Nasdaq

Nasdaq Competitive Intelligence & Landscape

nasdaq.com ·

Overview

Nasdaq Overview

Nasdaq (nasdaq.com) is a global technology company that serves as the trusted fabric of the financial system, providing premier platforms and services for global capital markets and beyond Nasdaq.com/about. Incorporated on November 13, 1979, the company offers unmatched technology, insights, and markets expertise Nasdaq.com/docs/2021/06/15/Nasdaq_Certificate_of_Incorporation.pdf. Its corporate headquarters are located at 151 W. 42nd Street, New York, NY 10036, and it trades on the Nasdaq Global Select Market under the symbol NDAQ ir.nasdaq.com/resources/investor-faqs.

Nasdaq operates a leading stock market exchange, offering U.S. equities markets liquidity, resiliency, and transparency Nasdaq.com/solutions/nasdaq-stock-market. Its core offerings include market activity data for stocks, options, ETFs, mutual funds, indexes, and cryptocurrency, alongside trading and market services for North American and European markets Nasdaq.com. The company also provides a comprehensive suite of insights and news through the Nasdaq Newsroom, Nasdaq Economic Institute, and various newsletters, offering detailed reports on topics like FinTech and global financial crime Nasdaq.com.

Key products and services extend to investment intelligence, including Nasdaq Data Link, Nasdaq-100 Index, Nasdaq Dorsey Wright, and Nasdaq eVestment™, which provide market and alternative datasets Nasdaq.com. For technological advancement, Nasdaq offers financial technology, financial crime management technology, and global connectivity services through solutions like Nasdaq AxiomSL, Nasdaq Calypso, and Nasdaq Eqlipse Nasdaq.com. Additionally, the company provides governance and sustainability solutions, as well as investor relations intelligence with products such as Nasdaq Boardvantage®, Nasdaq IR Insight®, and Nasdaq Metrio Nasdaq.com.

Nasdaq's target market includes public and private companies seeking listing and secondary market solutions, institutional investors, and financial professionals requiring market data, analytics, and trading technologies. The company is dedicated to driving growth and innovation within the financial ecosystem, evident in its record-breaking first half of 2026, where it oversaw $129.3 billion raised from new listings Nasdaq.com. Its iconic MarketSite in Times Square, which reopened with a state-of-the-art broadcast studio and IPO Center, further solidifies its role as a central hub for financial news and corporate celebrations ir.nasdaq.com/news-releases/news-release-details/nasdaq-launches-reimagined-marketsite.

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Competitors

Nasdaq Competitors

Nasdaq (nasdaq.com) faces competition from several key players in the financial markets and related services. One significant competitor is the New York Stock Exchange (NYSE), which, like Nasdaq, operates a major stock exchange offering services such as listings, trading, clearing, and registry for investors and businesses. Both exchanges vie for company listings and trading volume, with the NYSE often associated with traditional, larger corporations, while Nasdaq is known for its technology and growth companies.

Intercontinental Exchange (ICE) is another prominent competitor, operating global exchanges and clearing houses, and providing data and listing services. ICE and Nasdaq both offer a broad range of market data and technology solutions, making them direct rivals in providing infrastructure and insights to financial institutions. While Nasdaq focuses heavily on its market technology and data, ICE's diverse portfolio across various asset classes and geographies positions it as a strong contender.

Cboe Global Markets (Cboe) competes directly with Nasdaq, particularly in options trading. Cboe operates multiple exchanges and offers a wide array of products including options, futures, equities, and exchange-traded products. Both companies are in constant competition for market participants by offering greater functionality, stable trading systems, and efficient pricing and execution speed.

In the realm of market data and financial information, Morningstar (MORN) stands out. While not a direct exchange operator, Morningstar provides investment research, data, and analytics, which overlaps with some of Nasdaq's offerings like market and alternative datasets, and investment intelligence solutions. Morningstar's market positioning is focused on independent research and investor tools, which indirectly competes with Nasdaq's data and insights that cater to a similar audience of investors and financial professionals.

