About Nasdaq

Nasdaq, Inc. (Nasdaq) operates as a global technology company. The company serves corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. The company’s diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. Segments The company operates through three segments: Capital Access Platforms, Financial Technology and Market Services. Capital Access Platforms segment Capital Access Platforms segment delivers liquidity, transparency and integrity to the corporate issuer and investment community by empowering the company’s clients to effectively navigate the capital markets, achieve their sustainability goals, and drive governance excellence. The company offers a suite of products to assist companies in managing corporate governance standards. The company’s Capital Access Platforms segment includes Data & Listing Services, Index and Workflow & Insights. Data & Listing Services The company’s North American and European data products enhance transparency of market activity within its exchanges and provide critical information to professional and non-professional investors globally. The company’s Data business distributes historical and real-time market data to sell-side customers, the institutional investing community, retail online brokers, proprietary trading firms, and other venues, as well as internet portals and data distributors. The company collects, processes, and creates information and earn revenues as a distributor of its own, as well as select third-party, content. The company provides varying levels of quote and trade information to market participants and to data distributors who in turn provide subscriptions for this information. The company’s systems enable distributors to gain access to its market depth, fund valuation, order imbalances, market sentiment and other analytical data. The company distributes this proprietary market information to both market participants and non-participants through a number of proprietary products, including Nasdaq TotalView, its flagship market depth quote product. The company offers TotalView products for The Nasdaq Stock Market and its Nasdaq BX, Nasdaq PSX and Nordic markets. The company also offers Nordic Equity TotalView, Nordic Derivatives TotalView and Nordic Fixed Income TotalView for Nordic markets. The company operates several other proprietary services and data products to provide market information, including Nasdaq Basic, a low cost alternative to the industry Level 1 feed and Nasdaq Canada Basic, a low cost alternative to other high priced data feeds. The company also provides various other data, including data relating to its the U.S. equities and options exchanges and Nordic equities, derivatives, fixed income and futures. Additionally, the company’s Nasdaq Cloud Data Service provides a flexible and efficient method of delivery for real-time exchange data and other financial information. Data is made available through a suite of application programming interfaces, or APIs, allowing for the integration of data from disparate sources and a reduction in time to market for customer-designed applications. These APIs are highly scalable and can support the delivery of real-time exchange data. The company operates a variety of listing platforms around the world to provide multiple global capital raising solutions for public companies. Companies listed on the company’s markets represent a diverse array of industries including among others, healthcare, consumer products, telecommunication services, information technology, financial services, industrials and energy. The company’s main listing markets are The Nasdaq Stock Market and the Nasdaq Nordic and Nasdaq Baltic exchanges. Companies seeking to list securities on The Nasdaq Stock Market may do so on one of the three market tiers: The Nasdaq Global Select Market, The Nasdaq Global Market, or The Nasdaq Capital Market. To qualify, companies must meet minimum listing requirements, including specified financial and corporate governance criteria. Once listed, companies must maintain rigorous listing and corporate governance standards. As of December 31, 2023, a total of 5,262 companies listed securities on the company’s U.S., Nasdaq Nordic, Nasdaq Baltic and Nasdaq First North exchanges. As of December 31, 2023, a total of 4,044 companies listed securities on The Nasdaq Stock Market, with 1,443 listings on The Nasdaq Global Select Market, 1,269 on The Nasdaq Global Market and 1,332 on The Nasdaq Capital Market. The company seeks new listings from companies conducting IPOs, including SPACs, and direct listings, as well as companies looking to switch from alternative exchanges. During 2023, the company had 18 new listings resulting from companies switching their listings from NYSE or NYSE American to join The Nasdaq Stock Market. Together with companies that transferred additional securities to The Nasdaq Stock Market during 2023, an aggregate of $377 billion in global equity market capitalization switched to The Nasdaq Stock Market. The company also offers listings on the exchanges that comprise Nasdaq Nordic and Nasdaq Baltic. For smaller companies and growth companies, the