納斯達克交易所 (NDAQ) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Nasdaq second quarter 2025 earnings call

您好，感謝您的支持。歡迎參加納斯達克 2025 年第二季財報電話會議

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to Ato Garrett, Senior Vice President and Investor Relations Officer. Please go ahead.

現在，我想將會議交給高級副總裁兼投資者關係官 Ato Garrett。請繼續。

Good morning, everyone, and thank you for joining us today to discuss Nasdaq's second quarter 2025 financial results.

大家早安，感謝您今天加入我們討論納斯達克 2025 年第二季財務業績。

On the line are Adena Friedman, our Chair and Chief Executive Officer; Sarah Youngwood, our Chief Financial Officer; and other members of the management team. After prepared remarks, we'll open the line for Q&A. The press release and earnings presentation accompanying this call can be found on our Investor Relations website.

電話連線者有我們的董事長兼執行長 Adena Friedman、我們的財務長莎拉楊伍德 (Sarah Youngwood) 以及管理團隊的其他成員。準備好發言後，我們將開放問答環節。本次電話會議的新聞稿和收益報告可在我們的投資者關係網站上找到。

I would like to remind you that we'll be making forward-looking statements on this call that involve risks. A summary of those risks is contained in our press release with a more complete description in our annual report on Form 10-K. We will discuss our financial performance on a non-GAAP basis, excluding the impact of divestitures and the impact of FX. Organic and adjusted growth rates are equivalent this quarter as they include the same period-over-period adjustments. Definitions and reconciliations of US. GAAP to non-GAAP plus adjustments can be found in our earnings presentation as well as in the file in the financial section of our Investor Relations website at ir.nasdaq.com.

我想提醒您，我們將在本次電話會議上做出涉及風險的前瞻性陳述。我們的新聞稿中包含了這些風險的摘要，而我們的 10-K 表年度報告中則提供了更完整的描述。我們將以非公認會計準則為基礎討論我們的財務業績，不包括資產剝離和外匯的影響。本季有機成長率和調整後成長率相同，因為它們包括相同的同比調整。美國的定義與調和。在我們的收益報告中以及我們投資者關係網站 ir.nasdaq.com 的財務部分的文件中找到 GAAP 到非 GAAP 加上調整的資訊。

Also, we have included a page in the appendix regarding the sale of our Nordic power futures business to Euronext. And with that, I will turn the call over to Adena.

此外，我們在附錄中還附加了一頁有關將我們的北歐電力期貨業務出售給泛歐交易所的內容。說完這些，我會把電話轉給阿德納。

Thank you, Ato, and good morning, everyone. I will start with Nasdaq's second quarter results and will then review the performance across our divisions before handing the call over to Sarah for a more detailed discussion of our financials.

謝謝你，阿托，大家早安。我將從納斯達克第二季的業績開始，然後審查我們各個部門的表現，然後將電話交給莎拉，以便更詳細地討論我們的財務狀況。

I'm pleased with Nasdaq's excellent overall financial performance in the quarter. We delivered $1.3 billion in net revenue, a year-over-year increase of 12%. Solutions revenues were $991 million, representing 10% year-over-year growth. And our overall annualized recurring revenue, or ARR, grew 9% to $2.9 billion.

我對納斯達克本季出色的整體財務表現感到滿意。我們的淨收入為 13 億美元，年增 12%。解決方案營收為 9.91 億美元，年增 10%。我們的整體年度經常性收入（ARR）成長了 9%，達到 29 億美元。

Expenses were up just under 8% year-over-year driven primarily by the timing of our annual compensation cycle as we communicated on last quarter's call. Operating income of $721 million grew 16%, and we delivered 24% EPS growth.

費用年增近 8%，這主要是由於我們在上個季度的電話會議上溝通的年度薪酬週期時間所致。營業收入 7.21 億美元，成長 16%，每股收益成長 24%。

Our results continue to demonstrate the strength of our diversified platform and our ability to capture growth through cycles, particularly given the heightened volatility that the markets and our broader client health faced early in the quarter.

