Nasdaq

Nasdaq creates value by combining proprietary market infrastructure, financial datasets and enterprise workflow software into an institutional platform serving capital markets participants. It monetises both mission-critical software and market participation: customers pay for subscriptions to governance, compliance, analytics and trading systems; for licensed access to financial and alternative datasets; and for transaction or access fees on selected marketplace products. The model benefits from deep integration into regulated, high-switching-cost workflows across issuers, exchanges, banks, asset managers and regulators.

Nasdaq, Inc. is a public capital markets infrastructure company headquartered in the United States. Beyond operating exchange-related services, it sells enterprise software, data products and workflow tools to financial institutions, exchanges, regulators, listed companies and corporate governance teams. Its product footprint includes market and alternative data delivery, investor relations analytics, ESG reporting, board collaboration, regulatory reporting, capital markets operations, trade surveillance and private market trading infrastructure.

The company generates revenue through a diversified mix of recurring software subscriptions, data licensing and API access fees, transaction-related platform fees and issuer-related exchange revenues. Its customers are primarily institutions rather than consumers: banks, asset managers, hedge funds, exchanges, regulators, listed companies, boards and investor relations teams. The product set indicates a strategy of expanding from exchange ownership into higher-value enterprise fintech and market intelligence workflows.