The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Michael Cho - JPMorgan Chase & Co - Analyst
: I just wanted to touch on digital assets here for my question. Adena, you talked about some listing surveillance today as well as the
ongoing tokenization initiative, but there seems to be a growing presence in digital assets and [crypto asset], various businesses.
Can you just talk through any particular areas where you think Nasdaq has a propensity to drive higher growth? And is there a
broader approach to frame the opportunity had Nasdaq as the digital ecosystem continues to develop?
Question: Michael Cyprys - Morgan Stanley - Analyst
: Maybe just along the same themes, just digging in a little bit on tokenization, if we could. You've announced a proposal to allow for
tokenized securities to trade on your exchange. I was hoping you could elaborate on how you envision that working? What are some
of the key issues and hurdles that need to be resolved? And more broadly, how do you think about some of the use cases? What do
you think is most compelling? And who would be minting the token? And how would that mechanically work?
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OCTOBER 21, 2025 / 12:00PM, NDAQ.OQ - Q3 2025 Nasdaq Inc Earnings Call
Question: Benjamin Budish - Barclays Services Corp - Analyst
: I know it's a little maybe early to talk about your 2026 outlook. But just curious on the OpEx side, it looks like your full year guidance
Question: Alex Kramm - UBS AG - Analyst
: It sounds like the Fin Crime business is maybe the only business that's kind of lagging your expectations for the year a little bit. I
know you gave a lot of detail already what's going on there, but maybe you can kind of flesh out a little bit more what exactly is
driving the maybe slower-than-expected expectation? And what gives you confidence to accelerate here in the fourth quarter.
And maybe related to that, I think last quarter, you talked about a proof of concept with a European bank. Any update on that one
would be helpful as well?
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OCTOBER 21, 2025 / 12:00PM, NDAQ.OQ - Q3 2025 Nasdaq Inc Earnings Call
Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst
: Slightly bigger picture question for you on AI broadly. In the last couple of months or quarters, the market continues to sort of
contemplate various areas of potential disruption, whether it's in business services or other type of software businesses as well. So
a two-part question here.
So I guess one, curious how you sort of think about areas of risk when it comes to AI with respect to Nasdaq's revenue model, and
as an offset potentially incremental revenue opportunities as well as areas where the expenses could also be sort of pivoted and
way you guys could extrapolate some efficiencies relative to the sort of 5% to 8% expense growth that you have over time?
Question: Brian Bedell - Deutsche Bank AG - Analyst
: Maybe just along those lines, actually the last question on the digital AI workers as well as you talked about earlier Adena. Just maybe
relaying that to the revenue synergy targets of exceeding $100 million before the end of 2027. Do you see the emergence of your
AI solutions helping to advance that faster? And if you can just remind us where you are currently on that revenue synergy target
as we go into 2026.
Question: Elias Abboud - Bofa Merrill Lynch Asset Holdings Inc - Analyst
: To what extent is the BioCatch announcement, the one-off partnership versus an adjustment in your strategy at Verafin. I know the
AML fraud space has a lot of start-up activity. I wonder if there are other firms in the ecosystem that would pay for access to the
Verafin network. I mean, maybe said a little differently, like could Verafin become more of a platform provider than a vendor?
Question: Ashish Sabadra - RBC Capital Markets Inc - Analyst
: I just wanted to focus on the regtech. We continue to see good momentum there. But just wanted to understand how are the
conversations with the bank or your customers in general on the regulatory technology solutions.
And then just maybe a follow-up on the CFTC partnership. How should we think about the benefit of the partnership outside of
CFTC?
Question: Owen Lau - Clear Street - Analyst
: Sorry, I was on another call, so I'm not sure whether you have addressed the tokenization question. So Nasdaq filed with the SEC to
trade tokenize equities. Could you please give us an updated view on using blockchain to trade an already very liquid market? How
do you see the incremental opportunity here? Is it something that you want to keep this in your back pocket at this point? Or you
have already seen a good demand to trade tokenize equities for US and non-US investors?
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OCTOBER 21, 2025 / 12:00PM, NDAQ.OQ - Q3 2025 Nasdaq Inc Earnings Call
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