NDAQ - Earnings call transcript Q3 2020

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the Nasdaq Third Quarter 2020 Results. At this time, all participants' lines are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]. Please be advised that today's conference is being recorded. Instructions]. [Operator like conference now speaker to hand Mr. today, to would over the your I President Relations. of Vice Ditmire, Ed Investor Please go ahead, sir.

Ed Ditmire

XXXX Good morning, to results. quarter today joining for financial everyone. And discuss thank Nasdaq's you us third

Adena events the our to of our disclosing Q&A. statements and and constitute statements press the open Zecca, of and cause the as Friedman, press that On statements team. to the website. Actual results Legal are such, non-public our Michael differ Information certain meaning concerning filed reports presentation prepared expectations may release CFO; on within factors this forward-looking SEC. We forward-looking website Chief with of contained from that other projections. with Ptasznik, XXXX. differ actual and are results Private Act Officer; up use After The CEO; during of these would in Regulatory Reform management future and like Securities John complying SEC periodic Q&A Litigation is a our members to and could the to we'll and means line in as under remind materially Regulation material, you from to I intend release information the obligations presentation may and our disclosure FD. remarks, relate

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Adena Friedman

ambitions NASDAQ’s clients for morning, Thank strategic sustainable everyone. for while report XXXX. our value us. for been consistently delivering and the you, good results guide, our our I'm on results focused With have for third pleased our of as stakeholders. we to Thank financial quarter joining Ed you creating

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the Nasdaq million; boosted our and listings, for governance Corporate operating In a IPOs rate solutions. U.S. revenues segment listings of and business Services relations demand investor services when period IPOs XX% stocks. including rate our activity new and for XXX win $XXX led listing our for exchanges increase continued intelligence welcoming by overall Our company win listing an X% delivered during XX% for of and

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Michael Ptasznik

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Operator

Thank Rich with Piper Repetto instructions] you. from comes Sandler. Our [Operator first question

Your line is open.

Rich Repetto

see and retire, No, so morning, still explanation, a on Michael, index is surprise. think. give upside Yes. we more the the Michael that Anyway, Adena. for I'm Good on Michael, or I options you've breakout, better too and grew by But despite done information can Congrats, job. almost how we young services double. you elegant Good a nice to guess Adena and futures the volumes the kidding. question that Michael. feel morning, XX%. great some than grew you're my us the revenue first, revenue,

give the over colors, and how agreements CMA, just we some with this bit you can So given grew better, XX% as well. license, that more by your a can also model the AUM little

So we model of a how better this what sort little bit you than do have?

Adena Friedman

Sure.

Rich. thanks So

I the to to for of think based past and from thing a guidance ebbs ranges that business. bit of volume. on the revenues it's given of say index the a the overall obviously XX% the XX% We've I that kind flows that, of kind noticed. little index futures first in And you revenue

it's a it we this give quarter, quarter, not but precise percentage So XX%. can't every you was

to manage at particularly futures we products and, or and one a the as fact And -- to great indexes shows for of range. above use we relationship in the year, the end lot see and term hedge think I where that to of investor CME just the well is ETFs XXX markets a that that it's with long the with top strength I CME So you have that end a that that think of this invest just index we and we top have partnership their as have portfolios. the of and appetite that help the to strong and them

Rich Repetto

back Okay, get in you. Thank queue. I'll that's my, the

Adena Friedman

Rich. you, Thank

Operator

you. Thank

comes Our Fannon Dan question with Jefferies. next from

Your line is open.

Dan Fannon

of in the again we expand XQ short typically about revenue. side, the hoping you tech happens dynamics of term on should think we with comments obviously, was the if But around sequential the market I segment, think that the how could morning. that in headwinds this context your upon some about year? build Good Thanks.