Product & Pricing

Nasdaq Product and Pricing Intelligence

Nasdaq (nasdaq.com) offers a diverse range of data and market intelligence solutions with varying pricing structures tailored to different customer needs and use cases. For equities, Nasdaq provides real-time market data through services like Nasdaq Last Sale feeds, which offer global access to validated trading data for creating products such as dynamic stock tickers and portfolio trackers. A more cost-effective option is Nasdaq Basic, which delivers real-time U.S. equity quote and trade data, including Best Bid and Offer (BBO) and Last Sale information, for all U.S. exchange-listed securities, regardless of where they are listed, at a fraction of the cost of consolidated alternatives.

Nasdaq also offers specialized data products such as the Nasdaq Daily List, which provides key corporate action data for the Nasdaq Stock Market, including new listings, delistings, and dividend information. For more sophisticated investment research, Nasdaq Dorsey Wright offers an investment research and technical analysis platform with a pricing structure for features like Tactical Asset Allocation, which utilizes relative strength to rank macro asset classes, sectors, and industries. This platform includes over 100 investable, systematic, rules-based strategies constructed with ETFs.

The company’s market data products are provided on a non-discriminatory basis, with fees determined by customer categories, use cases, and units of count. Customers may belong to multiple categories, and further incremental fees will apply in such instances.

Nasdaq Data Link serves as a powerful, centralized, cloud-based technology platform providing access to a wide array of datasets. Most of the datasets available on Nasdaq Data Link are premium and require an a la carte subscription for access, including detailed pricing information for over 2,700 private market secondaries.

Hiring & Layoffs

Nasdaq Hiring and Layoffs

Nasdaq actively recruits for a variety of roles, emphasizing career growth and innovation within the financial technology and capital markets sectors. The company's career page serves as a central hub for prospective employees to explore global opportunities and understand its culture [https://www.nasdaq.com/about/careers]. Notably, Nasdaq does not list any recent significant layoffs, with its hiring patterns suggesting a focus on expansion, particularly in key international hubs.

Nasdaq has a robust global presence, with significant talent centers in Asia. For instance, Nasdaq Mumbai employs over 600 professionals dedicated to technology and capital markets, reflecting its commitment to innovation in a vibrant financial hub [https://www.nasdaq.com/about/careers/mumbai]. Similarly, Nasdaq Manila, established in 2013, is highlighted as a catalyst for growth and innovation, offering numerous career development opportunities [https://www.nasdaq.com/about/careers/manila]. These established offices indicate a steady demand for skilled professionals in these regions.

In Europe, Nasdaq has also demonstrated a commitment to strengthening its presence. In 2020, the company announced plans to add up to 100 new technology job positions in its Vilnius office, underscoring its continued investment in technological development and expansion in the region [https://www.nasdaq.com/articles/nasdaq-strengthens-its-footprint-in-vilnius-2020-11-23]. This expansion points to a strategic focus on bolstering its technology teams and global operational capabilities.

Furthermore, Nasdaq offers a comprehensive internship program, providing opportunities for individuals to gain experience within the company [https://www.nasdaq.com/about/careers/nasdaq-internship-program]. This program, alongside articles on career insights and mentorship [https://www.nasdaq.com/topic/careers], highlights Nasdaq's dedication to talent development and fostering a supportive environment for both new and experienced professionals. The overall hiring trends signal Nasdaq's strategic growth in financial technology, market services, and global operations.

Leadership

Nasdaq Management and Leadership Team

Nasdaq (nasdaq.com) is led by its Chair and Chief Executive Officer, Adena T. Friedman, who has served as CEO since January 1, 2017, and was appointed Chair of the Board of Directors on January 1, 2023. Her tenure has been marked by a significant transformation of Nasdaq into a global exchange and technology company. Friedman's extensive experience spans over two decades in industry leadership, contributing to the company's strategic direction and growth [https://www.nasdaq.com/about/our-people/adena-t-friedman].

