Core Insights - Nasdaq will review its third quarter 2025 financial results on October 21, 2025, at 8:00 AM ET, with senior management available for questions from the investment community following prepared remarks [1] - The press release and results presentation will be available on the Nasdaq Investor Relations website at approximately 7:00 AM ET on the same day [2] Company Overview - Nasdaq is a leading global technology company that serves corporate clients, investment managers, banks, brokers, and exchange operators, facilitating their interaction with global capital markets and the financial system [3] - The company aims to deliver world-leading platforms that enhance liquidity, transparency, and integrity within the global economy [3] - Nasdaq offers a diverse range of data, analytics, software, exchange capabilities, and client-centric services to help clients execute their business vision confidently [3]

Core Viewpoint - Nasdaq is proposing new regulations that will significantly increase the listing requirements for companies, particularly affecting small enterprises from China seeking to go public in the U.S. market [1][2][3]. Group 1: Proposed Listing Requirements - The new regulations will raise the minimum public float market value for IPOs to at least $8 million for the global market and $5 million for the capital market, with a unified increase to $15 million if companies list based on net profit [2]. - Chinese companies will be required to raise at least $25 million through public offerings during their IPOs, with similar requirements for companies using SPACs or transferring from other exchanges [2][3]. Group 2: Impact on Chinese Companies - In the current year, 59 companies have gone public on Nasdaq, raising a total of $1.02 billion, with an average fundraising of $17.3 million; only three companies raised over $25 million [3]. - The proposed regulations are expected to have a significant impact on the ability of Chinese companies to list on Nasdaq, particularly smaller firms that may struggle to meet the new thresholds [3][4]. Group 3: Increased Delisting Pressure - The new rules will introduce additional conditions that could lead to immediate delisting or trading suspension if companies fail to meet ongoing listing requirements, such as maintaining a market value of at least $5 million for ten consecutive trading days [4]. - Previously, companies were often given a grace period to comply with listing standards, but the new regulations may eliminate this buffer, making it more challenging for companies to maintain their listings [4][5]. Group 4: Strategic Considerations for Companies - Companies planning to go public in the U.S. should prepare in advance, assessing their current stage and considering alternative markets such as the New York Stock Exchange or Hong Kong, which may have less stringent requirements [5][6]. - Firms are advised to engage with cornerstone investors and develop financing plans to meet the new minimum fundraising requirements, while existing listed companies should focus on core operations and maintain compliance with listing standards [6][5].

纳斯达克上市门槛或提高。 "我们还在评估新规影响，还不确定怎么调整。"王圣告诉记者。王圣是深圳一家跨境电商企业的创始 人，一直在为公司境外上市做准备。美国纳斯达克交易所近期向监管部门提交修订企业上市的标准，使 得不少计划赴美上市的企业受到影响。 根据纳斯达克向美国证券交易委员会（SEC）提交的文件，拟对首次上市与持续上市标准进行新一轮修 订。接受采访的业内人士认为，此次拟议的新规显著提高了公司首次公开募股（IPO）时的公开流通股 规模和最低IPO募集资金门槛，并进一步收紧了不符合持续上市标准企业的暂停交易及退市程序。而对 于中国企业，纳斯达克还额外提高了标准。如果新规通过，意味着赴美上市的中国企业和在纳斯达克上 市的中概股将受到不小影响。 纳斯达克上市门槛或提高 而作为纳斯达克上市最主要的来源国家，近两年中国企业赴美上市热情持续高涨，并且集中在中小企 业。证券时报记者统计发现，今年年初至今，共有59家企业通过公开发售形式在纳斯达克上市，共募集 资金10.2亿美元，平均募集资金1730万美元，募集资金超过2500万美元的企业仅有3家。如果新规最终 落地，对中国企业赴纳斯达克上市将会产生较大影响。 "这些规模极小 ...

Core Viewpoint - The proposed new regulations by NASDAQ significantly increase the listing requirements for companies, particularly affecting Chinese enterprises planning to go public in the U.S. market [1][2][3] Group 1: Listing Requirements - NASDAQ's proposed regulations raise the minimum public float market value for IPOs to $8 million for the global market and $5 million for the capital market, with a unified increase to $15 million for companies listing based on net profit [2] - Chinese companies are required to raise at least $25 million through public offerings in their IPOs, which is a substantial increase compared to previous standards [2][3] - The new rules aim to enhance market integrity and investor protection, addressing concerns over small IPOs that may not generate sufficient compliance revenue for NASDAQ [2][3] Group 2: Impact on Chinese Companies - In the current year, 59 companies have gone public on NASDAQ, raising a total of $1.02 billion, with an average fundraising of $17.3 million, indicating that only three companies exceeded the new $25 million threshold [3] - The increase in listing standards is expected to significantly impact the ability of small Chinese enterprises to list on NASDAQ, as many currently do not meet the new requirements [3][4] Group 3: Delisting Pressures - The proposed regulations introduce new conditions that could lead to immediate delisting or trading suspension for companies failing to meet ongoing listing requirements, such as maintaining a market value of at least $5 million for ten consecutive trading days [4] - Previously, companies were given a grace period to comply with listing standards, but the new rules would eliminate this buffer, increasing the risk of delisting [4] Group 4: Preparation for IPO - Companies intending to go public in the U.S. should prepare in advance, assessing their current stage and considering alternative markets such as the New York Stock Exchange or Hong Kong Stock Exchange, which have less stringent requirements [5][6] - It is recommended that companies actively engage with cornerstone investors to meet the new minimum fundraising requirement of $25 million and focus on their core business to enhance their market position [6]

