Nasdaq Inc

The Stock Exchange of Thailand and the Singapore Exchange are accelerating rule changes to attract technology companies and new-economy businesses to list, amid an AI wave that is reshaping capital market competition in Southeast Asia. The Stock Exchange of Thailand is preparing to relax the minimum market capitalisation requirement from 7.5 billion baht to 3 to 5 billion baht for main board listings, and to remove the requirement for foreign companies to demonstrate participation in driving the Thai economy. Meanwhile, the Singapore Exchange has set up a Global Listing Board platform with Nasdaq to attract technology companies seeking dual listings, requiring a minimum market capitalisation of at least 2 billion Singapore dollars, and launched Singapore Depository Receipts for investing in SpaceX, Grab, and Sea shares in the first half of this year. In the first half of this year, the Stock Exchange of Thailand had only one IPO, raising 10.4 million dollars, while Singapore had five companies raising 1.05 billion dollars. The Asia-Pacific region had 247 IPOs raising 47 billion dollars. The Singapore Exchange disclosed that around 50 companies are in the IPO preparation stage, and the Stock Exchange of Thailand expects at least 18 new listings this year.

President Donald Trump said Michael Selig, chairman of the CFTC, is working to bring perpetuals trading platforms such as Hyperliquid into the United States in a fully lawful and compliant manner. Speaking at a joint press conference with technology leaders and heads of federal agencies on Wednesday, Trump said Selig is working to bring perpetual futures markets into the country. The CFTC previously approved KalshiEX and Coinbase to list bitcoin perpetuals in the US for the first time. JPMorgan analysts said blockchain-based perpetual platforms such as Hyperliquid have surged in popularity because non-crypto traders are turning to 24-hour markets to access certain assets such as oil outside traditional market hours. Traditional exchanges such as CME and ICE are concerned that such platforms could be used to manipulate prices and distort markets, and want them to register with the CFTC, according to a Bloomberg report. After the press conference, Hyperliquid's HYPE token rose 17% over the past 24 hours, according to price data from The Block, while the 21Shares Hyperliquid ETF, Bitwise Hyperliquid ETF and Grayscale Hyperliquid Staking ETF rose nearly 20% in Wednesday's session. Hyperliquid Strategies, listed on Nasdaq, rose 30.4% on the same day. Trump also called on members of Congress to pass the Clarity Act, a broad cryptocurrency bill that would provide comprehensive federal oversight of the industry for the first time, describing it as a very structured and powerful law that would help the United States stay ahead of China and all other countries.

MSCI reported second-quarter revenues of $867 million, up 12.2% year over year, in line with analyst expectations but marking the weakest performance against estimates among its peers. The stock has fallen 8.5% since the report and currently trades at $572.27. Among the ten financial exchanges and data stocks tracked, Morningstar posted the best quarter with revenues of $663.2 million, up 9.6% and beating estimates by 2.2%, while S&P Global was the weakest with revenues of $4.15 billion, up 10.4% but issuing full-year EPS guidance slightly below expectations. Nasdaq and Moody's also beat estimates, with Moody's achieving the biggest beat and fastest revenue growth of the group at 15.1%.

Five major online brokerages, including SBI Securities and Rakuten Securities, will make it possible to buy and sell US stocks during Japan's daytime hours, Nikkei reported on the 12th. Behind this is the extension of trading hours in US stock markets. Nasdaq plans to extend trading to 23 hours on weekdays, with the SEC approving a rule change in April this year and a start scheduled for December 2026. Nasdaq's current trading hours are from 4 a.m. to 8 p.m. US Eastern Time, but overnight trading from 9 p.m. to 4 a.m. the next morning will be added, and from Japan's perspective, this US nighttime falls exactly during the daytime. NYSE Arca, under the New York Stock Exchange, and the major US exchange Cboe are also moving in a similar direction, because US stocks are no longer a trading target only for Americans. In March this year, PayPay listed on the Nasdaq in the US. One of Japan's leading payment services chose a US stock market rather than Japan as its listing venue. Companies list in the US. Investors are in Japan. Smartphone apps connected the two.

