Financial Data and Key Metrics Changes - Nasdaq reported net revenue of $1.3 billion, an 11% year-over-year increase, with solutions revenue exceeding $1 billion for the first time, reflecting a 10% growth [6][31] - Annualized recurring revenue (ARR) grew 9% to $3 billion, with operating income increasing by 16% to $732 million and diluted EPS growing by 19% [7][32] - Operating expenses were $583 million, up 5% year-over-year, leading to an operating margin of 56% and EBITDA margin of 58%, both up two percentage points from the prior year [32][42] Business Line Data and Key Metrics Changes - Capital Access Platforms generated 8% revenue growth and 6% ARR growth, with Data and Listings revenue up 6% and Index revenue up 13% [10][33] - Financial Technology delivered 13% revenue growth and 12% ARR growth, with Financial Crime Management Technology revenue growing 22% and Regulatory Technology revenue up 9% [17][36] - Market Services achieved 13% net revenue growth, driven by elevated volumes in U.S. Options and U.S. Equities [21][40] Market Data and Key Metrics Changes - Nasdaq's listed securities represented 53% of total industry volume, up from 49% a year ago, indicating strong market position [24] - The U.S. economy remains resilient, with solid consumer spending and corporate investment in technology and AI contributing to growth [8][9] - European growth remains subdued, but expectations for recovery and renewed investments are improving the outlook [9] Company Strategy and Development Direction - Nasdaq is focused on integrating, innovating, and accelerating its technology platform, with a strong emphasis on AI and digital assets [25][29] - The company aims to enhance its competitive position through AI-enabled solutions and partnerships, particularly in financial crime management and regulatory technology [27][90] - Nasdaq's strategy includes expanding its digital asset offerings and exploring tokenization of securities to enhance market efficiency [50][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Nasdaq's ability to deliver sustainable growth and long-term shareholder value, despite mixed economic signals [8][30] - The company anticipates a meaningful pickup in IPO activity, supported by a robust IPO pipeline and favorable market conditions [12][30] - Management highlighted the importance of understanding the regulatory landscape for digital assets and the potential for growth in this area [52] Other Important Information - Nasdaq completed the sale of Nasdaq Solovus to Insight Partners, indicating a strategic focus on core business areas [17] - The company achieved a gross leverage ratio of 3.1 times at quarter end, with an upgrade in its senior unsecured debt rating from BBB to BBB+ [24][44] - Nasdaq generated free cash flow of $516 million in the third quarter, supporting dividends, deleveraging, and share repurchases [43][44] Q&A Session Summary Question: Digital assets and growth opportunities - Management discussed Nasdaq's involvement in the digital assets ecosystem and the relevance of its FinTech solutions as institutional interest in digital assets grows [48][50] Question: Tokenization proposal details - Management provided a high-level overview of the tokenization filing, explaining how investors could flag orders for tokenized settlements [54][56] Question: 2026 outlook and OpEx growth - Management indicated that ongoing investments are embedded in the guidance for the year, with a consistent trajectory expected [62][68] Question: Financial Crime Management Technology performance - Management noted robust sales in the SMB space and highlighted the potential for growth through partnerships and new AI capabilities [70][72] Question: Capital Markets Technology momentum - Management reported strong demand for connectivity services and data center growth, indicating a healthy environment for the business [78][80] Question: AI's impact on revenue synergy targets - Management confirmed that AI solutions are expected to accelerate revenue synergy targets, with a strong pipeline of cross-sell opportunities [92][94]

Core Insights - Trinity Capital Inc. has committed $15 million in growth capital to Kard Financial, Inc., a commerce media network focused on enhancing engagement and loyalty for fintechs and financial institutions through merchant-specific rewards [1][3]. Company Overview - Trinity Capital Inc. is an alternative asset manager that aims to provide consistent returns through private credit markets, having deployed over $4.7 billion across more than 420 investments since its inception in 2008 [4]. - Kard Financial operates a flexible, API-first platform that allows financial institutions and fintechs to create customized rewards ecosystems, reaching tens of millions of consumers and processing over $10 billion in transactions monthly [2][5]. Strategic Importance - The partnership with Kard is expected to modernize loyalty programs and enhance accessibility within the rewards ecosystem, facilitating growth and market expansion for Kard [3]. - Kard's use of first-party transaction data and AI-driven insights enables the creation of personalized rewards that foster loyalty and drive customer engagement for both financial institutions and merchants [2][5].

