Organization and Nature of Operations |
9 Months Ended |
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Sep. 30, 2026 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization and Nature of Operations | ORGANIZATION AND NATURE OF OPERATIONS Nasdaq is a leading technology platform that powers the world’s economies. We architect the infrastructure of the world’s most modern markets, power the innovation economy, and build trust in the financial system. We empower economic opportunity by designing and deploying advanced technology, data, and intelligence solutions that enable our clients to capture opportunities, navigate risk, and strengthen resilience. Our organizational structure aligns our businesses with the foundational shifts that are driving the evolution of the global financial system. We manage, operate and provide our products and services in three business segments: Capital Access Platforms, Financial Technology and Market Services. Capital Access Platforms The Capital Access Platforms segment comprises our Data & Listing Services, Index and Workflow & Insights businesses. Our Data business distributes historical and real-time market data to sell-side customers, the institutional investing community, retail online brokers, proprietary trading firms and other venues, as well as various client portals and data distributors. Our data products can enhance the transparency of market activity within our exchanges and provide critical information to professional and non-professional investors globally. Our Listing Services business operates listing platforms in the U.S. and Europe and provides multiple global capital raising solutions for public companies. Our main listing markets are The Nasdaq Stock Market and the Nasdaq Nordic and Nasdaq Baltic exchanges. Through Nasdaq First North, our Nordic and Baltic operations also offer alternative marketplaces for smaller companies and growth companies. As of September 30, 2026, a total of 5,829 companies listed securities on our U.S., Nasdaq Nordic, Nasdaq Baltic and Nasdaq First North exchanges. As of September 30, 2026, there were 4,726 total listings on The Nasdaq Stock Market, including 1,292 ETPs. The Nasdaq combined market capitalization in the U.S. was approximately $47.1 trillion. In Europe, the Nasdaq Nordic and Nasdaq Baltic exchanges, together with Nasdaq First North, were home to 1,103 listed companies with a combined market capitalization of approximately $2.4 trillion. Our Index business develops and licenses Nasdaq-branded indices and financial products. We also license cash-settled futures, options and options on futures on our indices. As of September 30, 2026, 487 ETPs listed on 28 exchanges in over 20 countries tracked a Nasdaq index and accounted for $1.2 trillion in AUM. Workflow & Insights includes our analytics and corporate solutions businesses. Our analytics business provides hedge funds, asset managers, investment consultants and institutional asset owners with information and analytics to make data-driven investment decisions, deploy their resources more productively, and provide liquidity solutions for private funds. Through our eVestment solution, we provide a suite of cloud-based solutions that help institutional investors and consultants conduct pre-investment due diligence, and monitor their portfolios post-investment. The eVestment platform also enables asset managers to efficiently distribute information about their firms and funds to asset owners and consultants worldwide. The Nasdaq Fund Network and Nasdaq Data Link are additional platforms in our suite of investment data analytics offerings and data management tools. In October 2025, we sold our Solovis business, a financial technology platform offering portfolio monitoring and analytics tools. In September 2026, we acquired Dasseti, Inc., an AI-powered due diligence platform used by institutional asset allocators and managers across public and private markets. This business will be integrated into our analytics business within Workflow & Insights. In September 2026, we also completed the sale of Nasdaq Fund Secondaries, a liquidity solution for private fund interests. Our corporate solutions business serves both public and private companies and organizations through our Investor Relations Intelligence and Governance Solutions products. Our public company clients can be companies listed on our exchanges or other U.S. and global exchanges. Our private company clients include a diverse group of organizations ranging from family-owned companies, government organizations, law firms, privately held entities, and various non-profit organizations to hospitals and healthcare systems. We help organizations enhance their ability to understand and expand their global shareholder base and improve corporate governance. In August 2026, we completed the sale of Nasdaq Metrio's platform and customer contracts to a third party and also commenced an orderly wind-down of our sustainability advisory business. We expect this wind-down to continue through 2027. Financial Technology The Financial Technology segment comprises our Financial Crime Management Technology, Regulatory Technology and Capital Markets Technology businesses. Financial Crime Management Technology includes our Nasdaq Verafin solution, a cloud-based platform leveraging consortium data and AI to help more than 2,800 financial institutions detect, investigate, and report money laundering and financial fraud. Regulatory Technology comprises our AxiomSL and surveillance solutions. AxiomSL is a global leader in risk data management and regulatory reporting solutions for the financial industry, including banks, broker dealers and asset managers. Its unique enterprise data management platform delivers data lineage, risk aggregation, analytics, workflow automation, reconciliation, validation and audit functionality, as well as disclosures. AxiomSL’s platform supports compliance across a wide range of global and local regulations. Our surveillance solutions are designed for banks, brokers and other market participants to assist them in complying with market abuse and integrity rules and regulations. In addition, we provide regulators and exchanges with a platform for surveillance. Capital Markets Technology includes our market technology, trade management services and Calypso solutions. Our market technology business is a leading global technology solutions provider and partner to exchanges, clearing organizations, central securities depositories, regulators, banks, brokers, buy-side firms and corporate businesses. Our market technology solutions are utilized by leading markets in North America, Europe and Asia as well as emerging markets in the Middle East, Latin America, and Africa. Our trade management services provide market participants with a wide variety of alternatives for connecting to and accessing our markets for a fee. Our marketplaces may be accessed through different protocols used for quoting, order entry, trade reporting and connectivity to various data feeds. We also provide colocation services to market participants, whereby we offer firms cabinet space and power to house their own equipment and servers within our data centers. Additionally, we offer a number of wireless connectivity offerings between select data centers using millimeter wave and microwave technology. Calypso is a leading platform providing cross-asset, front-to-back trading, treasury, risk and collateral management solutions. The Calypso solution provides customers with a single platform designed from the outset to enable consolidation, innovation and growth. Market Services Our Market Services segment includes revenues from equity derivatives trading, cash equity trading, Nordic fixed income trading & clearing and U.S. Tape plans data. We operate 18 exchanges across several asset classes, including derivatives, cash equity, debt, structured products and ETPs. In addition, in certain countries where we operate exchanges, we also provide clearing, settlement and central depository services. In the first quarter of 2026, we completed the transfer of existing open positions in our Nordic power futures business to a European exchange. See Note 4, “Acquisitions and Divestitures,” for further discussion. Revenues from this business are reflected in Other revenues in the Condensed Consolidated Statements of Income for all periods presented, and in our Corporate segment for our segment disclosures. Our transaction-based platforms provide market participants with the ability to access, process, display and integrate orders and quotes. The platforms allow the routing and execution of buy and sell orders as well as the reporting of transactions, providing fee-based revenues. In the third quarter of 2026, we formed Digital Liquidity Networks, a new organization under our Market Services segment focused on advancing the company’s leadership in digital assets and market modernization.
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