Core Viewpoint - The proposed new regulations by NASDAQ significantly increase the listing requirements for companies, particularly affecting Chinese firms planning to go public in the U.S. market [1][2][3] Group 1: Listing Requirements - NASDAQ's proposed regulations raise the minimum public float market value for IPOs to $8 million for the global market and $5 million for the capital market, with a unified increase to $15 million if companies list based on net profit [1] - Chinese companies are required to raise at least $25 million through public offerings, which applies similarly to SPACs and other listing methods [2] - The average amount raised by Chinese companies in NASDAQ IPOs this year is $17.3 million, with only three companies exceeding the new $25 million threshold [3] Group 2: Delisting Pressure - The new regulations introduce immediate delisting conditions for companies failing to meet ongoing listing requirements, such as maintaining a market value of at least $5 million for ten consecutive trading days [4] - Previously, companies were given a grace period to comply with listing standards, but the new rules would eliminate this buffer, making it more challenging for companies to maintain their listings [4] Group 3: Strategic Recommendations - Companies planning to list in the U.S. should prepare in advance by assessing their current stage and possibly accelerating their listing processes or considering alternative exchanges like the New York Stock Exchange or Hong Kong Stock Exchange [5][6] - Firms are advised to focus on their core business, optimize asset structures through mergers and acquisitions, and maintain regular communication with investors to ensure compliance with listing standards [6]

Core Insights - Nasdaq, Inc. (NDAQ) shares have increased by 19.5% over the past year, outperforming the industry growth of 6% and the Finance sector's return of 17.2% [1] - The company has a market capitalization of $49.76 billion and an average trading volume of 3.5 million shares over the last three months [1] - NDAQ has consistently beaten earnings estimates in the last four quarters, with an average surprise of 4.36% [1] Valuation - Nasdaq shares are currently trading at a forward price-to-earnings ratio of 24.13X, which is lower than the industry average of 24.19X [2] - Other companies like Intercontinental Exchange Inc. (ICE) and CME Group Inc. (CME) are also trading at discounts to the industry average, while Cboe Global Markets (CBOE) trades at a premium [2] Growth Projections - The Zacks Consensus Estimate for Nasdaq's 2025 earnings per share indicates a year-over-year increase of 17.7%, with revenues projected at $5.14 billion, reflecting a 10.5% improvement [3] - For 2026, earnings per share and revenues are expected to increase by 11.4% and 7.2%, respectively, compared to 2025 estimates [3][4] Analyst Sentiment - Four out of twelve analysts have raised their earnings estimates for 2025, and three have done so for 2026 in the past 60 days, leading to a 1.2% and 0.5% increase in the consensus estimates for those years [8] Financial Performance - Nasdaq's return on equity over the trailing 12 months was 15.9%, surpassing the industry average of 14.5% [9] - The return on invested capital (ROIC) was 7.1%, also better than the industry average of 6% [10] Growth Strategy - Nasdaq's growth strategy focuses on increasing revenues from high-growth segments such as Market Technology and Investment Intelligence, along with expanding its Anti-Financial Crime clientele [11] - The company anticipates strong growth from its index and analytics businesses, with Capital Access Platforms expected to grow revenues by 5% to 8% in the medium term [12] Market Opportunities - Nasdaq has a significant opportunity in the anti-financial crime space, which has a total addressable market of $12.5 billion [13] - The company aims to achieve 40-50% of its revenues from SaaS solutions by 2025 [13] Dividend Policy - Nasdaq has a consistent dividend growth history and aims for a payout ratio of 35-38% by 2027 [14]