Core Insights - Abaxx Technologies Inc. has reported continued growth and trading activity in its LNG Futures contracts, specifically in the Gulf of Mexico (GOM FOB) and North Pacific-Asia (NPA DAP) markets [1][2][3] Trading Activity - Trading volume for NPA DAP Futures reached 690 lots in the week ending October 17, 2025, while GOM FOB Futures increased to 2,394 lots [2] - Total LNG trading volume rose over 80% from August to September, with ongoing growth in October [2] Total Trading Volume - Since launch, total trading volume across GOM FOB and NPA DAP LNG Futures has reached 14,042 lots, equivalent to approximately 140,420,000 MMBtu or $1.6 billion USD in notional value, representing around 40 LNG cargoes [3] Market Infrastructure - Abaxx's LNG contracts provide regional price signals for terminals that account for over 80% of global LNG import capacity, offering reliable forward curves aligned with actual physical trade flows [3][4] - The contracts are designed to help commercial participants manage regional price exposure and improve price discovery across their LNG supply chains [4] Contract Specifications - All contracts are USD-denominated, 10,000 MMBtu futures, with GOM Futures listed on an FOB basis and NPA and NWE contracts listed on a DAP basis [5] Company Overview - Abaxx Technologies aims to create smarter markets through better tools and technology, addressing challenges such as the energy transition [6][8] - The company is the majority shareholder of Abaxx Singapore Pte. Ltd., which owns Abaxx Exchange and Abaxx Clearing, and operates Abaxx Spot [7]

Core Insights - Intuit Inc. has released its annual QuickBooks Holiday Shopping Report, indicating a strong spirit of giving this holiday season despite concerns regarding tariffs and inflation [1] Company Overview - Intuit Inc. is a global financial technology platform known for products such as TurboTax, Credit Karma, QuickBooks, and Mailchimp [1]

Core Points - Nasdaq, Inc. has declared a quarterly dividend of $0.27 per share on its outstanding common stock, payable on December 19, 2025, to shareholders of record as of December 5, 2025 [1] 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 [2] - The company aims to deliver world-leading platforms that enhance liquidity, transparency, and integrity within the global economy [2] - Nasdaq offers a diverse range of data, analytics, software, exchange capabilities, and client-centric services to help clients optimize and execute their business strategies [2]

Core Insights - Nasdaq, Inc. reported strong financial results for Q3 2025, with net revenue reaching $1.3 billion, a 15% increase year-over-year, and 11% organic growth [2][8][11] - Solutions revenue surpassed $1 billion for the first time, contributing to an annual recurring revenue (ARR) of $3 billion, reflecting a 10% increase year-over-year [5][8] - The company achieved significant milestones in operational efficiency and shareholder returns, including $155 million returned through dividends and $115 million in stock repurchases [6][8] Financial Performance - Total net revenue for Q3 2025 was $1,315 million, up 15% from Q3 2024, with organic growth of 11% [2][11] - Solutions revenue was $1,003 million, a 15% increase year-over-year, with organic growth of 10% [2][11] - Market Services net revenue reached $303 million, reflecting a 14% increase year-over-year, or 13% on an organic basis [2][11] - GAAP diluted EPS grew by 38% to $0.73, while non-GAAP diluted EPS increased by 19% to $0.88 [2][11] Strategic Developments - Nasdaq extended its leadership in listings, welcoming the largest European IPO since 2022, and raised over $14 billion year-to-date in the U.S. listings franchise [15] - The company launched 30 new Index products in Q3, including 18 international products, contributing to record levels of assets under management (AUM) exceeding $800 billion [13][15] - Nasdaq's strategic priorities focus on integrating, innovating, and accelerating growth, with over $150 million in cost reductions achieved [15] Business Segments - Financial Technology revenue increased by 23% to $457 million, with a 12% increase in annualized SaaS revenue, representing 38% of ARR [8][12] - Capital Access Platforms revenue was $546 million, up 9% year-over-year, driven by strong demand in data and listing services [11][29] - Market Services revenues were $946 million, with transaction-based expenses impacting net revenue [29] Expense Management - GAAP operating expenses for Q3 2025 were $729 million, a 4% increase year-over-year, primarily due to higher compensation and technology investments [11][12] - Non-GAAP operating expenses were $583 million, reflecting a 5% organic increase driven by investments in technology and personnel [11][12] - The company updated its 2025 non-GAAP operating expense guidance to a range of $2,305 million to $2,335 million [9]

Core Insights - Financial tech firms in Russia are leveraging AI to encourage gold sales through automated machines, despite a significant price increase of over 60% this year, facing skepticism from the public [1][2][6] Industry Overview - Russia holds over a third of its reserves in gold and authorized automated gold sales last year, but the public has not shown the same eagerness to sell as seen in other countries [2][3] - The attachment to gold is deep-rooted among Russians, with an estimated total of 1,000 metric tons of bullion being hoarded, which presents a challenge for entrepreneurs trying to facilitate sales [3] Company Initiatives - Goldexrobot, a startup, plans to install 600 gold ATMs in shopping centers across Russia, aiming to simplify the selling process and address concerns over traditional sales channels [4][5] - The ATMs utilize AI for various analyses to verify gold authenticity and provide pricing based on the latest market quotes, enhancing transparency in the valuation process [5] Market Dynamics - The central bank of Russia has tested the technology for these ATMs, and while customer growth has been around 10% this year, there has not been a significant increase in private gold sales as many Russians anticipate further price rises [6] - The removal of the value-added tax (VAT) on gold sales for investment purposes in 2022 has led to a fivefold increase in sales in 2023, indicating a shift in market dynamics due to Western sanctions [7]

