Summary of Nasdaq Conference Call Company Overview - **Company**: Nasdaq (NasdaqGS:NDAQ) - **Date**: November 19, 2025 - **Speaker**: Sarah, CFO of Nasdaq Key Industry Insights Generative AI (Gen AI) Impact - Nasdaq has been preparing for Gen AI for over a decade, having invested in cloud and AI technologies since 2014 and 2015 respectively [6][10] - The company emphasizes the importance of contributory data, which is unique and not easily replicable, as a competitive advantage for Gen AI applications [6][7] - Examples of contributory data include: - **Verafin**: Over $10 trillion in total assets from 2,700 banks, developed over 15 years [7] - **eVestment**: Utilized by allocators for around 89,000 strategies [7] - Gen AI applications are expected to enhance efficiency in compliance and fraud detection for banks, potentially reducing the need for human intervention in 80% of sanctions processes [8][9] Financial Performance and Growth - Nasdaq has seen a significant increase in enterprise signings for Verafin, with three times the amount of signings in the current year compared to previous periods [13] - The average contract value (ACV) of signings has doubled, indicating strong demand [13] - The cross-sell pipeline remains steady at approximately 15%, with ongoing efforts to expand into new markets, including Europe [13][14] Capital Market Technology - Nasdaq reported a 13% growth in capital market technology in Q3, driven by advancements in Gen AI across various business segments [15] - The company operates about 20 exchanges across the Nordics and the U.S., benefiting from new entrants in the digital space [19] Regulatory Technology (Reg Tech) - Nasdaq anticipates the implementation of smart regulation, which will provide clarity for clients and enhance the adoption of regulatory solutions [22][23] - The company has a strong international presence with coverage in 55 countries and 110 regulators, making it difficult for competitors to replicate [23] Data Business - Nasdaq's data business is divided into regulated data and proprietary data, with significant growth in both areas [36][37] - The company is expanding its data offerings to include local stocks from the Nordics and alpha-generating datasets for hedge funds [37][38] Tokenized Securities - Nasdaq has proposed a framework for tokenized securities that aims to enhance liquidity while maintaining investor protections [39][40] - The proposal allows for settlement options in both traditional and tokenized forms, potentially improving efficiency in capital markets [40] Cost Synergies and Expense Management - Nasdaq has exceeded its synergy guidance, achieving approximately $150 million in cost efficiencies year-to-date [41] - The company is focused on maintaining a balance between expense growth and revenue growth, with a specific emphasis on leveraging Gen AI for operational efficiencies [42] Capital Allocation Strategy - Nasdaq is prioritizing organic growth and maintaining a progressive dividend policy while considering share repurchases and debt management [45][46] - The company remains open to potential bolt-on acquisitions but emphasizes organic investments as the primary focus [46] Additional Insights - Nasdaq's brand recognition as a top global brand enhances its listings franchise, contributing to its market position [28][29] - The index business has grown significantly, with an increase in assets under management (AUM) from $100 billion in 2017 to $800 billion [30][32] This summary encapsulates the key points discussed during the Nasdaq conference call, highlighting the company's strategic focus on technology, growth, and market positioning.

Group 1 - Nasdaq and the Singapore Exchange have formed a partnership to facilitate dual listings between Singapore and the U.S. [2] - This initiative represents a significant move towards closer integration of two major global financial centers [2]

Core Insights - Singapore Exchange (SGX) and Nasdaq have established a milestone partnership to launch a global listing board, set to go live in mid-2026 [1] Group 1 - The collaboration between SGX and Nasdaq marks a significant development in the financial markets [1] - The global listing board aims to enhance cross-border capital raising opportunities for companies [1] - This initiative reflects the growing trend of global collaboration among exchanges to attract more listings [1]

