter, including 7 of the top 10 IPOs. Early in the Q2, we were pleased to welcome Arxis and Kailera Therapeutics, two of the biggest IPOs of Q2 so far. While the IPO environment has been uneven amid market volatility, issuer engagement remains strong. Companies in our pipeline continue to prepare for market entry. We are seeing an encouraging environment for improving IPO activity entering the Q2, and we believe that we are well-positioned to support that activity as momentum builds. In our data business, we continue to deliver strong revenue growth, highlighted by 32% year-over-year growth of enterprise license agreements and continued momentum in Asia and the Middle East.

Speaker #3: Early in the second quarter, we were pleased to welcome Arxis and Colera Therapeutics, two of the biggest IPOs of Q2 so far. While the IPO environment has been uneven amid market volatility, issuer engagement remains strong.

Speaker #1: NASDAQ Verifen is evolving in its platform through strategic partnerships, including our recently announced partnership with FIS. This agreement expands our ability to deliver leading AML and fraud solutions to FIS's banking and payments clients.

Speaker #3: Companies in our pipeline continue to prepare for market entry. We see encouraging environment we are seeing an encouraging environment for improving IPO activity, entering the second quarter, and we believe that we are well-positioned to support that activity as momentum builds.

Speaker #1: We continue to lead through advanced AI-driven innovation. Our agentic AI workforce is now deployed by more than 500 clients, up 40% since yesterday. Later this quarter, we will launch our new drug trafficking analytic, which embeds generative AI directly into our models, and synthesizes open-source intelligence, social media, and third-party research to help clients more effectively detect potential drug trafficking activity.

Speaker #3: In our data business, we continue to deliver strong revenue growth, highlighted by 32% year-over-year growth of enterprise license agreements and continued momentum in Asia and the Middle East.

Speaker #3: Looking ahead, we see continued progress towards always-on markets, creating meaningful operations for our data business. Enabling trading activity in regions where demand for NASDAQ's proprietary market data is already rising.

Adena Friedman: Looking ahead, we see continued progress towards always-on markets, creating meaningful operations for our data business. Enabling trading activity in regions where demand for Nasdaq's proprietary market data is already rising. Our index franchise delivered $79 billion in net inflows over the last 12 months, including $6 billion in the quarter, exiting the quarter with ETP AUM of $836 billion. Our average AUM this quarter increased 32% year-over-year to reach a record of $877 billion. Net inflows were modestly positive, impacted by sector rotation and a risk-off environment tied to market uncertainty in March. We view this impact as short-term tactical behavior and not representative of structural trends.

Speaker #1: Regulatory technology delivered sustained momentum supported by new capabilities introduced across our product suite, as well as structural trends impacting the industry. These trends include the transition to always-on markets, sustained investment in infrastructure modernization, and improving clarity of the regulatory environment.

Speaker #3: Our index franchise delivered 79 billion in net inflows over the last 12 months, including $6 billion in the quarter, exiting the quarter with ETP/AUM of $836 billion.

Speaker #1: Specific to Axiom SL, this momentum is translating to meaningful client expansion and new winds across regions as global institutions deepen their use of their regulatory reporting and capital management solutions.

Speaker #3: Our average AUM this quarter increased 32% year-over-year to reach a record of $877 billion. Net inflows were modestly positive, impacted by sector rotation and a risk-off environment tied to market uncertainty in March.

Speaker #1: For instance, a large international bank significantly expanded its U.S. footprint with us, extending the use of our platform to support CFR reporting. Another large bank expanded into cloud-based broker-dealer capital management and regulatory reporting, underscoring growing confidence in our cloud-enabled regulatory infrastructure.

Speaker #3: We view this impact as short-term tactical behavior and not representative of structural trends. Although we don't view early quarter flows as predictive, we are encouraged by the momentum we've seen to date in the second quarter with $15 billion of net ETP inflows as of April 20th.

Adena Friedman: Although we don't view early quarter flows as predictive, we are encouraged by the momentum we've seen to date in Q2 with $15 billion of net ETP inflows as of 20 April. Our index performance has been underpinned by our success in product innovation. 46% of inflows were driven by product launches over the last 5 years, and 25% were driven by launches over the last 3 years. Institutional adoption of our index products grew among annuity providers, contributing to a 30% increase in insurance-related revenues. International expansion was driven by strong demand from EMEA and APAC this quarter. This contributed to 19% of total ETP AUM coming from non-US clients. We launched 31 new products in the quarter, including 12 international products and 11 in the institutional annuity space.

Speaker #1: We also secured a new client in Europe for consolidative reporting across capital, liquidity, and financial regulatory requirements, highlighting continued momentum across the continent. We are realizing the benefits from investments we've made in our cloud capabilities as approximately 90% of Axiom SL ACV bookings in Q1 have been for cloud-based solutions.

Speaker #3: Our index performance has been underpinned by our success in product innovation. 46% of inflows were driven by product launches over the last five years and 25% were driven by launches over the last three years.

Speaker #3: Institutional adoption of our index products grew among annuity providers, contributing to a 30% increase in insurance-related revenues. International expansion was driven by strong demand from EMEA and APAC this quarter.

Speaker #1: We're also experiencing strong interest in our AI solutions within AxiomSL, including Red Copilot, Red Simplify, Red Navigator, and Red Investigator—the products we detailed during Investor Day.

Adena Friedman: quarter with ETP AUM of $836 billion. Our average AUM this quarter increased 32% year-over-year to reach a record of $877 billion. Net inflows were modestly positive, impacted by sector rotation and a risk-off environment tied to market uncertainty in March. We view this impact as short-term tactical behavior and not representative of structural trends. Although we don't view early quarter flows as predictive, we are encouraged by the momentum we've seen to date in Q2, with $15 billion of net ETP inflows as of 20 April. Our index performance has been underpinned by our success in product innovation. 46% of inflows were driven by product launches over the last five years, and 25% were driven by launches over the last three years. Institutional adoption of our index products grew among annuity providers, contributing to a 30% increase in insurance-related revenues.

Speaker #1: In silence, we delivered strong growth this quarter, supported by upsells and renewals, including a renewal of a global Tier 1 bank. We are experiencing interest in our crypto surveillance services, both with new clients and upsell opportunities.

Speaker #3: This contributed to 19% of total ETP/AUM coming from non-US clients. We launched 31 new products in the quarter, including 12 international products and 11 in the institutional annuity space.

Speaker #1: We are also continuing to invest in our core product to sustain strong client engagement and demand. For example, we recently introduced our calibration copilot, an AI-powered tool that's enabling clients to optimize workflows, reduce false positives, and increase accuracy of detection.

Speaker #3: We also launched the NASDAQ Private Capital Indexes, a way for investors to benchmark private market investment allocations, an asset class that has historically lacked transparency.

Adena Friedman: We also launched the Nasdaq Private Capital Indexes, a way for investors to benchmark private market investment allocations, an asset class that has historically lacked transparency. We were also pleased to announce that we will expand access to the Nasdaq-100 later in the spring with 2 new carefully selected partners, BlackRock and State Street, while continuing to work closely with our long-standing partner, Invesco. The pricing terms related to the index license for these upcoming new US-listed ETFs will be consistent with the QQQ pricing terms. We are excited to continue to grow and expand distribution of our flagship index to new investors across the US and globally with all of our high-quality partners. For example, with Invesco, we continue to create new marquee products to address investors' evolving needs.

Speaker #3: We were also pleased to announce that we will expand access to the NASDAQ 100 later in the spring with two new carefully selected partners: BlackRock and State Street.

Speaker #1: In the second quarter, we will release our Gen AI platform extension, which connects news and market events to trade data. In beta, this capability has proven to be an effective solution for clients to uncover risks faster and more effectively.

Speaker #3: While continuing to work closely with our longstanding partner, Invesco. The pricing terms related to the index license for these upcoming new US-listed ETFs will be consistent with the QQQ pricing terms.

Speaker #1: Capital Markets Technology delivered an excellent quarter with strong demand, driven by broad-based growth across the subdivision. In Trade Management Services, we got outstanding results, driven by robust demand and pricing increases that Sarah will address in her remarks.

Speaker #3: We are excited to continue to grow and expand distribution of our flagship index to new investors across the US and globally with all of our high-quality partners.

Adena Friedman: International expansion was driven by strong demand from EMEA and APAC this quarter. This contributed to 19% of total ETP AUM coming from non-US clients. We launched 31 new products in the quarter, including 12 international products and 11 in the institutional annuity space. We also launched the Nasdaq Private Capital Indexes, a way for investors to benchmark private market investment allocations, an asset class that has historically lacked transparency. We were also pleased to announce that we will expand access to the Nasdaq-100 later in the spring with two new carefully selected partners, BlackRock and State Street, while continuing to work closely with our long-standing partner, Invesco. The pricing terms related to the index license for these upcoming new US-listed ETFs will be consistent with the QQQ pricing terms.

Speaker #3: For example, with Invesco, we continue to create new marquee products to address investors' evolving needs. Recently, we expanded the Invesco QQQ Innovation Suite with the launch of the Invesco QQQ Equal Weight ETF.

Speaker #1: In market technology, we continue to experience momentum in our managed trading services business with a new cloud-hosted trading client for tokenized assets. In addition to an expansion of services with several of our large clients.

Adena Friedman: Recently, we expanded the Invesco QQQ Innovation Suite with the launch of the Invesco QQQ Equal Weight ETF. Additionally, with the expanded partnerships with BlackRock and State Street, we look forward to working with them to make the Nasdaq-100 more accessible to their investor universe and to help drive additional institutional adoption. Turning to workflow and insights, revenue grew 6%, driven by continued strength in analytics. Analytics delivered solid revenue growth underpinned by eVestment's strong performance, which benefits from powerful network effects and sustained demand in volatile markets. Within eVestment, we continue to expand the reach of our data assets to meet the evolving needs of our clients and to enhance the value that we bring to asset owners and asset managers, including in private markets. This quarter, we integrated our data with Databricks to broaden entitled access to eVestment's comprehensive institutional investor data.

Speaker #1: We also continued progress on the rollout of our Eclipse product suite with two significant client implementations for trading and clearing completed in the first quarter.

Speaker #3: Additionally, with the expanded partnerships with BlackRock and State Street, we look forward to working with them to make the NASDAQ 100 more accessible to their investor universe, and to help drive additional institutional adoption.

Speaker #3: Turning to workflow and insights, revenue grew 6%, driven by continued strength in analytics. Analytics delivered solid revenue growth, underpinned by investment-strong performance, which benefits from powerful network effects and sustained demand and volatile markets.

Speaker #3: Within investment, we continue to expand the reach of our data assets to meet the evolving needs of our clients and to enhance the value that we bring to asset owners and asset managers, including in private markets.

Adena Friedman: We are excited to continue to grow and expand distribution of our flagship index to new investors across the US and globally with all of our high-quality partners. For example, with Invesco, we continue to create new marquee products to address investors' evolving needs. Recently, we expanded the Invesco QQQ Innovation Suite with the launch of the Invesco QQQ Equal Weight ETF. Additionally, with the expanded partnerships with BlackRock and State Street, we look forward to working with them to make the Nasdaq-100 more accessible to their investor universe and to help drive additional institutional adoption. Turning to workflow and insights, revenue grew 6%, driven by continued strength in analytics. Analytics delivered solid revenue growth underpinned by eVestment's strong performance, which benefits from powerful network effects and sustained demand in volatile markets.

Speaker #3: This quarter, we integrated our data with Databricks to broaden entitled access to investments, comprehensive institutional investor data. Across analytics, we're leveraging our gold-standard data assets to support our clients' AI strategy.

Adena Friedman: Across analytics, we're leveraging our gold standard data assets to support our clients' AI strategy. eVestment's AI-ready data has been adopted by global asset managers, GPs, and institutional investors representing over $9 trillion in assets under management and helps drive a 29% year-over-year increase in Q1 bookings. In Corporate Solutions, AI adoption is strong with 74% of IR Insight users and 51% of Boardvantage users leveraging our AI solutions. Overall, the corporate buying environment remains muted, driven by lower IPO activity compared to historical levels. Turning to Financial Technology, we delivered record revenue growth of 18%, driven by sustained global demand for our mission-critical technologies. We continue to deliver on our One Nasdaq strategy with strong bookings performance for Q1, signing 64 new clients, 1 cross-sell, and 85 up-sells during the quarter.

Speaker #3: Investment AI-ready data has been adopted by global asset managers, GPs, and institutional investors representing over $9 trillion in assets under management, and helps drive a 29% year-over-year increase in Q1 bookings.

Speaker #3: In corporate solutions, AI adoption is strong, with 74% of IR insight users and 51% of board vantage users leveraging our AI solutions. Overall, the corporate buying environment remains muted, driven by lower IPO activity compared to historical levels.

Adena Friedman: Within eVestment, we continue to expand the reach of our data assets to meet the evolving needs of our clients and to enhance the value that we bring to asset owners and asset managers, including in private markets. This quarter, we integrated our data with Databricks to broaden entitled access to eVestment's comprehensive institutional investor data. Across analytics, we're leveraging our gold standard data assets to support our client's AI strategy. eVestment AI-ready data has been adopted by global asset managers, GPs, and institutional investors representing over $9 trillion in assets under management and helped drive a 29% year-over-year increase in Q1 bookings. In Corporate Solutions, AI adoption is strong, with 74% of IR Insight users and 51% of Boardvantage users leveraging our AI solutions. Overall, the corporate buying environment remains muted, driven by lower IPO activity compared to historical levels.

Speaker #3: Turning to financial technology, we delivered record revenue growth of 18%, driven by sustained global demand for our mission-critical technologies. We continue to deliver on our one NASDAQ strategy with strong bookings performance for Q1, signing 64 new clients, one cross-sell, and 85 upsells during the quarter.

Speaker #3: The division sustained compelling land and expand momentum, driving more than 50% year-over-year growth in ACB bookings. While supporting clients' transition to cloud, cloud-based solutions accounted for 80% of ACB bookings in the quarter.

Adena Friedman: The division sustained compelling land and expand momentum, driving more than 50% year-over-year growth in ACV bookings while supporting clients' transition to cloud. Cloud-based solutions accounted for 80% of ACV bookings in the quarter. I would like to call out a key expansion this year of an existing AxiomSL and Calypso tier one bank client that brings our cloud, AI, and One Nasdaq strategy to life. In Q1, we completed a significant renewal and expansion of AxiomSL, driven by our ability to deliver cloud and AI-enabled regulatory solutions. Early in Q2, we expanded the relationship further with a cross-sell for Nasdaq Verafin, our cloud-based AI native financial crime management solution. The expansion of this relationship illustrates the power of our platform as we deliver innovative technology to address our clients' top regulatory and risk management needs.

Speaker #3: I would like to call out a key expansion this year of an existing Axiom SL and Calypso Tier 1 bank client that brings our cloud, AI, and one NASDAQ strategy to life.

Speaker #3: In Q1, we completed a significant renewal and expansion of Axiom SL, driven by our ability to deliver cloud and AI-enabled regulatory solutions. Early in the second quarter, we expanded the relationship further with a cross-sell for NASDAQ Verifin, our cloud-based AI native financial crime management solution.

Adena Friedman: Turning to financial technology, we delivered record revenue growth of 18%, driven by sustained global demand for our mission-critical technologies. We continue to deliver on our One Nasdaq strategy with strong bookings performance for Q1, signing 64 new clients, 1 cross-sell, and 85 upsells during the quarter. The division sustained compelling land and expand momentum, driving more than 50% year-over-year growth in ACV bookings while supporting clients' transition to cloud. Cloud-based solutions accounted for 80% of ACV bookings in the quarter. I would like to call out a key expansion this year of an existing AxiomSL and Calypso tier one bank client that brings our cloud, AI, and One Nasdaq strategy to life. In Q1, we completed a significant renewal and expansion of AxiomSL, driven by our ability to deliver cloud and AI-enabled regulatory solutions.

Speaker #3: The expansion of this relationship illustrates the power of our platform as we deliver innovative technology to address our clients' top regulatory and risk management needs.

Speaker #3: Turning now to a review of the subdivisions, starting with financial crime management technology. NASDAQ Verifin delivered another strong quarter with 21% revenue growth across a growing client base of more than 2,800 clients representing nearly $12 trillion in collective assets.

Adena Friedman: Turning now to a review of the subdivisions, starting with financial crime management technology. Nasdaq Verafin delivered another strong quarter with 21% revenue growth across a growing client base of more than 2,800 clients, representing nearly $12 trillion in collective assets. During the quarter, we signed 58 new SMB clients, driving a 24% year-over-year increase in ACV bookings from that client segment. In enterprise, we signed two renewals and one expansion with existing clients, and early in Q2, we added further momentum with an enterprise up-sell and a new tier one client cross-sell that I mentioned a moment ago. Nasdaq Verafin is evolving its platform through strategic partnerships, including our recently announced partnership with FIS. This agreement expands our ability to deliver leading AML and fraud solutions to FIS's banking and payments clients. We continue to lead through advanced AI-driven innovation.

Speaker #3: During the quarter, we signed 58 new SMB clients, driving a 24% year-over-year increase in ACB bookings from that client segment. In enterprise, we signed two renewals and one expansion with existing clients, and early in the second quarter, we added further momentum with an enterprise upsell and a new Tier 1 client cross-sell that I mentioned a moment ago.

Adena Friedman: Early in Q2, we expanded the relationship further with a cross-sell for Nasdaq Verafin, our cloud-based AI native financial crime management solution. The expansion of this relationship illustrates the power of our platform as we deliver innovative technology to address our clients' top regulatory and risk management needs. Turning now to a review of the subdivisions, starting with Financial Crime Management Technology. Nasdaq Verafin delivered another strong quarter with 21% revenue growth across a growing client base of more than 2,800 clients, representing nearly $12 trillion in collective assets. During the quarter, we signed 58 new SMB clients, driving a 24% year-over-year increase in ACV bookings from that client segment.

Speaker #3: NASDAQ Verifin is evolving its platform through strategic partnerships, including our recently announced partnership with FIS. This agreement expands our ability to deliver leading AML and fraud solutions to FIS's banking and payments clients.

Speaker #3: We continue to lead through advanced AI-driven innovation. Our agentic AI workforce is now deployed by more than 500 clients, up 40% since Investor Day.

Adena Friedman: Our agentic AI workforce is now deployed by more than 500 clients, up 40% since Investor Day. Later this quarter, we will launch our new drug trafficking analytic, which embeds generative AI directly into our models and synthesizes open source intelligence, social media, and third-party research to help clients more effectively detect potential drug trafficking activity. Regulatory technology delivered sustained momentum supported by new capabilities introduced across our product suite, as well as structural trends impacting the industry. These trends include the transition to always-on markets, sustained investment in infrastructure modernization, and improving clarity of the regulatory environment. Specific to AxiomSL, this momentum is translating into meaningful client expansion and new wins across regions as global institutions deepen their use of our regulatory reporting and capital management solutions.

Speaker #3: Later this quarter, we will launch our new drug trafficking analytic, which embeds generative AI directly into our models, and synthesizes open-source intelligence, social media, and third-party research to help clients more effectively detect potential drug trafficking activity.

Adena Friedman: In Enterprise, we signed 2 renewals and 1 expansion with existing clients, and early in Q2, we added further momentum with an enterprise upsell and a new tier one client cross-sell that I mentioned a moment ago. Nasdaq Verafin is evolving its platform through strategic partnerships, including our recently announced partnership with FIS. This agreement expands our ability to deliver leading AML and fraud solutions to FIS' banking and payments clients. We continue to lead through advanced AI-driven innovation. Our agentic AI workforce is now deployed by more than 500 clients, up 40% since Investor Day. Later this quarter, we will launch our new drug trafficking analytic, which embeds generative AI directly into our models and synthesizes open source intelligence, social media, and third-party research to help clients more effectively detect potential drug trafficking activity.