Core Insights - Financial institutions can now utilize Nasdaq Calypso capital markets and treasury infrastructure on the AWS cloud, enhancing operational efficiency and innovation [1][2][3] Group 1: Partnership and Infrastructure - The partnership between AWS and Nasdaq allows AWS to offer Nasdaq Calypso as a fully managed service, while Nasdaq manages the underlying infrastructure [2] - This deployment will eliminate the need for financial institutions to maintain the platform's infrastructure, enabling faster deployment and ensuring access to the latest version [3][4] Group 2: Benefits of Cloud Deployment - Nasdaq Calypso provides a unified environment for managing trading, risk, margin, collateral workflows, and data analytics [3] - The cloud deployment is expected to offer a more agile, resilient, and future-ready infrastructure for financial institutions [6][7] Group 3: Industry Context - The collaboration aims to address the technological challenges faced by financial institutions, which need to innovate while maintaining legacy systems [7] - Nasdaq's expanded collaboration with AWS positions the company to lead the transformation towards cloud and managed services in the financial sector [4]

Core Insights - Hashdex Asset Management Ltd. and Nasdaq Global Indexes have expanded the Hashdex Nasdaq Crypto Index US ETF (NCIQ) to include additional crypto assets, now totaling five, which represent over $3 trillion in combined market capitalization [1][2]. Group 1: Product Expansion - The NCIQ ETF, launched in February 2025, now includes XRP, Solana, and Stellar alongside Bitcoin and Ether, providing U.S. investors with a diversified basket of digital assets [1][2]. - The ETF tracks the Nasdaq Crypto US Index (NCIUS), offering rules-based exposure and simplifying the investment process by eliminating the need to select individual cryptocurrencies [2][4]. Group 2: Market Leadership - Hashdex manages a multi-asset crypto ETP in Europe and a multi-asset crypto ETF in Latin America, with $1.56 billion in assets under management and four index products tied to the global Nasdaq Crypto Index [3]. - The company has been a market leader in crypto index products globally since 2018, indicating a significant milestone in addressing the needs of U.S. advisors and investors [3]. Group 3: Demand and Regulatory Environment - The expansion of NCIQ reflects increasing demand from U.S. investors for structured, index-based crypto exposure [4]. - Regulatory clarity and the approval of generic listing standards have facilitated the expansion and adaptation of NCIQ as new assets meet index requirements [5]. Group 4: Partnership and Administration - The ongoing collaboration between Hashdex and Nasdaq has led to the co-development of several index and index-based crypto products since 2021 [6]. - Nasdaq serves as the index administrator and listing venue for NCIQ, with Coinbase Custody and BitGo Trust providing crypto asset custody, while U.S. Bank Global Fund Services acts as fund administrator [6]. Group 5: Industry Trends - As the crypto asset class matures, diversified index products like NCIQ are emerging as benchmarks for both institutional and retail allocation [7].

Core Insights - Nasdaq Inc. and Amazon Web Services have expanded their partnership to offer Nasdaq's Calypso platform as a fully managed service on AWS, aiming to streamline capital markets and treasury operations [1][4] - The managed service allows clients to manage front-to-back-office workflows, risk, and compliance with faster rollouts and regular updates, facilitating modernization of legacy systems [2][5] - Nasdaq's technology supports a significant portion of the financial services industry, including 97% of global systemically important banks and half of the top 25 stock exchanges [5] Partnership Details - The collaboration is seen as a strategic inflection point for Nasdaq as market participants face fragmented systems and increasing regulatory demands [3] - The cloud-managed services provide the necessary flexibility and scalability for financial institutions to innovate while maintaining critical legacy operations [4] Market Impact - Nasdaq's stock has increased over 19% in the past year, indicating positive investor sentiment [3] - The expansion of Calypso on AWS is designed to reduce data-flow friction and enable advanced analytics, which can drive efficiency and growth for financial institutions [6]

Core Insights - Nasdaq Inc. and Amazon Web Services have expanded their partnership to offer Nasdaq's Calypso platform as a fully managed service on AWS, aiming to streamline capital markets and treasury operations by eliminating infrastructure maintenance [1][4]. Group 1: Partnership and Service Offering - The managed service allows clients to manage front-to-back-office workflows, risk, and compliance with faster rollouts and regular updates, facilitating the modernization of legacy systems in a resilient environment [2][5]. - Magnus Haglind from Nasdaq described this partnership as a "strategic inflection point" for market participants facing fragmented systems and increasing regulatory demands [3]. Group 2: Technological Advancements - The cloud-managed services provide the necessary flexibility and scalability for financial institutions to innovate while maintaining critical legacy operations, enhancing Calypso's performance, scalability, and security [4]. - The service model supports standardized implementations, simpler testing environments, and quicker access to new features, enabling AI-driven analytics across various financial operations [5]. Group 3: Market Impact - Nasdaq's technology supports 97% of global systemically important banks and half of the top 25 stock exchanges, indicating its significant presence in the financial services sector [5]. - Following the announcement, NDAQ shares saw a slight increase of 0.11% to $87.25 in premarket trading [6].