The leadership team at Nasdaq includes several other key executives. Tal Cohen serves as President, overseeing Nasdaq's Market Services [https://www.nasdaq.com/about/our-people/tal-cohen]. Nelson Griggs also holds the title of President [https://www.nasdaq.com/about/our-people]. Other notable officers include Michelle Daly as SVP and Controller and Principal Accounting Officer [https://ir.nasdaq.com/corporate-governance/nasdaq-inc/officers]. Bryan Smith is the Executive Vice President and Chief People Officer, responsible for talent strategy and execution [https://www.nasdaq.com/about/our-people/bryan-smith].

Nasdaq's Management Committee Bios also highlight individuals like Sarah Youngwood [https://ir.nasdaq.com/static-files/07f7eb90-f5f9-4a59-aaec-aae6d9fc3fac]. The company's comprehensive leadership structure ensures various aspects of its operations, from market infrastructure to human resources, are managed by experienced professionals [https://www.nasdaq.com/about/our-people].

The Nasdaq, Inc. Board of Directors features a diverse group of individuals. Alongside Adena T. Friedman, the board includes members such as Michael R. Splinter, Melissa M. Arnoldi, Charlene T. Begley, H.E. Essa Kazim, Thomas A. Kloet, Kathryn A. Koch, and Holden Spaht [https://ir.nasdaq.com/corporate-governance/nasdaq-inc/board-of-directors]. This board plays a crucial role in the corporate governance and strategic oversight of Nasdaq.

Financials

Nasdaq Financial Performance, Fundraising, M&A

Nasdaq (nasdaq.com) has demonstrated consistent revenue growth in recent years. In 2022, net revenues were $3.582 billion, increasing to $3.9 billion in 2023, a 9% rise over the previous year [source]. This upward trend continued, with 2024 net revenues reaching $4.6 billion, a 19% increase over 2023, and further to $5.2 billion in 2025, marking a 13% increase from 2024 [source]. The company also reported strong Solutions revenue growth, increasing by 12% in 2025 to $1.4 billion [source].

Nasdaq has a robust outlook, raising its medium-term Solutions revenue growth forecast to 9-12% and maintaining its medium-term expense growth outlook of 5-8% [source]. The company has also achieved significant milestones in its listings, with the first half of 2026 being the strongest in U.S. exchange history. During this period, Nasdaq oversaw a record-breaking $129.3 billion raised from new listings, including the largest IPO in history by SpaceX, which raised $85.7 billion [source].

As a crucial component of its financial ecosystem, Nasdaq provides various services through platforms like Nasdaq Data Link, a marketplace for financial, economic, and alternative data. Its Nasdaq eVestment™ platform also powers over $90 trillion in institutional investment decisions, serving over 1,000 organizations with more than 29,000 strategies across 60+ countries [source]. These offerings underscore Nasdaq's position as a key player in global capital markets and an enabler of significant financial activity.

Partnerships

Nasdaq Partnerships, Clients and Vendors

Nasdaq.com maintains a robust ecosystem of partnerships, clients, and vendors, crucial for extending its solutions and market reach. Its strategic partner network comprises over 75 global partners, enabling clients to optimize their use of Nasdaq offerings. Notable collaborations include the global strategic partnership with Moomoo, which aims to provide investors with enhanced access and transparency to the U.S. market.

Moomoo is also an official partner of the New York Mets, and its representatives have participated in Nasdaq TradeTalks to discuss market trends.

The company also leverages technology integrations and strategic alliances to advance its platforms.

Nasdaq has partnered with Talos to develop tokenized collateral management across traditional and digital asset markets, integrating Talos's digital asset infrastructure with Nasdaq's Calypso and Trade Surveillance platforms. Additionally, Nasdaq facilitated end-to-end margin and collateral workflows on the Canton Network in partnership with QCP, Primrose Capital Management, and Digital Asset. In a significant move to transform capital markets, Nasdaq announced a multi-year partnership with Amazon Web Services (AWS) to build next-generation cloud-enabled infrastructure, with plans to migrate its North American markets to AWS starting in 2022 with Nasdaq MRX.