Speaker #3: Regulatory technology delivered sustained momentum, supported by new capabilities introduced across our product suite, as well as structural trends impacting the industry. These trends include the transition to always-on markets, sustained investment in infrastructure modernization, and improving clarity of the regulatory environment.

Speaker #3: Specific to Axiom SL, this momentum is translating into meaningful client expansion and new wins across regions, as global institutions deepen their use of their regulatory reporting and capital management solutions.

Speaker #3: For instance, a large international bank significantly expanded its US footprint with us, extending the use of our platform to support CCAR reporting. Another large bank expanded into cloud-based broker-dealer capital management and regulatory reporting underscoring growing confidence in our cloud-enabled regulatory infrastructure.

Adena Friedman: For instance, a large international bank significantly expanded its US footprint with us, extending the use of our platform to support CCAR reporting. Another large bank expanded into cloud-based broker-dealer capital management and regulatory reporting, underscoring growing confidence in our cloud-enabled regulatory infrastructure. We also secured a new client in Europe for consolidated reporting across capital, liquidity, and financial regulatory requirements, highlighting continued momentum across the continent. We are realizing the benefits from investments we've made in our cloud capabilities as approximately 90% of AxiomSL ACV bookings in Q1 have been for cloud-based solutions. We're also experiencing strong interest in our AI solutions within AxiomSL, including Reg Copilot, Reg Simplify, Reg Navigator, and Reg Investigator, the products we detailed during Investor Day. In surveillance, we delivered strong growth this quarter, supported by upsells and renewals, including a renewal of a global tier-one bank.

Speaker #3: We also secured a new client in Europe for consolidated reporting across capital, liquidity, and financial regulatory requirements, highlighting continued momentum across the continent. We are realizing the benefits from investments we've made in our cloud capabilities as approximately 90% of Axiom SL ACB bookings in Q1 have been for cloud-based solutions.

Adena Friedman: Regulatory technology delivered sustained momentum, supported by new capabilities introduced across our product suite, as well as structural trends impacting the industry. These trends include the transition to always-on markets, sustained investment in infrastructure modernization, and improving clarity of the regulatory environment. Specific to AxiomSL, this momentum is translating into meaningful client expansion and new wins across regions as global institutions deepen their use of our regulatory reporting and capital management solutions. For instance, a large international bank significantly expanded its US footprint with us, extending the use of our platform to support CCAR reporting. Another large bank expanded into cloud-based broker-dealer capital management and regulatory reporting, underscoring growing confidence in our cloud-enabled regulatory infrastructure. We also secured a new client in Europe for consolidated reporting across capital, liquidity, and financial regulatory requirements, highlighting continued momentum across the continent.

Speaker #3: We're also experiencing strong interest in our AI solutions within Axiom SL, including Red Copilot, Reg Simplify, Reg Navigator, and Reg Investigator, the products we detailed during Investor Day.

Speaker #3: In surveillance, we delivered strong growth this quarter, supported by upsells and renewals, including a renewal of a global Tier 1 bank. We are experiencing interest in our crypto surveillance services, both with new clients and upsell opportunities.

Adena Friedman: We are experiencing interest in our crypto surveillance services, both with new clients and upsell opportunities. We are also continuing to invest in our core product to sustain strong client engagement and demand. For example, we recently introduced our Calibration Copilot, an AI-powered tool that is enabling clients to optimize workflows, reduce false positives, and increase accuracy of detection. In Q2, we will release our GenAI platform extension, which connects news and market events to trade data. In beta, this capability has proven to be an effective solution for clients to uncover risks faster and more effectively. Capital Markets Technology delivered an excellent quarter with strong demand driven by broad-based growth across the subdivision. In Trade Management Services, we had outstanding results driven by robust demand and pricing increases that Sarah will address in her remarks.

Speaker #3: We are also continuing to invest in our core product to sustain strong client engagement and demand. For example, we recently introduced our calibration copilot and AI-powered tool that's enabling clients to optimize workflows, reduce false positives, and increase accuracy of detection.

Speaker #3: In the second quarter, we will release our Gen AI platform extension, which connects news and market events to trade data. In beta, this capability has proven to be an effective solution for clients to uncover risks faster and more effectively.

Adena Friedman: We are realizing the benefits from investments we've made in our cloud capabilities, as approximately 90% of AxiomSL ACV bookings in Q1 have been for cloud-based solutions. We're also experiencing strong interest in our AI solutions within AxiomSL, including Reg Copilot, Reg Simplify, RegNavigator, and Reg Investigator, the products we detailed during Investor Day. In surveillance, we delivered strong growth this quarter, supported by upsells and renewals, including a renewal of a global tier-one bank. We are experiencing interest in our crypto surveillance services, both with new clients and upsell opportunities. We are also continuing to invest in our core product to sustain strong client engagement and demand. For example, we recently introduced our Calibration Copilot, an AI-powered tool that's enabling clients to optimize workflows, reduce false positives, and increase accuracy of detection.

Speaker #3: Capital markets technology delivered an excellent quarter with strong demand, driven by broad-based growth across the subdivision. In trade management services, we had outstanding results, driven by robust demand and pricing increases that Sarah will address in her remarks.

Speaker #3: In market technology, we continue to experience momentum in our managed trading services business with a new cloud-hosted trading client for tokenized assets in addition to an expansion of services with several of our large clients.

Adena Friedman: In Market Technology, we continue to experience momentum in our managed trading services business with a new cloud-hosted trading client for tokenized assets, in addition to an expansion of services with several of our large clients. We also continued progress on the rollout of our Eclipse product suite with two significant client implementations for trading and clearing completed in Q1. This progress demonstrates the strength and readiness of our modern cloud-enabled platform. In Calypso, we delivered four new sales, including one cross-sell. One of these wins was a new cloud-based booking for an enterprise-wide derivatives platform with a large US insurance company, supporting the company's broader technology transformation efforts. Turning to Market Services. The division delivered 10% organic net revenue growth, driven by record volumes in our US markets in both US equity options and US equities, as well as elevated volumes in our European markets.

Speaker #3: We also continue progress on the rollout of our Eclipse product suite with two significant client implementations for trading and clearing completed in the first quarter.

Speaker #3: This progress demonstrates the strength and readiness of our modern cloud-enabled platform. In Calypso, we delivered four new sales, including one cross-sell, one of these wins was a new cloud-based booking for an enterprise-wide derivatives platform with a large US insurance company, supporting the company's broader technology transformation efforts.

Adena Friedman: In Q2, we will release our GenAI platform extension, which connects news and market events to trade data. In beta, this capability has proven to be an effective solution for clients to uncover risks faster and more effectively. Capital Markets Technology delivered an excellent quarter with strong demand driven by broad-based growth across the subdivision. In Trade Management Services, we had outstanding results driven by robust demand and pricing increases that Sarah will address in her remarks. In Market Technology, we continue to experience momentum in our managed trading services business with a new cloud-hosted trading client for tokenized assets, in addition to an expansion of services with several of our large clients. We also continued progress on the rollout of our Eqlipse product suite, with two significant client implementations for trading and clearing completed in Q1.

Speaker #3: Now turning to market services, the division delivered 10% organic net revenue growth, driven by record volumes in our US markets in both US equity options and US equities, as well as elevated volumes in our European markets.

Speaker #3: We're experiencing strong industry-wide momentum in short-dated options, and our market share and volumes align with our established leadership in equity options. We also continue to expand our opportunity within index options with revenue more than doubling year over year.

Adena Friedman: We're experiencing strong industry-wide momentum in short-dated options, and our market share and volumes align with our established leadership in equity options. We also continue to expand our opportunity within index options, with revenue more than doubling year-over-year. Looking ahead, we're excited to be leading the transition to always-on markets. With SEC approval to extend our market operations to 23/5, we are focused on expanding access, resiliency, and continuity for global market participants with a projected launch of 6 December 2026. We are excited to set a new standard for how regulated markets operate in an increasingly global and digital economy. In parallel, the SEC's approval of our proposal to enable the trading of tokenized securities allows us to enhance how investors access markets and how issuers connect with shareholders.

Speaker #3: Looking ahead, we're excited to be the leading the transition to always-on markets. With SEC approval to extend our market operations to 23.5, we are focused on expanding access, resiliency, and continuity for global market participants with a projected launch of December 6, 2026.

Adena Friedman: This progress demonstrates the strength and readiness of our modern cloud-enabled platform. In Calypso, we delivered four new sales, including one cross-sell. One of these wins was a new cloud-based booking for an enterprise-wide derivatives platform with a large US insurance company, supporting the company's broader technology transformation efforts. Now turning to Market Services. The division delivered 10% organic net revenue growth, driven by record volumes in our US markets in both US equity options and US equities, as well as elevated volumes in our European markets. We're experiencing strong industry-wide momentum in short-dated options, and our market share and volumes align with our established leadership in equity options. We also continue to expand our opportunity within index options, with revenue more than doubling year-over-year. Looking ahead, we're excited to be leading the transition to always-on markets.

Speaker #3: We are excited to set a new standard for how regulated markets operate in an increasingly global and digital economy. In parallel, the SEC's approval of our proposal to enable the trading of tokenized securities allows us to enhance how investors access markets and how issuers connect with shareholders.

So we delivered four new sales, including one Sale. One of these wins was a new cloud-based booking for an enterprise-wide, diverse platform with a large US insurance company, supporting the company's broader technology transformation efforts.

Speaker #3: We will continue to collaborate with DTCC and the industry to build the infrastructure needed to launch tokenized equities. Building on this foundation, we're advancing the NASDAQ Equity Token Design that takes modernization a step further by putting issuers at the center of ownership rights.

Adena Friedman: We will continue to collaborate with DTCC and the industry to build the infrastructure needed to launch tokenized equities. Building on this foundation, we're advancing the Nasdaq equity token design that takes modernization a step further by putting issuers at the center of ownership rights. This approach will give issuers greater control over how their shares are represented and managed in tokenized form. As stated in our initial announcement, we expect to provide early benefits of the Nasdaq token design in H1 2027. Looking ahead, the broader forces shaping the global financial system, including rising complexity, investment in AI, and the need for resilient, trusted infrastructure, continue to reinforce the role that Nasdaq plays at the center of the financial ecosystem.

Record volumes in the U.S. markets, both U.S. equity options and U.S. equities, as well as elevated volumes in our European markets.

We're experiencing strong industrywide, momentum in short, day options, and our market share and volume line where they're established leadership in at the options.

Speaker #3: This approach will give issuers greater control over how their shares are represented and managed in tokenized form. As stated in our initial announcement, we expect to provide early benefits of the NASDAQ Token Design in the first half of 2027.

We also continue to expand our opportunity with with the index options with Revenue more than doubling year-over-year.

Adena Friedman: With SEC approval to extend our market operations to 23/5, we are focused on expanding access, resiliency, and continuity for global market participants with a projected launch of 6 December 2026. We are excited to set a new standard for how regulated markets operate in an increasingly global and digital economy. In parallel, the SEC's approval of our proposal to enable the trading of tokenized securities allows us to enhance how investors access markets and how issuers connect with shareholders. We will continue to collaborate with DTCC and the industry to build the infrastructure needed to launch tokenized equities. Building on this foundation, we're advancing the Nasdaq equity token design that takes modernization a step further by putting issuers at the center of ownership rights. This approach will give issuers greater control over how their shares are represented and managed in tokenized form.

Speaker #3: Looking ahead, the broader forces shaping the global financial system, including rising complexity investment in AI and the need for resilient, trusted infrastructure, continue to reinforce the role that NASDAQ plays at the center of the financial ecosystem.

We're excited to be the leading the transition to always on markets with SEC approval, to extend our market operations to 235. We are focused on expanding access resiliency and continuity for Global Market. Participants with projected launch of December 6th. 2026

Speaker #3: Supported by the scale of our platform and disciplined execution across our priorities, we remain confident in our ability to create durable value for clients as well as long-term value for our shareholders.

We are excited to set a new standard for how regulated markets operate in an increasingly Global and digital economy.

Adena Friedman: Supported by the scale of our platform and disciplined execution across our priorities, we remain confident in our ability to create durable value for clients as well as long-term value for our shareholders. With that, I'll turn the call over to Sarah to walk through our financial results in more detail.

Speaker #3: And with that, I'll turn the call over to Sarah to walk through our financial results in more detail.

Speaker #1: Thank you, Adina. And good morning, everyone. In the first quarter of 2026, NASDAQ delivered exceptional results, headlined by solutions revenue growth of 14%, record financial technology revenue growth of 18%, and diluted EPS growth of 21%.

In parallel, the FCC approval of our proposal to enable the trade of Tokai Securities allows us to enhance. How investors access markets and how issues connect the shareholders. We will continue to collaborate with DCCC and the industry to build the infrastructure. We did to launch tokenized equities

Sarah Youngwood: Thank you, Adena, good morning, everyone. In Q1 2026, Nasdaq delivered exceptional results, headlined by Solutions revenue growth of 14%, record Financial Technology revenue growth of 18%, and diluted EPS growth of 21%. The strong performance in the quarter demonstrates the engine of profitable and durable growth we have created and the outstanding execution of our teams, particularly in the context of the volatile macro environment throughout the quarter. Let's start with quarterly results on slide 11. We reported net revenue of $1.4 billion, up 13%, with Solutions revenue of $1.1 billion, up 14%. Operating expense was $608 million, up 8%, leading to an operating margin of 57% and an EBITDA margin of 60%, both up 2 percentage points.

building on this Foundation. We're advancing the NASDAQ Equity token design,

Adena Friedman: As stated in our initial announcement, we expect to provide early benefits of the Nasdaq token design in H1 2027. Looking ahead, the broader forces shaping the global financial system, including rising complexity, investment in AI, and the need for resilient, trusted infrastructure, continue to reinforce the role that Nasdaq plays at the center of the financial ecosystem. Supported by the scale of our platform and disciplined execution across our priorities, we remain confident in our ability to create durable value for clients as well as long-term value for our shareholders. With that, I'll turn the call over to Sarah to walk through our financial results in more detail.

Speaker #1: The strong performance in the quarter demonstrates the engine of profitable and durable growth we have created. And the outstanding execution of our teams. Particularly in the context of the volatile macroenvironment throughout the quarter.

That it that takes modernization. Step further by putting issuers of the center of ownership rights. This approach, we have issues greater control over how how our shares of represented and managed in tokenized forms, as stated, in our initial announcement. We expect to provide early benefits of Asic token design of the first half of 2027,

Speaker #1: Let's start with quarterly results on slide 11. We reported net revenue of $1.4 billion up 13%, with solutions revenue of $1.1 billion up 14%.

Looking ahead, the broader forces shaping the global financial system, including rising complexity, investment in AI, and the need for resilient, trusted infrastructure, continue to reinforce the role that Nasdaq plays at the center of the financial ecosystem.

Speaker #1: Operating expense was $608 million, up 8%. Leading to an operating margin of 57% and an EBITDA margin of 60%. Both up 2 percentage points.

Sarah Youngwood: Thank you, Adena, and good morning, everyone. In Q1 2026, Nasdaq delivered exceptional results, headlined by solutions revenue growth of 14%, record financial technology revenue growth of 18%, and diluted EPS growth of 21%. The strong performance in the quarter demonstrates the engine of profitable and durable growth we have created, and the outstanding execution of our teams, particularly in the context of the volatile macro environment throughout the quarter. Let's start with quarterly results on slide 11. We reported net revenue of $1.4 billion, up 13%, with solutions revenue of $1.1 billion, up 14%. Operating expense was $608 million, up 8%, leading to an operating margin of 57% and an EBITDA margin of 60%, both up two percentage points. This resulted in net income of $549 million and diluted EPS of $0.96, up 21%.

Supported by the scale of our platform and discipline execution across our priorities. We remain confident in our ability to create durable value for clients as as well as long-term value for are holders. And with that, I'll turn the call over to Sarah to walk through our plan results in more detail.

Speaker #1: This resulted in net income of $549 million and diluted EPS of $96 cents, up 21%. Slide 12 shows the drivers of our 13% net revenue growth for the quarter.

Sarah Youngwood: This resulted in net income of $549 million and diluted EPS of $0.96, up 21%. Slide 12 shows the drivers of our 13% net revenue growth for the quarter. We generated 10 percentage points of alpha, driven by new and existing clients and product innovation. Beta factors contributed 3 percentage points of growth this quarter, driven by higher overall volumes in Market Services, one-time items in Financial Technology, representing just under 1 percentage point of beta, and higher volumes in index derivatives. Let's review division results starting on Slide 14. In Capital Access Platforms, we delivered revenue of $565 million, up 10%, with ARR growth of 7%. Data and listings revenue was up 9% in the quarter, with ARR up 8%. Data revenue growth was strong, driven primarily by upsells and pricing.

Thank you, and good morning everyone. In the first quarter of 2026, M exceptional results headlined by Solutions, revenue growth of 14%, record Financial Technology, with new growth of 18%, and the UTVS goals of 21%.

Speaker #1: We generated 10 percentage points of alpha. Driven by new and existing clients and product innovation. Meanwhile, beta factors contributed 3 percentage points of growth this quarter, driven by higher overall volumes in market services, one-time items in fintech representing just under 1 percentage point of beta, and higher volumes in index derivatives.

The strong performance in the quarter amongst the engine of profitable and durable growth. We have created and the outstanding execution of our teams, particularly in the contact of the volatile micro environment throughout the quarter.

Let's start with quarterly results on site 11.

Speaker #1: Let's review division results, starting on slide 14. In capital access platforms, we delivered revenue of $565 million up 10%, with ARR growth of 7%.

We reported net revenue of 1.4 billion dollars up to 13% with revenue of 1.1 billion dollars up. 14% operating expense was 68 million of 8% leading to an operating margin of 57% and an EDI margin of 60% both up 2 percentage points.

Speaker #1: Data and listings revenue was up 9% in the quarter, with ARR up 8%. Data revenue growth was strong, and driven primarily by upsells and pricing.

Sarah Youngwood: Slide 12 shows the drivers of our 13% net revenue growth for the quarter. We generated 10 percentage points of alpha, driven by new and existing clients and product innovation. Meanwhile, beta factors contributed 3 percentage points of growth this quarter, driven by higher overall volumes in market services, one-time items in FinTech, representing just under 1 percentage point of beta, and higher volumes in index derivatives. Let's review division results starting on slide 14. In Capital Access Platforms, we delivered revenue of $565 million, up 10%, with ARR growth of 7%. Data and listings revenue was up 9% in the quarter, with ARR up 8%. Data revenue growth was strong and driven primarily by upsells and pricing.

This resulted in net, income of 549 million and due to DPS of 96 cents of 21%.

Slide 12 shows the drivers of 13% net revenue goal for the quarter.

Speaker #1: Listings revenue benefited from the improving IPO environment, pricing increases, and a $2 million one-time benefit from prior-period application fees. Partially offset, by delistings and lower amortization of prior-period initial listing fees.

Sarah Youngwood: Listings revenue benefited from the improving IPO environment, pricing increases, and a $2 million one-time benefit from prior period application fees, partially offset by delistings and lower amortization of prior period initial listing fees, in line with our previous comments. Index revenue was up 14% in the quarter, with ARR up 6%, driven by record average ETP AUM of $877 billion. The quarter's performance reflects Index's ability to deliver inflows in a volatile macro environment, including the Nasdaq-100 declining 6% in market performance in Q1. ETP AUM reflected $79 billion in net inflows over the last 12 months, including $6 billion in Q1. As Adina said, we are encouraged by the momentum of ETP inflows we are experiencing early in Q2 with $15 billion of net inflows as of 20 April.

We generated 10 percentage points of after, driven by new and existing clients and product innovation.

