Core Insights - Nasdaq achieved a record trading volume of 2,506,428,416 shares, amounting to $102.455 billion, during the Russell Reconstitution, marking the largest liquidity event in its history [2][3] - The Nasdaq Closing Cross has significantly improved its efficiency, reducing latency by over 85% while managing a trade volume growth of over 550% and a notional volume growth of over 1500% since its inception [6] Nasdaq's Role and Technology - The Nasdaq Closing Cross plays a vital role in capital markets infrastructure, facilitating transparent price formation and processing trades during high-volume events [3] - Nasdaq has invested in market modernization and capacity enhancement to maintain liquidity and resilience in response to increasing trading volumes [6][7] Russell US Indexes - The Russell US Indexes, which are subsets of the Russell 3000E™ Index, represent approximately 98% of the US equity market and are crucial for investors tracking market performance [4] - Approximately $10.6 trillion in assets are benchmarked to or invested in products based on the Russell US Indexes, highlighting their significance in the investment community [4] Market Impact - The Russell Reconstitution day is a highly anticipated trading event, prompting asset managers to adjust their portfolios according to the newly reconstituted indexes [5] - The successful completion of this year's rebalancing reflects the investment community's trust in the transparent and rules-based process of the Russell US Indexes [3][5] Future Developments - Nasdaq recently launched Eqlipse, a fourth-generation marketplace technology platform, to enhance trading infrastructure and support global capital markets [7][8] - The company aims to deepen strategic technology partnerships with over 135 clients worldwide, reinforcing its commitment to improving liquidity and market integrity [8]

Core Insights - Nasdaq and AWS have announced a modernization blueprint aimed at enhancing local market infrastructures through cloud technology while ensuring data sovereignty and resilience [1][3] - The new suite of solutions, Nasdaq Eqlipse, is designed to provide cloud-ready capabilities and data intelligence throughout the entire trade lifecycle [1][11] - The initial adoption of this blueprint will occur in Nasdaq's Nordic markets, with partnerships expanding to the Johannesburg Stock Exchange and Mexico's Grupo BMV [1][8] Market Challenges and Solutions - Market operators face complexities such as technological acceleration, competitive pressures, regulatory standards, and evolving client needs, necessitating advanced technological capabilities for modernization [2] - Nasdaq and AWS are providing infrastructure, software, and data management services to help market operators modernize cost-effectively while maintaining resilience and control [2] Blueprint Components and Benefits - The blueprint includes three key components focused on optimizing resource investments, operational excellence, and regulatory compliance [5] - It aims to enhance liquidity and capital flows by positioning AWS services and trading systems in close proximity, thus addressing latency and security demands [5][6] - The blueprint promotes seamless, high-speed connections for global market participants, fostering interconnected markets based on a common data architecture [7] Partnerships and Market Modernization - Nasdaq has expanded its modernization partnerships with the Johannesburg Stock Exchange and Grupo BMV, with both exchanges looking to leverage the blueprint for technological advancements [8][10] - The Johannesburg Stock Exchange aims to modernize its technology infrastructure, enhancing global market interconnectivity and liquidity [9][10] - Grupo BMV is evaluating its technology partnership with Nasdaq to improve its post-trade infrastructure and explore cloud capabilities [12][13] Nasdaq Eqlipse Platform - Nasdaq Eqlipse integrates client feedback and development investments, featuring cloud-ready applications and standardized APIs for the entire trade lifecycle [11] - The platform includes Nasdaq Eqlipse Intelligence, which focuses on data management and analytics tailored to market operators' workflows, facilitating AI deployment [11] Future Growth and Economic Impact - The modernization blueprint is expected to create a virtuous cycle of value creation, driving economic growth and wealth generation by connecting local markets to global investment opportunities [3][4] - Nasdaq's Nordic markets will incorporate a managed infrastructure model to enhance service offerings and scalability, powered by AWS [13][14]