我們的業績繼續證明了我們多元化平台的實力以及我們在周期中捕捉成長的能力，特別是考慮到本季初市場和我們更廣泛的客戶健康狀況面臨的加劇波動。

More broadly, although macroeconomic uncertainty persists, the US economy continues to demonstrate solid fundamentals as the labor market and consumer spending remain resilient. While GDP growth across Europe has still been muted, expectations for a recovery in consumer demand and a rebound of investment into the region support an improving outlook.

更廣泛地說，儘管宏觀經濟不確定性依然存在，但由於勞動市場和消費者支出維持彈性，美國經濟持續展現出穩固的基本面。儘管歐洲的 GDP 成長仍然低迷，但對消費需求復甦和該地區投資反彈的預期支撐了前景的改善。

Across the business environment, investment in technology transformation continues as companies focus on achieving benefits from AI. This is driving momentum across infrastructure modernization, accelerated cloud readiness, and enhanced data management. These dynamics are evident across the banking and capital market sectors where clients are focused on technology investments to modernize our infrastructure, improve their risk management and regulatory compliance and fight financial crime.

在整個商業環境中，隨著企業專注於從人工智慧中獲益，對技術轉型的投資仍在繼續。這推動了基礎設施現代化、加速雲端運算就緒和增強資料管理的發展動能。這些動態在銀行業和資本市場領域都很明顯，客戶專注於技術投資以實現基礎設施現代化、改善風險管理和監管合規性並打擊金融犯罪。

Although uncertainty remains as to the longer-term impact of trading economic policies, this resilience has translated into a robust sales pipeline across our financial technology solutions as well as active markets, index inflows and an improving IPO landscape.

儘管對於交易經濟政策的長期影響仍然存在不確定性，但這種彈性已轉化為我們金融科技解決方案的強勁銷售管道以及活躍的市場、指數流入和不斷改善的 IPO 格局。

Turning to our high-level financial performance within our divisions. Capital Access Platforms generated 9% revenue growth and 6% ARR growth. Financial Technology delivered 10% revenue growth and 11% ARR growth, including 19% of Financial Crime Management Technology, 10% in Regulatory Technology and 9% in Capital Markets Technology, and Market Services delivered 21% net revenue growth.

轉向我們各部門的高階財務表現。資本准入平台實現了 9% 的收入成長和 6% 的 ARR 成長。金融科技實現了 10% 的收入成長和 11% 的 ARR 成長，其中金融犯罪管理技術成長 19%，監管技術成長 10%，資本市場技術成長 9%，市場服務實現了 21% 的淨收入成長。

I'll now cover our business and operational highlights, beginning with the Capital Access Platform, where I'll start with Data and Listings. In our Listings franchise, the strong momentum in our switch program continued. Year-to-date, $271 billion in market capitalization, including Shopify and Kimberly-Clark have switched to Nasdaq. This represents the best first half performance since the official launch of our switch program 20 years ago.

我現在將介紹我們的業務和營運亮點，首先是資本存取平台，然後介紹資料和清單。在我們的 Listings 特許經營中，我們的轉換計劃繼續保持強勁勢頭。今年迄今，包括 Shopify 和金佰利在內的市值已達 2,710 億美元，並已轉至納斯達克。這是我們20年前正式啟動轉換計畫以來最好的上半年業績。

Turning to IPOs in the second quarter, we welcomed 38 new operating companies to Nasdaq, representing a 79% win rate, raising a total of $3.6 billion and extending Nasdaq's listing leadership to 46 consecutive quarters. Year-to-date, we saw the highest level of new issuances in the first half -- since the first half of 2021, attracting 83 operating companies, including three of the top five largest IPOs with an overall 81% win rate. Importantly, the strong performance of recent listings, especially of large-cap companies has raised optimism on the IPO outlook for the remainder of this year and into 2026.

談到第二季的 IPO，我們迎來了 38 家新營運公司在納斯達克上市，成功率為 79%，共籌集 36 億美元，並將納斯達克的上市領先地位延續至連續 46 個季度。今年迄今為止，上半年新股發行量達到 2021 年上半年以來的最高水平，吸引了 83 家營運公司，其中包括五大 IPO 中的三家，總體成功率為 81%。重要的是，近期上市企業（尤其是大盤股公司）的強勁表現，提升了人們對今年剩餘時間和 2026 年 IPO 前景的樂觀情緒。

Our European listings business also delivered a great second quarter with six new listings. Year-to-date, Nasdaq exchanges in Europe welcomed 10 new listings, which similarly included three of the five largest IPOs in Europe. Combined, these IPOs raised EUR 2 billion, 53% of all IPO capital raised in Europe and a fivefold increase in capital raise compared to the first half of 2024.