Speaker #1: In line with our previous comments. Index revenue was up 14% in the quarter, with ARR up 6%, driven by record average ETPAUM of $877 billion.

Meanwhile, Data factors contributed 3 percentage points of growth this quarter, driven by higher overall volume and Market Services one-time items in FINE. Tech represented just 1 percentage point of beta and higher volumes in Index Derivatives.

Let's review results. Starting on, slide 14.

Speaker #1: The quarter's performance reflects indexes' ability to deliver inflows in a volatile macroenvironment, including the NASDAQ 100 declining 6% in market performance in the first quarter.

In Capital Access platforms, we delivered revenue of $565 million, up 10%, with our hours up 7%.

Speaker #1: ETMAUM reflected 79 billion in net inflows over the last 12 months, including $6 billion in the first quarter. As Adina said, we are encouraged by the momentum of ETP inflows, we are experiencing earlier in the second quarter, with 15 billion of net inflows as of April 20th.

Sarah Youngwood: Listings revenue benefited from the improving IPO environment, pricing increases, and a $2 million one-time benefit from prior period application fees, partially offset by delistings and lower amortization of prior period initial listing fees, in line with our previous comments. Index revenue was up 14% in the quarter, with ARR up 6%, driven by record average ETP AUM of $877 billion. The quarter's performance reflects Index's ability to deliver inflows in a volatile macro environment, including the Nasdaq-100 declining 6% in market performance in Q1. ETP AUM reflected $79 billion in net inflows over the last 12 months, including $6 billion in Q1. As Alina said, we are encouraged by the momentum of ETP inflows we are experiencing early in Q2 with $15 billion of net inflows as of 20 April.

Data and listing Revenue was up 9%. In the order with our of 8% data. Revenue growth was strong and driven primarily by upset and pricing.

Speaker #1: AUN-based growth was partially offset by a decline in volume-based revenue versus the prior year period. Driven by continued mixed shifts in derivatives volume, from higher-priced e-mini contracts to lower-priced micro e-mini contracts, due to higher retail volumes.

Sarah Youngwood: AUM-based growth was partially offset by a decline in volume-based revenue versus the prior year period, driven by continued mix shifts in derivatives volume from higher-priced E-mini contracts to lower-priced micro E-mini contracts due to higher retail volumes and a year-over-year decline in capture. Those factors were partially offset by record derivatives volume, up 9% in the quarter. In workflow and insights, revenue was up 6% in the quarter, with ARR growth also at 6%. The revenue increase was driven primarily by analytics, mainly eVestment and Nasdaq Data Link, with both businesses benefiting from strong sales momentum, client engagement through the platform's AI capabilities, and demand for data to power AI. Corporate solutions revenue was essentially flat, driven by the trends we previously described. Quarterly operating margin for the division was 62%, up 2 percentage points versus the prior year period.

listings Revenue benefited from the improving IP environment pricing increases and at 2 million dollar, 1 time benefit from prior period, application fees, partially offset by deleting and lower amortization of higher period initial listing, fees in line with our previous comments

Hold with our up, 6% driven by record average. ETA of 877 billion.

Speaker #1: And a year-over-year decline in capture. Those factors were partially offset by record derivatives volumes up 9% in the quarter. In workflow and insights, revenue was up 6% in the quarter, with ARR growth also at 6%.

Recorded performance with indexes. Ability to deliver inflows. In a volatile environment including the NASDAQ 100 declining 6% in market performance in the first quarter.

Speaker #1: The revenue increase was driven primarily by analytics, mainly investment and data link. With both businesses benefiting from strong sales momentum, client engagement through the platform's AI capabilities, and demand for data to power AI.

Etm reflected 79 billion in net growth over the last 12 months, including 6 billion in the first quarter.

Said we are encouraged by the momentum. We keep in close. We are experiencing early in the second quarter with $15 billion of net inflows, out of April.

Sarah Youngwood: AUM-based growth was partially offset by a decline in volume-based revenue versus the prior year period, driven by continued mix shifts in derivatives volume from higher priced E-mini contracts to lower priced micro E-mini contracts due to higher retail volumes, and a year-over-year decline in capture. Those factors were partially offset by record derivatives volume up 9% in the quarter. In Workflow and Insights, revenue was up 6% in the quarter, with ARR growth also at 6%. The revenue increase was driven primarily by analytics, mainly Investment Intelligence and Data Link, with both businesses benefiting from strong sales momentum, client engagement through the platform's AI capabilities, and demand for data to power AI. Corporate Solutions revenue was essentially flat, driven by the trends we have previously described. Quarterly operating margin for the division was 62%, up two percentage points versus the prior year period. Moving to Financial Technology on slide 15.

Speaker #1: Corporate solutions revenue was essentially flat, driven by the trends we have previously described. Quarterly operating margin for the division was 62%, up 2 percentage points versus the prior year period.

Speaker #1: Moving to financial technology on slide 15. The quarter reflected record revenue and ARR growth. Revenue was $517 million up 18%, with ARR growth of 16%.

Sarah Youngwood: Moving to Financial Technology on slide 15. The quarter reflected record revenue and ARR growth. Revenue was $517 million, up 18%, with ARR growth of 16%. Our business continues to experience strong demand across all fintech subdivisions and high levels of client engagement. We had very strong ACV bookings growth of more than 50% in the quarter versus the prior year period, setting a new Q1 bookings record as we executed on our land and expand strategy. 80% of those ACV bookings were cloud-based deals, reflecting our position as a trusted transformation partner to drive modernization for our clients. The division signed 64 new clients, 85 upsells, and 1 cross-sell in the quarter, with another cross-sell signed early in Q2. Cross-sales continue to represent over 15% of the Financial Technology division pipeline, with strength across all three subdivisions.

A1 based growth was partially upset by the declining volume based Revenue versus the prior year period. Driven by continued mix shifts in derivatives volume from high price in contracts to lower price microeconomics due to higher retail volume.

And a year already, declining capture.

Those factors were properly offered, a record derivative volume, up 9% in the quarter.

Speaker #1: Our business continues to experience strong demand across all fintech subdivisions and high levels of client engagement. We had very strong ACV bookings growth of more than 50% in the quarter versus the prior year period.

It works for any size. Revenue was up 6% in the quarter, with ARR also at 6%.

Speaker #1: Setting a new first quarter bookings record, as we executed on our land and expense strategy. 80% of those ACV bookings were cloud-based deals, reflecting our position as a trusted transformation partner to drive modernization for our clients.

11 year, increase what we've been primarily by analytics investment and decaling with both businesses based in from strong, momentum, current engagement with the platforms AI capabilities and demand for data to power AI.

Corporate Solutions revenue was essentially flat, driven by trends. We have a VC default.

For an operating model for the division, while 62% of 2 percentage points for the prior year.

Speaker #1: The division signed 64 new clients 85 upsells and 1 cross-sell in the quarter, with another cross-sell signed early in the second quarter. Cross-sells continued to represent over 15% of the financial technology division's pipeline, with strength across all three subdivisions.

Sarah Youngwood: The quarter reflected record revenue and ARR growth. Revenue was $517 million, up 18%, with ARR growth of 16%. Our business continues to experience strong demand across all FinTech subdivisions and high levels of client engagement. We had very strong ACV bookings growth of more than 50% in the quarter versus the prior year period, setting a new Q1 bookings record as we executed on our land and expand strategy. 80% of those ACV bookings were cloud-based deals, reflecting our position as a trusted transformation partner to drive modernization for our clients. The division signed 64 new clients, 85 upsells, and one cross-sell in the quarter, with another cross-sell signed early in the Q2.

Moving to financial technology on by 15.

The core reflected record revenue and our row.

517 million at 18% with our growth of 16%.

Speaker #1: Financial client management technology revenue grew 21% in the quarter, with ARR growth of 17% and net revenue retention of 110%. We signed 58 new SMB clients in the first quarter, compared to 35 in the prior year period, with a 24% year-over-year increase in ACV bookings from SMBs.

Sarah Youngwood: Financial crime management technology revenue grew 21% in the quarter, with AR growth of 17% and net revenue retention of 110%. We signed 58 new SMB clients in Q1 compared to 35 in the prior year period, with a 24% year-over-year increase in ACV bookings from SMBs. In enterprise, we signed 1 extension and 2 renewal deals during the quarter, as well as 1 new to 1 cross-sell and 1 upsell early in Q2. As we discussed last quarter, the sequential revenue improvement in Q4 was primarily driven by professional services fees related to SMB and enterprise client implementations. As such, we did not expect to maintain those levels over H1 2026 based on the implementation timing for deals signed in H2 2025.

Our business continues to experience, strong demand, across all syntax of dividends and high levels of higher engagement.

We had very strong ACV, looking for more than 60% in the quarter versus the prior-year period.

Setting a new first four books record as we executed on a Lantern expense.

Speaker #1: In enterprise, we signed one extension and two renewal deals during the quarter. As well as one new Tier 1 cross-sell and one upsell early in the second quarter.

80% of those ACV. Bookings were clouded by zero. We're setting our position as a trusted transformation partner to draw more information for our clients,

Speaker #1: As we discussed last quarter, the sequential revenue improvement in the fourth quarter was primarily driven by professional services fees related to SMB and enterprise client implementations, and as such, we did not expect to maintain those levels over the first half of 2026 based on the implementation timing for deals signed in the second half of 2025.

Sarah Youngwood: Cross-sells continue to represent over 15% of the financial technology division's pipeline, with trends across all three subdivisions. Financial Crime Management Technology revenue grew 21% in the quarter, with ARR growth of 17% and net revenue retention of 110%. We signed 58 new SMB clients in Q1 compared to 35 in the prior year period, with a 24% year-over-year increase in ACV bookings from SMBs. In enterprise, we signed one extension and two renewal deals during the quarter, as well as one new tier one cross-sell and one up-sell early in Q2. As we discussed last quarter, the sequential revenue improvement in Q4 was primarily driven by professional services fees related to SMB and enterprise client implementations.

the vision died, 64 new clients, 85 uphills and 1 quarter in the quarter with another cocktail sign early in the second quarter,

Costs continue to represent over 15% of the financial technology pipeline, the strength across all 3 subdivision.

Speaker #1: Regulatory technology delivered revenue growth of 12% and ARR growth of 13%. Revenue growth in the quarter reflects strong performance in surveillance and solid growth in Axiom SL, driven by our successful sales execution.

Sarah Youngwood: Regulatory technology delivered revenue growth of 12% and AR growth of 13%. Revenue growth in the quarter reflects strong performance in surveillance and solid growth in AxiomSL, driven by our successful sales execution, as well as sequentially improved professional services revenue consistent with our previous comments. Capital Markets Technology revenue grew 20% with AR growth of 18%. This quarter's exceptional performance reflects ongoing momentum and broad-based demand across Calypso, market technology, and Trade Management Services. Specifically, we had strong demand for data center services as well as a pricing increase in Trade Management Services. A large increase in upfront revenue recognition versus a year ago related to on-prem Calypso deals signed and renewed in the quarter, and two one-time items, which were termination fees related to M&A in market tech operators, representing 4 percentage points of Capital Markets tech revenue growth in the quarter.

Technology revenue grew 21% in the quarter, with awards of 17% and retention of 110%.

We signed 58 US and Beacon deals for the quarter, compared to 35, with a 24% year-over-year increase in EDI bookings.

Speaker #1: As well as sequentially improved professional services revenue consistent with our previous comments. Capital markets technology revenue grew 20%, with ARR growth of 18%. This quarter's exceptional performance reflects ongoing momentum and broad-based demand across Calypso, market technology, and trade management services, specifically we had strong demand for data center services, as well as a pricing increase in trade management services, a large increase in upfront revenue recognition versus a year ago, related to on-prem Calypso deals signed and renewed in the quarter, and two one-time items which were termination fees related to M&A in market tech operators, representing 4 percentage points of capital markets tech revenue growth in the quarter.

In Enterprise, we find 1 extension and 2 renewal deal during quarter as well as 1 up sale early in second quarter.

Sarah Youngwood: As such, we did not expect to maintain those levels over H1 2026 based on the implementation timing for deals signed in H2 2025. Regulatory Technology delivered revenue growth of 12% and AR growth of 13%. Revenue growth in the quarter reflects strong performance in surveillance and solid growth in AxiomSL, driven by our successful sales execution, as well as sequentially improved professional services revenue consistent with our previous comments. Capital Markets Technology revenue grew 20% with AR growth of 18%. This quarter's exceptional performance reflects ongoing momentum and broad-based demand across Calypso, Market Technology, and Trade Management Services.

As we discussed last quarter, the sequential Improvement in the fourth quarter, what? Finally driven by Professional Services related to SMB and Enterprise finance and patience

And as such, we do not expect to maintain those levels over the first half of 2026, based on the implementation timing for the time in the second half of 2025.

Speaker #1: Financial technology quarterly operating margin was 47%, up nearly 3 percentage points. Versus the prior year period. Turning to market services on slide 16. We had record net revenue of $317 million up 10%.

Sarah Youngwood: Financial Technology quarterly operating margin was 47%, up nearly 3 percentage points versus the prior year period. Turning to Market Services on slide 16. We had record net revenue of $317 million, up 10%. Growth was primarily driven by record market volumes in US equities and US options, volumes increasing in European equities, and strong volumes in Canadian equities, due primarily to market volatility in commodities. We also continued to deliver alpha, as reflected in strong revenue growth in index options, elevated market share in US equities and US options, strong initial adoption of newly launched short-dated options products, and elevated capture in European derivatives. This was partially offset by lower capture in US equities and US options, driven by the strong volumes we mentioned in the quarter, coming with a mixed shift towards lower revenue capture order flow.

As well as sequential Professional Services Revenue. Well, previous comments.

Technology, Revenue were 20%.

Of 18%.

Speaker #1: Growth was primarily driven by record market volumes in US equities and US options. Volumes increasing in European equities. And strong volumes in Canadian equities due primarily to market volatility in commodities.

Sarah Youngwood: Specifically, we had strong demand for data center services, as well as a pricing increase in Trade Management Services, a large increase in upfront revenue recognition versus a year ago related to on-prem Calypso deals signed and renewed in the quarter, and two one-time items, which were termination fees related to M&A in Market Technology operators, representing 4 percentage points of Capital Markets Technology revenue growth in the quarter. Financial Technology quarterly operating margin was 47%, up nearly 3 percentage points versus the prior year period. Turning to Market Services on slide 16. We had record net revenue of $317 million, up 10%. Growth was primarily driven by record market volumes in US equities and US options, volumes increasing in European equities, and strong volumes in Canadian equities due primarily to market volatility in commodities.

Exported exceptional performance. Reflects on 1 momentum and Broad day demand across Capital Market technology and trade Management Services.

Specifically.

We had strong demand for data center Services as well as pricing increase in trade Management Services.

Speaker #1: We also continued to deliver alpha as reflected in strong revenue growth in index options, elevated market share in US equities and US options, strong initial adoption of newly launched short-dated options products, and elevated capture in European derivatives.

A large increase in revenue recognition versus a year ago. We made it to on-prem deals signed and renewed in the quarter.

And 2 1-time items, which were termination fees related to MMA. In Market. Cooperators representing 4 percentage points of Capital Market.

Speaker #1: This was partially offset by lower capture in US equities and US options, driven by the strong volumes we mentioned in the quarter, coming with a mixed shift towards lower revenue capture order flow.

Financial Technology. Clearly, operating model was 47% up—nearly 3 percentage points versus the 5-year variable.

Speaker #1: We continue to manage effectively the balance between capture and market share, while maintaining our strong lead in US equities capture and in US options market share.

Sarah Youngwood: We continue to manage effectively the balance between capture and market share while maintaining our strong lead in US equities capture and in US options market share. Quarterly operating margin for the division was 63%, up 2 percentage points versus the prior year period. Moving to expense on slide 17. We had operating expense of $608 million in Q1, an increase of 8% driven by investments in people and technology to support revenue and drive innovation, and higher compensation costs related to delivering strong revenue performance. The Q1 operating margin was 57%, and the EBITDA margin was 60%, both up 2 percentage points versus the prior year period.

22 market services on site 16. You have recorded $317 million, up 10%.

Speaker #1: Quarterly operating margin for the division was 63%, up 2 percentage points versus the prior year period. Moving to expense on slide 17. We had operating expense of $608 million in the first quarter and increase of 8%, driven by investments in people and technology to support revenue and drive innovation and higher compensation costs related to delivering strong revenue performance.

Sarah Youngwood: We also continued to deliver alpha, as reflected in strong revenue growth in index options, elevated market share in U.S. equities and U.S. options, strong initial adoption of newly launched short-dated options products, and elevated capture in European derivatives. This was partially offset by lower capture in U.S. equities and U.S. options, driven by the strong volumes we mentioned in the quarter, coming with a mixed shift towards lower revenue capture order flow. We continue to manage effectively the balance between capture and market share while maintaining our strong lead in U.S. equities capture and in U.S. options market share. Quarterly operating margin for the division was 63%, up two percentage points versus the prior year period. Moving to expenses on slide 17.

Growth was permanently driven by Red Market volumes in the US, increase, and US options volume increasing in organic equities and strong volume in Canadian equities marketing. Colleges, we also continue to deliver alpha as reflected in strong revenue, and index options elevated market share. US equities and US options for initial adoption of...

And capture in European data.

Speaker #1: The first quarter operating margin was 57%, and the EBITDA margin was 60%, both up 2 percentage points versus the prior year period. We are updating our non-gap expense guidance for the year to a range of 2.485 billion to 2.545 billion dollars, from 2.455 billion to 2.535 billion dollars.

This was partially by lower cap and US options driven by mention in the mixture for its lower res capture order flow.

Sarah Youngwood: We are updating our non-GAAP expense guidance for the year to a range of $2.485 to 2.545 billion from $2.455 to 2.535 billion, given the strong revenue performance we have experienced year to date. Our updated guidance assumes an FX impact consistent with our previous expectations. Looking ahead, we expect a higher expense growth rate in Q2 than Q1, driven in part by the timing of our annual compensation cycle consistent with the prior year. We maintain our 2026 non-GAAP tax rate guidance of 22.5% to 24.5%. Turning to capital allocation on slide 18.

We continue to effectively balance between capture and market share, while maintaining a strong lead in U.S. equity capture and in U.S. options monitoring.

Speaker #1: Given the strong revenue performance we have experienced year to date. Our updated guidance assumes an FX impact consistent with our previous expectations. Looking ahead, we expect a higher expense growth rate in the second quarter than the first quarter, driven in part by the timing of our annual compensation cycle consistent with the prior year.

For the operating model, for the division was 63% of 2 percentage points for the price.

Sarah Youngwood: We had operating expense of $608 million in Q1, an increase of 8% driven by investments in people and technology to support revenue and drive innovation, and higher compensation costs related to delivering strong revenue performance. The Q1 operating margin was 57% and the EBITDA margin was 60%, both up two percentage points versus the prior-year period. We are updating our non-GAAP expense guidance for the year to a range of $2.485 to $2.545 billion from $2.455 to $2.535 billion, given the strong revenue performance we have experienced year to date. Our updated guidance assumes an FX impact consistent with our previous expectations. Looking ahead, we expect a higher expense growth rate in Q2 than in Q1, driven in part by the timing of our annual compensation cycle consistent with the prior year.

Of 57.

Speaker #1: We maintain our 2026 non-gap tax rate guidance of 22.5%, 24.5%. Turning to capital allocation on slide 18. NASDAQ generated free cash flow of $629 million in the first quarter, and $2.1 billion in free cash flow over the last 12 months.

We had a pretty expensive, 608 million in the first world and of 8% given by investment of people and Technology to support revenue and drive Innovation and high competition costs related to Devin strong performance.

This quarter, operating option was 67%, and the Epic margin was 60% for a percentage point for the Bayou.

