Nasdaq, Inc. (Nasdaq) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system.
The company aspires to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. The company’s diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients t...
Nasdaq, Inc. (Nasdaq) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system.
The company aspires to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. The company’s diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence.
The company manages, operates and provides its products and services in three business segments: Capital Access Platforms, Financial Technology and Market Services.
In November 2023, the company accelerated its transformation as a leading technology provider to the global financial system through the acquisition of Adenza and its two flagship solutions, AxiomSL and Calypso.
Growth Strategy
The company’s strategies are to advance economic progress for all and deliver world-leading platforms that improve the liquidity, transparency and integrity of the global economy.
Products and Services
Capital Access Platforms
The company’s Capital Access Platforms segment delivers liquidity, transparency and integrity to the corporate issuer and investment community by empowering the company’s clients to effectively navigate the capital markets, achieve their sustainability goals, and drive governance excellence. The company offers a suite of products to assist companies in managing corporate governance standards.
The company’s Capital Access Platforms segment comprises Data & Listing Services, Index and Workflow & Insights.
Data & Listing Services
The company’s North American and European data products enhance transparency of market activity within the company’s exchanges and provide critical information to professional and non-professional investors globally. The company’s 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 internet portals and data distributors.
The company collects, processes, and creates information and earns revenues as a distributor of the company’s own, as well as select third-party, content. The company provides varying levels of quote and trade information to market participants and to data distributors who in turn provide subscriptions for this information. The company’s systems enable distributors to gain access to the company’s market depth, order imbalances, market sentiment and other analytical data.
The company distributes this proprietary market information to both market participants and non-participants through a number of proprietary products, including Nasdaq TotalView, the company’s flagship market depth quote product. The company offers TotalView products for The Nasdaq Stock Market and the company’s Nasdaq BX, Nasdaq PSX and Nordic markets. The company also offers Nordic Equity TotalView, Nordic Derivatives TotalView and Nordic Fixed Income TotalView for Nordic markets.
The company operates several other proprietary services and data products to provide market information, including Nasdaq Basic, a lower cost alternative to the industry Level 1 feed and Nasdaq Canada Basic, a lower cost alternative to other data feeds. The company also provides various other data, including data relating to the company’s U.S. equities and options exchanges and Nordic equities, derivatives, fixed income and futures.
The company operates a variety of listing platforms around the world to provide multiple global capital raising solutions for public companies. Companies listed on the company’s markets represent a diverse array of industries, including among others, healthcare, consumer products, telecommunication services, information technology, financial services, industrials and energy. The company’s main listing markets are The Nasdaq Stock Market and the Nasdaq Nordic and Nasdaq Baltic exchanges.
Companies seeking to list securities on The Nasdaq Stock Market may do so on one of the three market tiers: The Nasdaq Global Select Market, The Nasdaq Global Market, or The Nasdaq Capital Market. To qualify, companies must meet minimum listing requirements, including specified financial and corporate governance criteria. Once listed, companies must maintain rigorous listing and corporate governance standards.
As of December 31, 2024, a total of 5,249 companies listed securities on the company’s U.S., Nasdaq Nordic, Nasdaq Baltic and Nasdaq First North exchanges. As of December 31, 2024, a total of 4,075 companies listed securities on The Nasdaq Stock Market, with 1,383 listings on The Nasdaq Global Select Market, 1,366 on The Nasdaq Global Market and 1,326 on The Nasdaq Capital Market.
The company seeks new listings from companies conducting IPOs, including SPACs, and direct listings, as well as companies looking to switch from alternative exchanges.
During 2024, the company had 17 new listings resulting from operating companies switching their listings from NYSE or NYSE American to join The Nasdaq Stock Market, as well as 13 ETP switches.
The company also offers listings on the exchanges that comprise Nasdaq Nordic and Nasdaq Baltic. For smaller companies and growth companies, the company offers access to the financial markets through the Nasdaq First North alternative marketplaces. As of December 31, 2024, a total of 1,174 companies listed securities on the company’s Nordic and Baltic exchanges.
The company’s European listing customers include companies, funds and governments. Customers issue securities in the form of cash equities, depository receipts, warrants, ETPs, convertibles, rights, options, bonds or fixed-income related products. In 2024, a total of 31 new companies listed on the company’s Nordic and Baltic exchanges.