company offers access to the financial markets through the Nasdaq First North alternative marketplaces. As of December 31, 2023, a total of 1,218 companies listed securities on its Nordic and Baltic exchanges. The company’s European listing customers include companies, funds and governments. Customers issue securities in the form of cash equities, depository receipts, warrants, ETPs, convertibles, rights, options, bonds or fixed-income related products. In 2023, a total of 23 new companies listed on the company’s Nordic and Baltic exchanges. Index The company’s Index business develops and licenses Nasdaq-branded indices and financial products. License fees for its trademark licenses vary by product based on a percentage of underlying assets, dollar value of a product issuance, number of products or number of contracts traded. The company also licenses cash-settled options, futures and options on futures on its indices. As of December 31, 2023, 388 ETPs listed on 27 exchanges in over 20 countries tracked a Nasdaq index. The company’s flagship index, the Nasdaq-100 Index, or NDX, includes the top 100 non-financial companies listed on The Nasdaq Stock Market. More than 100 ETPs worldwide track indices in the NDX ecosystem, and had nearly $360 billion in assets tracking the index as of December 31, 2023. The company provides index data products based on Nasdaq indices. Index data products include its Global Index Data Service, which delivers real-time index values throughout the trading day, and Global Index Watch/Global Index File Delivery Service, which delivers daily and historical weightings and components data, corporate actions and a breadth of additional data for the indices that it operates. Workflow & Insights Workflow & Insights includes the company’s analytics and corporate solutions products. The company’s analytics products provide asset managers, investment consultants and institutional asset owners with information and analytics to make data-driven investment decisions, deploy their resources more productively, and provide liquidity solutions for private funds. Through its eVestment and Solovis solutions, the company provides a suite of cloud-based solutions that help institutional investors and consultants conduct pre-investment due diligence, and monitor their portfolios post-investment. The eVestment platform also enables asset managers to efficiently distribute information about their firms and funds to asset owners and consultants worldwide. Through the Solovis platform, endowments, foundations, pensions and family offices transform how they collect and aggregate investment data, analyze portfolio performance, model and predict future outcomes, and share meaningful portfolio insights with key stakeholders. The Nasdaq Fund Network and Nasdaq Data Link are additional platforms in the company’s suite of investment data analytics offerings and data management tools. Nasdaq Fund Network gathers and distributes daily net asset values from over 44,000 funds and other investment vehicles across North America. The company has extended Nasdaq Fund Network to support the distribution of collective investment trusts, hedge funds, managed accounts, separate accounts, 529 educational saving plans and demand deposit accounts. Nasdaq Data Link strengthens the company’s position as a leading source for financial, economic, and alternative datasets. For investment management firms, investment banks and other investors, the platform powers data-driven decision-making for users across the globe via universal APIs, and provides for efficient data discovery and delivery. Corporate solutions serves both public and private companies and organizations through the company’s Investor Relations Intelligence, Governance Solutions and ESG Solutions products. The company’s public company clients can be companies listed on its exchanges or other U.S. and global exchanges. The company’s private company clients include a diverse group of organizations ranging from family-owned companies, government organizations, law firms, privately held entities, and various non-profit organizations to hospitals and healthcare systems. The company helps organizations enhance their ability to understand and expand their global shareholder base, improve corporate governance, and navigate the evolving ESG landscape through its suite of advanced technology, analytics, and consulting services. The company also advises clients on a range of governance and sustainability-related issues. The company’s Investor Relations Intelligence offerings include a global team of expert consultants that deliver advisory services, including Equity Surveillance & Shareholder Analysis, Investor Engagement and Perception Studies, as well as an industry-leading platform, Nasdaq IR Insight®, to investor relations professionals and executive teams. These solutions allow investor relations officers and executives to better manage their investor relations programs, understand their investor base, target new investors, manage meetings and consume key data such as investor profiles, equity research, consensus estimates and news. Through