Nasdaq has entered a definitive agreement to acquire all equity interests of LeveL Markets, a U.S. Alternative Trading System, and is creating a new Digital Liquidity Networks unit led by Roland Chai. The acquisition aims to broaden Nasdaq's institutional trading and always-on digital liquidity capabilities, reinforcing its shift toward being a core provider of market infrastructure and technology rather than just an exchange operator. The deal, along with a multi-year surveillance technology partnership with prediction markets operator Kalshi, adds proof points to the catalyst that product innovation and broadening use cases for Nasdaq's tech could drive its business mix over time. However, the impact on near-term results and the main risk around integrating acquisitions like Adenza is seen as incremental rather than transformational at this stage.

Nasdaq has agreed to buy LeveL Markets, one of the largest U.S. Alternative Trading Systems, as part of its strategy to build always-on markets. Terms of the transaction were not disclosed. LeveL Markets processes hundreds of millions of shares daily and reaches more than 2,500 buy- and sell-side clients. Following the deal, LeveL Markets will operate within Nasdaq's newly formed Digital Liquidity Networks unit, led by Roland Chai, while maintaining its own management team and regulatory oversight. Nasdaq plans to invest further in LeveL's technology, client offering and long-term growth after closing, which is subject to customary conditions including regulatory approvals.

Kalshi, a major prediction market platform, has announced a multi-year partnership with Nasdaq to deploy its Market Surveillance system for round-the-clock, real-time trade monitoring. The system will work alongside Kalshi's existing surveillance tools to enhance detection of abnormal behavior, market manipulation, and insider trading amid mounting regulatory pressure. The deal follows several suspected insider trading incidents on Kalshi, including a 35,000-dollar fine imposed by the CFTC on former Congressman George Santos and an investigation into White House officials potentially trading on inside information. Nasdaq's system, used by over 50 exchanges and 20 regulators worldwide, will enable Kalshi to submit trade data to the CFTC as required and boost transparency in the rapidly growing prediction market.

Bitwise CIO Matt Hougan expressed the view that the impact on the cryptocurrency market will be limited even if the comprehensive crypto regulation bill known as the Clarity Act fails to pass this week. The U.S. Senate faced the deadline for a cloture motion on the bill on August 5, and its probability of passage on prediction market Polymarket has plunged from 82 percent in February to 27 percent. Hougan argues that regulatory development will proceed even without congressional action, citing SEC Chair Paul Atkins' statement that he is prepared to independently craft rules addressing similar issues. He stressed that the institutionalization of crypto will not reverse, noting that BlackRock's Bitcoin ETF has demonstrated high profitability, and Nasdaq and JPMorgan are actively pursuing asset tokenization.

Nasdaq has drawn investor attention after reporting second quarter 2026 results, a fresh quarterly dividend declaration, a completed multi-year share repurchase program, and resolution of a long-running patent dispute. The stock’s most followed valuation narrative points to a fair value of $110.07 against a last close of $94.19, suggesting it may be 14.4% undervalued. Bullish analysts highlight accelerating Solutions execution and AI platform use as reasons to raise outer-year EPS estimates. However, a discounted cash flow model from Simply Wall St indicates a fair value of $88.49, which would screen as overvalued. The stock has returned 98.50% over three years but only 0.22% over the past year, with an 11.26% one-month gain and a 2.56% year-to-date decline.

Nasdaq and Miami International Holdings have resolved a multi-year patent dispute that began in 2017, with a court dismissing all related claims and confirming Miami International Holdings can operate and develop exchanges without restriction. The dismissal with prejudice removes the risk of ongoing or renewed litigation on these specific claims, clearing a long-running legal overhang for Nasdaq. The outcome addresses questions around technology rights and market access between the two exchange groups, though it also shows that parts of Nasdaq's patent portfolio can be challenged successfully. With this dispute closed, Nasdaq can focus more fully on its exchange and technology platforms without allocating management time or legal budget to the case.