Index
The company’s Index business develops and licenses Nasdaq-branded indices and financial products. License fees for the company’s trademark licenses vary by product based on a percentage of underlying assets, dollar value of a product issuance, number of products or number of contracts traded. The company also licenses cash-settled options, futures and options on futures on the company’s indices.
As of December 31, 2024, 401 ETPs listed on 28 exchanges in over 20 countries tracked a Nasdaq index. The company’s flagship index, the Nasdaq-100 Index, or NDX, includes the top 100 non-financial companies listed on The Nasdaq Stock Market.
The company provides index data products based on Nasdaq indices. Index data products include the company’s Global Index Data Service, which delivers real-time index values throughout the trading day, and Global Index Watch/Global Index File Delivery Service, which delivers daily and historical weightings and components data, corporate actions and a breadth of additional data for the indices that the company operates.
Workflow & Insights
Workflow & Insights includes the company’s analytics and corporate solutions products.
The company’s analytics products provide 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 the company’s eVestment and Solovis platforms, the company provides 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 the company’s suite of investment data analytics offerings and data management tools. Nasdaq Fund Network gathers and distributes daily net asset values from over 50,000 funds and other investment vehicles across North America. Nasdaq Data Link strengthens the company’s position as a leading source for financial, economic, and alternative datasets.
Corporate solutions serves both public and private companies and organizations through the company’s Investor Relations Intelligence, Governance Solutions and Sustainability Solutions products. The company’s public company clients can be companies listed on the company’s exchanges or other U.S. and global exchanges. The company’s 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.
The company’s Investor Relations Intelligence offerings include a global team of expert consultants that deliver advisory services including Equity Surveillance & Shareholder Analysis, Investor Engagement and Perception Studies, as well as an industry-leading platform, Nasdaq IR Insight, to investor relations professionals and executive teams. These solutions allow investor relations officers and executives to better manage their investor relations programs, understand their investor base, target new investors, manage meetings and consume key data, such as investor profiles, equity research, consensus estimates and news.
Through the company’s Governance Solutions products, the company provides an industry-leading board meeting management platform, Nasdaq Boardvantage, and consulting services that streamline the meeting process for board of directors and executive leadership teams and enable them to accelerate decision making and strengthen governance.
The company’s Sustainability Solutions includes consulting services and purpose built sustainability reporting software. The company’s advisory practice helps companies analyze, assess and action best practices as it relates to their sustainability programs. Nasdaq Metrio is the company’s SaaS-based end-to-end sustainability reporting platform that enables corporates to collect, measure, disclose and communicate investor-grade, audited ESG data efficiently across dozens of raters, rankers and framework organizations to drive strategic outcomes and attract investors.
Financial Technology
The Financial Technology segment delivers world leading platforms that improve the liquidity, transparency and integrity of the global economy by architecting and operating the world’s best markets. This segment comprises Financial Crime Management Technology, Regulatory Technology and Capital Markets Technology businesses.
The company is a leading global technology solutions provider and partner to exchanges, clearing organizations, central securities depositories, banks, brokers, buy-side firms and corporate businesses, and power more than 135 marketplaces (including those operated by Nasdaq) and regulators, in more than 55 countries. The company’s solutions can handle a wide array of assets, including but not limited to cash equities, equity derivatives, currencies, various interest-bearing securities, commodities, energy products and digital currencies. The company’s solutions can also be used in the creation of new asset classes by non-capital markets customers, as discussed further below.
Financial Crime Management Technology
Financial Crime Management Technology includes the company’s Nasdaq Verafin solution which delivers a leading anti-financial crime platform improving the integrity and transparency of the financial world. Nasdaq Verafin provides a SaaS solution to financial institutions for fraud detection and management, AML and countering the financing of terrorism compliance and management, high-risk customer management, sanctions screening and management, and information sharing.
Nasdaq Verafin has leveraged AI for more than 20 years to deliver industry-leading financial crime management solutions, combining deep domain and technical expertise with consortium data. Nasdaq Verafin's comprehensive solutions help financial institutions tackle complex problems, including payments fraud targeting all payment channels.
The company’s AI-based Targeted Typology Analytics solution examines a range of behavioral, transactional, third-party, and consortium insights for more effective detection of crimes with fewer false positives and high quality results.