Core Insights - Everything Blockchain Inc. is launching two major initiatives to enhance its operations and expedite the rollout of its flagship platform, CloverMint [1][5] - The company is focused on creating accessible financial technology that allows users to earn passive income from digital assets through automated yield strategies [2][4] Financial Initiatives - CEO Arthur Rozenberg has provided a personal line of credit of up to $300,000 to the company, offering immediate, non-dilutive capital for operations and product development [2][3] - A major shareholder has voluntarily canceled approximately 11% of the company's outstanding shares, reducing the total share count to about 26 million shares, which increases ownership value for existing investors [3][5] Product Development - CloverMint is designed to be an AI-powered platform that simplifies earning income from stablecoins by automatically identifying and compounding the best yield opportunities across the blockchain [4][6] - The beta version of CloverMint is set to go live soon, marking a significant milestone in the company's efforts to provide AI-driven income generation solutions [5] Company Vision - Everything Blockchain aims to position itself as a leader in AI-powered finance, aligning ownership and capital to support its growth strategy [4][6] - The company is committed to building intelligent financial technology that caters to both institutional and retail participants in the digital asset space [6]

Core Insights - MarketAxess Holdings Inc. is valued at $6.4 billion and operates an electronic trading platform for institutional investors and broker-dealer companies globally, focusing on liquidity, execution quality, and cost savings in fixed-income markets [1] Financial Performance - MarketAxess is expected to report a non-GAAP profit of $1.70 per share for Q3, a decrease of 10.5% from $1.90 in the same quarter last year, but has consistently surpassed Wall Street's bottom-line estimates for the past four quarters [2] - For the full fiscal year 2025, adjusted EPS is projected at $7.27, slightly down from $7.28 in fiscal 2024, with a forecasted increase of 9.9% to $7.99 per share in fiscal 2026 [3] Stock Performance - MKTX stock has declined by 40.8% over the past 52 weeks, underperforming the Financial Select Sector SPDR Fund's 10.9% gains and the S&P 500 Index's 14.8% returns during the same period [4] - Following the Q2 results announcement, MKTX stock prices fell by 10.1%, despite reporting a 12% increase in commissions revenues to $191.8 million and a 10.9% year-over-year revenue growth to $219.5 million, which exceeded expectations [5] Analyst Ratings - Analysts maintain a consensus "Moderate Buy" rating for MKTX, with 16 analysts providing insights: five "Strong Buys," one "Moderate Buy," nine "Holds," and one "Moderate Sell." The mean price target of $203 indicates an 18.8% upside potential from current levels [6]

Core Insights - MoneyHero Limited successfully concluded the Seedly x SingSaver Personal Finance Festival, attracting over 3,800 attendees, highlighting the demand for financial guidance amid economic uncertainty [1][9] - The Festival emphasized financial resilience, strategic wealth building, and adapting to a rapidly changing global economy, featuring over 65 distinguished speakers [3][9] - The event reinforced MoneyHero's commitment to innovation and partnership, celebrating its second anniversary as a Nasdaq-listed company [7][8] Event Highlights - The Festival was themed "Explore Singapore!" in celebration of the SG60 national milestone, providing a platform for attendees to reflect on Singapore's achievements and plan for their financial futures [2] - Attendees engaged in 16 hours of curated talks, workshops, and interactive sessions aimed at enhancing their financial knowledge [3][4] - The event featured immersive brand experiences from 19 sponsors, creating a dynamic marketplace for ideas and opportunities [4] Government Engagement - A key fireside chat featured Acting Minister for Transport and Senior Minister of State for Finance, Jeffrey Siow, discussing the importance of long-term financial discipline and readiness for external shocks [5][6] - Minister Siow emphasized the need for Singaporeans to invest in their skills and networks, reflecting on the enduring principles of personal finance [6] Company Commitment - MoneyHero's CEO, Rohith Murthy, highlighted the strong need for practical financial knowledge and the importance of collaborative innovation in delivering high-quality financial products [8] - The company aims to enhance the digital journey for users through AI, providing personalized product insights to improve conversion and unit economics for financial institution partners [8] Company Overview - MoneyHero Limited operates as a leading personal finance aggregation and comparison platform in Greater Southeast Asia, with a portfolio that includes various B2C and B2B platforms [11] - As of June 30, 2025, MoneyHero had over 270 commercial partner relationships and approximately 5.3 million Monthly Unique Users across its platform [11]