Nasdaq reported second-quarter revenue of $1.5 billion, a 14.9% year-on-year increase that beat analyst estimates by 3%, while adjusted earnings per share of $1.07 exceeded expectations by 8.8%. During the earnings call, CEO Adena Friedman addressed analyst questions on AI monetization, describing a strategy that embeds AI into core products and offers premium upsell modules with rapid client conversion from free to paid. Friedman also noted that Trade Management Services growth was driven by demand for connectivity and trading power from both new and existing clients, aided by a pricing increase, rather than by generative AI. On the IPO pipeline, she emphasized a broadening mix of listings beyond megadeals, with notable strength in AI, healthcare, and defense sectors. Additionally, Friedman discussed Nasdaq's openness to expanding partnerships in perpetual derivatives and outlined future monetization of tokenized collateral through new product modules and network effects.

Nasdaq has resolved its nearly decade-long litigation with Miami International Holdings, with all claims and counterclaims dismissed, and is selling its fund secondaries business to its former affiliate, Nasdaq Private Market. The stock trades around $90.42, up 9.6% over the past 30 days but down 6.5% year to date and 2.1% over the past year, while showing a 55.6% gain over five years and an 87.4% return over three years. The litigation resolution removes a legal overhang and the sale simplifies Nasdaq's private markets exposure, potentially influencing capital allocation and management focus. Investors may watch for any discussion of proceeds use and how the refocused business mix affects revenue and profit contributions.

Nasdaq, the US exchange operator, reported second-quarter results that beat market expectations, with adjusted earnings per share of $1.07 compared to the forecast of $0.98, driven by strong performance in its data services business. Net revenue rose 15% to $1.5 billion, with the Capital Access Platforms division, which provides listing-related services and market data, up 19% to $621 million, the Financial Technology division up 16% to $539 million, and the Market Services division up 11% to $340 million. Major listings such as SpaceX and market volatility from US-Iran war and AI-related news boosted hedging demand, leading to higher trading volumes. Meanwhile, concerns that the CFTC's approval of perpetual futures for crypto assets could erode market share for existing exchanges have pushed Nasdaq shares down more than 6% year-to-date, but the CFO indicated the impact would be less than 1% of revenue.

Nasdaq delivered record second-quarter 2026 results, with net revenue reaching $1.5 billion, a 15% increase driven by double-digit growth across all three primary divisions. Solutions revenue rose 17% to $1.2 billion, and non-GAAP diluted earnings per share grew 25% to $1.07, exceeding $1.00 for the first time in the company's history. Index assets under management surpassed $1 trillion for the first time, fueled by record quarterly net inflows of $51 billion, while the company facilitated the largest initial public offering in history with SpaceX raising $86 billion on June 12. Annualized recurring revenue increased 12% organically to $3.3 billion, and the company updated its full-year non-GAAP operating expense guidance to a range of $2.530 billion to $2.570 billion, reflecting higher performance-linked compensation and marketing costs. Nasdaq also announced the acquisition of Dasseti, an AI-powered due diligence platform, and remains on track to launch 23/5 trading on December 6, 2026.

Nasdaq Private Market has acquired Nasdaq Fund Secondaries, the fund secondaries business of Nasdaq Inc., expanding its secondary liquidity platform to include both direct company shares and multi-asset fund stakes. The acquisition, announced on July 21, 2026, positions NPM to serve the full spectrum of private secondary liquidity demand from a single platform. Global secondary volume grew an estimated 53% in 2025 to roughly $233 billion, split almost evenly between LP-led and GP-led activity. The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions and regulatory approvals, with terms undisclosed. NPM, which spun out of Nasdaq in 2021, has executed nearly $80 billion in secondary liquidity for over 200,000 individual eligible employee shareholders and investors across more than 1,000 company-sponsored liquidity programs.

Nasdaq Inc. has updated parent indices and methodologies for certain Xtrackers funds, shifting them to the Nasdaq Global Disruptive Technology Benchmark2 Index while maintaining a broadly consistent thematic approach. The company also announced a new Calypso technology partnership with the National Bank of Georgia, extending its fintech infrastructure to multiple Georgian banks. These moves underscore Nasdaq's push to grow fintech and index-services revenues, with expected improvements in Q2 2026 earnings providing a near-term catalyst. The core investment narrative remains tied to Nasdaq's ability to attract clients across exchanges, data, and financial technology, though risks persist around potential delays in large Financial Technology deals.

