Core Insights - Nasdaq reported its monthly trading volumes for November 2025, which can be accessed on its Investor Relations website [1] Company Overview - Nasdaq is a leading global technology company that provides services to corporate clients, investment managers, banks, brokers, and exchange operators, facilitating their interactions with global capital markets [2] - The company aims to enhance liquidity, transparency, and integrity within the global economy through its diverse offerings, including data, analytics, software, and exchange capabilities [2] - Nasdaq's client-centric services are designed to help clients optimize and execute their business strategies with confidence [2]

Group 1 - Nasdaq has established its first regional headquarters in Dallas, Texas, in March 2025, which serves as a core hub for the southern U.S. and focuses on fintech solutions and financial crime management [2] - The planned launch of the Nasdaq Texas Exchange in late 2026 introduces a dual listing mechanism, allowing companies to list in Texas without relinquishing their primary listing status, thus accessing a unique capital pool in the southern U.S. [3] - Texas is emerging as a new financial hub, referred to as "Y'all Street," with policies such as no personal income tax and low corporate tax burdens attracting hundreds of companies, and currently hosting over 200 Nasdaq-listed companies with a total market value close to $2 trillion [4] Group 2 - The dual listing mechanism of the Nasdaq Texas Exchange breaks the traditional "either/or" model, providing unprecedented flexibility for companies to maintain their existing market presence while tapping into the southern U.S. investment community [6] - For Chinese tech companies already listed in Hong Kong, the "Hong Kong + Texas" dual listing offers an ideal path to expand their trading volume significantly, as the average daily trading volume in North America is typically 3-5 times that of Hong Kong [8] - The Nasdaq Texas Exchange is expected to streamline the listing process, reducing the time to listing to 4-6 months and lowering IPO costs to approximately 10-20 million RMB, significantly less than the costs in A-share markets [9] Group 3 - The Nasdaq Texas Exchange is anticipated to inherit Nasdaq's valuation premium in technology sectors, with potential P/E ratios of 30-50 times for cutting-edge industries, surpassing Hong Kong's average of about 20 times [9] - The dual listing strategy serves as a risk management tool, allowing companies to maintain access to capital even amid geopolitical tensions or market fluctuations [8] - Recent regulatory changes in China, including the inclusion of internet technology and new energy sectors in the VIE structure whitelist, are expected to facilitate smoother compliance for companies considering dual listings [8] Group 4 - Companies should begin strategic planning for the Nasdaq Texas Exchange, assessing their financial standards and preparing to meet the minimum fundraising requirements of $25 million [11] - There is a need to evaluate existing equity structures for compatibility with dual listings and to optimize governance structures to meet Nasdaq's compliance requirements [12] - Companies are advised to monitor U.S. monetary policy and global liquidity changes, aligning their listing strategies with key business developments and traditional IPO active quarters [12]

RT Paul Atkins (@SECPaulSAtkins)Great discussion at @NASDAQ with President and CEO @denatfriedman and @KristinaParts on revitalizing America’s markets and Making IPOs Great Again.In this new day at the SEC, we're restoring the core principles that make America’s markets the envy of the world. https://t.co/NlkcHLXhFx ...

SAN JOSE, Calif.--(BUSINESS WIRE)--Cadence's Anirudh Devgan to Present at Nasdaq Investor Conference. ...

Group 1 - The article does not contain any relevant content regarding company or industry insights [1]

RT Nasdaq (@Nasdaq)The @SECGov Chairman Paul S. Atkins (@SECPaulSAtkins) joins @Nasdaq Chair and CEO Adena Friedman for a discussion on reducing regulatory complexity, improving the public company experience, and how to make IPOs great again.📌 Tune into the livestream today, December 2nd at 2:30 PM ET: https://t.co/zkRzxSlr3m ...