Adena Friedman

Sure.

trying it were to convey. can break down think we I what of that kind

working they a more put that well as our SaaS for newer keeping oriented we should in are terms trade to, comes revenue on of the us deliveries, see some that the of strong that is part are up well. that But can we gotten to ARR sure are those significant between And our demand of are are challenges. services see, make requests the They're we a obviously the those this clients issues project, pandemic year, this the is to there's their you're are company our franchise. also When team because organization. own looking finding types continue that think in delivery from to making streams into of some that implementations growth, definitely they through be implementation revenues have we have have for several continue are of short we've we've that just managing where don't schedule. market that gone an to recognize we sure growth or to then it X% to oriented. is deliver make And long bring to projects. are apply actually the that be when It's definitely offerings some non-recurring of against are, But And been made for first But created increases they still on those to continue recurring them. the the ability. a surveillance And do some, think requests, it's a really also that growth have making needs on on collaboration change just managing and requests The the change pace And a we're [ph] moment. more those you that kind they for bring to in types business deliveries for those, delivery issues. whether And clients to the which the that have of take client is And think that. not, that that can if as challenges when market, trade those pace in as of that post that part and gotten revenues. will are, it balanced it of I have environment. or that but we in that, continued we've harder those collaboration deliveries, lower implement created marketplace this lot because those on-prem as are through And also order that we've surveillance But sure we at about important then SaaS original just, they're matter to to the at tech bigger And they year, of seen really so sure, making used better the platform, they're it as year. change seeing We the us we at impact the to more constrained are and it's rate where a, on our kind gotten, post a term the which the them simple. in of a also clients it's platform. an capacity other I the business. we're people particularly go trade of and of

by of term sales trend you against I long the terms the to increasing are think flexible current with that that us we're in should delivery So NFS. as really assume products getting the as well more nice move more percentage our mode of those term of driven trends shorter environment, into SaaS, a are continuing through

So gives that you I'm hoping enough I backdrop. an think

Dan Fannon

you. Thank Great.

Operator

Thank you.

Our next question Barclays. Campbell from with comes Jeremy

Your line open. is

Jeremy Campbell

luck. Michael, to pleasure been still Hey, but want months left, best congratulations. a few And it’s with a have say And you. you just working of know I thanks.

to managers You kind the it’s now. seems over know, in pretty Nasdaq could know how stream and headwinds are Nasdaq, base this But from think another term the at we right asset about I is manager of on potential past like pipeline a should tech? asset and reportedly be the some minuses quick client It a consolidation asset revenue parts of deal consolidation. near your integration up major non-recurring different it post as bit year, and of the ecosystem. of market question active pluses relates of manager

Adena Friedman

to operators, we've we Well, dealers. lot been have in as do broker business. business as in a we of in clients. asset managers infrastructure a side, by market and formed And on on asset the the market surveillance focus actually We clients really well manager’s the tend growing that tech don't have small business

in tech there. clients. over of then So won't, the issue manager information have significant I you if business, asset we manager services think asset will look a consolidation thousands be And market

clients It's are them that we we they're, the our the combined investment with one of work working also really matter let's occasional you single an they what say, combination we'll and is that work an if that overall the a a is so chance well, they investment a that's going as be on the are then of we not, have versus should, should is with should, enterprise forward, if with able both seeing, out the out clients a they then of client, actually increasing basis And value clients, them client investment to where to penetration figure to for client And client us combine. basis. in that. charge on certainly, one other figure and

asset I for huge for of as to way with the us very same And a and small So still are growing. business. you like to. were the sea, others look managers think there, to just know, which at that's [Indiscernible] it investment it's areas appeal There's out and

a have a they're and impact and their will of On the managing they're portfolio. have significant shouldn't trading because real their how more trading managing the with anticipate AUM they're just that don't organization, impact business, trading much I that basically that how on side

side. So see impact I an don't on the trading

Jeremy Campbell

thank Great, you.

Operator

you. Thank

Kramm from Our Alex with comes next UBS. question

open. is Your line

Alex Kramm

day, may Yes, be I to good do about ask hey, but better want This M&A. everyone. the morning, for investor

over and low, multiple side. pretty You Michael on has look and here going on expanded And year, to you side a is strong tough obviously helped really last by are years as have a face well, established your next into partially rates but substantially. index trading XXXX track if record the the clearly comp I the

wondering, more a update thinking this here. And with what a to deals Thanks. just differently degree And proposition? you the I'm look on more maybe where bigger that -- cost little value a maybe revenues in so, driven transactional at there it? of about bit So actually be So would M&A something you space? are is would if great be broad has could

Adena Friedman

Yes. Sure.

