NASDAQ, INC. (NDAQ)

Nasdaq is a technology platform company that describes itself as powering the world's economies. It designs and deploys the technology, data, and advanced analytics that let clients operate modern markets, support the innovation economy, and manage risk and compliance in the financial system. Nasdaq was founded in 1971 as a wholly-owned subsidiary of FINRA, was fully divested by FINRA in 2006, and became an independent registered national securities exchange in 2007. It combined with OMX AB in 2008, expanding from a U.S. exchange operator into a global exchange company, and later acquired Verafin (2021) and Adenza (2023), whose flagship solutions are AxiomSL and Calypso. Its stated strategy targets financial crime solutions, compliance solutions, marketplace technology, workflow for investment managers and asset owners, and insight solutions.

Nasdaq operates in three segments: Capital Access Platforms, Financial Technology, and Market Services. The text details Capital Access Platforms, which comprises Data & Listing Services, Index, and Workflow & Insights. The Data business distributes historical and real-time market data from North American and European markets, including Nasdaq TotalView (its flagship market depth product), Nordic TotalView products, Nasdaq Basic, and Nasdaq Canada Basic. The listings business runs The Nasdaq Stock Market, with three tiers (Global Select, Global, and Capital Market), plus the Nasdaq Nordic and Nasdaq Baltic exchanges and the Nasdaq First North alternative marketplaces. As of December 31, 2025, 5,599 companies were listed across these exchanges, including 4,480 on The Nasdaq Stock Market, and 784 new listings were added there in 2025. The Index business develops and licenses Nasdaq-branded indices and financial products, earning license fees based on factors such as underlying assets, product issuance, number of products, or contracts traded. It also licenses options and futures on its indices and sells index data products. Its flagship Nasdaq-100 Index covers the top 100 non-financial companies listed on The Nasdaq Stock Market. At year-end 2025, 451 ETPs tracked a Nasdaq index with $882 billion in AUM.

Nasdaq's customers include corporate issuers, investors, and the investment community, along with sell-side firms, institutional investors, retail online brokers, proprietary trading firms, other trading venues, internet portals, and data distributors. In Europe, listing customers include companies, funds, and governments issuing equities, depository receipts, warrants, ETPs, convertibles, rights, options, bonds, and fixed-income products. Its markets span the U.S., the Nordic and Baltic regions, and Canada, and its index-linked ETPs are listed on 27 exchanges in over 20 countries. Listed companies come from industries such as healthcare, consumer products, telecommunications, information technology, financial services, industrials, and energy. The Financial Technology segment's clients include financial institutions and market operators, supported by regulatory reporting, compliance, and financial crime management solutions.

On the operating side, Nasdaq sells its technology both to run its own exchanges and to power many other marketplaces worldwide, and it competes for U.S. listings against alternatives such as the NYSE and NYSE American. The text provided does not cover suppliers, manufacturing, or headquarters.