Nasdaq Integrates Adenza as It Pursues Its Vision of Becoming a Diversified Technology Company

Nasdaq’s exchange business continues to produce strong results as volatile markets lead to good trading volume industrywide, with its option exchanges in particular performing well. While trading volume growth has slowed, the increased prevalence of $0 commission trading platforms and a shift toward higher option volume should provide a persistent benefit to Nasdaq’s exchanges. However, the equity exchange business remains highly competitive, and Nasdaq has been steadily losing market share for years. We expect this pressure to continue as two new exchanges, MEMX and MIAX Pearl Equities Exchange, were launched in 2020, with MEMX expanding into options in 2023. Additionally, the Texas Stock Exchange was launched in 2026.