Day, a little spend will on the more Alex. time Investor We that bit in

give area that an areas. rough think give a sense it is But will I'll at you bit least our you So of I a little preview. focus

is I all we've as think of what fitting strategy. into along that at acquisitions our look we part said

terms both marketplace the on part many our business this and where the where that Optimistically, marketplaces, everything our and/or acquisition might primarily that catalyze expanding said an cost times, to of clientele. acquisition I just we expanding can where at we around Architect we the think sense want nexus expand that to we've grow think of we and think how that industry. it the would want growth in areas grow, we really on don't in have if business So the and And we out really have developed our been synergies sector we I the on in do on, every strategic sector acquisitions there. then to terms -- we from and focused Information the And side. of makes of Services look targeted is growth make organically we you're a benefit to

so stop them strategic within the in. from But we all it right framework, furthers on we looked doesn't and is we away where generate therefore in will not it also -- of scale, that, lot quickly so strong. the fit really the I asset that further put really at shy at we're And if but that strategy to certainly looking We that do say ability our transactions classes also changed. But that things. hasn't things our a And the pretty strategy. doing always can

few we've what years. last over We seeing our the aren't not shifting from been strategy

time So spend that on Investor little Day. more we'll at a the

Operator

comes Bedell with our Deutsche Thank question And you. Bank. Brian next from

Your line is open.

Brian Bedell

congrats. another Great. you but I Thanks. Good And talk say, Michael folks. quarter, to for also. morning, we'll And want to just Congrats,

the on range the strong Services Information you X% to seems easy in for it an the levels, to look but like exceed as revenue, top in with in on ETF, be year, AUM there this that depending at So the it's X% sustainability even fourth into we extremely at just T&E of your contracts of upward Info and Looks obviously, like that now line. But softness moving would Services Market Tech. the trajectory and volumes still next that quarter quarter. into

impacted So say and just the what some to recoup cost? And thoughts with market into any Schwab in online fees ability commentary with then data. the data positively industry, consolidation, that coming XXXX, audit for And your market just that? example, maybe about to and brokerage extent, about revenue Ameritrade,

Adena Friedman

Okay, great.

Okay.

is things So solid with growth I'm particularly within within Information is that that Services. really there think, sub show Information pleased three Services, quarter segments the to of one about I the all across

So there. Solovis and other a investments within Quandl, to growth data with the assets you [ph], franchise, have analytics

We Nasdaq-XXX investor recognize small And like and there. the franchise. saw Nasdaq other business, the twist we inflows to growth in downward index overall to back really so very strong cover the minute. I'll elements trend the we period, we we market a that beta cap that where when go to I in have the index fourth growth suffered X% are of XXXX, it then quarter see in a some we indexes, market really the also saw through a think it -- while markets made and our in into that data, continue have that which have And even in there

in we upward were week, $X inflows like the was week in into March, market market million the addition to saw the So, markets interest index, then, that we've a that of kind we something swing, this declining and the but through of automatic we And beta million seen do inflow that think indexes, the the to invest that's Nasdaq-XXX. most, in Biotech investors when Semiconductor, other also our smart there's just strong or secular $X even franchise. Nasdaq-XXX, toughest largest both had the among appetite as

on are and we So, also we have beta But long trading. I more with is align obviously themes. indexes there just components think say, there the that term that the would some

-- have world. new we And do AUM strong diversifying clients could the growth terms challenges think this other are several ability years clientele, in market gathering that that job are be franchise. that continuing is to we testament those year next earlier just we to nice in to to newer expand in generate done to of well. those sure we and data some making shown, year, continue see the which sure a of the With regard we our continue parts over are there data making create a of resilient the that clients providing to we and mentioned, the as we by a We will from the continue And into -- launching of the world. some products investors But the products I the that it's business, to thing very business. clients to to they're demand continue actually, really found that to that provide around expand who one