Sarah Youngwood: Nasdaq generated free cash flow of $629 million in Q1 and $2.1 billion in free cash flow over the last 12 months at a conversion ratio of 102%. Without the impact of the timing of tax payments, the conversion ratio would have been 108%. We paid a dividend of $0.27 per share or $153 million in the quarter, representing a 29% annualized payout ratio. As a reminder, we announced at Investor Day that our board has approved an increase in our dividend by $0.04 per share to $0.31 per share going forward, which will be reflected in the June payment.

Speaker #1: At the conversion ratio of 102%. Without the impact of the timing of tax payments, the conversion ratio would have been 108%. We paid a dividend of 27 cents per share or $153 million in the quarter.

We are updating our guidance for the year to a range of $2.485 billion to $2.545 billion, from $2.45 billion to $2.535 billion, given the strong revenue performance we have experienced to date.

Or a date cannot assume an exact impact consistent with the previous expectations.

Speaker #1: Representing a 29% annualized payout ratio. As a reminder, we announced that investor day that our board has approved an increase in our dividend by 4 cents per share to $31 cents per share going forward.

Looking ahead, we expect a higher expected growth rate in the second quarter than the quarter in part by the timing of our annual compensation cycle. Consistent with the

Sarah Youngwood: We maintain our 2026 non-GAAP tax rate guidance of 22.5% to 24.5%. Turning to capital allocation on slide 18. Nasdaq generated free cash flow of $629 million in Q1 and $2.1 billion in free cash flow over the last 12 months at a conversion ratio of 102%. Without the impact of the timing of tax payments, the conversion ratio would have been 108%. We paid a dividend of $0.27 per share or $153 million in the quarter, representing a 29% annualized payout ratio. As a reminder, we announced at Investor Day that our board has approved an increase in our dividend by $0.04 per share to $0.31 per share going forward, which will be reflected in the June payment. We ended the quarter with a gross leverage ratio of 2.8x within the mid to high teens target we established at Investor Day.

Speaker #1: Which will be reflected in the June payment. We ended the quarter with a gross leverage ratio of 2.8x within the mid to high to target we established at investor day.

Sarah Youngwood: We ended the quarter with a gross leverage ratio of 2.8x within the mid to high teens target we established at Investor Day. We took advantage of market volatility and accelerated our share repurchases. In Q1, we repurchased $548 million as compared to our total of $616 million of repurchases in all of 2025. In combination with the dividend, Nasdaq returned over $700 million to shareholders in Q1. In closing, Nasdaq delivered excellent results in a dynamic operating environment, reinforcing our track record of delivering profitable and durable growth across macro cycles. As we highlighted at our Investor Day in February, we are the trusted transformation partner to our clients as they navigate structural shifts in the financial markets and accelerate their AI journeys.

We maintain our 2026. Non Gap tax rate, guidance of 22, and a half percent 24, and a half percent.

Turning to capital education on Friday team.

Speaker #1: We took advantage of market volatility and accelerated our share repurchases. In the first quarter, we repurchased 548 million dollars as compared to our total of 616 million dollars of repurchases in all of 2025.

Speaker #1: In combination with the dividend, NASDAQ returned over 700 million dollars to shareholders in the first quarter. In closing, NASDAQ delivered excellent results in a dynamic operating environment.

Not vaccinated. We cash flow of 629 million in the first group and 21 million dollars in free cash flow over the last couple of months at the conversion rate of 102%, where the impact of the timing of payments, the conversion rate would have been 108%.

Of 27% per share or 150 million dollars in the quarter representing a 29%.

Speaker #1: Reinforcing our track record of delivering profitable and durable growth across macro cycles. As we highlighted at our investor day in February, we are the trusted transformation partner to our clients, as they navigate structural shifts in the financial markets and accelerate their AI journeys.

To 31 cents per share. Going for

Which will be rejected in the June payment.

And the quarter where growth leverage ratio of 21x.

Speaker #1: The exceptional solutions revenue growth and record financial technology performance we delivered in the first quarter are important proof points of the NASDAQ story. They give us the confidence that we are achieving our ambitious strategic objectives and generating long-term value for our investors.

Sarah Youngwood: The exceptional solutions revenue growth and record Financial Technology performance we delivered in Q1 are important proof points of the Nasdaq story. They give us the confidence that we are achieving our ambitious strategic objectives and generating long-term value for our investors. With that, I will open the call for Q&A.

Sarah Youngwood: We took advantage of market volatility and accelerated our share repurchases. In Q1, we repurchased $548 million as compared to a total of $616 million of repurchases in all of 2025. In combination with the dividend, Nasdaq returned over $700 million to shareholders in Q1. In closing, Nasdaq delivered excellent results in a dynamic operating environment, reinforcing our track record of delivering profitable and durable growth across macro cycles. As we highlighted at our Investor Day in February, we are the trusted transformation partner to our clients as they navigate structural shifts in the financial markets and accelerate their AI journeys. The exceptional solutions revenue growth and record financial technology performance we delivered in Q1 are important proof points of the Nasdaq story. They give us the confidence that we are achieving our ambitious strategic objectives and generating long-term value for our investors.

2.8x, when the meter high to Target established at invested.

Speaker #1: With that, I'll open the call for Q&A. Thank you. As a reminder to ask a question, you will need to press star 11 on your telephone.

Operator: Thank you. As a reminder, to ask a question, you will need to press star one one on your telephone. To withdraw your question, please press star one one again. We ask that you please limit yourself to one question only, but please feel free to go back into the queue, and if time permits, we'll be happy to take your follow-up questions at that time. Please stand by while we compile the Q&A roster. I show our first question comes from the line of Bill Katz from TD Cowen. Please go ahead.

With advantage of market and accelerator share purchases. In the first quarter, we will purchase 548 million as compared to our total, 616 million dollars of representative in all of 2025 in combination with dividend but returned. Over 700 million dollars to shareholders in the first quarter.

including,

Speaker #1: To withdraw your question, please press star 11 again. We ask that you please limit yourself to one question only, but please feel free to go back into the queue and, if time permits, we'll be happy to take your follow-up questions at that time.

Now, start delivered. Excellent results in a dynamic operating environment, reinforcing our track record of delivering profitable and durable growth across macrocycles.

Speaker #1: Please stand by while we compile the Q&A roster. And I show our first question comes from the line of Bill Katz from TD Cowan.

As we highlighted, our invested in February, the all the transformation partners for clients. As they navigate, double shift to financial markets, and accelerate, their AI joints.

Speaker #1: Please go ahead.

Speaker #2: Okay. Thank you very much for taking the question. Good morning, everybody. So at the investor day, I thought you guys did a great job of just sort of debunking some of the concerns around agentic AI.

Bill Katz: Okay. Thank you very much for taking the question. Good morning, everybody. At the Investor Day, I thought you guys did a great job of just sort of debunking some of the concerns around agentic AI, and it seems like there's some really good stats here this morning as well to that score. Maybe a two-part question. Number one, can you maybe step back and help us frame out the agentic AI capabilities for the Nasdaq platform itself? Secondly, can you unpack some of the growth that you saw in Q1 from clients just in terms of where you see the greatest uptake around agentic AI adoption? Thank you.

Speaker #2: And it seems like there's some really good stats here this morning as well to that score. So maybe a two-part question. Number one, can you maybe step back and help us frame out the agentic AI capabilities for the NASDAQ platform itself?

Sarah Youngwood: With that, I'll open the call for Q&A.

The exceptional Solutions revenue, goals, and record financial technology performance with delivering first score are important proof points of the factory. They give us the confidence that we are achieving our ambition, strategy, objectives, and generating multiple value for investors with us all over the course.

Speaker #2: And then secondly, can you unpack some of the growth that you saw in the first quarter from clients just in terms of where you see the greatest uptake around agentic AI adoption?

Thank you.

Speaker #2: Thank you.

Speaker #3: Great. Hey, Bill. And when you say, just so I can understand, when you say the NASDAQ platform itself, are you what do you mean?

Adena Friedman: Right. Hey, Bill. When you say, just so I can understand, when you say the Nasdaq platform itself, what do you mean? What are you referring to?

To ask a question, you need to press star 1 on your telephone to reach your question. Please press star 1 again.

Speaker #3: What are you referring to?

Speaker #2: So your core business, like your expense structure, innovation, that kind of efficiencies, etc.

Bill Katz: Your core business, like your expense structure, innovation, that kind of, efficiencies, et cetera.

Speaker #3: Yeah. I just wanted to make sure. Okay. Great. I just wanted to make sure we were on the same page. So thank you for the comment and the question.

Adena Friedman: I just wanted to make sure. Okay, great. I just wanted to make sure we were on the same page. Thank you for the comment and the question. As we mentioned in Investor Day, we do have an internal program to drive AI adoption within the operations of Nasdaq, and we say that's AI on the business. We are focused in some key areas, and we have a program in place where we are striving to achieve $100 million of expense efficiencies by the end of 2027. We also did mention that, you know, the majority of that will show up in 2027 because we also are making investments in AI to make sure that we can achieve those efficiencies.

We ask that you please lift yourselves to 1 question. Only feel free to go back into the queue and permits will be happy to take your follow-up questions at that time. Please stand by while we come public, Q&A roster.

Speaker #3: So as we mentioned in investor day, we do have an internal program to drive AI adoption within the operations of NASDAQ. And we say that's AI on the business.

Bill Katz: Okay. Thank you very much for taking the question. Good morning, everybody. At the Investor Day, I thought you guys did a great job of just sort of debunking some of the concerns around agentic AI. It seems like there's some really good stats here this morning as well to that score. Maybe a two-part question. Number one, can you maybe step back and help us frame out the agentic AI capabilities for the Nasdaq platform itself? Then secondly, can you unpack some of the growth that you saw in the Q1 from clients, just in terms of where you see the greatest uptake around agentic AI adoption? Thank you.

As our first question comes from the line of from TD College.

Speaker #3: And we are focused in some key areas. And we have a program in place where we are striving to achieve 100 million dollars of expense efficiencies by the end of 2027.

Speaker #3: And we also did mention that the majority of that will show up in 2027 because we also are making investments in AI to make sure that we could achieve those efficiencies.

Adena Friedman: Where we're focused is certainly on making sure we're automating key elements of the product development life cycle, making sure we're creating new automations and capabilities for our clients in the client success area in terms of client service, implementations, and managing our client interactions as they're working with our systems and our products. Also, we have other areas across our expert teams too. We have automation in finance, in marketing, legal, HR. You know, all of those areas have benefits that are coming in from the GenAI capabilities that we see across the business. It's an exciting time, I have to tell you, to understand and tap into the technology and the benefits it can provide.

Speaker #3: And so as we are focused, where we're focused is certainly on making sure we're automating key elements of the product development lifecycle. Making sure we're creating new automations and capabilities for our clients in the client success area in terms of client service, implementations, and managing our client interactions as they're working with our systems and our products.

Adena Friedman: Great. Hey, Bill. Just so I can understand, when you say the Nasdaq platform itself, what do you mean? What are you referring to?

Thank you very much for taking a question. Good morning, everybody. So at the investig—I know you guys are doing a great job of just sort of debunking the concern around the agent AI, um, and cited some really good stats here this morning as well to that score. So maybe two more questions. Number one, can you really step back and help us out on the agent AI capability for the Nasdaq platform itself? And then simply unpack some of the growth that you saw in the first quarter from clients, just in terms of where you see the greatest take-up around agent AI adoption.

Bill Katz: Your core business, like your expense structure, innovation, that kind of efficiencies, et cetera.

Adena Friedman: I just wanted to make sure. Okay, great. I just wanted to make sure we were on the same page. Thank you for the comments and the questions. As we mentioned in Investor Day, we do have an internal program to drive AI adoption within the operations of Nasdaq, and we say that's AI on the business. We are focused in some key areas, and we have a program in place where we are striving to achieve $100 million of expense efficiencies by the end of 2027. We also did mention that the majority of that will show up in 2027 because we also are making investments in AI to make sure that we can achieve those efficiencies.

Speaker #3: And then also we have other areas across our expert teams too. We have automation in finance, in marketing, legal, HR, all of those areas have benefits that are coming in from the Gen AI capabilities that we see across the business.

Speaker #3: It's an exciting time, I have to tell you, to understand and tap into the technology and the benefits it can provide. If I were to highlight on product development, I think the most exciting part of that is our ability to speed up the ability to deliver new capabilities to clients, to use automation to really make sure that the code that we're delivering is really clean, it's fit for purpose.

Great. Hey, Bill. And when you say just so I can understand. When you say the customer itself, are you, what do you mean? What are you referring to? So, your core is like your structure Innovation that kind of official, Etc. I just want to make sure. Okay, great. That's, I just want to make sure that we are on the same page. Um, so uh, thank you for the, the comments and questions. So as we mentioned an investor day, we do have internal programs to drive AI adoption within the operations of that. And we say that's AI on the business and we are focused in key areas. And we have a program in place where we are striving to achieve 100 million dollars of expense efficiency by the end of 2027. And we also did mention that, you know, the majority of that will show up in 2027 because we also are making

Adena Friedman: Where we're focused is certainly on making sure we're automating key elements of the product development life cycle, making sure we're creating new automations and capabilities for our clients in the client success area in terms of client service, implementation, and managing our client interactions as they're working with our systems and our products. We have other areas across our expert teams too. We have automation in finance, in marketing, legal, HR. All of those areas have benefits that are coming in from the GenAI capabilities that we see across the business. It's an exciting time, I have to tell you, to understand and tap into the technology and the benefits it can provide.

Speaker #3: It's really and you can be more creative as a product team if you know you can deliver things faster. So it's pretty exciting in terms of how we're thinking about the product roadmaps as well.

Speaker #3: So hopefully that answers your question on that. In terms of the areas where our clients are seeing the most benefit from our AI capabilities, anti-fin crime is a key area because we have so many ways to automate workflows associated with financial crime management in terms of there's a lot of manual work that goes into investigating potential actors to managing the regulatory reports.

Adena Friedman: In terms of the areas where our clients are seeing the most benefit from our AI capabilities, anti-fin crime is a key area because we have so many ways to automate workflows associated with financial crime management in terms of there's a lot of manual work that goes into investigating potential actors to managing the regulatory reports. That all of that, we have automation tools around. We're now bringing some of those automation tools into the surveillance area and into the AxiomSL regulatory reporting areas.

Speaker #3: And that all of that, we have automation tools around. We're now bringing some of those automation tools into the surveillance area and into the Acts MSL regulatory reporting areas.

Adena Friedman: If I were to highlight on product development, I think the most exciting part of that is our ability to speed up the ability to deliver new capabilities to clients, to use automation to really make sure that the code that we're delivering is really clean, it's fit for purpose. You can be more creative as a product team if you know you can deliver things faster. It's pretty exciting in terms of how we're thinking about the product roadmaps as well. Hopefully that answers your question on that. In terms of the areas where our clients are seeing the most benefit from our AI capabilities, anti-financial crime is a key area because we have so many ways to automate workflows associated with financial crime management in terms of there's a lot of manual work that goes into investigating potential actors to managing the regulatory reports.

Speaker #3: So we're also kind of building once, deploying many in terms of the skills that we're learning from these deployments. And then as we mentioned, Acts MSL, we have some clients that are signing up and going to our cloud-based solutions because we are only offering our AI capabilities through the cloud-based solutions.

Adena Friedman: We're also kind of building once, deploying many in terms of the skills that we're learning from these deployments. As you mentioned, AxiomSL, we have some clients that are signing up and going to our cloud-based solutions because we are only offering our AI capabilities through the cloud-based solutions, and they really like the automations that we can bring in from a regulatory reporting perspective. In Cap, we have AI deeply embedded in our Boardvantage tool to summarize board documents and board, and also board agendas to make it so you can auto-build board agendas in addition to an IR. It's kind of everywhere.

Speaker #3: And they really like the automations that we can bring in from the regulatory reporting perspective. And then in cap, we have AI deeply embedded in our board vantage tool to summarize board documents and board and also board agendas to make it so you can auto-build board agendas.

Speaker #3: In addition to an IR, so it's kind of everywhere. Some of the products we purposely charge for and some of the products are embedded in the product so that we work with our clients on thinking about the value that they're getting upon renewal.

Adena Friedman: Some of the products we purposely charge for, and some of the products are embedded in the product so that we work with our clients on thinking about the value that they're getting upon renewal.

Adena Friedman: All of that, we have automation tools around. We're now bringing some of those automation tools into the surveillance area and into the AxiomSL regulatory reporting areas. We're also kind of building once, deploying many in terms of the skills that we're learning from these deployments. Then, as you mentioned, AxiomSL, we have some clients that are signing up and going to our cloud-based solutions because we are only offering our AI capabilities through the cloud-based solutions, and they really like the automations that we can bring in from a regulatory reporting perspective. Then in Cap, we have AI deeply embedded in our Boardvantage tool to summarize board documents and also board agendas to make it so you can auto-build board agendas in addition to an IR. It's kind of everywhere.

Speaker #2: Thank you.

Bill Katz: Thank you.

Speaker #3: Yep. Thank you.

Adena Friedman: Yep. Thank you.

Operator: Thank you. I show our next question comes from the line of Alexander Blostein from Goldman Sachs. Please go ahead.

Speaker #1: Thank you. And I show our next question comes from the line of Alexander Blowstein from Goldman Sachs. Please go ahead.

Speaker #4: Hi. Good morning. Thank you for the question. I was hoping we can double-click on trends you're seeing in fintech in particular and capital markets stack.

Alexander Blostein: Hi, good morning. Thank Thank you for the question. I was hoping we can double-click on trends you're seeing in Fintech, in particular in Cap Markets Tech. Sarah, you highlighted to a couple of drivers this quarter, but given the really strong momentum in ARR, even sequentially, I was hoping you can give us a little more detail of where are you seeing the incremental uptake, particularly within Cap Markets, as well as your view for the rest of the year within that segment.

Speaker #4: Sarah, you highlighted a couple of drivers this quarter. But given the really strong momentum in ARR, even sequentially, I was hoping you can give us a little bit more detail of where you're seeing the incremental uptake, particularly within cap markets.

Speaker #4: As well as your view for the rest of the year within that segment.

Speaker #3: Great. Thank you. So as we mentioned, there's actually a good momentum across all three elements of the capital markets tech business. If we start with trade management services where we offer connectivity services to our clients who trade within the NASDAQ exchanges, there we're definitely seeing more and more interest in having bringing in more connectivity capabilities to make sure that they can manage the volumes in the markets, but also to drive new strategies that they want to execute within our markets.

Adena Friedman: Great. Thank you. As we mentioned, there's actually good momentum across all three elements of the Capital Markets Tech business. If we start with Trade Management Services, where we offer connectivity services to our clients who trade within the Nasdaq exchanges, there we're definitely seeing more and more interest in having bringing in more connectivity capabilities to make sure that they can manage the volumes in the markets, but also to drive new strategies that they wanna execute within our markets. Also, as a reminder, we did expand our data center last year, I think that two years ago, sorry. We have more opportunity to offer capabilities to our clients now with the larger data center footprint that we have.

As well. Hopefully, that answered your question. Now, in terms of the areas where clients are seeing most benefit from, our AI capabilities anti crimes, the key area because we have so many ways to audit work flows, um, associated with Management. In terms of, there's a lot of manual work that goes into investigating Pendle actors to managing reports and I all all that they have around. We're now bringing some of those automation tools into surveillance area and to the AI and the SMS regulatory areas. So we're also building once deploying many in terms of the schools that we're learning um, from these deployments. And then, as you mentioned, Academia, sell, uh, we have some clients that are signing up and going through a cloud-based solution because they're only offering our AI capability through the cloud base solution. And they'd really like automations that we can in from a right to Report perspective and then cap we have, um, we have ai, embed in our oriented tool to summarize board, documents and board, um, and, and also, to make it so you can Auto build in addition to an IR. So it's kind of everywhere. Um, some of products, we, we purposely charge for, it's not a price or embedded in the product so that we we work with our clients on.

