Nasdaq, Inc. (NDAQ) Presents at Autonomous 2026 Future of Commerce Symposium Transcript

Nasdaq, Inc. ( NDAQ ) Autonomous 2026 Future of Commerce Symposium September 23, 2026 1:00 PM EDT Company Participants Tal Cohen - President Conference Call Participants Chinedu Bolu - Autonomous Research US LP Presentation Chinedu Bolu Autonomous Research US LP We can get started here. So welcome, everyone, to the next session. I'm delighted to have Tal Cohen, who is the President of Nasdaq, and Tal leads Nasdaq's Market Services business as well as the Financial Technology division. Tal, welcome very much to the Future of Commerce Conference at Autonomous. I appreciate you making the time. Tal Cohen President Thank you for having me. Good stuff. Chinedu Bolu Autonomous Research US LP We'll get right into it. There's a lot going on Nasdaq with regard to market structure, 23/5 equity trading coming on in December. You're launching a bunch of event contracts around your key indices, tokenization of equities is coming in early '27. You've done an acquisition of LeveL. So kind of a lot going on in there. I'd be curious, what are you building to in your equities business? And what does that business look like over the next sort of couple of years? Tal Cohen President Thanks for having me, by the way. And hopefully, lunch was not heavy and people got caffeinated, so we can have some excitement here. But everything you described is us building towards an Always-On world where we are trying to increase access for investors. We're trying to provide investors with choice, and we're doing it under a well-regulated umbrella. So all of those activities you just mentioned, and there are just 4 activities, but there are many more that we're undertaking, allows us to really embrace all the possibilities and all the opportunities that come with Always-On.