The company’s Nasdaq Verafin solution provides the tools to help more than 2,600 North American financial institutions with regulatory compliance, as well as detect, investigate and report money laundering and financial fraud.
Regulatory Technology
Regulatory Technology includes 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 and delivers solutions and services for financial regulatory reporting, liquidity, capital and credit, operations, trade and transaction reporting, and ESG reporting.
The company’s surveillance solutions include a SaaS platform designed for banks, brokers and other market participants to assist in complying with market rules, regulations and internal market surveillance policies and serves more than 170 clients. The company also provides a solution to regulators and exchanges with a robust platform to manage cross-market, cross-asset and multi-venue surveillance. This offering powers surveillance for more than 50 exchanges and 18 regulators.
Capital Markets Technology
Capital Markets Technology includes the company’s Calypso and market technology solutions as well as trade management services.
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 to enable consolidation, innovation and growth. The platform supports front, middle and back office activities in exchange-traded and OTC instruments and supports multiple financial asset classes and the associated financial instruments. Calypso’s software application specializes in capital markets, investment management, risk management, clearing, collateral, treasury and liquidity management.
The Calypso platform, leveraging modern technology, is versatile and serves customers across different industries, including banks, central banks, buy-side clients, government-sponsored entities and corporate clients, and can quickly adapt to changing paradigms including new asset classes, regulations, trading venues, and trading and processing workflows.
Nasdaq’s market technology solutions are utilized by leading markets in North America, Europe, Asia, Middle East, Latin America and Africa. These solutions can handle a wide array of assets, including but not limited to cash equities, equity derivatives, currencies, various interest-bearing securities, commodities, energy products and digital currencies. The company’s solutions can also be used in the creation of new asset classes by non-capital markets customers. The company continues to develop its SaaS business portfolio by extending and migrating the company’s offerings to SaaS.
The company provides and delivers mission-critical solutions to market infrastructure operators, which include exchanges, regulators, clearinghouses and central securities depositories. These solutions are designed to cover all aspects of a market operator’s needs, from trading and clearing to risk management, index development, data, management, testing and quality assurance.
In addition to serving the market operators in the core capital markets, there is a demand for mission critical solutions to enable robust operation of new emerging asset classes such as crypto currencies and native digital markets. The company’s market technology business offers its services to several digital assets exchanges, and the SaaS-based Marketplace Services Platform provides next-generation marketplace capabilities spanning the transaction lifecycle to facilitate the exchange of assets, services and information across various types of market ecosystems and machine-to-machine transactions.
The company’s market technology business also provides complex delivery management and systems integration. Through the company’s integration services, the company can assume responsibility for projects that involve migration to a new system and the establishment of entirely new marketplaces. The company also offers operation and support for the applications, systems platforms, networks and other components included in an information technology solution, as well as advisory services.
The company’s trade management services provide market participants with a wide variety of alternatives for connecting to and accessing the company’s markets for a fee. The company’s marketplaces may be accessed via a number of different protocols used for quoting, order entry, trade reporting and connectivity to various data feeds. WorkX, a web-based, front-end interface allows market participants to view data, utilize risk management tools, and submit and review trade reports. WorkX enables a seamless workflow and enhanced trade intelligence. In addition, the company offers a variety of add-on compliance tools to help market participants comply with regulatory requirements.
The company provides colocation services to market participants, whereby the company offers firms cabinet space and power to house their own equipment and servers within the company’s data centers. Additionally, the company offers a number of wireless connectivity offerings between certain data centers using millimeter wave and microwave technology.
Market Services
The company’s Market Services segment includes the company’s equity derivative trading and clearing, cash equity trading, fixed income, currency and commodities trading. The company operates 19 exchanges across several asset classes, including derivatives, commodities, cash equity, debt, structured products and ETPs.
The company provides trading services in North America and Europe. In the U.S., the company operates six options exchanges: Nasdaq PHLX, The Nasdaq Options Market, Nasdaq BX Options, Nasdaq ISE, Nasdaq GEMX and Nasdaq MRX. These exchanges facilitate the trading of equity, ETF, index and foreign currency options. The company’s combined options market share in 2024 represented the largest share of the U.S. market for multi-listed equity options. The company’s options trading platforms provide trading opportunities to retail investors, algorithmic trading firms and market makers, who tend to prefer electronic trading, and institutional investors, who typically require high touch services to execute their trades, which are often performed on the company’s trading floor in Philadelphia.
