NASDAQ, INC.: management transactions · United States · SEC (Form 4)

About NASDAQ, INC.

Nasdaq, Inc. (ticker: NDAQ) is a U.S.-listed financial markets and technology company traded on the NASDAQ market in the United States. For French-speaking investors, it should be viewed not simply as an exchange operator, but as an integrated capital-markets platform that combines trading infrastructure, market technology, financial data, indices, issuer services, and regulatory/compliance software. The company was founded in 1971 and became the world’s first electronic stock market. Its U.S. headquarters are in New York, New York, and Nasdaq also identifies a European headquarters in Stockholm, Sweden. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1120193/000112019325000008/ndaq-20241231.htm)) Nasdaq’s business model is organized around three main segments: Capital Access Platforms, Financial Technology, and Market Services. Capital Access Platforms includes listings, investor relations and issuer solutions, data and index businesses, and products that connect companies with investors. Financial Technology covers surveillance, anti-financial-crime tools, regulatory reporting, and software used by banks, brokers, regulators, and other market participants. Market Services includes equity and derivatives trading, clearing-related capabilities, and market infrastructure technology. Nasdaq emphasizes a global client base spanning more than 130 market infrastructure organizations in over 50 countries, as well as deep relationships across the corporate issuer and investment ecosystem. ([ir.nasdaq.com](https://ir.nasdaq.com/news-releases/news-release-details/nasdaq-announces-new-corporate-structure-accelerate-strategy)) From a competitive standpoint, Nasdaq holds a strong position in U.S. equity markets through the Nasdaq Stock Market and describes itself as the largest market in U.S. equities, while also claiming leadership in U.S. equity options and a number-one share in Nordic equities. The company’s franchise is supported by a broad product set that includes indices, data, listings, surveillance, anti-money-laundering tools, and market modernization technology. This diversified model gives Nasdaq exposure to both transaction-driven revenues and more recurring software/data revenues, which is an important strategic feature for long-term investors. ([ir.nasdaq.com](https://ir.nasdaq.com/news-releases/news-release-details/nasdaq-announces-new-corporate-structure-accelerate-strategy)) Recent developments have reinforced the company’s modernization narrative. Nasdaq reported strong 2025 results in early 2026, with net revenue above $5.2 billion and Solutions revenue above $4.0 billion, while continuing capital returns through dividends and share repurchases. Management also highlighted major strategic initiatives, including a filing with the SEC to facilitate trading in tokenized securities and a plan to introduce 23/5 trading in the second half of 2026. These moves suggest Nasdaq is positioning itself at the center of the next phase of market structure evolution, with an emphasis on digitization, liquidity access, and always-on capital markets. ([ir.nasdaq.com](https://ir.nasdaq.com/news-releases/news-release-details/nasdaq-reports-fourth-quarter-and-full-year-2025-results-annual))