Benjamin Budish: Thank you.

Bill Katz: Thank you.

Think about the value that they're they're getting upon renewal.

Thank you.

Adena Friedman: Yep. Thank you.

Operator: Thank you. Our next question comes from the line of Alexander Blostein from Goldman Sachs. Please go ahead.

Speaker #3: And so that has been and also, as a reminder, we did expand our data center last year. So I think that two years ago, sorry.

Alexander Blostein: Hi, good morning. Thank you for the question. I was hoping we can double-click on trends you're seeing in fintech, in particular in capital markets tech. Sarah, you highlighted a couple of drivers this quarter, but given the really strong momentum in ARR, even sequentially, I was hoping you can give us a little more detail of where are you seeing the incremental uptake, particularly within cap markets, as well as your view for the rest of the year within that segment.

Yeah, thank you. Thank you. And I'll share our next question. It comes from the line of G.

Speaker #3: So we have more opportunity to offer capabilities to our clients now with the larger data center footprint that we have. But it does and we're working on some new innovations within the data center too in terms of making some investments in liquid cooling and other things to really continue to allow our clients to drive new strategies in the markets.

Adena Friedman: We're working on some new innovations within the data center too, in terms of making some investments in liquid cooling and other things to really continue to allow our clients to drive new strategies in the markets. That's exciting. As Sarah mentioned, and I think I did too, that we did have a pricing increase as well in that business this year. With regard to Calypso, the key areas that we're seeing a lot of demand across the world, for one thing. The second thing is collateral management, as you know, is one of our strongest modules within Calypso, and we definitely are seeing really strong momentum in collateral management demand from our clients.

Adena Friedman: Great. Thank you. As we mentioned, there's actually good momentum across all three elements of the Capital Markets Technology business. If we start with Trade Management Services, where we offer connectivity services to our clients who trade within the Nasdaq exchanges. There we're definitely seeing more and more interest in bringing in more connectivity capabilities to make sure that they can manage the volumes in the markets, but also to drive new strategies that they want to execute within our markets. Also, as a reminder, we did expand our data center two years ago, sorry. We have more opportunity to offer capabilities to our clients now with the larger data center footprint that we have.

Hi, good morning, thank you for the question. Um I was hoping we can double click on uh transitioning and fit attack in particular in capital markets. Uh so you highlighted to a couple of drivers quarter given the really strong momentum and are even sequentially. I was hoping you can just a little more detail of where seeing the incredible uptake, particularly in markets, uh, as well as your view for the rest of the year in that segment.

Speaker #3: So that's exciting. And as Sarah mentioned, and I think I did too, that we did have a pricing increase as well in that business this year.

Speaker #3: With regard to Calypso, the key areas that we're really seeing we're seeing a lot of demand across the world for one thing. The second thing is collateral management, as you know, is one of our strongest modules within Calypso.

Speaker #3: And we definitely are seeing really strong momentum in collateral management demand from our clients. And then I think that within and also international, it's really we have a lot of demand actually both, I think, domestically and internationally in Calypso.

Adena Friedman: I think that, and also international, we have a lot of demand, actually, both, I think, domestically and internationally, in Calypso. In market technology, we definitely see a lot of trading opportunities with new asset classes, new areas of new markets that are coming up. In addition to modernizing our core clientele, you know, we have had really good success in bringing our clients into the next generation trading and clearing solutions. Also, we've launched an intelligence suite, which we kind of allow our clients. We have it internally, but basically a modern way for them to manage all their data within their infrastructure. That's been a really great, I would say, add-on sale to our clients.

Speaker #3: In market technology, we definitely see a lot of trading opportunities with new asset classes. New areas of new markets that are coming up. In addition to modernizing our core clientele, we have had really good success in bringing our clients into the next generation trading and clearing solutions.

Adena Friedman: It does, and we're working on some new innovations within the data center too, in terms of making some investments in liquid cooling and other things to really continue to allow our clients to drive new strategies in the markets. That's exciting. As Sarah mentioned, and I think I did too, that we did have a pricing increase as well in that business this year. With regard to Calypso, the key areas that we're really seeing, we're seeing a lot of demand across the world for one thing. The second thing is collateral management, as you know, is one of our strongest modules within Calypso, and we definitely are seeing really strong momentum in collateral management demand from our clients. Also internationally, we have a lot of demand, actually, both, I think, domestically, internationally in Calypso.

Speaker #3: And then also we've launched the intelligence suite, which we kind of allow our clients we have an internally but basically a modern way for them to manage all their data.

Speaker #3: Within their infrastructure. And that's been a really great I would say add-on sale to our clients as they're thinking about how they leverage AI.

Adena Friedman: As they're thinking about how they leverage AI, they're leveraging us to kind of help them modernize their data management infrastructure. Those are the areas of demand, Alex, that we're really focused on, and it is driving good momentum. We don't give outlook, you know, kind of specifically. We give, you know, we give long-term or immediate to long-term outlook. We are definitely seeing really good demand and momentum across all three areas of Financial Technology and Capital Markets Technology.

Speaker #3: They're leveraging us to kind of help them modernize their data management infrastructure. So those are the areas of demand, Alex, that we're really focused on.

Great, thank you. Um, so there as you mentioned there's actually a good moment to cross all 3 elements of the business. If we start with trade management versus where we offer connectivity services to our clients to 3 within the N exchanges. Um, there were definitely seeing more and more, um, interesting and having more complicated capabilities to make sure that they can manage the, the lines in the markets. But also, to drive these strategies that they want to execute within our markets. Um, and, and so that is an, I'm also, we did extend our data center, um, last year. So I think that 2 years ago. Sorry. So we we have more opportunity to offer capability to our clients now, with the with larger data center. We have, but it does. And, um, we're working on some new Innovations, it within the data center too, in terms of making some investments in like a cooling and other things to really continue to allow our clients to drive new strategies and markets. So that's exciting. Um and and as Sarah mentioned and I think I did too. So we did have a pricing increases well in that in that business this year um with regard to clip. So the key areas that we're looking, we're seeing a lot of demand across the world for 1 Thing. The second thing is collateral management. You know is 1 of our strongest mod

Speaker #3: And it is driving good momentum. We don't give outlook kind of specifically. We give long-term or medium-to-long-term outlook. But we are definitely seeing really good demand and momentum across all three areas of fintech.

Adena Friedman: In Market Technology, we definitely see a lot of trading opportunities with new asset classes, new areas of new markets that are coming up, in addition to modernizing our core clientele. We have had really good success in bringing our clients into the next generation trading and clearing solutions. We've launched an intelligence suite, which we kind of allow our clients. We have it internally, but basically a modern way for them to manage all their data within their infrastructure. That's been a really great, I would say, add-on sale to our clients as they're thinking about how they leverage AI. They're leveraging us to kind of help them modernize their data management infrastructure. Those are the areas of demand, Alex, that we're really focused on, and it is driving good momentum. We don't give outlook kind of specifically.

Speaker #3: And capital markets stack.

Speaker #1: Thank you. And I show our next question comes from the line of Dan Fannon from Jefferies. Please go ahead.

Operator: Thank you. I show our next question comes from the line of Dan Fannon from Jefferies. Please go ahead.

Speaker #5: Thanks. Good morning. So I wanted to expand upon your comments on the strength in data. I think you've mentioned 24/5 in some of the growth internationally from clients.

Dan Fannon: Thanks. Good morning. Wanted to expand upon your comments on the strength in data. I think you've mentioned 24.5% in some of the growth internationally from clients. I was hoping you could just expand a bit upon that and how you see that progressing as we think about the year.

Speaker #5: So I was hoping you could just expand a bit upon that and how you see that progressing as we think about the year.

Speaker #3: Sure. Well, it's been interesting over the last really five to six years, we've seen a broad-based increase in demand internationally for NASDAQ's market data.

Adena Friedman: Sure. Well, it's been interesting over the last really 5 to 6 years, we've seen a broad-based, increase in demand internationally for Nasdaq's market data. I think part of it is the fact that there's just more demand for the companies that are listed on Nasdaq and US equities in general from global investors. The second thing is that retail investors have really kind of grown and expanded around the world, and there's just more accessibility to the US markets by retail investors. Retail brokerage platforms around the world want to be able to provide real-time access to the market data from our markets. All of that has been driving kind of a longer-term trend of global expansion of data. We have, though, seen some acceleration of that in the last, I would say, year.

Speaker #3: And I think part of it is the fact that there's just more demand for the companies that are listed on NASDAQ and US equities in general from global investors.

Adena Friedman: We give long-term or immediate to long-term outlook, but we are definitely seeing really good demand and momentum across all three areas of fintech and capital markets, sorry.

Speaker #3: The second thing is that retail investors have really kind of grown and expanded around the world. And there's just more accessibility to the US markets by retail investors.

Goes within within, so we definitely are seeing really strong momentum in in collateral management, um, demand from our clients. And then I think that um within also internationality, we have a lot of actually I think specifically internationally. So in Market technology, we definitely see a lot of creating opportunities with new asset classes. Uh, new new areas of new markets that are coming up in addition to modernizing our core clientele. You know, we we've had really good success in bringing our clients into the Next Generation, trading clearing Solutions, and then also, we've launched a intelligence week, which we kind of allow our clients we have internally, but basically a modern way for them to manage all their data within their infrastructure. And that's been a really great. Um, I would say add on sale to our clients as they're thinking about how they, how they, um, they're leveraging message to kind of help them modernize their data management. For sure. So those are the areas of demand Alex that really took on and it is driving. Good minimum, we don't give Outlook, you know, kind of specifically we, you know, we have long-term out or media long term Outlook, but we are definitely seeing really good demands in Mendham.

Across all 3 areas of fintech.

Speaker #3: And so retail brokerage platforms around the world want to be able to provide real-time access to the market data from our markets. And so all of that has been driving kind of a longer-term trend of global expansion of data.

And Co.

Operator: Thank you. I show our next question comes from the line of Daniel Fannon from Jefferies. Please go ahead.

Thank you.

Daniel Fannon: Thanks. Good morning. Wanted to expand upon your comments on the strength in data. I think you've mentioned 24/5 in some of the growth internationally from clients. I was hoping you could just expand a bit upon that and how you see that progressing as we think about the year.

Dan Fannon: Thanks. Good morning. Wanted to expand upon your comments on the strength in data. I think you've mentioned 24/5 in some of the growth internationally from clients. I was hoping you could just expand a bit upon that and how you see that progressing as we think about the year.

And I share a question, comment on the line of Dan from Jeffrey. Please go ahead.

Speaker #3: We have though seen some acceleration of that in the last, I would say, year. So it's not just in this quarter, but over the last year, as 23.5 trading in US equities is both there is some trading that already occurs within the dark today.

Adena Friedman: It's not just in this quarter, but over the last year as 23/5 trading in US equities. There's, you know, there is some trading that already occurs that's in the dark today. As these firms are getting ready for 23/5 trading with lit markets like ours, and central transparency, I think they're getting themselves ready to be able to offer those capabilities so they can trade in domestic hours, and that is definitely driving more demand for enterprise license deals with our clients around the world.

I think you mentioned 245 and so the growth internationally from clients so you could just expand the pit upon that and how you see that progressing as we think about the

Adena Friedman: Sure. Well, it's been interesting over the last really 5 to 6 years. We've seen a broad-based increase in demand internationally for Nasdaq's market data. I think part of it is the fact that there's just more demand for the companies that are listed on Nasdaq and US equities in general from global investors. The second thing is that retail investors have really kind of grown and expanded around the world, and there's just more accessibility to the US markets by retail investors. Retail brokerage platforms around the world want to be able to provide real-time access to the market data from our markets. All of that has been driving kind of a longer-term trend of global expansion of data. We have, though, seen some acceleration of that in the last, I would say, year.

Speaker #3: But as these firms are getting ready for 23.5 trading with lit markets like ours, and central transparency, I think they're getting themselves ready to be able to offer those capabilities so they can trade in domestic hours.

Speaker #3: And that is definitely driving more demand for enterprise license deals with our clients around the world.

Speaker #1: Thank you. And I show our next question in the queue comes from the line of Ben Budish from Barclays. Please go ahead.

Operator: Thank you. I show our next question in the queue comes from the line of Ben Budish from Barclays. Please go ahead.

Speaker #6: Hi. Good morning and thanks for taking the question. I wanted to ask about index revenues in the quarter. They were down a bit sequentially when your volumes were quite good.

Ben Budish: Hi, good morning. Thanks for taking the question. I wanted to ask about index revenues in the quarter. They were down a bit sequentially when, you know, your volumes were quite good. The average AUM was up. I know there's a dynamic with the CME fee sort of resetting at the beginning of the year, but it looks like the volumes are quite strong. I'm curious if there's anything else going on in the quarter, if there's any color on, you know, the timing of that, you know, fee reset and what that means for Q2. Thank you.

Speaker #6: The average AUM was up. I know there's a dynamic with the CME fee sort of resetting at the beginning of the year. But it looks like the volumes are quite strong.

Speaker #6: So I'm curious if there's anything else going on in the quarter if there's any color on the timing of that fee reset and what that means for Q2.

Adena Friedman: It's not just in this quarter, but over the last year as 23/5 trading in US equities, you know, there is some trading that already occurs, but it's in the dark today. As these firms are getting ready for 23/5 trading with lit markets like ours, and central transparency, I think they're getting themselves ready to be able to offer those capabilities so they can trade in domestic hours. That is definitely driving more demand for enterprise license deals with our clients around the world.

Speaker #6: Thank you.

Speaker #3: So what we've experienced is a mixed shift in futures and I talked about that as the retail is driving more micro volumes and that's at a lower capture than the mini so that was the main driver.

Sarah Youngwood: What we've experienced is a mixed shift in futures, and I talked about that as the retail is driving more micro volumes, and that's at a lower capture than the mini. That was the main driver. The volume in futures was actually good. There is a second but, let's say, smaller driver, which is a little bit of a continued mixed shift, and that's the story we've been telling in the ETP AUM as we go towards a bit more institutional.

Speaker #3: The volume in futures was actually good and then there is a second but let's say smaller driver which is a little bit of a continued mixed shift and that's the story we've been telling in the ETP AUMs as we go towards a bit more institutional.

Sure. Well, it's been over the last really 5 to 6 years. We've seen a broad-based, um, increase in demand internationally for Nasdaq Market data and I think part of it is the fact that there's more demand for the companies that are listed on NASDAQ and US equities in general from Global investor. The second thing is um that retail investors um have really kind of grown and expanded around the world and there's more accessibility to the US market by retail investors. And so retail brokerage platforms around the world want to be able to provide real access um, to the market data of our markets. And so, all of that has been having kind of longer term trend of global extension of data, we have those seen some of that in the last. I was a year, so it's not just in this quarter over the last year as as, um, 235 rating in new Equity is, is both. There's, you know, there is some trading that already occurs between the dark today, but as as these firms are getting ready for 235 rating with lit, markets are, um, and central time air-and-sea. I think they're, they're, um, getting themselves ready to be able to offer this capability. So they trade in domestic hours. And that is definitely driving more demand for Enterprise based deals with our clients.

Around the world.

Operator: Thank you. I show our next question in the queue comes from the line of Benjamin Budish from Barclays. Please go ahead.

Thank you.

Benjamin Budish: Hi. Good morning, and thanks for taking the question. I wanted to ask about index revenues in the quarter. They were down a bit sequentially when your volumes were quite good. The average AUM was up. I know there's a dynamic with the CME fee sort of resetting at the beginning of the year, but it looks like the volumes are quite strong. I'm curious if there's anything else going on in the quarter, if there's any color on the timing of that fee reset and what that means for Q2. Thank you.

Ben Budish: Hi. Good morning, and thanks for taking the question. I wanted to ask about index revenues in the quarter. They were down a bit sequentially when your volumes were quite good. The average AUM was up. I know there's a dynamic with the CME fee sort of resetting at the beginning of the year, but it looks like the volumes are quite strong. I'm curious if there's anything else going on in the quarter, if there's any color on the timing of that fee reset and what that means for Q2. Thank you.

And our next question is to come to the line of Ben British from Barkley. Please go.

Speaker #4: Yeah. And on the reset, I think that definitely we you're right that the fees the kind of sharing agreement resets at the beginning of every year and we saw that we kind of had we've now gone to the higher tier as of the end of Q1.

Adena Friedman: Yeah, on the reset, I think that, definitely. You're right, that the fees, the kind of sharing agreement resets at the beginning of every year. We saw that we've now gone to the higher tier as of the end of Q1.

Sarah Youngwood: Yes.

Speaker #4: So that'll come into start to come in at a higher level in Q2.

Adena Friedman: That'll start to come in at a higher level in Q2.

Speaker #1: All right. Very helpful. Thank you.

Ben Budish: All right. Very helpful. Thank you.

Speaker #2: Thank you. And I show our next question in the queue comes from the line of Owen Lau from Claire Street. Please go ahead.

Operator: Thank you. Our next question in the queue comes from the line of Owen Lau from Clear Street. Please go ahead.

Sarah Youngwood: Sure. What we've experienced is a mix shift in futures, and I talked about that as the retail is driving more micro E-mini volumes, and that's at a lower capture than the E-mini. That was the main driver. The volume in futures was actually good. Then there is a second, but let's say smaller driver, which is a little bit of a continuous mix shift, and that's the story we've been telling in the ETP AUM as we go towards a bit more institutional.

Hi, thanks for taking the question. I wanted to ask about index revenues in the quarter. Um, they were down a bit sequentially, when, you know, your volumes are quite good, the average AUM was up. I know there's a dynamic, with the CME fee, sort of reset at the beginning of the year, but it looks like the volumes are quite strong. So I'm curious as anything else going on in the quarter. If there's any color on, you know, timing of that, um, you know, fee reset and what that means for you, too. Thank you.

Speaker #5: Good morning and thank you for taking my question. So for your tokenization strategy, could you please give us an updated timeline on your tokenized trading capabilities?

Owen Lau: Good morning, and thank you for taking my question. For your tokenization strategy, could you please give us an updated timeline on your tokenized trading capabilities? I know you have 23/5 trading going on, but what are the remaining hurdles you need to cross before you can execute the first trade? Thanks.

Speaker #5: I know you have 23.5 trading going on but what are the remaining hurdles you need to cross before you can execute the first trade?

Speaker #5: Thanks.

Speaker #3: Sure. Well, we are very active in working with DTCC and with the industry to make sure that we're doing this in lockstep and we're doing it in an organized way.

Adena Friedman: Sure. Well, we are very active in working with DTCC and with the industry to make sure that we're doing this in lockstep and we're doing it in an organized way. I think that DTCC has significant efforts underway, and they have at least expressed an interest in trying to get to that first trade that you mentioned before the end of the year. That's, I think, the goal that they have, and they're working collaboratively with us as well as with industry players to go through the whole process, make sure that they're advancing their systems, they're gonna wanna do test trades as they get further into the year. That allows us to be able to get to that, as you say, kind of first trade.

Adena Friedman: Yeah. On the reset, I think that definitely you're right, that the fees, the kind of sharing agreement resets at the beginning of every year, and we saw that we've now gone to the higher tier as of the end of Q1.

Speaker #3: I think that DTCC has significant efforts underway and they have at least expressed an interest in trying to get to that first trade that you mentioned before the end of the year.

Speaker #3: So that's I think that the goal that they have and they're working collaboratively with us as well as with industry players to go through the whole process, make sure that they're advancing their systems, doing some they're going to want to do test trades as they get further into the year.

Sarah Youngwood: Yes.

Adena Friedman: That'll start to come in at a higher level in Q2.

Bill Katz: All right. Very helpful. Thank you.

Ben Budish: All right. Very helpful. Thank you.