The company also operates three cash equity exchanges: The Nasdaq Stock Market, Nasdaq BX and Nasdaq PSX. The company’s U.S. cash equity exchanges offer trading of both Nasdaq-listed and non-Nasdaq-listed securities. The Nasdaq Stock Market is the largest single venue of liquidity for trading the U.S.-listed cash equities. Market participants include market makers, broker-dealers, ATSs, institutional investors, and registered securities exchanges. The company also operates a U.S. corporate bond exchange for the listing of corporate bonds.
The company’s Market Services segment also includes revenues from the U.S. Tape plans. The plan administrators sell quotation and last sale information for all transactions, whether traded on The Nasdaq Stock Market or other exchanges, to market participants and to data distributors, who then provide the information to subscribers. After deducting costs, the plan administrators distribute the tape revenues to the respective plan participants based on a formula required by Regulation NMS that takes into account both trading and quoting activity.
In Canada, the company operates an exchange with three independent markets for the trading of Canadian-listed securities: Nasdaq Canada CXC, Nasdaq Canada CX2 and Nasdaq Canada CXD.
In Europe, the company operates exchanges in Tallinn (Estonia), Riga (Latvia) and Vilnius (Lithuania) as Nasdaq Baltic and exchanges in Stockholm (Sweden), Copenhagen (Denmark), Helsinki (Finland), and Reykjavik (Iceland) together with the clearing operations of Nasdaq Clearing, as Nasdaq Nordic.
Collectively, the Nasdaq Nordic and Nasdaq Baltic exchanges offer trading in cash equities, depository receipts, warrants, convertibles, rights, fund units and ETFs, as well as trading and clearing of derivatives and clearing of resale and repurchase agreements. The company’s platform allows the exchanges to share the same trading system, which enables efficient cross-border trading and settlement, cross-exchange membership and a single source for Nordic data products. Settlement and registration of cash equity trading takes place in Sweden, Finland, and Denmark via the local central securities depositories. In addition, Nasdaq owns a central securities depository that provides notary, settlement, central maintenance and other services in the Baltic countries and Iceland.
In Europe, Nasdaq Nordic offers trading in derivatives, such as stock options and futures and index options and futures. Nasdaq Clearing offers CCP clearing services for stock options and futures and index options and futures.
Nasdaq Fixed Income, or NFI, provides a wide range of products and services, such as trading and clearing, for fixed income products in Sweden, Denmark, Finland, Iceland, Estonia, Lithuania and Latvia. Nasdaq is the largest bond listing venue in the Nordics, with more than 5,600 listed retail and institutional bonds. In addition, Nasdaq Nordic facilitates the trading and clearing of Nordic fixed income derivatives in a unique market structure. Buyers and sellers agree to trades in fixed income derivatives through bilateral negotiations and then report those trades to Nasdaq Clearing. Nasdaq Clearing offers CCP clearing services for fixed-income options and futures and interest rate swaps. Nasdaq Clearing also operates a clearing service for the resale and repurchase agreement market.
Nasdaq Commodities is the brand name for Nasdaq’s European commodity-related products and services, such as trading and clearing. Nasdaq Commodities’ offerings include derivatives in power, natural gas and carbon emission markets, seafood and electricity certificates. These products are listed on Nasdaq Oslo ASA, except for seafood, which is listed on Fish Pool, a third-party platform. In June 2023, the company entered into an agreement to sell its Nordic power trading and clearing business, which was subsequently terminated in June 2024. In January 2025, the company entered into a new agreement to transfer existing open positions in the company’s Nordic power derivatives trading and clearing business to a European exchange. The completion of this transaction is subject to customary regulatory approvals. Additionally, beginning in January 2025, Nasdaq no longer offered seafood derivatives clearing.
Nasdaq Oslo ASA is the commodity derivatives exchange for European products. All trades with Nasdaq Oslo ASA are subject to clearing with Nasdaq Clearing, which offers CCP clearing services for commodities options and futures.
The company also owns a majority stake in Puro.earth, a Finnish-based leading platform for carbon removal. Puro.earth offers engineered carbon removal instruments that are verified and tradable through an open, online platform. Puro.earth’s marketplace capabilities add to the company’s suite of sustainability-focused technologies and workflow solutions and give the company’s clients further resources to achieve their sustainability objectives.