its Governance Solutions products, the company provides a global technology offering and consulting services that streamline the meeting process for board of directors and executive leadership teams and enable them to accelerate decision making and strengthen governance. The company’s solutions help protect sensitive data and facilitate productive collaboration, which enables board members and teams to work faster and more effectively. The company’s ESG Solutions includes its ESG Advisory practice and its ESG software offering. The company’s ESG Advisory practice helps companies analyze, assess and action best practices to attract long-term capital. In June 2022, the company acquired Metrio, a provider of ESG data collection, analytics and reporting services. Metrio software is a cloud-based solution that helps firms manage ESG data, perform greenhouse gas emissions calculations and accounting, and optimize granular data collection, report publication and dashboarding against targets. In September 2023, the company announced the launch of Nasdaq Metrio, which integrates Nasdaq OneReport and Metrio legacy technologies into a new SaaS-based, end-to-end sustainability platform. The new platform enables corporates to collect, measure, disclose and communicate investor-grade, audited ESG data efficiently across dozens of raters, rankers and framework organizations to drive strategic outcomes and attract investors. The platform also features a new Carbon Accounting and Management product for companies looking to focus on their scope 1, 2 and 3 emissions. Financial Technology segment The Financial Technology segment delivers world leading platforms that improve the liquidity, transparency and integrity of the global economy by architecting and operating the world’s best markets. This segment comprises Financial Crime Management Technology, Regulatory Technology and Capital Markets Technology solutions. The company is a leading global technology solutions provider and partner to exchanges, clearing organizations, central securities depositories, regulators, banks, brokers, buy-side firms and corporate businesses, and power more than 130 marketplaces in more than 55 countries. The company’s solutions can handle a wide array of assets, including but not limited to cash equities, equity derivatives, currencies, various interest-bearing securities, commodities, energy products and digital currencies. The company’s solutions can also be used in the creation of new asset classes by non-capital markets customers. Financial Crime Management Technology The company’s Financial Crime Management Technology business includes its Verafin solution which delivers a leading platform that improves the integrity and transparency of the financial world by providing SaaS solutions for fraud detection and AML. The financial services industry has seen a growing demand for products and services focused on anti-financial crime. The company’s Verafin solution provides a cloud-based platform to help detect, investigate, and report money laundering and financial fraud to approximately 2,500 financial institutions in North America. Regulatory Technology Regulatory Technology includes surveillance and AxiomSL solutions. The company’s surveillance solutions include a SaaS platform designed for banks, brokers and other market participants to assist in complying with market rules, regulations and internal market surveillance policies and serves more than 170 clients. The company also provides a solution to regulators and exchanges with a robust platform to manage cross-market, cross-asset and multi-venue surveillance. This offering powers surveillance for more than 50 exchanges and 18 regulators. AxiomSL is a global leader in risk data management and regulatory reporting solutions for the financial industry, including banks, broker dealers and asset managers. Its unique enterprise data management platform delivers data lineage, risk aggregation, analytics, workflow automation, reconciliation, validation and audit functionality, as well as disclosures. AxiomSL’s platform supports compliance across a wide range of global and local regulations. Capital Markets Technology Capital Markets Technology includes market technology, trade management services and Calypso. The company’s market technology solutions can handle a wide array of assets, including but not limited to cash equities, equity derivatives, currencies, various interest-bearing securities, commodities, energy products and digital currencies. The company’s solutions can also be used in the creation of new asset classes by non-capital markets customers. Nasdaq’s market technology is utilized by leading markets in North America, Europe and Asia, as well as emerging markets in the Middle East, Latin America, and Africa. The company continues to build out its SaaS business portfolio by extending and migrating its current offerings to SaaS. The company’s market technology business has evolved from its origins serving the capital markets, as it leverages its flexible and modular architecture technology that provides next generation capital markets capabilities in an