Within its eVestment™ solutions, Nasdaq has formed key partnerships in data, integration, and research. An example is the partnership with Venn, which allows leading institutional investors to perform sophisticated analysis and understand risk sources across various asset classes using Nasdaq eVestment™ Venn.

Nasdaq eVestment™ also offers APIs to integrate its data into client applications, enabling investment professionals to transform financial data through CRM platforms. The company supports a range of fintech leaders like Robinhood, Webull, eToro, and Public.com, building on its history of supporting iconic companies such as Intel, Apple, Google, and Microsoft.

Events

Nasdaq Event Participations

Nasdaq (nasdaq.com) actively participates in, sponsors, and hosts a diverse array of events globally, reflecting its broad engagement across financial technology, institutional investing, and economic development. These events range from industry conferences and summits to specialized training sessions and investor days. The company's commitment to thought leadership and community engagement is evident through flagship events like Nasdaq EDGe, a premier forum for institutional investing that convenes senior asset managers, asset owners, and consultants in New York City to shape the future of the industry [https://www.nasdaq.com/solutions/evestment/resources/events/edge].

Nasdaq also organizes and features a variety of client events across different regions, such as the Asia-Pacific (APAC) Managers' Briefing and client events in Hong Kong and Singapore, which include panel discussions and networking opportunities [https://www.nasdaq.com/solutions/evestment/events] [https://www.nasdaq.com/solutions/apac/client/events/2025]. For its European markets, Nasdaq provides specific events and updates to keep participants informed and connected [https://www.nasdaq.com/solutions/european-market-events]. The company’s focus on governance and compliance is highlighted through its Rules and Regulations Training for companies seeking to list on Nasdaq's European Markets, ensuring board members and management understand the market rules [https://www.nasdaq.com/solutions/listings/markets/nordic/listed-companies-resource-hub].

Beyond specialized industry gatherings, Nasdaq hosts significant strategic events like the Nasdaq 2026 Investor Day, providing insights into the company's direction and performance to its investors [https://ir.nasdaq.com/events/event-details/nasdaq-2026-investor-day]. Furthermore, Nasdaq champions economic growth and social impact through initiatives such as The Opportunity Exchange, which brings together leaders to explore how capital, technology, and culture influence economic opportunity in various cities [https://www.nasdaq.com/events/opportunity-exchange]. Similarly, the Economic Opportunity Summit, an evolution of the Nasdaq Purpose Forum, unites industry leaders and change-makers to discuss expanding access to economic opportunities [https://www.nasdaq.com/events/economic-opportunity-summit].

Nasdaq is also a consistent presence at major financial and fintech conferences, demonstrating its involvement in the broader financial ecosystem. This includes participation in events like the Piper Sandler Global Exchange & Fintech Conference [https://ir.nasdaq.com/news-and-events/events-and-presentations]. The company maintains a comprehensive list of its upcoming and past financial technology events, showcasing its commitment to engaging with potential partners and staying at the forefront of innovation in the fintech sector [https://www.nasdaq.com/solutions/fintech/events].

Frequently Asked Questions

What is Nasdaq's strategy for global expansion, particularly in talent acquisition and market presence?

Nasdaq is strategically expanding its global footprint by establishing and strengthening talent centers in key regions. The company has over 600 professionals in Mumbai dedicated to technology and capital markets, and its Manila office is positioned as a hub for growth and innovation. In Europe, Nasdaq committed to adding up to 100 new technology job positions in its Vilnius office in 2020, signaling a focus on bolstering its technology teams and global operational capabilities, while not announcing any significant layoffs.

How does Nasdaq engage with institutional investors and what types of events does it host for this audience?

Nasdaq actively engages with institutional investors through flagship events like Nasdaq EDGe, a premier forum in New York City for senior asset managers, asset owners, and consultants to discuss the industry's future. The company also hosts client events in regions such as Asia-Pacific and Europe, offering panel discussions and networking opportunities to keep participants informed and connected.