Competition
Capital Access Platforms
The company’s primary competitor for larger company stock share listings in the U.S. is NYSE (New York Stock Exchange LLC).
The company face competition from investment banks, dedicated index providers, markets and other product developers, including S&P Dow Jones Indices, MSCI and FTSE Russell.
Market Services
In the U.S., the company’s options markets compete with exchanges operated by Cboe Global Markets, Inc., or Cboe, Miami International Holdings, Inc., or MIAX, Intercontinental Exchange, Inc., or ICE, Members Exchange and BOX Options Market. In the U.S., the company’s cash equities markets compete with exchanges operated by Cboe, ICE, MIAX, The Investors Exchange, Members Exchange and Long Term Stock Exchange. The company also face competition from ATSs, known as ‘dark pools,’ and other less-heavily regulated broker-owned trade facilitation systems, as well as from other types of OTC trading. In Canada, the company’s cash equities exchange competes principally with exchanges such as the Toronto Stock Exchange, or TSX.
In Europe, the company’s cash equities markets compete with exchanges such as Euronext N.V., Deutsche Börse AG, London Stock Exchange Group plc, or LSE, and many Multilateral Trading Facilities, or MTFs, such as Cboe, Turquoise and Aquis. The company’s competitors in the trading and clearing of options and futures on European equities include Eurex, Cboe, ICE Futures Europe and London Clearing House, or LCH.
Intellectual Property
The company has registered many of its most important trademarks in the U.S. and in foreign countries. For example, the company’s primary ‘Nasdaq’ mark is a registered trademark that the company actively seeks to protect in the U.S. and in over 50 other countries worldwide.
Regulation
All of the company’s U.S. national securities exchanges are subject to the U.S. Securities and Exchange Commission (SEC) oversight, as prescribed by the Securities Exchange Act of 1934, as amended (Exchange Act), including periodic and special examinations by the SEC. The company's exchanges are also potentially subject to regulatory or legal action by the SEC at any time in connection with alleged regulatory violations. The company has been subject to a number of routine reviews and inspections by the SEC or external auditors in the ordinary course.
Section 19 of the Exchange Act provides that the company's exchanges must submit to the SEC proposed changes to any of the SROs’ rules, practices, and procedures, including revisions to provisions of the company's certificate of incorporation and by-laws that constitute Self-regulatory Organization (SRO) rules. Pursuant to the requirements of the Exchange Act, the company's exchanges must file with and seek approval from the SEC for, among other things, all proposals to change their pricing structure.
The company reviews suspicious trading behavior discovered by its regulatory staff, and depending on the nature of the activity, may refer the activity to the Financial Industry Regulatory Authority (FINRA) for further investigation. Pursuant to regulatory services agreements between FINRA and the company's SROs, FINRA provides certain regulatory services to the company’s markets, including some regulation of trading activity and surveillance and investigative functions. The company’s SROs retain ultimate regulatory responsibility for all regulatory activities performed under regulatory agreements by FINRA, and for fulfilling all regulatory obligations for which FINRA does not have responsibility under the regulatory services agreements.
In addition to its other SRO responsibilities, The Nasdaq Stock Market, as a listing market, is also responsible for overseeing each listed company’s compliance with The Nasdaq Stock Market’s financial and corporate governance standards. The company's listing qualifications department evaluates applications submitted by issuers seeking to list their securities on The Nasdaq Stock Market to determine whether the quantitative and qualitative listing standards have been satisfied.
Broker-dealer Regulation
The company’s broker-dealer subsidiaries are subject to regulation by the SEC, the SROs, and various state securities regulators. The company operates three broker-dealers: Nasdaq Execution Services, LLC, NFSTX, LLC, and Nasdaq Capital Markets Advisory LLC. Each broker-dealer is registered with the SEC, a member of FINRA, and registered in the U.S. states and territories required by the operation of its business.
Nasdaq Execution Services operates as the company's routing broker for sending orders from Nasdaq’s U.S. cash equity and options exchanges to other venues for execution. NFSTX is a registered ATS and acts as an intermediary to facilitate secondary transactions in certain funds (both registered or not registered under the Investment Company Act of 1940), business development companies, certain closed-end funds, and private real estate investment funds. Nasdaq Capital Markets Advisory acts as a third-party advisor to privately-held or publicly-traded companies during IPOs and various other offerings.