So, um, so what was it? A mix shift in future. And I talked about that at um the retail is driving more, my call volumes and that's at a lower cap and then the meaning on that. That's the main driver and the volume in 2. And, um, and then there is a secondary, a smaller driver, which is a little bit of a continuous exist. And that's the story we've been calling, um, in our vpa event, a big institution. Yeah, I reset. I think that um, definitely we you're right. That the fees that kind of sharing agreement read at the beginning of every year and we saw that we kind of had we've now gone to the higher tier at the end of 21. Yes. So so that will come into come in at a high level in keto

Operator: Thank you. Our next question in the queue comes from the line of Owen Lau from Clear Street. Please go ahead.

Very helpful. Thank you.

Thank you.

Speaker #3: And that allows us to be able to get to that as you say kind of first trade. I would say though it's likely that this will still be an early kind of an early phase by the end of the year to make sure that we're the end-to-end is working seamlessly.

Adena Friedman: I would say, though, it's likely that this will still be, you know, kind of an early phase by the end of the year to make sure that the end-to-end is working seamlessly. It's gonna be a little while, Owen, but it's work. I mean, we're doing a lot of work together. It's going well so far.

Speaker #3: So it's going to be a little while, Owen, but it's I mean, we're doing a lot of work together and it's going well so far.

Adena Friedman: Sure. Well, we are very active in working with DTCC and with the industry to make sure that we're doing this in lockstep and we're doing it in an organized way. I think that DTCC has significant efforts underway, and they have at least expressed an interest in trying to get to that first trade that you mentioned before the end of the year. That's, I think, the goal that they have, and they're working collaboratively with us as well as with industry players to go through the whole process, make sure that they're advancing their systems. They're going to want to do test trades as they get further into the year, and that allows us to be able to get to that, as you said, kind of first trade.

And I share on that question comes from the line of Claire Street. Please go ahead, and thank you for taking my question. So for your tokenization strategy, could you please give the updated timeline on your tokenized trading capabilities? I know you have 25 trading going on, but what are the remaining hurdles you need to cross before you can execute the first trade? Thanks.

Speaker #5: Thank you.

Owen Lau: Thank you.

Speaker #2: Thank you. And I show our next question comes from the line of Brian Bedell from Deutsche Bank. Please go ahead.

Operator: Thank you. Our next question comes from the line of Brian Bedell from Deutsche Bank. Please go ahead.

Speaker #5: Great. Thanks. Thanks. Good morning. Thanks for taking my question. Maybe just you talked about the impact of always-on markets helping data. But can you also talk about the potential impact across your fintech platform as the clients increasingly need to respond to always-on particularly in the eclipse zone capital markets business?

Brian Bedell: Oh, great. Thanks. Good morning. Thanks for taking my question. Maybe just, you know, you talked about, you know, the impact of always-on markets, you know, helping data, but can you also talk about the potential impact across your fintech platform as the clients, you know, increasingly need to respond to always-on, particularly in the Calypso and Capital Markets business. I know we talked about in the past, the initial guidance from the Adenza businesses didn't, you know, contemplate crypto as much, and that's already been a help. To what extent do you see this always-on dynamic, you know, advancing growth in these businesses?

Speaker #5: I know we talked about in the past the initial guidance from the Adenza businesses didn't contemplate crypto as much and that's already been a help to what extent do you see this always-on dynamic advancing growth in these businesses?

Adena Friedman: I would say, though, it's likely that this will still be kind of an early phase by the end of the year to make sure that the end-to-end is working seamlessly. It's going to be a little while, Owen, but we're doing a lot of work together and it's going well so far.

Speaker #3: Yeah. So I think that the areas that we're seeing we're having a lot of conversations with clients and in some cases already clients are signing up for expanded services.

Adena Friedman: Yeah. I think that the areas that we're seeing, we're having a lot of conversations with clients, and in some cases, already clients are signing up for expanded services. I would say the first one is surveillance. Even without the established markets being there, they do want to be able to surveil activity, trading activity, if they are, in fact, offering it to clients during the international hours that exist today. That's already driving demand in terms of surveillance clients. Also, our trading. Our clients around the world who are other markets who are looking at how do they want to expand their trading hours and really kind of continue to modernize their infrastructure around trading, that is driving more demand for our Eqlipse trading platform because it is built to be able to support 24/7.

Owen Lau: Thank you.

Sure. Um, well, we are very uh, active in working with dtcc and with the industry to make sure that we're doing this in lock up and running in an organized way. I think that DCC has underway and I they have at least expressed an interest in trying to get to that first trade that you mentioned before the end of the year. So that's I think the goal that they have and they're working collaboratively with us as well as with industry players to those real process make sure that they're fancy your systems doing some. I don't want to do that to get further here and that that allows us to to be able to get to that as you can kind of First Trade I would I would say those like that this will still be an early, you know kind of an early stage by the end of the year to to make sure that the end to end is working seamlessly. So it's going to be a little while Owen but it's it's I mean we're doing a lot of work together and it's going well so far.

Operator: Thank you. Our next question comes from the line of Brian Bedell from Deutsche Bank. Please go ahead.

Thank you.

Speaker #3: I would say the first one is surveillance. So even without the established markets being there, they do want to be able to surveil activity, trading activity if they are in fact offering it to clients during the international hours that exist today.

Brian Bedell: Oh, great. Thanks. Good morning. Thanks for taking my question. Maybe just, Adena, you talked about the impact of always-on markets helping data, but can you also talk about the potential impact across your fintech platform as the clients increasingly need to respond to always-on, particularly in the Calypso and capital markets business? I know we talked about in the past the initial guidance from the Adenza businesses didn't contemplate crypto as much, and that's already been a help. To what extent do you see this always-on dynamic advancing growth in these businesses?

Thank you. Nice showing that question comes from the line of mine, Bedell from Deutsche. Please go ahead.

Speaker #3: So that's already driving demand in terms of surveillance clients. Also, our trading so our clients around the world who are other markets who are looking at how do they want to expand their trading hours and really kind of continue to modernize their infrastructure around trading.

Speaker #3: That is driving more demand for our eclipse trading platform because it is built to be able to support 24/7. And then the third thing is in calypso, as you mentioned, collateral management, risk management, capital management, just core trade infrastructure.

Adena Friedman: Then the third thing is in Calypso, as you mentioned, you know, collateral management, risk management, capital management, just core trade infrastructure. While Calypso generally supports OTC instruments, there is just a move and a desire to make sure that they are able to support collateral management across all their markets, and they are connected into both clearing firms and clearing houses. As, you know, certainly the US markets move there, I think that that's something that they're definitely seeing more demand for collateral management. Then Trade Management Services within Capital Markets tech also, you know, as firms are thinking about how are they going to be able to support 23/5 markets themselves, and they wanna come in and have more co-location capabilities, that's also driving some demand.

Adena Friedman: Yeah. I think that the areas that we're seeing, we're having a lot of conversations with clients, and in some cases already, clients are signing up for expanded services. I would say the first one is Surveillance. Even without the established markets being there, they do want to be able to surveil activity, trading activity, if they are in fact offering it to clients during the international hours that exist today. That's already driving demand in terms of Surveillance clients. Also, our trading, our clients around the world who are other markets who are looking at how do they want to expand their trading hours and really kind of continue to modernize their infrastructure around trading, that is driving more demand for our Eqlipse trading platform because it is built to be able to support 24/7.

To, um, always on particularly in a capital markets business. Um, I know we talked about in the past, uh, initial guidance. Uh, from the end businesses didn't, uh, contemplate crypto as much, and that that's already going to help. What account do you see this? Um was on Dynamic? Um, you know advancing growth in these businesses?

Speaker #3: While calypso generally supports OTC instruments, there is just a move and a desire to make sure that they are able to support collateral management across all their markets and they are connected into both clearing firms and clearing houses and as certainly the US markets move there, I think that that's something that they're definitely seeing more demand for collateral management.

Yeah, so I think that the area that we're seeing, um, we're having a lot of conversations with clients.

In some cases already.

Speaker #3: And then trade management services within capital markets tech also as firms are thinking about how are they going to be able to support 23.5 markets themselves, and they want to come in and have more colocation capabilities, that's also driving some demand.

Speaker #3: So those are areas that we are having active dialogue with clients to be prepared for 23.5.

Adena Friedman: Those are areas that we are having active dialogue with clients as we prepare for 23.5.

Speaker #5: Great, Tyler. Thank you.

Brian Bedell: Great, Heather. Thank you.

Speaker #2: Thank you. And our next question comes from the line of Michael Cho from JP Morgan. Please go ahead.

Operator: Thank you. Our next question comes from the line of Michael Cho from JP Morgan. Please go ahead.

Adena Friedman: Then the third thing is in Calypso, as you mentioned, collateral management, risk management, capital management, just core trade infrastructure. While Calypso generally supports OTC instruments, there is just a move and a desire to make sure that they are able to support collateral management across all their markets, and they are connected into both clearing firms and clearing houses. As certainly the US markets move there, I think that that's something that they're definitely seeing more demand for collateral management. Then trade management services within Capital Markets Technology also, as firms are thinking about how are they going to be able to support 23/5 markets themselves, and they want to come in and have more co-location capabilities, that's also driving some demand. Those are areas that we are having active dialogue with clients as we prepare for 23/5.

Speaker #6: Hi. Good morning. Thanks for taking my question. I just wanted to touch on the index business again. I think one of the benefits you cited in terms of licensing it to BlackRock and State Street was wrong access to new investors and so I was wondering what kind of incremental investor segments do you think BlackRock and State Street might provide for NASDAQ?

Michael Cho: Hi, good morning. Thanks for taking my question. I just wanted to touch on the index business again. I think one of the, you know, benefits you cited in terms of licensing it to BlackRock and State Street was around access to new investors. I was wondering, you know, what kind of incremental investor segments do you think BlackRock and State Street might provide for Nasdaq? Just longer term, you know, how are you thinking about the potential for AUM and product expansion from the index licensing versus any licensing fee changes that might emanate in the coming years? I'm just looking at the evolution of other flagship index providers who've been more susceptible to that than Nasdaq in the past. Thanks.

Speaker #6: And then just longer term, how are you thinking about the potential for AUM and product expansion from the index licensing versus any licensing fee changes that might emanate in the coming years?

Are signing up for expanded Services. I would say first with surveillance. So um even without the, the established markets being there, they do want to be able to surveil activity activity. If they are, in fact offering it to clients during the um, during the international hours that exists today. So that's already driving demand in terms of surveillance clients. Also, um, our trading. So our clients around the world who are other markets are looking at, how do they want to expand their trading hours and really, kind of continue to modernize their infrastructure around trading that driving more demand for our Clips trading platforms because it is built to be able to support for 7. Um, and then the first thing is in clip. So as you mentioned, you know, collateral management, risk management, Capital Management, Just 4 grand infrastructure. Well, Calypso generally supports OTC instruments, there is just a move and, um, and it desire to make sure that they are able to, to support collateral management across all their markets. Um, and they are connected to the clearing, firms and clearing houses. And as you know, certainly the US markets moved there, I think that that's something that they're they're done anything more demand for for

Speaker #6: I'm just looking at the evolution of other flagship index providers who've been more susceptible to that than NASDAQ in the past. Thanks.

Speaker #3: Sure. So well, just to touch on the pricing point just to make sure we're clear, with the new relationships that we have with BlackRock and State Street, the index pricing licensing terms are the same as for QQQ.

Adena Friedman: Sure. Well, just to touch on the pricing point, just to make sure we're clear, with the new, the new relationships that we have with BlackRock and State Street, the index pricing licensing terms are the same as for QQQ. That's not changing our pricing paradigm. What we're really focused on with BlackRock and State Street is, you know, they have their own unique investor universes. They have incredible distribution out into the institutional ecosystem, as well as broad-based retail investor base. They complement Invesco, who has been and continues to be an amazing partner to us.

Brian Bedell: Great. Thank you.

Management and then trade Management Services going to have markets. Also, you know, if that storms are thinking about, how are they going to be before 2300 themselves? Um, and they want to come in and have more location capability. That's also driving demand. So those are areas that we are having active dialogue. Clients to be prepared for 235.

Operator: Thank you. Our next question comes from the line of Michael Cho from J.P. Morgan. Please go ahead.

Okay, thank you.

Michael Cho: Hi. Good morning. Thanks for taking my question. I just wanted to touch on the index business again. I think one of the benefits you cited in terms of licensing it to BlackRock and State Street was around access to new investors. I was just wondering what kind of incremental investor segments do you think BlackRock and State Street might provide for Nasdaq? Just longer term, how are you thinking about the potential for AUM and product expansion from the index licensing versus any licensing fee changes that might emanate in the coming years? I'm just looking at the evolution of other flagship index providers who've been more susceptible to that than Nasdaq in the past. Thanks.

Speaker #3: So that's not changing our pricing paradigm. What we're really focused on with BlackRock and State Street is they have their own unique investor universes.

Thank you. And this question comes from the line of Michael at J.P. Morgan. Please go ahead.

Speaker #3: They have incredible distribution out into the institutional ecosystem as well as broad-based retail investor base and they complement Invesco who has been and continues to be an amazing partner to us.

Speaker #3: So we're at this point where the NASDAQ 100 has really becoming a core component of an investment strategy among asset owners, insurance companies. And we want to make sure that we can distribute it out through the channels that they usually use, right?

Adena Friedman: you know, we're at this point where the Nasdaq-100 is really becoming a core component of an investment strategy among asset owners, insurance companies, and we wanna make sure that we can distribute it out through the channels that they usually use, right? They can leverage the relationship they already have with BlackRock or State Street in order to get access to these products in a seamless way. It does feel like the right next step for us, in a way, a new chapter of growth and expansion for the Nasdaq-100 as we continue to execute on global growth as well as institutional growth of that index. It also, you know, we already do work with State Street and BlackRock in other product areas, so it just kind of continues to

Speaker #3: So they're not having to they can leverage the relationship they already have with BlackRock or State Street in order to get access to these products in a seamless way.

Hi, good morning. Thanks for taking my question. I just wanted to touch on the uh index business. Again, I think 1 of the you know, decided in terms of Licensing to back off and access to new investors. And so I was wondering what kind of incremental investor segments, do you think Blackhawk and and states to provide an aspect and that just longer term. Um you know how do you think it a potential for and product expansion um from the index licensing? Versus any uh licensing fee changes that might eliminate in the, in the coming years the evolution of flash index providers who've been more susceptible to that than that I can pass.

Adena Friedman: Sure. Well, just to touch on the pricing point, just to make sure we're clear, with the new relationships that we have with BlackRock and State Street, the index pricing licensing terms are the same as for QQQ. That's not changing our pricing paradigm. What we're really focused on with BlackRock and State Street is, they have their own unique investor universes. They have incredible distribution out in the institutional ecosystem as well as broad-based retail investor base. They complement Invesco, who has been and continues to be an amazing partner to us. We're at this point where the Nasdaq-100 is really becoming a core component of an investment strategy among asset owners, insurance companies, and we want to make sure that we can distribute it out through the channels that they usually use, right?

Speaker #3: And so it does feel like the right next step for us in a way, a new chapter of growth and expansion for the NASDAQ 100 as we continue to execute on global growth as well as institutional growth of that index.

Speaker #3: It also we already do work with State Street and BlackRock and other product areas. So it just kind of continues to it's an evolution of our relationships there.

Adena Friedman: Like, it's, like, an evolution of our relationships there to make sure that we can leverage the strength of their platforms for our flagship product while we also work with them on new product expansion. In terms of just generally across the index business, we are very fortunate to have an index franchise that's really focused on innovation-oriented and thematic indexes that we work really collaboratively with our partners. We use all of our marketing assets to be able to drive distribution and adoption of those products. I think the way that we partner with our clients allows us to have a fee base that we feel very confident that we're delivering great value to them, but also value to us. We would expect that to continue as we launch other new products.

Speaker #3: To make sure that we can leverage the strength of their platforms for our flagship product while we also work with them on new product expansion.

Speaker #3: In terms of just generally across the index business, we are very fortunate to have an index franchise that's really focused on innovation-oriented and thematic indexes that we work really collaboratively with our partners.

Sure. So, um, well, just to to touch on the pricing point, just to make sure we're clear with the new, the new relationships that we have with BlackRock, it's day 3. The index pricing licensing. Terms are the same as upper 2. So that's, that's not changing our pricing Paradigm. Um, what we're really focused on with black rock and State Street is because they have their own unique investor universities. They have incredible distribution out in the institutional ecosystem, as well as a retail. Um, investor base and they complement Invesco who's who has been and continues to be an amazing.

Speaker #3: We use all of our marketing assets to be able to drive distribution and adoption of those products. And I think the way that we partner with our clients allows us to have a fee base that we feel very confident that we're delivering great value to them, but also value to us.

Adena Friedman: They can leverage the relationship they already have with BlackRock or State Street in order to get access to these products in a seamless way. It does feel like the right next step for us, in a way, a new chapter of growth and expansion for the Nasdaq-100 as we continue to execute on global growth as well as institutional growth of that index. We already do work with State Street and BlackRock in other product areas. It just kind of continues to. It's an evolution of our relationships there, to make sure that we can leverage the strength of their platforms for our flagship product while we also work with them on new product expansion.

Speaker #3: And we would expect that to continue as we launch other new products.

Speaker #2: Great. Thank you.

Sarah Youngwood: Great. Thank you.

Michael Cho: Great. Thank you.

Speaker #1: Thank you. And our next question comes from the line of Eli Abbout from Bank of America. Please go ahead.

Operator: Thank you. Our next question comes from the line of Eli Abboud from Bank of America. Please go ahead.

Speaker #6: Good morning. Thanks for taking the question. Anthropic's new Mythos model is expected to pose significant cybersecurity risks for financial institutions. So as one of the largest bank software vendors, I was wondering if you've previewed Mythos and if you can speak to the extent to which the release poses risks or creates liability for NASDAQ.

Eli Abboud: Good morning. Thanks for taking the question. Anthropic's new Mythos model is expected to pose significant cybersecurity risks for financial institutions. As one of the largest bank software vendors, I was wondering if you've previewed Mythos, and if you can speak to the extent to which the release poses risks or creates liability for Nasdaq. Separately, does it create any new opportunities? Is bank cybersecurity an interesting adjacency for you, or is that too far afield from your current business?

Adena Friedman: In terms of just generally across the index business, we are very fortunate to have an index franchise that's really focused on innovation-oriented and thematic indexes, that we work really collaboratively with our partners. We use all of our marketing assets to be able to drive distribution and adoption of those products. I think the way that we partner with our clients allows us to have a fee base that we feel very confident that we're delivering great value to them, but also value to us. We would expect that to continue as we launch other new products.

Speaker #6: And then separately, does it create any new opportunities? Is bank cybersecurity an interesting adjacency for you or is that too far afield from your current business?

Partner to us. So we're at this point where the network 100 is really becoming a core component of an investment strategy, among acid owners, insurance companies, and we want to make sure that we can distribute it out through the channels that they usually use, right? So they're not having to, they can leverage that relationship. They already have with black record stage sheet and we get access to these products of seamless way. And so it does feel like the right Next Step for us. In a way, a new chapter of growth and expansion for the 700 as we continue to execute on global growth as well as institutional growth of that index. It also, you know, we already do work with Rock and other product areas. So it just kind of continues to like an evolution of our relationships there, um, to make sure that we can leverage the strengths of their platforms for our, our Flagship product. While we also work with them on new product extension, in terms of just generally across the index of this. Um, we are very fortunate to have um an index franchise that really focused on Innovation oriented and the M indexes um that we work really collaboratively with our part.

Speaker #3: So I'll answer the second question first, which is that there are amazing cyber companies many of which are listed on NASDAQ that provide very, very advanced cyber capabilities to us and to our bank clients.