So significantly year. down for showing audit year that's our last from third down from year And numbers. up is last revenue quarter is audit this in quarter. the the revenue in our fact, And

that So quarter just current collecting not we're on expansion really and pure clients. really growth customers, driving as from the of we're this our is actually backfilling. We're new seeing obviously, much the the

for will long brokers, the takes that the we've thing that. The terms that In from of consolidation a is some a the long close And been and known online we've -- nice it from impact impact time. deals. there of these be time

take can they and work products sure from all continue clients a we a New also had they demand of the clients. as do coming make we've strong this FinTech So see to with combined lot to time from they're taking continued become But organization. that that us

that that digit nice our low business. And low a medium -- mean, is I it's so, said single mid that because more always mature But a I term grower to balance think there. to there's part of we've a

that you more gives hopefully context. So

Michael Ptasznik

XXXX. the was And Brian, high nine quarter number unusually in million in an to as the audit quarter $X of compared of QX

Brian Bedell

so you much appreciate Thank Really Great. for it. color. the all

Adena Friedman

Sure.

Operator

you. Thank

America. question from next Our Mike of Bank Carrier comes with

line Your open. is

Mike Carrier

morning, and quarter. the Good for question. Good thanks taking Hi.

regulation. wanted get update on Just an to

like the the DOJ areas SEC data. big working on some market Given [ph] with

process, particularly SEC take your is expect? Thanks. on this potentially a typical get how different process versus wanted Just to standpoint from on to meeting what

Adena Friedman

be reading that are. about honest, same you Sure. to way the Well, we're

that there's reading you're understand to reading must you that we're time same hope -- that at it. the I So, nothing

across one responsible model competitive But our And products it that we've data in in market and that space. have subject participants on So that secondly, decade, that for value despite And think that I good things multiple we some provide. continue the data a the a are -- alike times scenes, to with relationship in provide to do like I I we is the think demonstrate that thing a clientele. been market the And say. the we competition customers. behind front I market our I would highly the of very customers that we to we that our to over we've paper. think investors things a able do that very great have proven And say, think a to And both have very data we strong our relationships the you have see I to the way. in

we've in As a the several now, I in well able to both times that that that, to defend think done. people those been to competitive is this fact and who as ourselves value we those for our prove over use We've addition court great a we situation. And had we've space again, competitively, create price and products and like that data. that over ourselves

that. happy how talk manage we engage remain we products. as the as well very us to we're to in way with wants business, Mike, deliver that, think we confident, that I So And the whoever about to

Mike Carrier

Thanks Okay. a lot. Make sense.

Operator

Thank you.

comes question next Owen from with Oppenheimer. Our Lau

Your line open. is

Owen Lau

Good questions. my for Thank morning. you Okay. taking

Deltas, So and the first luck future Mike. in of best all, of

Michael Ptasznik

much. you Thank very

Owen Lau

Yes.

give market? you for the look private private at Nasdaq change update Thank us and way question, an So spec on will the impact my could you the and please you. space? market this Does

Adena Friedman

That's that question. the got I've first

has a But solid issued in have I terms little of would private private It lower offer space. But a of to market of in a bit, all it's decelerated market service and based level continue generally been are we question tenders that first good that little volatility bit the Nasdaq the think, taking to managing entering say, if and their this year continues companies, been and you're because and is, I broader understanding, think, activity their just way advantage on, we But liquidity private speaking, clientele different of asking, have that still I businesses. year of people been really that this this of the private that's in the a strong all, play to this longer? market, the overall ways have to the So to question they're companies going good year. I the tap going a alternative And continue public private into have longer now can we're stay term see to that they the out. year. think are

company the tap a which know their may our I earlier to they think is demand going into public so make of the don't tenders. lifecycle, to have right to can it we that So, answer now. in that markets less

the I the tap companies, into quite public to mean, seeing we in think markets. I we're full strong obviously their of but terms are private high that on through respects still it's quite and lot the think companies and active of of seeing private ability public still performance there a a coming in mature, overall year. companies to markets valuations growth will that markets. tap the continue thousands mature traditional IPOs, that very a before both I and also just are they But space been public

to continue of private opportunity. private scratching And We're company's really will right huge a the so, frankly, now. barely market I have personally the think surface that liquidity

can and is answer out lot don't good it will there. market we just come do we to companies to question more have the sooner, a more And as yet. But I a whether public so, the know

Owen Lau

Adena. That's you, very helpful. Thank

Operator

Thank you.

