Nasdaq Acquires Adenza as It Pursues Its Vision of Becoming a Diversified Technology Company

Nasdaq’s exchange business continues to produce strong results as volatile markets lead to good trading volume industrywide, with Nasdaq's option exchanges in particular performing well. While we expect trading to normalize over time, the increased prevalence of $0-commission trading platforms and a shift toward higher option volume should provide a persistent benefit to Nasdaq’s exchanges. However, the equity exchange business remains highly competitive, and two new exchanges were launched in 2020, Members Exchange and the MIAX Pearl Equities Exchange, adding to the competitive pressure Nasdaq faces. Additionally, Nasdaq has seen continued pushback from clients and regulators on the pricing of its market data products.