Adena Friedman: I'll answer the second question first, which is that there are amazing cyber companies, many of which are listed on Nasdaq, that provide very, very advanced cyber capabilities to us and to our bank clients, and we would expect that we will continue to partner with them, and we'd expect the banks to continue to partner with them. And speaking of them, we have a lot of engagement with our cyber partners, with our hyperscaler partners, with the banks, and with the government on how new models are being introduced into the financial industry. We're very careful in how we bring new models into Nasdaq. We do leverage Bedrock, which is AWS's AI platform, infrastructure, to support a lot of our AI in infrastructure here at Nasdaq, as well as we work with Microsoft and Microsoft Azure.

Delivering value to them, but also value to us. Um, and we we would expect that to continue as we launch new products.

Michael Cho: Great. Thank you.

Speaker #3: And we would expect that we will continue to partner with them and we'd expect the banks to continue to partner with them. And speaking of them, we have a lot of engagement with our cyber partners with our hyperscaler partners with the banks and with the government on how new models are being introduced into the financial industry.

Operator: Thank you. Our next question comes from the line of Eli Abboud from Bank of America. Please go ahead.

Great. Thank you.

Thank you. Now next question comes from the line of Eli Abu from Bank of America. Please go ahead.

Speaker #3: We're very careful in how we bring new models into NASDAQ. We do leverage Bedrock, which is AWS's AI platform infrastructure to support a lot of our AI infrastructure here at NASDAQ as well as we work with Microsoft and Microsoft Azure.

Speaker #3: So we have these great partners that help us make sure that we're protecting ourselves. We do a lot of extra protection. And then we will test models extensively before we bring any new models into our infrastructure.

Adena Friedman: We have these great partners that help us make sure that we're protecting ourselves. We do a lot of extra protection, and then we will test models extensively before we bring any new models into our infrastructure, we do a lot of testing of models. We're not going to just race forward with any new model and bring it in. We do a lot of work first to determine if it's got utility, and then to do incredible IT security reviews on it, and then we'll bring it in and determine how it can be best used for, you know, for our purposes.

Adena Friedman: I'll answer the second question first, which is that there are amazing cyber companies, many of which are listed on Nasdaq, that provide very advanced cyber capabilities to us and to our bank clients. We would expect that we will continue to partner with them, and we'd expect the banks to continue to partner with them. Speaking of them, we have a lot of engagement with our cyber partners, with our hyperscaler partners, with the banks, and with the government on how new models are being introduced into the financial industry. We're very careful in how we bring new models into Nasdaq. We do leverage Bedrock, which is AWS' AI platform infrastructure, to support a lot of our AI infrastructure here at Nasdaq, as well as we work with Microsoft and Microsoft Azure.

Good morning. Thanks for taking the question, anthropics. New Mythos model is expected to be significant cyber security risk for financial institutions. So, as 1 of the largest banks software vendors, I was wondering if you pre previewed Mythos, if you can see to the extent to which the release poses risks or create liability for Nasdaq and and then separately, does it create a new opportunities? His bank cyber security and interesting. Jason do for you or is that 2 for a field from your current business.

Speaker #3: We do a lot of testing of models. So we're not going to just race forward with any new model and bring it in. We do a lot of work first to determine if it's got utility.

Speaker #3: And then to do incredible IT security reviews on it. And then we'll bring it in and determine how it can be best used for our purposes.

Speaker #3: I also think as these new models come in, they're obviously going to be new protections that both the LLM providers, but also their partners will provide to make sure that they can be brought in securely.

Adena Friedman: I also think, you know, as these new models come in, there obviously are going to be new protections that both, the LLM providers, but also their partners will provide to make sure that they can be brought in securely.

Speaker #1: Thank you. And I share our next question comes from the line of Patrick Moley from Piper Sandler. Please go ahead.

Operator: Thank you. Our next question comes from the line of Patrick Moley from Piper Sandler. Please go ahead.

Adena Friedman: We have these great partners that help us make sure that we're protecting ourselves. We do a lot of extra protection. Then we will test models extensively before we bring any new models into our infrastructure. We do a lot of testing of models. We're not going to just race forward with any new model and bring it in. We do a lot of work first to determine if it's got utility, and then to do incredible IT security reviews on it. Then we'll bring it in and determine how it can be best used for our purposes. I also think, as these new models come in, there obviously are going to be new protections that both the LLM providers, but also their partners, will provide to make sure that they can be brought in securely.

So I'll answer the second question, which is that there are amazing. Cyber companies, many of which are listed as SEC that provide um, very, very Advanced cyber capabilities to us and to our bank clients and we would expect that we will continue to partner with them and we expect the banks to continue to partner with them. Um, and speaking of them, we have an a lot of Engagement with our cyber partners with our hyperscaler, partners with the banks and with the government, on how new models are being injured financial industry. Um, we're very careful in how we bring new models into NASDAQ. Um, we do, uh, leverage, uh, bedrocks as, as AI platform, um, infrastructure support a lot of our AI, um, infrastructure here at NASDAQ as well as we work with with Microsoft and Microsoft Azure. So we have these great

Speaker #5: Yeah. Good morning. Thanks for taking the question. Big picture one for me on tokenization. You mentioned that equity token design, putting issuers at the center of ownership rights, governance, investor experience.

Patrick Moley: Yeah, good morning. Thanks for taking the question. Big picture one for me on tokenization. You mentioned the equity token design putting issuers at the center of ownership rights, governance, investor experience. As tokenized settlement and 24/5 trading becomes a reality, Adena, I'm wondering if you see this fundamentally transforming the IPO process itself, particularly as it relates to expanding global retail access, reducing some of the frictions and costs associated with traditional underwriting. If so, does this represent any sort of structural opportunity that investors might not be Nasdaq's ability to grow?

Speaker #5: So is tokenized settlement and 24/5 trading becomes a reality? Adina, I'm wondering if you see this fundamentally transforming the IPO process itself, particularly as it relates to expanding global retail access and reducing some of the frictions and costs associated with traditional underwriting.

Speaker #5: And if so, does this represent any sort of structural opportunity that investors might not be NASDAQ's ability to grow the list?

Adena Friedman: I mean-

Patrick Moley: To grow the list.

Speaker #3: Yeah. So I think the first thing I would say is there are multiple paths that public markets today in terms of you can have a direct listing, you can have SPAC combination, you can have an IPO.

Adena Friedman: Yeah. I think the first thing I would say is there are multiple paths to public markets today in terms of you can have a direct listings, you can have a SPAC combination, you can have an IPO. There are choices. In terms of 23/5 trading and tokenization changing, I mean, I do think that the nature of securities, the actual construct of the underlying CUSIP, and the technological capabilities it provides are interesting and obviously allow for the free flow of capital, allow potentially for companies to have more direct interaction with investors over time.

Partners that help us, make sure that we're protecting ourselves. We do a lot of extra protection and then we will test models extensively before, um, before we before we bring any new models into our infrastructure, we do a lot of testing of models. So we're we're not going to just race forward with any new model and bring in. We do a lot of work first to determine if it's got utility and then to do incredible it Security reviews on it and then we'll bring it in and determine how it can be best used. Um, for um, you know for um, for for our purposes. I also think, you know, as these new models come in, they're obviously are going to be new protections that both the the llm providers but also their Partners will provide to make sure that they can be brought in securely.

Operator: Thank you. Our next question comes from the line of Patrick Moley from Piper Sandler. Please go ahead.

Speaker #3: So there are choices. In terms of 23/5 trading and tokenization changing, I mean, I do think that the nature of securities I mean, the actual construct of the underlying QSIP and the technological capabilities it provides are interesting and obviously allow for the free flow of capital, allow potentially for companies to have more direct interaction with investors over time.

Patrick Moley: Yeah, good morning. Thanks for taking the question. Big picture one for me on tokenization. You mentioned the equity token design, putting issuers at the center of ownership rights, governance, investor experience. So as tokenized settlement in 2024, 2025 trading becomes a reality, Adena, I'm wondering if you see this fundamentally transforming the IPO process itself, particularly as it relates to expanding global retail access, reducing some of the frictions and costs associated with traditional underwriting. If so, does this represent any sort of structural opportunity that investors might not be Nasdaq's ability to grow the list?

Thank you. I share our next question. Comes from the line of Patrick mol from Piper Sandler. Please go ahead.

Speaker #3: But I also think that the IPO process or the go public process is a huge undertaking to engage with both institutional and retail investors to make sure that you're unlocking that demand prior to the day that you enter the public markets.

Adena Friedman: I also think that the IPO process or the go public process is a huge undertaking to engage with both institutional and retail investors to make sure that you're unlocking that demand prior to the day that you enter the public markets. There is value to that process. Whether it's through a direct listing or through an IPO or SPAC combination, that engagement with investors leading up to it and certainly the underwriting for new capital being raised and making sure that you're getting support in the stock in the first few days and weeks of trading, I think, is important. I can't say that I think that tokenization has an opportunity to unlock and expand investor reach during that process.

Yeah, good morning. Uh, thank you for your question. Um, Big Picture 1 for me, on tokenization, you mentioned the equity token design putting into words at the center of ownership rights. Governance, investor experience. So tokenized, settlement in 245 trading becomes a reality. A I'm wondering if you see this, finally transforming the IP process itself, particularly as it relates to expanding Global retail and reducing some of the frictions and costs associated with additional underwriting.

If so, does this represent any sort of structural opportunity to get a better? Might not be

Speaker #3: And there is value to that process, whether it's through a direct listing or through an IPO or SPAC combination that engagement with investors leading up to it.

Adena Friedman: Yeah. I think the first thing I would say is there are multiple paths to public markets today in terms of you can have a direct listings, you can have a SPAC combination, you can have an IPO. There are choices. In terms of 2035 trading and tokenization changing, I do think that the nature of securities, the actual construct of the underlying CUSIP, and the technological capabilities it provides are interesting and obviously allow for the free flow of capital, allow potentially for companies to have more direct interaction with investors over time. I also think that the IPO process or the go public process is a huge undertaking to engage with both institutional and retail investors to make sure that you're unlocking that demand prior to the day that you enter the public markets.

that that to to grow grow the list.

Speaker #3: And in some certainly, the underwriting for new capital being raised and making sure that you're getting support in the stock in the first few days and weeks of trading, I think is important.

Speaker #3: But I can't say that I think that tokenization has an opportunity to unlock and expand investor reach during that process. It can improve engagement with retail investors as they're going through that process.

Adena Friedman: It can improve engagement with retail investors as they're going through that process. I, I'm not envisioning a fundamental change in the IPO process, I have to say. You know, I think only time will tell if that's an opportunity.

Speaker #3: But I'm not envisioning a fundamental change in the IPO process, I have to say. I think only time will tell if that's an opportunity.

Speaker #1: Great. Thanks, Adina.

Patrick Moley: Great. Thanks, Adena.

Speaker #2: Thank you. And I share our next question comes from the line of Jeff Schmidt from William Blair. Please go ahead.

Operator: Thank you. Our next question comes from the line of Jeff Schmitt from William Blair. Please go ahead.

Speaker #5: Hi. Good morning. You'd mentioned you're working on outcome-related options in market services. Would these be similar to prediction markets products and could you just provide some more detail on what you're doing there?

Jeff Schmitt: Hi. Good morning. You'd mentioned you're working on outcome-related options in Market Services. Would these be similar to prediction market products, and could you just provide some more detail on what you're doing there?

Adena Friedman: There is value to that process. Whether it's through a direct listing or through an IPO or SPAC combination, that engagement with investors leading up to it and certainly the underwriting for new capital being raised and making sure that you're getting support in the stock in the first few days and weeks of trading, I think is important. I think that tokenization has an opportunity to unlock and expand investor reach during that process. It can improve engagement with retail investors as they're going through that process. I'm not envisioning a fundamental change in the IPO process, I have to say. I think only time will tell if that's an opportunity.

Speaker #3: Yeah, sure. Yeah. They are essentially, you can call them outcome-oriented or event options. Think about them as the first one that on predicting the future performance of the NASDAQ 100.

Adena Friedman: Yeah, sure. Yeah, they are. Essentially, you can call them outcome-oriented or event options. Think about them. The first one that we are seeking approval for, from the SEC is an option on, you know, predicting the future performance of the Nasdaq-100. It's a, you know, what some people call binary option, a yes, no, is it gonna go up or down kind of thing. It is, it is a way to bring the notion of a prediction market construct into a regulated market. You know, the nice thing is, with our options business, is it is fully overseen by the SEC, and we have a lot of regulatory controls in place.

Yeah. So I think the first thing I would say is there are multiple paths to public markets, um, uh, today in terms of you can have your listings, you can have a spec combination, you can have an IPO. So there are choices in terms of um, 235 trading, tokenization changing. I mean I do think that the nature of security. I mean the actual construct of the underlying qip um and the technological activities that provide are you know are interesting and obviously allow for the brief of capital allow potentially for companies to have more direct interaction with investors over time. Um but I also think that the IPO process or the go public process, you know is a is a huge undertaking to an engage with both institutional and Retail investors to make sure that you're unlocking that band prior to the day that you enter the public markets and there is value to the process, whether it's through a practicing or through an IPO or stack combination that engagement with with investors leading up to it. And some, you know, certainly the underwriting for new, um, New Capital being raised and um

Speaker #3: So it's what some people call binary option, a yes/no. Is it going to go up or down kind of thing? And so it is a way to bring the notion of a prediction market construct into a regulated market.

Speaker #3: The nice thing is with our options business is it is fully overseen by the SEC. And we have a lot of regulatory controls in place we're working with OCC, which is the Clearinghouse, to make sure that we think about the risk models around it and the margin models.

The retail investors as going through that process. Um, but I, I I'm not envisioning, fundamental change in the IPO process. I have to say, I, you know, I think only time will tell if that an opportunity.

Patrick Moley: Great. Thanks, Adena.

Operator: Thank you. Our next question comes from the line of Jeff Schmitt from William Blair. Please go ahead.

Great.

Thank you.

Adena Friedman: We're working with OCC, which is the clearing house, to make sure that we think about the risk models around it and the margin models, so that we can kind of introduce the notion of what I would call entry-level options, into a marketplace that has a regulatory framework that's very well-established. It is our first effort in that area.

Jeff Schmitt: Hi. Good morning. You'd mentioned you're working on outcome-related options in market services. Would these be similar to prediction markets products, and could you just provide some more detail on what you're doing there?

And our next question comes from the line of Jeff Schmitt from William Blair. Go ahead.

Speaker #3: So that we can kind of introduce the notion of what I would call entry-level options into a marketplace that has regulatory framework that's very well established.

Speaker #3: So it is our first effort in that area.

Adena Friedman: Yeah, sure. Essentially, you can call them outcome-oriented or event options. Think about them as the first one that we are seeking approval for from the SEC is an option on predicting the future performance of the Nasdaq-100. So it's what some people call a binary option, a yes/no, is it going to go up or down kind of thing. It is a way to bring the notion of a prediction market construct into a regulated market. The nice thing is, with our options business, it is fully overseen by the SEC, and we have a lot of regulatory controls in place.

Hi, good morning. Um you mentioned, you're working on outcome related options in Market Services, it would these be similar to prediction markets products in? Could you just provide more detail on what you're doing there?

Speaker #5: Okay. Thank you.

Jeff Schmitt: Okay. Thank you.

Yeah, sure they are. Um, as

Speaker #2: Thank you. And I share our next question comes from the line of Ashish Sabadra from RBC Capital Markets. Please go ahead.

Operator: Thank you. Our next question comes from the line of Ashish Sabadra from RBC Capital Markets. Please go ahead.

Speaker #6: Thanks for taking my question. Very strong ECV momentum in Verifen, and you also talked about the tier one planned signed in 2Q. My question was, can you talk about the pipeline for tier one, tier two clients?

Ashish Sabadra: Thanks for taking my question. Very strong ACV momentum in Verafin, and you also talked about the tier one client signed in Q2. My question was, can you talk about the pipeline for tier one, tier two clients? Just a follow-up there would be, as we think about these implementations going live, is it fair for us to assume that we start getting the ARR growth back into the midterm range as we get into the back half of the year? Thanks.

Speaker #6: And just a follow-up there would be, as we think about these implementations going live, is it fair for us to assume that we start getting the ARR growth back into the mid-term range as we get into the back half of the year?

Speaker #6: Thanks.

Adena Friedman: We're working with OCC, which is the clearinghouse, to make sure that we think about the risk models around it and the margin models, so that we can kind of introduce the notion of what I'll call entry-level options into a marketplace that has a regulatory framework that's very well-established. It is our first effort in that area.

Speaker #3: Great. Thank you. Well, actually, as Sarah had mentioned with a lot of the signings that we had in the latter half of last year.

Adena Friedman: Great. Thank you. Well, actually, as Sara had mentioned, with a lot of the signings that we had in the latter half of last year. You know, our momentum in enterprise signings really picked up as we went through last year. We had, I think, more than 2, if not 3, the number of signings last year versus the prior year, a lot of those happened in the H2. We don't recognize ARR on the clients until they're fully implemented, so we are still in implementation mode for a fair number of those clients, in addition to obviously anything we signed in the Q1. We do anticipate that the benefits of those deals will start to flow in later in this year. I think the second thing is that our pipeline's very strong.

Speaker #3: So our momentum in enterprise signings really picked up as we went through last year. We had, I think, more than double, if not triple the number of signings last year versus the prior year.

Speaker #3: But a lot of it was happening in the second half. And we don't recognize ARR in the clients until they're fully implemented. So we are still in implementation mode.

Jeff Schmitt: Okay. Thank you.

Um, think about them as a, and the first 1 that we are seeking approval for, from the SEC is an option on, you know, predicting the future performance of the NASDAQ 100. So it's like, you know what, some people call binary option, I guess. No, it's going to go up or down, kind of thing. And so it is, it is a way to bring the notion of our prediction, a prediction Market construct, into a regulated market. The nice thing is with our options business is it is fully overseas by the SEC, um, and we have a lot of regulatory controls in place. We were, were working with OC, which is the Clearing House to make sure that we think about the risk models around it and the margin models. Um, so that we can, we can kind of introduce the notion of what I'll call entry-level options, um, into a Marketplace that has a regular framework, that's very well established. So it is our first, our first effort in that area.

Okay, thank you.

Operator: Thank you. Our next question comes from the line of Ashish Sabadra from RBC Capital Markets. Please go ahead.

Thank you.

Speaker #3: For a fair number of those clients, in addition to obviously anything we signed in the first quarter. So we do anticipate that the benefits of those deals will start to flow in later in this year.

And I share our next question comes from the line she borrow from RBC Capital markets, please go ahead.

Speaker #3: I think the second thing is that our pipeline is very strong. We have amazing engagement across a wide range of clients, either in POC where they're testing us or in contract negotiation or we're having really just good dialogue with them as they're thinking about modernizing their AFC capabilities.

Adena Friedman: We have amazing engagement across a wide range of clients, either in POC, where they're testing us, or in contract negotiation, or, you know, we're having really just good dialogue with them as they're thinking about modernizing their ASC capabilities. The pipeline is strong. The activity and the signings have been very strong and we're excited to start to show the benefit of that as we implement the clients.

Speaker #3: So the pipeline is strong. The activity and the signings have been very strong. And we're excited to start to show the benefit of that as we implement the clients.

Uh, thanks for taking my question, very strong, ECU Maintenance, and you also thought about the Tier 1 plant signed in, uh, 2q. Uh, my question was, uh, can you talk about the pipeline for Tier 1, tier 2 clients and uh just follow up. There will be as we think about these implementations going live, is it fair for us to assume that we start getting? They are a road back into the midterm range as we get into the backup of the year. Thanks.