Nasdaq and the National Bank of Georgia have announced a landmark partnership to modernize treasury infrastructure across Georgia's banking sector, with five of the country's largest commercial banks adopting the Nasdaq Calypso platform under a shared, common infrastructure model. The five banks—Bank of Georgia, TBC Bank, Liberty Bank, Terabank, and Basisbank—collectively represent the majority of Georgia's commercial banking sector assets, which total nearly 38 billion dollars. The initiative operates under the Georgian Market Advancement Program and is coordinated with the Georgian Financial Markets Treasuries' Association, with project management funding provided by Japan through the Japan–EBRD Cooperation Fund. The platform will span the full front-to-back trade lifecycle and is designed to enhance risk management, regulatory oversight, and operational resilience while supporting Georgia's integration with international financial standards including ISO 20022.

DTCC, a major U.S. securities clearing and settlement firm, has begun limited live trading using tokenized equities and U.S. Treasuries. JPMorgan Chase converted a portion of its Invesco QQQ Trust holdings into token form, with the ability to revert them back to traditional securities, while preserving ownership and dividend rights. These assets are used for collateral transfers and repo transactions, leveraging DTCC's Hyperledger Besu infrastructure and the Canton Network. DTCC plans a full-scale launch in October 2026, with an industry working group that includes BlackRock, Morgan Stanley, and Nasdaq.

Nasdaq is drawing fresh interest from overseas companies considering U.S. listings following the high-profile American depositary receipt debut of SK Hynix on its exchange. Nasdaq executives report a surge in inquiries from international issuers after the SK Hynix IPO, which could broaden issuer diversity and create new fee opportunities across Nasdaq's listing and trading businesses. The stock currently trades at $88.08, up 4% over the past week but down 8.9% year to date. Analysts have a consensus target of $106.27, implying about 17% upside, while the stock's price-to-earnings ratio of 26.1 times compares to a capital markets industry average of 40.4 times. Sustained international IPO flows could strengthen Nasdaq's global standing and revenue mix, though high debt levels remain a noted risk.

Nasdaq has entered into a new Amended and Restated Credit Agreement, establishing a US$1.5 billion senior unsecured five-year revolving credit facility that replaces its prior arrangement and updates key financing terms. The stock recently traded at $88.08, while a widely followed narrative on Simply Wall St estimates a fair value of $106.53, suggesting the shares may be undervalued by about 17.3%. That narrative points to strategic investments in product innovation, international expansion, and new index business launches as drivers of sustained revenue growth. However, the valuation picture is mixed, as Nasdaq trades at 26.1 times earnings—below the US Capital Markets industry average of 40.4 times but above its own fair ratio of 17.1 times—indicating potential risk if sentiment shifts.

Nasdaq President Nelson Griggs said the blockbuster listing of SK Hynix is prompting other international companies to consider US initial public offerings or American depositary receipt sales. Griggs spoke after returning from a trip to Europe, noting that foreign issuers interested in the US market include both early-stage companies and established firms with existing local listings considering ADRs. The South Korean chipmaker raised $26.5 billion in the largest-ever US listing by a foreign company, with its ADRs rising almost 20% in intraday trading above the offering price. Griggs credited JPMorgan Chase for striking the right pricing balance, noting that the deal had to account for comparable US company Micron Technology. He added that SK Hynix Chairman Chey Tae-won's intention to monitor the ADRs' stability before considering a return to US capital markets is typical behavior for seasoned public companies.

Financial exchanges and data stocks reported a satisfactory first quarter, with aggregate revenues beating analyst consensus estimates by 1.1%. S&P Global posted revenues of $4.17 billion, up 10.4% year on year and exceeding expectations by 2.4%, though full-year EPS guidance slightly missed. Morningstar delivered the biggest beat among peers with revenues of $644.8 million, up 10.8% and topping estimates by 2.9%, while CME Group was the weakest performer, with revenues of $1.88 billion missing estimates by 1.4%. Nasdaq reported revenues of $1.41 billion, up 13.7% and beating by 2.2%, and MSCI posted revenues of $850.8 million, up 14.1% and beating by 1.4%. On average, share prices of the group are down 5.6% since the latest earnings results.