Summary of Nasdaq Conference Call Company Overview - **Company**: Nasdaq - **Industry**: Financial Technology and Market Services - **CFO**: Sarah Youngwood Key Points Company Transition and Vision - Nasdaq is transitioning from being perceived solely as an equities exchange to a technology platform company, with approximately 80% of revenue now coming from solutions revenue [3][4] - The company has achieved a Rule of 60-plus business model, with revenue growth from $2.2 billion in 2017 to higher EBITDA levels today, indicating strong financial performance [3][4] Financial Performance - Nasdaq reported double-digit revenue growth for three consecutive quarters, with a 9% Annual Recurring Revenue (ARR) growth in each quarter [3][11] - The company has successfully deleveraged its financials to 3.2 times ahead of schedule, aiming for 3.0 by year-end [8] Strategic Pillars 1. **Architecting Modern Markets**: Operating 135 markets, with 19 owned by Nasdaq, and providing software solutions for market operations [4] 2. **Powering Innovation**: Managing $800 billion in Assets Under Management (AUM) through various indexes, significantly up from $100 billion in 2017 [5] 3. **Building Trust**: Investing in regulatory and compliance software to enhance trust in financial systems [5] Fintech Segment - The fintech segment, including acquisitions like Adenza and Verafin, has been a focus area, with strong performance in cross-selling initiatives [7][9] - Nasdaq aims for $100 million in cross-sells by year-end 2027, with 15% of the current pipeline attributed to cross-sell opportunities [9][10] Regulatory Environment - AxiomSL, a key regulatory software, is used by major banks for compliance, and the company is optimistic about regulatory simplifications rather than deregulation [15][16] - The Basel III Endgame is anticipated to impact the regulatory landscape positively for banks, which in turn benefits Nasdaq [16] Capital Markets and Trading - Nasdaq is positioned to benefit from trends in tokenization and blockchain, providing necessary infrastructure for these changes [21][22] - The trading business remains a significant revenue contributor, with a focus on maintaining high volumes despite fluctuations in market volatility [34][36] Listings and IPO Market - The IPO market is showing signs of improvement, with $6 billion in executed deals last quarter and a strong pipeline for future listings [24][26] - Nasdaq expects a gradual revenue impact from IPOs, as these typically amortize over three years [27] Workflow and Insights Business - The workflow and insights segment has been slower in growth, but investments are being made to enhance performance [28][30] Index Business - Nasdaq's index business has seen double-digit growth, with a significant portion attributed to new products developed in the last five years [31][32] Expense Management and Capital Allocation - Nasdaq maintains a balance between top-line growth and expense management, leveraging free cash flow for organic investments and shareholder returns [38][40] - The company has a history of M&A but is currently focused on organic growth, with $2 billion in free cash flow available for strategic initiatives [41][42] Conclusion - Nasdaq is well-positioned for future growth through its technology platform strategy, strong financial performance, and proactive engagement in regulatory and market trends. The company is focused on leveraging its strengths in fintech, capital markets, and listings to drive long-term value for shareholders [3][4][5][41]

Core Viewpoint - Trading in MaxsMaking Inc. has been halted by Nasdaq for additional information requested from the company following a previous trading suspension by the SEC [1][2]. Group 1: Trading Suspension Details - The SEC suspended trading in MaxsMaking Inc. from 04:00 on November 17, 2025, to 23:59 on December 1, 2025 [1]. - The last sale price of MaxsMaking Inc. shares was $13.00 prior to the trading halt [1]. Group 2: Nasdaq's Request - Trading will remain halted until MaxsMaking Inc. fully satisfies Nasdaq's request for additional information [2].

Merger Agreements and Investigations - Repare Therapeutics Inc. will be acquired by XenoTherapeutics, Inc. and Xeno Acquisition Corp., with shareholders expected to receive US$1.82 per Common Share and a contingent value right for additional cash payments [2] - Axalta Coating Systems Ltd. is set to be acquired by Akzo Nobel N.V., where shareholders will receive 0.6539 shares of Akzo Nobel stock for each share of Axalta Coating common stock [4] - Blue Foundry Bancorp will be acquired by Fulton Financial Corporation, with each share of Blue Foundry common stock exchanged for 0.6500 shares of Fulton common stock, valuing the transaction at approximately $243 million or $11.67 per share [6] - Golden Entertainment, Inc. will be acquired in a sale-leaseback transaction, with stockholders receiving total consideration of $30.00, including a fixed exchange ratio of 0.902 shares of VICI common stock and a cash distribution of $2.75 per share [8] Investigations on Fiduciary Duties - Investigations are ongoing regarding whether the boards of Repare Therapeutics, Axalta Coating, Blue Foundry Bancorp, and Golden Entertainment breached their fiduciary duties by failing to conduct a fair process in the merger agreements [2][4][6][8]

Core Viewpoint - Nasdaq, Inc. has announced cash tender offers for its outstanding Notes, with a maximum purchase price of $95 million, subject to specific caps on different series of Notes [1][3]. Group 1: Tender Offer Details - The company is offering to purchase up to $80 million of its 5.350% Senior Notes due 2028 and up to $10 million of its 3.950% Senior Notes due 2052 [1]. - The total consideration for each $1,000 principal amount of Notes validly tendered before the Early Tender Date will include an early tender premium [5][6]. - The Tender Offers will expire at 5:00 p.m. New York City time on December 30, 2025, with an Early Tender Date of December 12, 2025 [4][10]. Group 2: Payment and Settlement - Payment for Notes accepted for purchase will be made promptly following the Expiration Date, anticipated to be December 31, 2025, with potential early settlement for those tendered before the Early Tender Date [9]. - Holders of Notes accepted for purchase will receive accrued and unpaid interest from the last interest payment date to the applicable settlement date [7]. Group 3: Purpose and Funding - The purpose of the Tender Offers is to reduce the company's total outstanding public debt [8]. - The company intends to fund the purchase of validly tendered and accepted Notes with available cash on hand and other sources of liquidity [8].