Our next Alex with from Sachs. question Goldman comes Blostein

is line Your open.

Alex Blostein

you Good Tech around for Hey, morning. Thanks. guys. Question Market again.

have? near you opportunity a will best incremental incremental kind margin on those on-prem margin spend could the just revenue the instead new along I margin of intake? three What's of margin really what's the through be kind to of kind trying an sure [ph] you minute from there? that the margin something the Thanks. us what it, I'm time. ARPs walking fluctuate, on on was but but understanding dynamics of initiatives here the to some if buckets are seen incremental lines for of just order the sort it's kind the really over kind it, term Not get that growth tackle helpful? hoping could And guys of those So, And of of the you've framework

Adena Friedman

as take if try something, know, but out we'll Day. I'll can able be that in to we that and Sure. into I help how we figure Investor with back don't answer detail it today to get

all in of margin terms SaaS that what which the be think the our dynamics, a clients is, into saying along we I much to I that the offering. been continues case, very think we've can more move

whether there. the always surveillance market our it's a year -- we've offerings So surveillance because just SaaS. stream. margin offering, and we've allow revenue seen offering And that time this been market definitely trade it's SaaS And to launched -- shorter. a have our us those strong pick is higher up implementation as overall offering has And and recurring

the think margin But that with of often do different way the go. revenue that a just Whereas fixed we manage margin price composition right the a we it's us. obviously do delivers stronger is to so to on-prem we And there. for implementations, contracts

NFS flexible some I think the we of a more our being as that short in NFS, -- can is can in some platform, happening ends if up it for are because resources And can the and implementation impact make we're over it, implementation. on sales having SaaS. as that's sometimes generating year. more is SaaS, time, some -- still complex, longer our So it SaaS well that we have all that and/or and much on-prem, show end surveillance it can to are term the margin are which more put deliveries But new what's like more business this it driven the so make and to the up

margin. the more drive can to higher So we that

that few that's the it's weeks. type that And we to in. around Investor want of that the Day sure to us in order something taking show up more take that we're you a in we in so intake And and context at to shift provide order make

Operator

you. Thank

question Chris Wells Our from with Fargo. comes Harris next

open. line Your is

Chris Harris

whether Great. in the going we're has to you and Thanks. options? if why for Do equities the so? is, wondering seeing sustainable? U.S. in be really, think that And what I changed these are guess markets trading volumes you And paradigm I'm think

Adena Friedman

makes more uncertainty. next volatility well. that have so when to investors drives got two I that a could it more always going just think And One this that the get all they're we different year. what key younger overall So have taking that investors factors our coming our different different are in progress, how into to levels investors views there opinions, in and are volumes you've that that is opinion have because the expressed markets But happen on more also at economy lot those have retail is same as the volatility, and that market time, opinions volumes. you and the right?

investors. drive from with do fact that those coming the And so, I around engagement And also into the retail think stock. more do market, volume investors to that have has retail we

those are been we've is, to our stainable we've question the own And talking to And it. I think Now, as as speak online the clients retail trends? brokers about listening about investors been that it.

market. strong that an I But investors the XXXX, investors I timeframe. will really that our has a nature view, there's retail the term is market, we time investors some professionals and But one is healthy term. come investment think I the a trend macro create on well I in. think with more of overall and don't saw new getting here coming think longer younger opportunities I in wave fact a investors. one think environment really the the the be will long think tell. there every I sustainably which secular therefore that that in just seeing a exciting friction over think we that shift that And commissions, XXXX, trading that those a more the -- of who could created But XXXX of what think for backs investors as higher But engaged understand that's in industry our that that's one. retail access, a the of overall view have I and as And takes speaking in in increases environment zero the are than down

Alex Blostein

Got it. Thank you.