Core Insights - SGX Group and Nasdaq are partnering to create a new dual listing framework that connects the U.S. and Singapore capital markets, allowing companies with a market capitalization of S$2 billion and above to raise capital more efficiently [1][2] - The Global Listing Board is set to launch around mid-2026, aiming to simplify the dual listing process by reducing regulatory complexity and costs for companies [2][5] Group 1: Market Impact - The initiative is expected to enhance market liquidity and regulatory alignment, facilitating growth for companies ranging from startups to established firms in both markets [3][4] - Institutional investors in Singapore have shown strong support for this platform, which is anticipated to provide a pathway for companies to access both U.S. and Singapore markets [3] Group 2: Regulatory Framework - The proposed regulatory framework will establish prospectus disclosure requirements in Singapore that align with U.S. standards, allowing for a single set of offering documents for dual listings [5] - The framework is still subject to finalization and regulatory processes, with more details to be released ahead of the mid-2026 launch [5] Group 3: Strategic Collaboration - The partnership is seen as a strategic move to strengthen ties between the U.S. and Singapore capital markets, with leaders from both SGX and Nasdaq emphasizing the importance of cooperation and shared standards [6] - The initiative is part of broader efforts by the Singapore Government to enhance the attractiveness of its stock market for high-growth companies [4][6]

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

Summary of Nasdaq Conference Call Company Overview - **Company**: Nasdaq, Inc. (NasdaqGS:NDAQ) - **Date of Conference**: November 18, 2025 - **Participants**: Michael Cho (Equity Analyst, JPMorgan), Sarah Youngwood (CFO, Nasdaq) Key Points Industry and Market Dynamics - Nasdaq has observed a strong recovery in equity markets and listings following a shutdown, indicating a productive year in 2025 despite challenges [7][15] - The company has a robust pipeline for IPOs and capital raises, with a strong outlook for 2026 [12][7] - Nasdaq's capital access platforms have performed well, contributing positively to the overall business [8] Capital Markets and Listings - There is ongoing activity planned for the remainder of 2025, with a strong pipeline for 2026, although not all issuers are looking to list immediately [12] - The dual share class structure and E-ETFs are emerging trends, with Nasdaq well-positioned to benefit from potential approvals in the coming years [21][23] Data Business Performance - Nasdaq has increased its expectations for the full year due to strong performance in data and listings [30] - The company is leveraging its global franchise to attract investors interested in U.S. markets, which are viewed as the deepest and widest capital markets [30] - Nasdaq is recognized as a gold standard for data, benefiting from trends in retail trading and globalization [31] Private Markets and Strategic Divestments - Nasdaq has divested from Solovis due to a lack of synergies with its core investment business, focusing instead on areas with greater potential for innovation and shareholder value [43][44] - The company is expanding its private market data offerings, including partnerships to enhance its data ecosystem [52] Verafin and Fraud Detection - Verafin is experiencing growth driven by tier one and tier two clients, with a focus on integrating behavioral data from BioCatch to enhance fraud detection capabilities [60][81] - The partnership with BioCatch aims to combine transactional and behavioral data, providing significant value to clients [82] Financial Outlook and Capital Allocation - Nasdaq generates approximately $2 billion in cash flow annually, with a focus on organic growth and a balanced approach to capital allocation, including dividends and share repurchases [97][99] - The company aims to maintain a leverage ratio of around three times by the end of the year, indicating a strong financial position [99] Regulatory Environment - Nasdaq does not perceive significant regulatory threats in financial crime management, viewing regulatory developments as opportunities for growth [77][78] Conclusion - Nasdaq is well-positioned for future growth with a strong pipeline in listings, a robust data business, and strategic partnerships enhancing its offerings in fraud detection and private markets. The company maintains a balanced approach to capital allocation while focusing on organic growth opportunities.