open and agile environment, to develop its SaaS platform and offerings. The company expects to continue to expand adoption of this SaaS model by its clients in the future. For market infrastructure operators, which include exchanges, regulators, clearinghouses and central securities depositories, the company provides and deliver mission-critical solutions across the trade lifecycle, which is designed to cover all aspects of a market operator’s needs, from trading and clearing to risk management, market surveillance, index development, data, management, testing and quality assurance. In addition to serving the market operators in the core capital markets, there is a demand for mission critical solutions to enable robust operation of new emerging asset classes. such as crypto currencies and native digital markets. The company’s market technology business offers its services to several digital assets exchanges, and the SaaS-based Marketplace Services Platform provides next-generation marketplace capabilities spanning the transaction lifecycle to facilitate the exchange of assets, services and information across various types of market ecosystems and machine-to-machine transactions. The Marketplace Services Platform is targeted at new emerging digital markets and enables end-to-end marketplace implementation without the resources required for on-premise solutions. Numerous market technology projects involve complex delivery management and systems integration. Through its integration services, the company can assume responsibility for projects that involve migration to a new system and the establishment of entirely new marketplaces. The company also offers operation and support for the applications, systems platforms, networks and other components included in an information technology solution, as well as advisory services. The company’s ongoing migration to the cloud, discussed below, created a blueprint for its Marketplace Technology clients that will be used to demonstrate, guide and migrate their markets to the cloud, as well as for its own future market migrations. The company’s trade management services provide market participants with a wide variety of alternatives for connecting to and accessing its markets for a fee. The company’s marketplaces may be accessed via a number of different protocols used for quoting, order entry, trade reporting and connectivity to various data feeds. WorkX, a web-based, front-end interface allows market participants to view data, utilize risk management tools, and submit and review trade reports. WorkX enables a seamless workflow and enhanced trade intelligence. In addition, the company offers a variety of add-on compliance tools to help market participants comply with regulatory requirements. The company provides colocation services to market participants, whereby it offers firms cabinet space and power to house their own equipment and servers within its data centers. Additionally, the company offers a number of wireless connectivity offerings between certain data centers using millimeter wave and microwave technology. Calypso is a leading provider of front-to-back trading technology solutions for the financial markets. The Calypso platform provides customers with a single platform designed to enable consolidation, innovation and growth. The platform supports front, middle and back office activities in exchange-traded and OTC instruments and supports multiple financial asset classes and the associated financial instruments. Calypso’s software application specializes in capital markets, investment management, risk management, clearing, collateral, treasury and liquidity management. Market Services segment Market Services segment includes the company’s equity derivative trading and clearing, cash equity trading, fixed income, currency and commodities trading. The company operates 19 exchanges across several asset classes, including derivatives, commodities, cash equity, debt, structured products and ETPs. The company provides trading services in North America and Europe. In the U.S., the company operates six options exchanges: Nasdaq PHLX, The Nasdaq Options Market, Nasdaq BX Options, Nasdaq ISE, Nasdaq GEMX and Nasdaq MRX. These exchanges facilitate the trading of equity, ETF, index and foreign currency options. The company’s combined options market share in 2023 represented the largest share of the U.S. market for multi-listed equity options. The company’s options trading platforms provide trading opportunities to retail investors, algorithmic trading firms and market makers, who tend to prefer electronic trading, and institutional investors, who typically require high touch services to execute their trades, which are often performed on the company’s trading floor in Philadelphia. The company also operates three cash equity exchanges: The Nasdaq Stock Market, Nasdaq BX and Nasdaq PSX. The company’s U.S. cash equity exchanges offer trading of both Nasdaq-listed and non-Nasdaq-listed securities. The Nasdaq Stock Market is the largest single venue of liquidity for trading U.S.