Retail investor anticipation of a SpaceX initial public offering has driven the busiest sustained month of interest in the Invesco QQQ Trust in six years, according to Invesco’s Paul Schroeder. QQQ and its sibling fund QQQM together control 27% of all U.S. large-cap growth ETF assets, making them the most logical vehicle for SpaceX exposure. A NASDAQ rule change in May eliminated the one-year seasoning requirement, allowing a company valued between $1.5 trillion and $2 trillion to enter the Nasdaq 100 shortly after listing. Schroeder noted that the steady inbound curiosity over the past month contrasts with a 2023 busy period that lasted only about a week and a half. The frenzy reflects retail investors reverse-engineering index mechanics to gain pre-IPO exposure, though float-adjusted weighting means the effective index-weight market cap at listing will be a fraction of SpaceX’s headline valuation.

Crypto exchange Gemini has launched a commission-free stock trading service for customers in eligible U.S. regions. Eligible users can buy and sell thousands of stocks listed on U.S. exchanges through the Gemini app, though the service is currently unavailable in Alabama, Arkansas, Illinois, Massachusetts, Texas, Puerto Rico, Washington D.C., and Guam. Nasdaq serves as the official provider of real-time market data, while Apex Clearing Corporation acts as custodian and clearing broker. Gemini has updated its FINRA broker-dealer registration and operates as an introducing broker. Co-founder and President Cameron Winklevoss said the company has been building a financial platform for over a decade, expanding from crypto to stocks so customers can manage their entire financial lives on the app. The company views this stock trading launch as a key step toward becoming an all-in-one financial super app, already offering services such as spot crypto trading, credit cards, staking, and custody. It has also obtained a derivatives clearing organization license from the CFTC, and together with a designated contract market license, is advancing expansion into derivatives and prediction markets.

The U.S. Securities and Exchange Commission proposed allowing listed companies to report earnings semi-annually instead of quarterly, but investors flooded the public comment period that closed on the 6th with calls to keep the current quarterly reporting mandate. The SEC floated the repeal proposal in May at the request of President Trump, citing benefits such as curbing short-termism among executives and reducing costs. However, investors argued that the importance of information needed for investment decisions outweighs any relief from easing corporate burdens. The Investment Company Institute noted that in a survey of 14 member firms with a combined 6.1 trillion dollars in assets under management, 62 percent said quarterly reporting is very important. The Managed Funds Association also urged the SEC to withdraw the proposal. The California Public Employees' Retirement System and the American Accounting Association submitted opposing views, with the AAA warning that semi-annual reporting could allow accounting problems to go undetected for longer periods. Meanwhile, JPMorgan Chase and Nasdaq welcomed the proposal, expressing support on the grounds that it would strengthen companies' long-term focus and revitalize capital markets.

Investment accounts for the next generation will help power the stock market, according to EMJ Capital founder Eric Jackson. Jackson said Trump Accounts are positive, noting that about 35% of the S&P 500 index is tech names, so a permanent bid of buyers is being layered into the S&P 500 and therefore tech, which is good for markets and retail investors. President Trump hosted the heads of the New York Stock Exchange and Nasdaq, as well as Dell founder Michael Dell, in the Oval Office to mark the launch of the children's investment accounts, which went live on July 4. Trump Accounts are custodial-style traditional IRAs for children under 18, owned by the child but administered by a parent or guardian, with investments limited to low-cost index funds and ETFs tracking broad US equity indexes such as the S&P 500, and no withdrawals permitted before age 18. US citizens born between 2025 and 2028 are eligible for a $1,000 seed contribution directly from the US Treasury. McKinsey estimates that Trump accounts could generate between $80 billion and more than $900 billion in long-term asset accumulation for lower-wealth households over the next decade.

Nasdaq is scheduled to announce its fiscal second quarter 2026 results before the market opens on Thursday, July 23. Analysts expect the company to report an adjusted earnings per share of $0.96, a 12.9% increase from $0.85 in the same quarter last year. For the full fiscal year 2026, adjusted EPS is projected to reach $3.87, up 11.2% from $3.48 in fiscal 2025, with further growth to $4.34 anticipated in fiscal 2027. Nasdaq shares have declined nearly 7% over the past 52 weeks, underperforming the S&P 500 Index's 20.7% gain and the State Street Financial Select Sector SPDR ETF's 4.7% return. The company last reported first quarter 2026 adjusted EPS of $0.96, beating estimates, driven by a 14% increase in net revenue to $1.41 billion and strong growth across its financial technology, index, and solutions segments.