Core Insights - Nasdaq announced plans to launch an exchange in Midland, Texas, aimed at collaborating with local businesses to promote economic development [1] - The Texas exchange will be a dual-listing platform, allowing companies already listed elsewhere to participate [1] - This initiative is part of Nasdaq's strategy to expand its presence in the southern U.S. market, specifically targeting technology and innovation firms in Texas [1] - The exchange is expected to begin operations in the second half of 2026, pending regulatory approval [1] - Texas is recognized as a significant economic and energy hub in the U.S., with a vibrant technology and financial sector [1] - Nasdaq's move is set to further solidify Texas's status as a "Texas Financial Street" [1]

值得一提的是，近期关于OpenAI可能在未来两年寻求上市的传闻不绝于耳。麦库伊也称，纳斯达克是最佳 的上市地，未来愿意欢迎更多人工智能（AI）企业上市。 近期，全球IPO复苏进程引发关注，纳斯达克交易所无疑在聚光灯下。今年9月，纳斯达克拟修改规则，提 高上市企业的最低募资要求。 11月9日，纳斯达克副董事长兼全球资本主管鲍勃·麦库伊（Bob McCooney）在全美华人金融协会 （TCFA）年会期间接受了第一财经的采访。 麦库伊表示，今年IPO市场的复苏由多层因素推动。从地区分布来看，亚洲继续成为国际业务最主要的增 长动力，"今年以来仍有66家中国企业在纳斯达克IPO，虽规模多集中在600万~700万美元，但作为全球第 二大经济体，中国企业的上市需求仍将持续。" ...

Core Viewpoint - SCHMID Group N.V. is facing potential delisting from Nasdaq due to non-compliance with filing requirements, but the company plans to appeal the determination and seeks to maintain its listing status [1][2][3] Group 1: Nasdaq Delisting and Appeal - On November 12, 2025, SCHMID received a Determination Letter from Nasdaq regarding its non-compliance with filing requirements, which could lead to delisting unless an appeal is made [1] - The company intends to appeal the determination and will request a hearing, which could temporarily stay the suspension of its ordinary shares and warrants for 15 days [2] - If the appeal is successful, the company may request an extended stay to keep its shares listed during the appeal process [2] Group 2: Compliance and Reporting - SCHMID is working to complete and file its Annual Report on Form 20-F for the year ended December 31, 2024, with the SEC as soon as possible [3] - There is no guarantee that the company will be able to comply with all listing requirements even if an extension is granted by the Nasdaq Hearings Panel [3] Group 3: Business Operations - The receipt of the Determination Letter does not impact the company's business operations or its reporting obligations with the SEC [4] Group 4: Company Overview - SCHMID is a global leader in high-tech solutions across various industries, including electronics, photovoltaics, and energy systems, with over 800 employees worldwide [6] - The company focuses on developing customized equipment and process solutions, ensuring high efficiency and sustainability in manufacturing [7]

Group 1 - The Nasdaq is experiencing multi-year strength due to factors such as ongoing interest rate cuts by the Federal Reserve, which make borrowing cheaper and encourage corporate investment and consumer spending [1] - AI enthusiasm is driving earnings growth and significant investments in major tech companies, contributing to the Nasdaq's performance [1] - Strong consumer spending, supported by a solid economy and the holiday season, along with continued corporate earnings expansion in the tech sector, provides a solid foundation for Nasdaq gains heading into the new year [1] Group 2 - Potential headwinds for the Nasdaq rally include high valuations in tech stocks, which may be vulnerable if growth does not meet expectations [2] - Economic uncertainties such as potential trade tensions, new tariffs, or a cooling labor market could pose risks to the Nasdaq [2] - The Nasdaq's heavy reliance on a few mega-cap tech companies creates concentration risk, where any issues with these leaders could lead to broader market volatility [2] Group 3 - The Nasdaq is up 54% year-to-date, following a 26% return in 2024, and has rallied about 59% since April 2025 with minimal corrections [4] - The 50-day simple moving average (SMA) has supported the April rally, with only five retests, indicating a strong upward trend [4] - Despite concerns of overextension and potential corrections, the Nasdaq has continued to defy predictions of downturns, showing little sign of reversing its trend [4] Group 4 - The December Nasdaq futures contract will soon roll over to the March contract, with significant historical correlations observed in previous years [6] - The correlation percentages for years such as 1997, 2010, 2014, 2018, and 2021 are all above 87%, indicating a strong historical trend [6] - Current correlation trends show a steady uptrend into year-end, providing a potential roadmap for future market behavior [6]