The company’s SROs have signed a series of regulatory service agreements covering the services FINRA provides to the respective SROs. Under these agreements, FINRA personnel act as the company's agents in performing the regulatory functions, and FINRA bills the company a fee for these services. These agreements ensure that the markets for which the company is responsible are properly regulated. In conjunction with these agreements, the company also performs certain of these functions itself. In addition, the company’s SROs retain ultimate regulatory responsibility for all regulatory activities performed under these agreements by FINRA.
The company’s SROs have entered into several such agreements under which FINRA assumes regulatory responsibility for various rules or areas covered by agreements. The company is subject to Regulation NMS for its cash equity markets, and its options markets have joined the Options Intermarket Linkage Plan. These are designed to facilitate the routing of orders among exchanges to create a national market system as mandated by the Exchange Act. The company implemented an inter-disciplinary program to ensure compliance with Regulation Systems Compliance and Integrity (SCI). The company has also created Regulation SCI policies and procedures, updated internal policies and procedures, and developed an information technology governance program to ensure compliance.
The company’s subsidiary Nasdaq Dorsey Wright, or NDW, is an investment advisor registered with the SEC under the Investment Advisors Act of 1940. In this capacity, NDW is subject to oversight and inspections by the SEC. Among other things, registered investment advisors like NDW must comply with certain disclosure obligations, advertising and fee restrictions, and requirements relating to client suitability and custody of funds and securities.
The Dodd-Frank Wall Street Reform and Consumer Protection Act resulted in increased the U.S. Commodity Futures Trading Commission (CFTC) regulation of the company’s use of certain regulated derivatives products, as well as the operations of some of the company’s subsidiaries outside the U.S. and their customers.
Oversight of the exchange is performed by Nasdaq Canada’s lead regulator, the Ontario Securities Commission. The company is subject to the Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR), the European Union’s Market Abuse Regulation, which primarily affects the company’s European trading businesses. Many of the provisions of MiFID II and MiFIR are implemented through technical standards drafted by the European Securities and Markets Authority and approved by the European Commission. In addition, in 2016, the European Union adopted legislation on governance and control of the production and use of benchmark indices. The Benchmark Regulation became effective in the European Union beginning in 2018, and the company must comply beginning January 1, 2026, in relation to benchmarks provided by non-European Nasdaq entities, as well as European Nasdaq entities.
In Sweden, general supervision of the Nasdaq Stockholm exchange is carried out by the Swedish Financial Supervisory Authority (SFSA), while Nasdaq Clearing’s role as Central Counterparty (CCP) in the clearing of derivatives is supervised by the SFSA and overseen by the Swedish central bank (Riksbanken).
Nasdaq Stockholm’s exchange activities are regulated primarily by the Swedish Securities Markets Act 2007:528 (SSMA), which implements MiFID II into Swedish law, and which sets up basic requirements for the board of directors of the exchange and the exchange’s share capital, and which also outlines the conditions on which exchange licenses are issued. The SSMA also provides that any changes to the exchange’s articles of association following initial registration must be approved by the SFSA. Nasdaq Clearing holds the license as a CCP under European Market Infrastructure Regulation (EMIR).
The company owns a central securities depository known as Nasdaq CSD SE (Societas Europaea), that provides notary, settlement, central maintenance, and other services in the Baltic countries and in Iceland. Nasdaq CSD SE is licensed under the European Central Securities Depositories Regulation and is supervised by the respective regulatory institutions.
The company operates a licensed exchange, Nasdaq Oslo ASA, in Norway that trades and lists commodity derivatives. In the United Kingdom, The Nasdaq Stock Market, Nasdaq Oslo ASA, Nasdaq Stockholm AB, Nasdaq Copenhagen A/S, and Nasdaq Helsinki Ltd are each subject to regulation by the Financial Conduct Authority as ‘Recognised Overseas Investment Exchanges.’ Nasdaq Clearing is registered as a recognized third country CCP with the Bank of England under the temporary recognition regime.
History
The company was founded in 1971. It was incorporated in 1979 under the laws of the state of Delaware. The company was formerly known as The Nasdaq Stock Market, Inc. and changed its name to The NASDAQ OMX Group, Inc. in 2008. Further, the company changed its name to Nasdaq, Inc. in 2015.