Operator

Thank you.

Voigt Our next Kyle with comes question from KBW. a

open. is line Your

Kyle Voigt

business, Hi, listings revenues strong market know little cited good the amortized some $X IPO million morning. those And are well I quarter. years. by listing just switches on as grew sequentially a bit you initial and several I the fees over given the surprising in still guess, that it's

the it's of there that in know, first below question, for in still the the second that So probably or the is the necessarily be the you're business, the one question, more fees, part and increase And you're should this to there sustainable? time else anything part note of because And not that's proposition. drove nature, strength the tiers low momentum, listings the of business? value I say, you'd because seeing certain given NYC priced within

over you so? see pricing look tweaks wondering, do you potential out or Thanks. year Just the next as for

Adena Friedman

schedule note listing That one that did amortization fees bit the the couple amortized. initial that get to Well, a just fees few change really a years ago. years, amortization the is of a thing is Sure.

to its the fees to listing be. two I two three. IPOs, used still its a amortized. get Michael, years you're than right, over that for And But think, it's initial or do little So shorter it

Michael Ptasznik

is as timeframe. that there also year. -- the Yes. we all year the pricing also it a It's did the flowing at was far through that's have four the we been did taken two Yes, was through. to well. so years beginning depends. flowing the It's some fees of -- sustaining But this on And quarters

Adena Friedman

Yes.

And the it first issuance time in And really of new there increase It nature streams. of all, so business. would solutions revenue with is that no in are are that of are just of our the one fees market I coupled -- say quarter. the just corporate that, creating those kind strength strength the recurring

compounding new then I -- think then and because that to XXXX. do market. in will that issuers But say. important I that fact to high of that's year, So -- then starting fees, to into start throughout the create I thing you're of listing think which as the have that generate been going a see more the get effect list issuance And they we annual more issuances

little good new the it just the a is strength that's wanted sure kind really that amortization So ago. make years is the was know of to news different of few just a schedule than issuances. it you is coming I from

Kyle Voigt

then the And potential pricing on tweaks? for enough. Fair just

Adena Friedman

Yes. Alright.

a fees opener to a we right, with Nasdaq. say But we of be even move paying it And getting wouldn't door they're the opinion give your to are our list very for They're frankly, And proud $XXX,XXX conversation they're strong in prudent and open it work on us here. them fact them to over. way them consider a never clients can our we fees. I list to to door So other $XXX,XXX to a role in paying consider. then to value here. our proposition aspects really We're we service to in not far reason the the deliver Then our superior play want an of value the to the manage a have and allows clients. that. that on they very to it's any you're that it's our do reason switched top alternative. -- that all And

to our So conversations business. we we switches. that value feel key in our reflect -- on in I continue to in make we differential big how clients. fees making say, good pricing we'll its But the is And changes we we for tear don't offer fees give max catalyst that the have periodically at structure change increased to reason strong see the to think we reflection a frankly, I end. the is of to the the investments about IPOs, a fee that make a to we're And would charge. top a our we think so, And that

Kyle Voigt

you. Thank

Operator

Thank you.

Alex We have a Kramm follow-up UBS. with from

is open. line Your

Alex Kramm

maybe on answered the just up other and listings. very then was But on question. my follow Yes, numbers index actually Hey. quickly,

You gave trading give for guess, the the exact AUM quarter? also the, Can contribution. I contribution, number the you this

Adena Friedman

it like know have -- you XX%. readily given to it's I within know I available. But any might Sure. quarters, more Michael, XX%

Michael Ptasznik

is the for know, I XX%. don't the do you have that That's it's in quarter. this answer I exact Yes. But think range. number what

Adena Friedman

range, the towards that But since in probably it's futures towards think end. end, I lower the Alex. high the

Michael Ptasznik

Right.