-listed cash equities. Market participants include market makers, broker-dealers, ATSs, institutional investors, and registered securities exchanges. The company also operates a U.S. corporate bond exchange for the listing of corporate bonds. Market Services also includes revenues from U.S. Tape plans. The plan administrators sell quotation and last sale information for all transactions, whether traded on The Nasdaq Stock Market or other exchanges, to market participants and to data distributors, who then provide the information to subscribers. After deducting costs, the plan administrators distribute the tape revenues to the respective plan participants based on a formula required by Regulation NMS that takes into account both trading and quoting activity. In Canada, the company operates an exchange with three independent markets for the trading of Canadian-listed securities: Nasdaq Canada CXC, Nasdaq Canada CX2 and Nasdaq Canada CXD. In Europe, the company operates exchanges in Tallinn (Estonia), Riga (Latvia) and Vilnius (Lithuania) as Nasdaq Baltic and exchanges in Stockholm (Sweden), Copenhagen (Denmark), Helsinki (Finland), and Reykjavik (Iceland) together with the clearing operations of Nasdaq Clearing, as Nasdaq Nordic. Collectively, the Nasdaq Nordic and Nasdaq Baltic exchanges offer trading in cash equities, depository receipts, warrants, convertibles, rights, fund units and ETFs, as well as trading and clearing of derivatives and clearing of resale and repurchase agreements. The company’s platform allows the exchanges to share the same trading system, which enables efficient cross-border trading and settlement, cross-exchange membership and a single source for Nordic data products. Settlement and registration of cash equity trading takes place in Sweden, Finland, and Denmark via the local central securities depositories. In addition, Nasdaq owns a central securities depository that provides notary, settlement, central maintenance and other services in the Baltic countries and Iceland. In Europe, Nasdaq Nordic offers trading in derivatives, such as stock options and futures and index options and futures. Nasdaq Clearing offers central counterparty clearing services for stock options and futures and index options and futures. Nasdaq Fixed Income, or NFI, provides a wide range of products and services, such as trading and clearing, for fixed income products in Sweden, Denmark, Finland, Iceland, Estonia, Lithuania and Latvia. Nasdaq is the largest bond listing venue in the Nordics, with more than 5,600 listed retail and institutional bonds. In addition, Nasdaq Nordic facilitates the trading and clearing of Nordic fixed income derivatives in a unique market structure. Buyers and sellers agree to trades in fixed income derivatives through bilateral negotiations and then report those trades to Nasdaq Clearing. Nasdaq Clearing offers central counterparty clearing services for fixed-income options and futures and interest rate swaps. Nasdaq Clearing also operates a clearing service for the resale and repurchase agreement market. Nasdaq Commodities is the brand name for Nasdaq’s European commodity-related products and services such as trading and clearing. Nasdaq Commodities’ offerings include derivatives in power, natural gas and carbon emission markets, seafood and electricity certificates. These products are listed on Nasdaq Oslo ASA, except for seafood, which is listed on Fish Pool, a third-party platform. In June 2023, the company entered into an agreement to sell its European energy trading and clearing business, subject to regulatory approval. Nasdaq Oslo ASA is the commodity derivatives exchange for European products. All trades with Nasdaq Oslo ASA are subject to clearing with Nasdaq Clearing, which offers central counterparty clearing services for commodities options and futures. The company also owns a majority stake in Puro.earth, a Finnish-based leading platform for carbon removal. Puro.earth offers engineered carbon removal instruments that are verified and tradable through an open, online platform. Puro.earth’s marketplace capabilities add to the company’s suite of ESG-focused technologies and workflow solutions and give its clients further resources to achieve their ESG objectives. Competition Capital Access Platforms The company’s competitors in proprietary data products are ICE, Cboe, and TSX. The company’s primary competitor for larger company stock share listings in the U.S. is NYSE. The Nasdaq Stock Market competes with local and international markets located outside the U.S. for listings of equity securities of both U.S. and non-U.S. companies that choose to list (or dual-list) outside of their home country. The Nasdaq Stock Market competes for listings with exchanges in Europe and Asia, such as London Stock Exchange Group plc, or LSE, and The Stock Exchange of Hong Kong Limited. The company faces competition from investment banks, dedicated index providers, markets and other product developers, including S&P Dow Jones Indices, MSCI and FTSE Russell. The company’s primary competitors are Morningstar, FactSet and any number of smaller firms along with start-up data providers and aggregators. The company’s analytics business