Adena Friedman: Great. Thank you. Well, actually, as Sarah Youngwood had mentioned, with a lot of the signings that we had in the H2 of last year. Our momentum and enterprise signings really picked up as we went through last year. We had, I think more than double, if not triple the number of signings last year versus the prior year, but a lot of it has happened in the H2. We don't recognize ARR in the clients until they're fully implemented. We are still in implementation mode for a fair number of those clients, in addition to obviously anything we signed in the Q1. We do anticipate that the benefits of those deals will start to flow in later in this year. I think the second thing is that our pipeline's very strong.

Speaker #2: That's great, Connor. Congrats.

Ashish Sabadra: That's great, Carla. Congrats.

Speaker #1: Thank you.

Operator: Thank you.

Speaker #3: Thank you.

Adena Friedman: Thank you.

Speaker #2: And I share our next question comes from the line of Alex Cramm from UBS. Please go ahead.

Operator: Our next question comes from the line of Alex Kramm from UBS. Please go ahead.

Speaker #5: Yes. Hey. Hello, everyone. Just wanted to come back quickly on the capital markets. Disclosures that Sarah gave on those cancellations. So first of all, is that now fully in the run rate, or is that still coming out of ARR?

Alex Kramm: Yes. Hey. Hello, everyone. Just wanted to come back quickly on the capital markets disclosures that Sara gave on those cancellations. First of all, is that now fully in the run rate, or is that still coming out of ARR? I think you mentioned a 4% one-timer, does that mean that maybe there's a 1% headwind to growth, or maybe you can just size up what kind of headwind that is. Overall, as we think longer term with the expectation of bank M&A maybe picking up, do you expect to see more of these, or do you think these are kind of like one-time events here or unusual events? Thank you.

Speaker #5: I think you mentioned a 4% one-timer. So does that mean that maybe there's a 1% headwind to growth, or maybe you can just size up?

Adena Friedman: We have amazing engagement across a wide range of clients, either in POC where they're testing us, or in contract negotiation, or we're having really just good dialogue with them as they're thinking about modernizing their ASC capabilities. The pipeline is strong, the activity and the signings have been very strong, and we're excited to start to show the benefit of that as we implement the clients.

Speaker #5: What kind of headwind that is? And then overall, as we think longer term, with the expectation that bank M&A maybe picking up, do you expect to see more of these, or do you think these are kind of like one-time events here or unusual events?

Speaker #5: Thank you.

Speaker #3: Yeah. So I would say that the impact going forward is actually not very much. But the 4% points you have very correct, which is that is a positive this quarter.

Sarah Youngwood: Yeah. I would say that the impact going forward is actually not very much, but the 4 percentage points you have very correct, which is that is a positive this quarter, which we have put on as described as M&A-related. It's M&A of market operators, which is really different than bank M&A, and so we're not seeing very much of that happening. It just so happens that we had 2 that hit this quarter, and those have been a long time in coming in terms of, like, our awareness of them. We're not seeing a sequence of those as a trend at all.

Great. Thank you. Well, actually, as Sarah had mentioned with a lot of signs that we had in the latter half last year. So, you know, our momentum and Enterprise signing like picked up as we went through last year. We had, I think, more than double triple, the number of signings last year, versus the prior year, but a lot of those happen in the second half, so and we don't recognize our and the clients until they're fully implemented. So we're, we are still in implementation mode. Um, for fair number of those clients. In addition to obviously, anything, we find the first quarter. So we do anticipate that the benefits of those deals will start to flow in later this year. I think the second thing is that our pipeline is very strong. Um, we have amazing engagement across um a wide range of of clients either in PFC where they're testing us or in contract negotiation or you know we're having really this good dialogue with them as you're thinking about modernizing their AFC capabilities. So um the pipeline is wrong the activity and the signings have been very strong and um we're guided to start to show the benefit of

Ashish Sabadra: That's great. Congrats.

That, as we implement the clients.

That's great. Correct. Congrats

Operator: Thank you.

Adena Friedman: Thank you.

Operator: Our next question comes from the line of Alex Kramm from UBS. Please go ahead.

Thank you. Thank you.

Speaker #3: Which we have put on as described as M&A related. It's M&A of market operators, which is really different than bank M&A. And so we're not seeing very much of that happening.

And I share. Our next question comes from the line of Alex creme from. Please go ahead.

Alex Kramm: Yes. Hey. Hello, everyone. Just wanted to come back quickly on the capital markets disclosures that Sarah gave on those cancellations. First of all, is that now fully in the run rate or is that still coming out of ARR? I think you mentioned a 4% one-timer. Does that mean that maybe there's a 1% headwind to growth, or maybe you can just size up what kind of headwind that is? Then overall, as we think longer term with the expectation of bank M&A maybe picking up, do you expect to see more of these, or do you think these are kind of like one-time events here or unusual events? Thank you.

Speaker #3: It just so happens that we had two that hit this quarter and those have been a long-time incoming in terms of our awareness of them.

Speaker #3: So we're not seeing a sequence of those as a trend at all.

Speaker #4: And I think, Sarah, also the termination fees are not commensurate with the actual ACV value. It's different. So the ACV value of these as they're going to come out of ARR is quite modest.

Adena Friedman: I think, Sara, also, the termination fees are not commensurate with the actual ACV value.

Sarah Youngwood: No.

Adena Friedman: It's different. The ACV value of these these as they're gonna come out of ARR is quite modest.

Yes. Hey hello everyone. Um, just wanted to come back quickly on the, uh, Capital Market, uh, disclosures that, that Sarah gave on those cancellations. So first of all, is that no fully in the Run rate, or is that still coming out of our? I think you mentioned the 4%, um, 1 timer. So does that mean that? Maybe there's a 1 person headwind to growth or maybe you could just size up, what kind of headwind that are is? And then all, as we think longer term with the expectation of the bank m&a, maybe picking up, do you do you expect to see more of these or do you think these These are kind of like 1 time events here, or unusual events. Thank you.

Sarah Youngwood: Yeah. I would say that the impact going forward is actually not very much, the four percentage points you have very correct, which is that is a positive this quarter, which we have described as M&A related. It's M&A of market operators, which is really different than bank M&A, and so we're not seeing very much of that happening. It just so happens that we had two that hit this quarter, and those have been a long time in coming in terms of our awareness of them. We're not seeing a sequence of those as a trend at all.

Sarah Youngwood: Yes

Speaker #4: Versus the termination fees that we received as a result of the changes.

Adena Friedman: ... versus the termination fees that we received as a result of the changes.

Speaker #5: Good. Thank you.

Alex Kramm: Good. Thank you.

Speaker #3: Yep. Thank you.

Sarah Youngwood: Yep. Thank you.

Adena Friedman: Yep. Thank you.

Speaker #2: Thank you. And I share our last question in the queue comes from the line of Michael Seifers from Morgan Stanley. Please go ahead.

Operator: Thank you. Our last question in the queue comes from the line of Michael Cyprys from Morgan Stanley. Please go ahead.

Speaker #7: Good morning. Thanks for taking the question. Just wanted to ask about 23.5 trading that's expected to launch. I heard you mentioned on December 6th.

Michael Cyprys: Good morning. Thanks for taking the question. Wanted to ask about twenty-three five trading that's expected to launch, I heard you mention, on 6 December. I was hoping you could update us on the steps that you're taking between now and then. How do you see this rolling out? What sort of milestones do you anticipate in the first year? We also hear some hesitation from certain market participants out there, some hesitation around, including around potentially limited liquidity in the overnight session. I guess what sort of steps are you taking to address some of those concerns out there?

Speaker #7: I was hoping you could update us on the steps that you're taking between now and then how do you see this rolling out? What sort of milestones do you anticipate in the first year?

Speaker #7: We also hear some hesitation from certain market participants out there. Some hesitation just around including around potentially limiting liquidity in the overnight session. So I guess just what sort of steps are you taking to address some of those concerns out there?

Yeah. So um, I would say that the impact going forward is actually not very much um, that um, the whole percentage points you have very correct. Which is that is a positive disorder, uh, which we have um, put on as uh, decide that on m&a later um it may of um Market operators which is really different than uh bank m&a and so we're not seeing very much of that happening. It just so happens that uh we had uh 2 uh that um hit uh, this quarter. And um, those have been a long time uh, in coming in terms of like um, our Wellness of them. So we're not

Adena Friedman: I think, Sarah, also, the termination fees are not commensurate with the actual ACV value.

1 of those, uh, other trenel.

Speaker #3: Sure. So in terms of I'll actually take the last question first. I would say anytime that you have change in the industry, there are people who are excited about it and people who get nervous about it.

Adena Friedman: Sure. I'll actually take the last question first. I would say any time that you have change in the industry, you know, there are people who are excited about it and people who get nervous about it. That's just. I think that's actually quite healthy because you wanna make sure that you're thinking through concerns as you're trying to progress the market. Today, if you look at the volumes that occur today, we operate from 4:00 AM to 8:00 PM. Our systems are open for trading during that period of time. Outside of our hours, from 8:00 PM to 4:00 AM US time, there's about 2% of volumes is occurring today, 2 percentage points of volume.

Sarah Youngwood: No.

Adena Friedman: It's different. The ACV value of these as they're going to come out of ARR is quite modest-

Sarah Youngwood: Yes.

Adena Friedman: versus the termination fees that we received as a result of the changes.

Speaker #3: That's just I think that's actually quite healthy because you want to make sure that you're thinking through concerns as you're trying to progress the markets.

I think they're also, um, the termination fees are not mentored with the actual ACV value, it's different. So, so the ACV value of these, These are going to come out of our is quite modest versus the termination fees that we um we received as a result of the changes.

Alex Kramm: Good. Thank you.

Good. Thank you.

Sarah Youngwood: Yep. Thank you.

Adena Friedman: Yep. Thank you.

Operator: Thank you. Our last question in the queue comes from the line of Michael Cyprys from Morgan Stanley. Please go ahead.

Yep, thank you.

Speaker #3: Today, if you look at the volumes that occur today, so we operate from 4:00 AM to 8:00 PM. Our systems are open for trading during that period of time.

Thank you.

Michael Cyprys: Good morning. Thanks for taking the question. Just wanted to ask about 23/5 trading that's expected to launch, I heard you mention, on 6 December. I was hoping you could update us on the steps that you're taking between now and then. How do you see this rolling out? What sort of milestones do you anticipate in the first year? We also hear some hesitation from certain market participants out there, some hesitation including around potentially limited liquidity in the overnight session. I guess just what sort of steps are you taking to address some of those concerns out there?

And I share our last question and it comes from the line of Michael cers from Morgan Stanley. Please go ahead.

Speaker #3: Outside of our hours, so from 8:00 PM to 4:00 AM, US time, the there's about 2% of volumes is occurring today. So 2 percentage points of volume.

Speaker #3: So there is volume occurring outside the hours of operations for our business. So we are excited to be able to tap into that demand and that market activity.

Adena Friedman: There is volume occurring outside the hours of operations for our business. We are excited to be able to tap into that demand and, you know, that market activity, but also to really use, you know, the infrastructure that we're putting in place and that the industry's putting in place to make sure we can grow that. What we're doing is making sure that as we go forward, as of 6 December, not only is Nasdaq launching its venue, but the tape has announced that they're launching the consolidated tape to make it so that all, you know, national best bid and offer and last sale will be available. Obviously, our market data will be available. You'll have a more lit market environment.

Speaker #3: But also to really use the infrastructure that we're putting in place and that the industry is putting in place to make sure we can grow that.

Good morning. Thanks for taking the question. Just wanted to ask about 235 trading, that's expected to, uh, launched. I heard you mentioned on December 6th. I was hoping you could update us on the steps that you're taking between. Now and then, how do you see this rolling out? What sort of Milestones do you anticipate in the first year? We also hear some hesitation from certain Market participants out there. Uh, some hesitation just surrounding including around potentially limited liquidity in the overnight session. So I guess just what sort of steps you take into your address some of those concerns though.

Adena Friedman: Sure. I'll actually take the last question first. I would say anytime that you have change in the industry, there are people who are excited about it and people who get nervous about it. I think that's actually quite healthy because you want to make sure that you're thinking through concerns as you're trying to progress the market. Today, if you look at the volumes that occur today, so we operate from 4:00AM to 8:00PM. Our systems are open for trading during that period of time. Outside of our hours, so from 8:00PM to 4:00AM US time, there's about 2% of volumes is occurring today. So 2 percentage points of volume. So there is volume occurring outside the hours of operation for our business.

Speaker #3: And so what we're doing is making sure that as we go forward, as of December 6th, that not only is NASDAQ launching its venue, but the tape has announced that they're launching the consolidated tape to make it so that national best bid and offer and last sale will be available.

Sure. Um, so in terms of I'll actually the last question first.

Speaker #3: Obviously, our market data will be available. And so you'll have a more lit market environment. You'll also have we also have market watch expanding our hours of market watch, expanding hours of our market operations team, our tech ops, our network ops.

Adena Friedman: We also have market watch, expanding our hours of market watch, expanding hours of our market operations team, our tech ops, our network ops. All of those organizations will be expanded to make sure we can support the clients that are coming in and trading across the globe. We also will make sure that, you know, as we launch, that we have a lot of investor education. We wanna make sure that, you know, we're working with retail brokers. When we make a sale of our market data, we often work with them also on, you know, education and other things that they can do to promote and make sure that their investors are ready to be able to trade our securities.

The industry, you know, there are people who are excited about it, people who get nervous about it. That's just, I think that's actually healthy because we want to make sure that you're thinking through, um, concerns as you're as you're trying to progress the market. Um, today, if you look at the volumes that occurred today, so we operate from 4, mm 8, mm, our systems are open for training, bring that period of time outside of our hours. So from 8 p.m. 4 AM, uh,

Speaker #3: All of those organizations will be expanded to make sure we can support the clients that are coming in and trading across the globe. And then we also will make sure that as we launch that we have a lot of investor education.

Adena Friedman: We are excited to be able to tap into that demand and that market activity, but also to really use the infrastructure that we're putting in place and that the industry's putting in place to make sure we can grow that. What we're doing is making sure that as we go forward, as of 6 December, that not only is Nasdaq launching its venue, but the tape has announced that they're launching the consolidated tape, to make it so that all national best bid and offer and last sale will be available. Obviously, our market data will be available. You'll have a more lit market environment. We also have market watch, expanding our hours of market watch, expanding hours of our market operations team, our tech ops, our network ops.

Speaker #3: We want to make sure that we're working with retail brokers and through the when we make a sale of our market data, we often work with them also on education and other things that they can do to promote and make sure that their investors are ready to be able to trade our securities.

Speaker #3: So it's a holistic effort. And we would expect over time, but I also would say it's an evolution, not a revolution, to see expansion of investor interest across the globe, to have the opportunity to trade in their home hours and to have liquidity throughout the 23-hour period.

Adena Friedman: It's a holistic effort, and we would expect over time, but I also would say it's an evolution, not a revolution, to see expansion of investor interest across the globe, to have the opportunity to trade in their home hours, and to have liquidity throughout the 23-hour period. I would point out that the Nasdaq futures, Nasdaq-100 futures trades 24/5 today. The idea of being able to trade the future, trade the ETF, and trade the underlying all in domestic hours for that, for those stocks is exciting, but it is gonna be offered to, you know, every stock across the US equities market. I see it as a natural next step here. But it will take time to make it so that there's a lot of penetration.

Speaker #3: I would point out that the NASDAQ futures and NASDAQ 100 futures trades 24/5 today. So the idea of being able to trade the future, trade the ETF, and trade the underlying all in domestic hours for that for those stocks is exciting, but it is going to be offered to every stock across the US equities market.

Adena Friedman: All of those organizations will be expanded to make sure we can support the clients that are coming in and trading across the globe. Then we also will make sure that, as we launch, that we have a lot of investor education. We want to make sure that we're working with retail brokers, and when we make a sale of our market data, we often work with them also on education and other things that they can do to promote, and make sure that their investors are ready to be able to trade our security. It's a holistic effort, and we would expect over time, but I also would say it's an evolution, not a revolution, to see expansion of investor interest across the globe, to have the opportunity to trade in their home hours, and to have liquidity throughout the 23-hour period.

The, uh, there's about 2% of volumes as occurring today. So 2 percentage points of volume, so there is actual there is volume occurring outside the the hours of operation for our business. So we are excited to be able to tap into that that demand, you know, that that market activity. But also to really use, you know, the infrastructure that we're putting in place and that the industry is putting in place to make sure we can grow that. Uh, and so what we're doing is making sure that as we go forward as of December 6th, the not only is NASA launching its venue but the tape has announced that they're launching the central. The Consolidated tape um to be make it so that all you know National investment offer and last availability available obviously our Market data will be available and so you'll have a more lit um Market environment. You'll also have. We also have market watch expanding our hours of market, watch expanding our market operations team, our Tech Ops our Network. Ops all of those organizations will be expanded to make sure we can, we can support the clients.

Speaker #3: So I see it as a natural next step here. But it will take time to make it so that there's a lot of penetration.

Speaker #2: Thank you. That concludes our Q&A session for today. I would now like to turn the conference back over to Adina Friedman, president and CEO for Crocker Remarks.

Operator: Thank you. That concludes our Q&A session for today. I would now like to turn the conference back over to Adena Friedman, President and CEO, for closing remarks.

Speaker #3: Great. Well, thank you very much. We are very pleased with the performance and momentum across NASDAQ as we execute our strategy to modernize markets, power the innovation economy, and build trust in the financial system.

Adena Friedman: Well, thank you very much. We are very pleased with the performance and momentum across Nasdaq as we execute our strategy to modernize markets, power the innovation economy, and build trust in the financial system. Thank you very much for joining the call, and have a great day.

That are coming in and creating the across the globe. And then we also um, will make sure that, you know, as we launch that we have a lot of investor education. Um, we want to make sure that, you know, we're working with retail Brokers and through the when we make a sale of our Market State, we often work with them also on, you know, education and other things that they can do to promote. Um, and make sure that their investors um, are ready to be able to train our security. So it's, um, it's a holistic effort and we would expect over time. But I I also would say it's an evolution.

Speaker #3: Thank you very much for joining the call and have a great day.

Operator: This concludes today's conference call. Thank you for participating. You may now disconnect.

Adena Friedman: I would point out that the Nasdaq futures, Nasdaq-100 futures, trades 24/5 today. The idea of being able to trade the future, trade the ETF, and trade the underlying all in domestic hours for those stocks is exciting, but it is going to be offered to every stock across the US equities market. I see it as a natural next step here. It will take time to make it so that there's a lot of penetration.

Not a revolution to, to see expansion of investor interest, um, across the globe to have the opportunity to trade in their home hours. Um, and to have liquidity throughout throughout the 23 hour period, I would point out that the NASDAQ futures. And as of 100, Futures trades 245 today,

So the idea of being able to trade the the future trade, the ETFs and trade, underlying all in domestic hours for that. For those stocks is exciting, but it is going to be offered to, you know, every stock across the equities market. So I see it as a, as a natural Next Step here, um, but it will take time to make it so that there's a lot of penetration

Operator: Thank you. That concludes our Q&A session for today. I would now like to turn the conference back over to Adena Friedman, President and CEO, for closing remarks.

Thank you.

That concludes our Q&A session for today. I would now like to turn the conference back over to Edina Freedman, president and CEO for closing remarks.

Adena Friedman: Great. Well, thank you very much. We are very pleased with the performance and momentum across Nasdaq as we execute our strategy to modernize markets, power the innovation economy, and build trust in the financial system. Thank you very much for joining the call, and have a great day.

Great. Well, thank you very much. We are very pleased with the performance and momentum across netac as we execute our

strategy to modernize markets.

How are the Innovation economy and build trust in the financial system. Thank you very much for joining the call and have a great day.

Operator: This concludes today's conference call. Thank you for participating. You may now disconnect.

This concludes today's conference call, thank you for participating. You may now disconnect

Eli Abboud: Goodbye.

Operator: Goodbye.

Goodbye.

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