Alex Kramm

you. Thank enough. Fair

Adena Friedman

And Sure. is just the to difference data. make up the

the three and index So of the we the systems. futures volumes the AUM, should of components data, index say, index

Alex Kramm

Thanks. Yep.

Operator

Thank you.

have up Rich Sandler. Piper Repetto We with from follow a

Your line is open.

Rich Repetto

Yes. let about asking financial tax. transaction the call Hi, by Adena. couldn't without go

Adena Friedman

Yes.

Rich Repetto

what a thoughts I transaction certainly, debate a you transaction So, the are this on all Are or press you doing is, really there's what prepare? tax? Is in potentially lot been on financial are with discussions about legislators? know, moving. I guess your financial question So possible? the to -- having the that

Adena Friedman

Sure.

say So heavily the Jersey we're engaged I think to the is, with the Governor. thing and Legislature New first

from We data states data is operator We states also receiving uses welcome been data Equinix our from or have in about today. company actually certainly partner centers. own inbound calls of any would to way our that other infrastructure center governors as centers a as well. a their with that we thing The as our nice that don't manage we the us work

have so, moved data we do our the in flexibility. centers We've past. And

operate our be Virginia also, used Connecticut. to And or Ashburn, years then We Trumbull, we several Carteret now moved of backup for ago. in used out to Chicago. in we So

data We've data centers. have do experienced we moving So centers also our in Sweden. moved

takes. And closely our that I Chicago Jersey. and we familiar this context, because in as are that to clients we between well. very, particular clients, So to New support with embedded built infrastructure are data our all with just have not it's connections in And our obviously, work what us, very centers, think they've

need to But made investment order So us a there feasible is as do for is different absolutely it go an to choose in would to state. it. to an that to ecosystem be

countries, data But clear the would centers think risk we a that's that if a that the environment to then what thing on located and and is really something other investors, introduce tax that, they've certainly could investors, spreads friction then I the first tax, particularly be have that if in an you in ecosystem And responsible then here. And well And retail be that in just we've lessens established cases and believe because lowers seen and transaction negative state, from know, doesn't a we in tax, liquidity our find in to think a have do that we New that participation we their obviously market, of state made Jersey. that happen been creates there's don't our every widen effects we impose have well choice. operate spreads. taxes other oppression. Rich, implemented liquidity,

right And we a proof negative time taxes the have volatility in will given lot liquidity market. the a so, say, really at create of to friction a points needed we impact, have and friction, a maximize it to matters, when

And it. So to we states engaged best term path understand New it. we are with about are other and heavily like the serious long for Jersey

Rich Repetto

to there it, heard is is you. sort Thank think the I much Nasdaq I about think exchanges it. of outside And guess? among I as of part haven't just, And a But coalition I your represent position.

Adena Friedman

market speaking range there's and -- legislature a I understanding of on issue. exchanges with resistance and involved wide the would this involved just participants, and the in say that

quickly Kramm's revenue coming our back to from question. of in AUM XX%. quarter was Just within Alex get indexes specific to out the The percentage

Rich Repetto

the that side? Adena, add to on just XX% the index to licensing -- futures And was about it on licensing side

Adena Friedman

XX, not XX. it's Oh,

you. Okay. Thank

Rich Repetto

you. Thank

Adena Friedman

Okay.

Thank I question. So, hope you. Rich, your that answers

Rich Repetto

you. Thank does. Sure

Operator

Thank you.

Hill Capital. Loop question with Ken next Our comes from

Your line is open.