offerings compete with other analytics providers, including Addepar and Caissa. Market Services In the U.S., the company’s options markets compete with exchanges operated by Cboe Global Markets, Inc., or Cboe, Miami International Holdings, Inc., or MIAX, Intercontinental Exchange, Inc., or ICE, Members Exchange, or MEMX, and BOX Options Market. In cash equities in the U.S., the company competes with exchanges operated by Cboe, ICE, MIAX, The Investors Exchange, Members Exchange and Long Term Stock Exchange. The company also faces competition from ATSs, known as dark pools, and other less-heavily regulated broker-owned trade facilitation systems, as well as from other types of OTC trading. In Canada, the company’s cash equities exchange competes principally with exchanges such as the Toronto Stock Exchange, or TSX. In Europe, the company’s cash equities markets compete with exchanges such as Euronext N.V., Deutsche Börse AG, LSE and many Multilateral Trading Facilities, or MTFs, such as Cboe, Turquoise and Aquis. The company’s competitors in the trading and clearing of options and futures on European equities include Eurex, Cboe, ICE Futures Europe and London Clearing House, or LCH. In addition, in equities markets in Europe, the company faces competition from other broker-owned systems, dark pools, Systematic Internalizers, or SIs, and other types of OTC trading. Growth Strategy The company’s strategy is to advance economic progress for all; and deliver world-leading platforms that improve the liquidity, transparency and integrity of the global economy. Intellectual Property The company owns, or has licensed, rights to trade names, trademarks, domain names and service marks that it uses in conjunction with its operations and services. The company has registered many of it most important trademarks in the U.S. and in foreign countries. For example, the company’s primary Nasdaq mark is a registered trademark that it actively seeks to protect in the U.S. and in over 50 other countries worldwide. Regulation All of the company’s the U.S. national securities exchanges are subject to U.S. Securities and Exchange Commission (SEC) oversight, as prescribed by the Securities Exchange Act of 1934, as amended (Exchange Act), including periodic and special examinations by the SEC. The company’s exchanges also are potentially subject to regulatory or legal action by the SEC at any time in connection with alleged regulatory violations. The company has been subject to a number of routine reviews and inspections by the SEC or external auditors in the ordinary course, and the company has been and may in the future be subject to SEC enforcement proceedings. Section 19 of the Exchange Act provides that the company’s exchanges must submit to the SEC proposed changes to any of the SROs’ rules, practices and procedures, including revisions to provisions of its certificate of incorporation and by-laws that constitute Self-regulatory Organization (SRO) rules. Pursuant to the requirements of the Exchange Act, the company’s exchanges must file with the SEC, among other things, all proposals to change their pricing structure. The company reviews suspicious trading behavior discovered by its regulatory staff, and depending on the nature of the activity, may refer the activity to FINRA for further investigation. Pursuant to regulatory services agreements between FINRA and its SROs, FINRA provides certain regulatory services to the company’s markets, including some regulation of trading activity and surveillance and investigative functions. The company’s SROs retain ultimate regulatory responsibility for all regulatory activities performed under regulatory agreements by Financial Industry Regulatory (FINRA), and for fulfilling all regulatory obligations for which FINRA does not have responsibility under the regulatory services agreements. In addition to its other SRO responsibilities, The Nasdaq Stock Market, as a listing market, also is responsible for overseeing each listed company’s compliance with The Nasdaq Stock Market’s financial and corporate governance standards. The company’s listing qualifications department evaluates applications submitted by issuers seeking to list their securities on The Nasdaq Stock Market to determine whether the quantitative and qualitative listing standards have been satisfied. Nasdaq’s broker-dealer subsidiaries are subject to regulation by the SEC, the SROs and various state securities regulators. Nasdaq operates three broker-dealers: Nasdaq Execution Services, LLC, NFSTX, LLC, and Nasdaq Capital Markets Advisory LLC. Each broker-dealer is registered with the SEC, a member of FINRA and registered in the U.S. states and territories required by the operation of its business. In addition, the company owns a minority interest in NPM Securities, LLC. Nasdaq Execution Services operates as the company’s routing broker for sending orders from Nasdaq’s U.S. cash equity and options exchanges to other venues for execution. NFSTX is a registered Alternative Trading System (ATS) and acts as an intermediary to facilitate secondary transactions in certain funds (both registered or not registered