What initiatives does Nasdaq support to foster economic opportunity and social impact?

Nasdaq champions economic growth and social impact through events such as The Opportunity Exchange, which gathers leaders to examine how capital, technology, and culture shape economic opportunity in various cities. It also hosts the Economic Opportunity Summit, an evolution of the Nasdaq Purpose Forum, bringing together industry leaders to discuss expanding access to economic opportunities.

What is the financial performance trend for Nasdaq's net revenues and Solutions revenue in recent years?

Nasdaq has shown consistent revenue growth, with net revenues increasing from $3.582 billion in 2022 to $3.9 billion in 2023 (a 9% rise), then to $4.6 billion in 2024 (a 19% increase), and reaching $5.2 billion in 2025 (a 13% increase). Its Solutions revenue also grew by 12% in 2025 to $1.4 billion, and the company has raised its medium-term Solutions revenue growth forecast to 9-12%.

How is Nasdaq leveraging strategic partnerships to advance its technology and market reach?

Nasdaq utilizes a robust network of over 75 global partners to optimize its offerings and extend market reach. Key technology collaborations include a partnership with Talos to develop tokenized collateral management and an alliance with Amazon Web Services (AWS) to build next-generation cloud-enabled infrastructure for its North American markets, beginning with Nasdaq MRX in 2022. It also facilitated end-to-end margin and collateral workflows on the Canton Network with QCP, Primrose Capital Management, and Digital Asset.

What is the strategic focus of Adena T. Friedman's leadership at Nasdaq?

Adena T. Friedman, as Chair and CEO since January 1, 2017, has focused on transforming Nasdaq into a global exchange and technology company. Her leadership, informed by over two decades of industry experience, guides the company's strategic direction and growth in this capacity.

How does Nasdaq differentiate its market data offerings, and what are some examples of its specialized data products?

Nasdaq differentiates its market data by offering various options tailored to different needs and pricing. For real-time U.S. equity data, Nasdaq Basic provides a cost-effective alternative to consolidated feeds, while Nasdaq Last Sale feeds offer global access to validated trading data. Specialized products include the Nasdaq Daily List for corporate action data and Nasdaq Dorsey Wright, an investment research and technical analysis platform with systematic, rules-based strategies built with ETFs.

What major competitors does Nasdaq face, and in what specific areas do they compete?

Nasdaq faces major competition from the New York Stock Exchange (NYSE) in company listings and trading volume, with NYSE typically attracting larger, traditional corporations. Intercontinental Exchange (ICE) is a rival in global exchanges, clearing houses, and market data/technology solutions. Cboe Global Markets (Cboe) competes directly, particularly in options trading and various financial products, and Morningstar (MORN) competes in investment research, data, and analytics, overlapping with Nasdaq's investment intelligence offerings.

What are some emerging alternatives to traditional stock exchanges, and how do they differentiate themselves from Nasdaq?

Emerging alternatives include the Long-Term Stock Exchange (LTSE) and the Texas Stock Exchange (TXSE). The LTSE focuses on supporting companies and investors dedicated to long-term profit with purpose and impact. The TXSE, headquartered in Texas, aims to increase competition, transparency, and choice in U.S. equity markets by offering a regionally focused but nationally competitive exchange, providing different philosophies and market structures compared to Nasdaq.

How does Nasdaq support companies seeking to list on its European Markets?

Nasdaq supports companies seeking to list on its European Markets by providing specific events and updates to keep participants informed. Additionally, it offers Rules and Regulations Training for board members and management, ensuring they understand the market rules necessary for listing.

What recent listing milestones indicate Nasdaq's market strength?

Nasdaq demonstrated significant market strength in the first half of 2026, overseeing a record-breaking $129.3 billion raised from new listings, making it the strongest first half in U.S. exchange history. This included the largest IPO ever by SpaceX, which raised $85.7 billion.

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