Company Overview
About Nasdaq, Inc.
Nasdaq, Inc. is a global technology company and exchange operator that has transformed from a stock market into a diversified financial infrastructure and capital markets technology provider, founded in 1971 as the world's first electronic stock exchange and headquartered in New York City, trading on Nasdaq (NDAQ). The company generated approximately $7.4 billion in net revenues for FY2024 under CEO Adena Friedman, who has led Nasdaq's strategic evolution from exchange operator to enterprise software and services company. The landmark $10.5 billion acquisition of Adenza—completed in November 2023—combined Calypso Technology and AxiomSL under one umbrella, providing risk management, treasury management, and regulatory reporting software to banks, broker-dealers, and asset managers globally, dramatically expanding Nasdaq's financial technology footprint.
Business Model & Competitive Advantage
Nasdaq's business spans four primary segments: Capital Access Platforms (exchange listings, IPO services, equity, options, and futures trading), Financial Technology (Adenza risk/regulatory software, anti-financial crime technology including Nasdaq Verafin, and marketplace infrastructure services), Market Services (U.S. equities trading, options, fixed income, and Nordic/Baltic exchanges via Nasdaq Nordic), and Index Businesses (Nasdaq-100, the world's most-tracked technology index, and over 40,000 indexes globally). The Nasdaq-100—home to Apple, Microsoft, Nvidia, Amazon, Meta, Tesla, and Alphabet—generates licensing fees from $300+ billion in assets tracking or benchmarked to it, including the QQQ ETF ($260B AUM), making it one of the most economically significant index franchises globally.
Competitive Landscape 2025–2026
In 2025-2026, Nasdaq's strategic transformation from exchange to financial technology company creates higher-multiple recurring SaaS revenue streams that command better valuations than transaction-based exchange revenues. The Adenza integration targets $80 million in annual cost synergies and positions Nasdaq to sell risk management and compliance software to the same banks whose equities it lists and whose trading activity it executes. Competition from ICE, CME Group, London Stock Exchange Group, and fintech specialists like SS&C Technologies characterizes each of Nasdaq's non-exchange segments. Regulatory technology demand—driven by Basel IV implementation, DORA (EU Digital Operational Resilience Act), and SEC reporting requirements—creates durable spend for Adenza's compliance workflow software.
Leadership Team
Meet the leaders behind Nasdaq, Inc.
Adena T. Friedman
Adena T. Friedman serves as Chair and Chief Executive Officer of Nasdaq, Inc., having been appointed CEO in January 2017 and elevated to Chairwoman in 2023. She made history as the first woman to lead a major U.S. stock exchange, bringing over two decades of financial services and technology experience to the role. Friedman previously served as Nasdaq's CFO from 2001-2011 before leaving to join The Carlyle Group as CFO of the global alternative asset manager. She returned to Nasdaq in 2014 as President and COO before ascending to the CEO position. Under Friedman's leadership, Nasdaq has undergone a strategic transformation from a traditional exchange operator into a comprehensive financial technology company, with Solutions businesses (Financial Technology, Investment Intelligence, and Corporate Solutions) now representing the majority of revenues. She has championed major acquisitions including Verafin (financial crime management technology), AxiomSL and Calypso (regulatory reporting and risk management), transforming Nasdaq's business model toward higher-margin, recurring-revenue technology and analytics services. Friedman has delivered strong financial performance with 2024 revenue reaching $4.7 billion (up 19% non-GAAP) and Annualized Recurring Revenue surpassing $3 billion. She is recognized as a thought leader on market structure, financial technology innovation, diversity and inclusion in financial services, and sustainable finance. Friedman's vision of using technology to democratize access to capital markets has driven Nasdaq's innovation agenda including AI integration, digital asset capabilities, and partnerships with exchanges globally. Her tenure of 8+ years as CEO has been characterized by strategic focus, operational excellence, and commitment to Nasdaq's role as champion of inclusive economic growth.
Chief Financial Officer
The Chief Financial Officer of Nasdaq, Inc. leads the company's global finance operations, financial planning and analysis, accounting, tax, treasury, and investor relations functions for a financial services and technology corporation generating over $4.7 billion in annual revenue. The CFO plays a critical role in capital allocation decisions, having overseen Nasdaq's transformation toward recurring-revenue technology businesses through strategic acquisitions and organic growth initiatives. The position requires deep expertise in financial services, technology business models, and capital markets, ensuring Nasdaq maintains strong operating margins (54% in 2024) and EBITDA margins (56% in 2024) while investing in growth opportunities. The CFO works closely with CEO Adena Friedman and the executive team to execute on strategic priorities including the successful integration of acquired companies, achievement of $140 million in annual cost savings (a year ahead of schedule), and delivery of consistent financial performance. The role involves extensive investor communications to explain Nasdaq's business model transformation and growth prospects to public market investors.
Open Positions
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Key Differentiators
Emerging Innovator
Nasdaq, Inc. is an emerging player bringing innovative solutions to the Technology market.
Enterprise Scale
With $7400M in revenue, Nasdaq, Inc. operates at enterprise scale with proven market validation.
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