under the Investment Company Act of 1940), business development companies, certain closed-end funds and private real estate investment funds. Nasdaq Capital Markets Advisory acts as a third-party advisor to privately-held or publicly-traded companies during IPOs and various other offerings. The company’s SROs have signed a series of regulatory service agreements covering the services FINRA provides to the respective SROs. Under these agreements, FINRA personnel act as its agents in performing the regulatory functions outlined above, and FINRA bills it a fee for these services. The company has reduced the scope of services provided by FINRA under these regulatory services agreements and are performing certain of those regulatory functions directly. In addition, the company’s SROs retain ultimate regulatory responsibility for all regulatory activities performed under these agreements by FINRA. The company’s SROs have entered into several such agreements under which FINRA assumes regulatory responsibility for various rules or areas covered by agreements. The company is subject to Regulation NMS for its cash equity markets, and its options markets have joined the Options Intermarket Linkage Plan. These are designed to facilitate the routing of orders among exchanges to create a national market system as mandated by the Exchange Act. The company implemented an inter-disciplinary program to ensure compliance with Regulation Systems Compliance and Integrity (Regulation SCI). The company has also created Regulation SCI policies and procedures, updated internal policies and procedures, and developed an information technology governance program to ensure compliance. The company’s subsidiary NDW is an investment advisor registered with the SEC under the Investment Advisors Act of 1940. In this capacity, NDW is subject to oversight and inspections by the SEC. Among other things, registered investment advisors like NDW must comply with certain disclosure obligations, advertising and fee restrictions and requirements relating to client suitability and custody of funds and securities. The Dodd-Frank Wall Street Reform and Consumer Protection Act resulted in increased CFTC regulation of the company’s use of certain regulated derivatives products, as well as the operations of some of its subsidiaries outside the U.S. and their customers. Oversight of the exchange is performed by Nasdaq Canada’s lead regulator, the Ontario Securities Commission. The company is subject to Update to the Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR), the European Union’s Market Abuse Regulation, which primarily affects its European trading businesses. Many of the provisions of MiFID II and MiFIR are implemented through technical standards drafted by the European Securities and Markets Authority and approved by the European Commission. In addition, in 2016, the European Union adopted legislation on governance and control of the production and use of benchmark indices. The Benchmark Regulation became effective in the European Union beginning in 2018, and Nasdaq must be in compliance beginning January 1, 2026, in relation to benchmarks provided by non-European Nasdaq entities. In Sweden, general supervision of the Nasdaq Stockholm exchange is carried out by the SFSA, while Nasdaq Clearing’s role as CCP in the clearing of derivatives is supervised by the SFSA and overseen by the Swedish central bank (Riksbanken). Nasdaq Stockholm’s exchange activities are regulated primarily by the Swedish Securities Markets Act 2007:528 (SSMA0, which implements MiFID II into Swedish law and which sets up basic requirements for the board of directors of the exchange and the exchange’s share capital, and which also outlines the conditions on which exchange licenses are issued. The SSMA also provides that any changes to the exchange’s articles of association following initial registration must be approved by the SFSA. Nasdaq Clearing holds the license as a CCP under European Market Infrastructure Regulation (EMIR). Nasdaq owns a central securities depository known as Nasdaq CSD SE (Societas Europaea) that provides notary, settlement, central maintenance and other services in the Baltic countries and in Iceland. Nasdaq CSD SE is licensed under the European Central Securities Depositories Regulation and is supervised by the respective regulatory institutions. The company operates a licensed exchange, Nasdaq Oslo ASA, in Norway that trades and lists commodity derivatives. In the United Kingdom, The Nasdaq Stock Market, Nasdaq Oslo ASA, Nasdaq Stockholm AB, Nasdaq Copenhagen A/S, and Nasdaq Helsinki Ltd are each subject to regulation by the Financial Conduct Authority as Recognised Overseas Investment Exchanges. Nasdaq Clearing is registered as a recognized third country CCP with the Bank of England under the temporary recognition regime. History The company was founded in 1971. It was incorporated in 1979 under the laws of the state of Delaware. The company was formerly known as The Nasdaq Stock Market, Inc. and changed its name to The NASDAQ OMX Group, Inc. in 2008. Further, the company changed its name to Nasdaq, Inc. in 2015.