Nasdaq announced the strongest first half in U.S. exchange history, with $129.3 billion raised from new listings in the first half of 2026. The record was propelled by SpaceX's landmark initial public offering, which raised $85.7 billion as the largest IPO of all time. Other notable listings included Cerebras, the largest semiconductor IPO ever, Quantinuum, the largest pure-play quantum IPO, and Parabilis, the largest biotech IPO. Seven of the ten largest IPOs of the year listed on Nasdaq, spanning sectors such as artificial intelligence, aerospace, and biotechnology. Nasdaq Texas also debuted as a dual listing venue, with SpaceX dual-listing there and making it the largest listing venue in Texas by market capitalization.

StockStory identifies SoFi Technologies and Nasdaq as two profitable stocks with exciting potential, while advising caution on RE/MAX. SoFi, with a trailing 12-month GAAP operating margin of 16.5%, posted annual revenue growth of 33.4% over the past two years and annual earnings per share growth of 396% over the same period. Nasdaq, operating at a 45% margin, achieved 15% annual revenue growth and 14.8% annual earnings per share growth over two years, with a return on equity of 15.6%. In contrast, RE/MAX, with an 11.8% margin, saw earnings per share decline 9% annually over five years despite revenue growth, and its free cash flow margin of 11.7% over two years limits investment capacity.

The New York Stock Exchange and Nasdaq will ring the opening bell from the Oval Office next week to promote Trump Accounts for kids, National Economic Council Director Kevin Hassett said Monday. The accounts are part of President Trump's signature legislation, the so-called "One Big, Beautiful Bill," and will launch on July 4, 2026. Children born between January 1, 2025, and December 31, 2028, are eligible for an account seeded with $1,000 from the U.S. Treasury invested in a broad-based index fund, with parents able to contribute up to $5,000 per year. Hassett noted that more than 5 million people have already signed up for the accounts when filing their taxes, and the government is exploring the legality of auto-enrollment.

SpaceX shares gained more than 1% in premarket trading on Monday after Nasdaq confirmed the aerospace and satellite communications company will be added to the Nasdaq 100 index on 7 July. The inclusion is expected to generate substantial passive investment demand as exchange-traded funds and other index-tracking products adjust their portfolios. SpaceX shares finished Friday up 0.15% at US$153.23, just above their IPO opening price, though they remain well below the post-debut intraday high of US$225.64. Last week, shares fell 16.4% after KeyBanc initiated coverage with a Sector Weight rating, arguing the valuation had become demanding. Analysts at Baird see a clear strategic rationale for a potential merger between Tesla and SpaceX, though they foresee a waiting period as SpaceX integrates the recent xAI merger. SpaceX also launched an offering of senior unsecured notes, disclosing cash and cash equivalents of approximately US$100.8 billion as of 19 June. Starlink remains the primary earnings driver, generating about US$11.4 billion in revenue during 2025 with a 63% adjusted EBITDA margin, while the AI division has secured significant long-term computing contracts, including agreements with Anthropic worth approximately US$1.25 billion per month and Google valued at around US$920 million per month. KeyBanc estimates the stock trades at roughly 29 times projected 2027 sales and 71 times enterprise value to EBITDA, a premium to peers. Starship Flight 13 is scheduled for 29 June, and its development timeline is seen as a key factor for the investment case.

SpaceX will be added to the Nasdaq 100 index on July 7, a move expected to trigger billions of dollars in passive investment as index-tracking funds adjust their portfolios. Nasdaq confirmed the inclusion after recently easing several index eligibility requirements, including rules related to profitability, time since an initial public offering, and public share float. SpaceX debuted on the Nasdaq on June 12 and reported a net loss of $4.9 billion last year. J.P. Morgan estimates the inclusion could generate about $4.3 billion in passive inflows. Unlike Nasdaq, S&P Global recently said it will not relax its index eligibility rules for SpaceX, and the company will not be considered for inclusion in the S&P 500 until it has traded publicly for at least 12 months.