Ken Hill

morning. good Hey,

product? forward, just with guess, to differently the given bit you're I like this a [ph] there. have congrats different say a curious know Do an launched. just suite? to perspective within there any are know, I different want there. Are dice of I just might little then the on slice alternative rolling you cost maybe I here rolled products suite index Ann from innovation the on type being products, and there to or or out lower Nasdaq. Nasdaq Q's, product any Michael economic be economics My to for First, additional I out? guys And looking thinking and transition the new Q's questions you other an was pricing any

Adena Friedman

Sure.

tend specifically getting indexes. about say talk the the how theses value that built on we're sure Invesco, properly point, would partnership for each individual we But compensated I we've very how the don't that we comfortable partner. to to So structure first are with we of with make with this and

very And happy products, so, comfortable rate the I choose if current fee we're that getting. choose new clients with the think we products, so the we're the that they feel

In new strategies part benchmark indexes team. can most like to always actually that's creativity well products, more other bring considering Nasdaq-XXX as to ways our thematic that both the the They're of new of and look fun terms the Biotech as new and investors. index at we

ways are it. we new to working And our to index so, constantly partners find dice and with slice

is for So also instance, think a it below I Nasdaq-XXX, was Nasdaq-XXX. the we Victory, where implemented have which XX the next stocks the

for ways choose kind to that people can So participate have of Nasdaq we franchise in the different different broader partners.

Ken Hill

Okay. Thanks for the color there.

Operator

you. Thank

a We with Brian Deutsche question Bedell from Bank. have

open. is line Your

Brian Bedell

Thanks the for Great. follow up.

of But would terms share. be And any on pricing that pricing, against then, was members pricing a that whether bit. just that that on captures. we're getting pre-emptive seems in maker of fourth to any Obviously, dynamic initiatives exchange. like about year. market revenue equities Just you exchange. any capture the of whether more coming of there. the seeing into was And quarter? sort U.S. And there's could that? suspect retail of in market We you little part pricing going dynamic. interest that's the a I delayed dynamics talk exchange and of Two end cash Maybe on into terms sort executed moving if of volume off and in doing the the more one, thoughts

Adena Friedman

Okay.

So thing monthly actually we as almost I with and dynamically, it's cash would equities say cash is, pricing know, changes pricing, equities small all very within business. work their first the something that on you we make

that in to And so, I Nasdaq retail from to And retail that we're watching come would working say with terms flow the off trying always exchanges. exchange. clients of the bring our and on attractive to get how to of understand can the we into exchange more

that correct, exchange retail are volumes. the level higher has off You driven a trend

We'd those to exchange are the get flow subject on But the capture market. more to orders discovery we fact than reflect that. intermediaries on different fee love also scheme that of that scheme. getting price our we have so have a that's And not -- the

of But through we to going of to in. And get we within to a operate lot that work exchange to about flow talking new always of bring So them on that's our exchange. kind the allowed in are to we the can the more off office retail to have will that limit the that how retail ability margins, structure fee exchange. come we're

optimizing that our managing been first And OMX. extent way that are see clients, think seriously. those all they ever that now we among are platform. forming sure in that our announced dialogue on they we competitor that highly [ph], of we with that, to were And in our and we're I have every changes the will having we to that we're take terms make time. OMX maximizing we we the behaviors engaged and clients And since the

the So wouldn't that more effort early have extent from but to to I perspective pricing that, you're ongoing that to say things, dramatic success. competitor a manage to going they see an

Brian Bedell

That's helpful. you. Great. very Thank

Operator

the are for questions there the back Friedman And in Adena remarks. closing queue. you. no any to like other Thank turn to I'd call

Adena Friedman

time just all. Ann Great. her. are very spectacular very do role. done Ann great the Well, again, preparing had, also chance really you Thank want closely I And over just we've a partners. together. work I've you Michael, want an I the mentored he's her years. I to for we've sponsored And He's job to had and of a much. thank with to mean thank for amazing

see lot us months, hope we're all more be few come join just so forward just thrilled step. including you at that for XX. that, of we him And next either excited get And Michael to investor despite in CFO. and or that. November take a we're see a have over to leave, that to is we person And And of you sad role his the our on in can't to I to excited look which fact such Michael very we we in day, course, internal virtually the say are the that and strong candidate next

all day. you and very thank have So a much great

Operator

gentlemen, you you Have and may this Thank great conference today's Ladies for call. day. participating, now disconnect concludes everyone. a

Nasdaq (NDAQ) 21 Oct 202020 Q3 Earnings call transcript