我們的歐洲上市業務第二季也表現出色，共有 6 家公司新上市。今年迄今為止，納斯達克歐洲交易所迎來了 10 家新公司上市，其中包括歐洲五大 IPO 中的三家。這些 IPO 共籌集了 20 億歐元，佔歐洲所有 IPO 融資額的 53%，與 2024 年上半年相比，融資額增加了五倍。

We're particularly excited to see our Stockholm Exchange continue to lead as Europe's premier destination for new listings, underpinned by the relative valuation of its market and the strength of the local ecosystem. Our data business performance reflects strong and sustained demand for our comprehensive and innovative data products, with growth in new sales, upsells and usage across our client segments and geographies.

我們特別高興地看到，斯德哥爾摩交易所繼續成為歐洲首屈一指的新上市目的地，這得益於其市場的相對估值和當地生態系統的實力。我們的數據業務表現反映了對我們全面創新的數據產品的強勁而持續的需求，我們的客戶群和地區的新銷售、追加銷售和使用量均有所增長。

Our industry-leading index franchise continues to drive solid growth. We managed through heightened volatility as market value declines at the beginning of the quarter were offset by higher derivative volumes followed by a fast recovery in market values. Throughout the quarter, inflows were strong at $20 billion. Over the last 12 months, we achieved a new record for net inflows of $88 billion. As volatility stabilized, we exited the quarter with a new record ETP AUM at $745 billion.

我們行業領先的指數特許經營權繼續推動穩健成長。我們成功應對了市場波動加劇的情況，因為本季初的市場價值下跌被衍生性商品交易量的增加所抵消，隨後市場價值迅速回升。整個季度，資金流入強勁，達到 200 億美元。在過去的12個月裡，我們的淨流入創下了880億美元的新紀錄。隨著波動性趨於穩定，我們在本季結束時 ETP AUM 創下了 7,450 億美元的新紀錄。

We remain focused on product innovation with 33 new products launched during the quarter, over half of which were international. Additionally, we continue to focus on growing our exposure to institutional clients with the launch of seven products within the insurance annuity space.

我們繼續專注於產品創新，本季推出了 33 款新產品，其中超過一半是國際產品。此外，我們持續致力於擴大對機構客戶的影響力，並在保險年金領域推出七種產品。

Earlier this week, we were pleased to announce that Nasdaq and CME Group signed an extension through 2039 of CME Group's exclusive contract to offer futures and options on futures based on the Nasdaq 100 and other Nasdaq indices, reflecting the company's shared commitment to delivering value through trusted benchmark products.

本週早些時候，我們很高興地宣布，納斯達克和芝商所簽署了一份延長芝商所獨家合約至2039年的協議，以提供基於納斯達克100指數和其他納斯達克指數的期貨和期貨期權，這反映了該公司共同致力於通過值得信賴的基準產品實現價值的承諾。

I also want to provide a brief comment on the proposed reclassification of the Invesco QQQ Trust. Nasdaq was engaged with Invesco as Invesco explored these proposals. Importantly, the proposed change does not alter the terms of Nasdaq's listing -- licensing arrangements with Invesco nor the administration of the Nasdaq 100 Index. We remain committed to our strategic partnership with Invesco and to delivering the trusted benchmark on which investors rely.

我還想對 Invesco QQQ Trust 的擬議重新分類發表簡短評論。在景順探討這些提議時，納斯達克與景順進行了接觸。重要的是，擬議的變更不會改變納斯達克與景順的上市許可協議條款，也不會改變納斯達克 100 指數的管理。我們將繼續致力於與 Invesco 建立策略合作夥伴關係，並致力於提供投資者信賴的基準。

Within Workflow and Insights, Corporate Solutions delivered modest growth, benefiting from our product and technology investments, which have enhanced our competitive position. We drove several notable wins, including a Nasdaq Boardvantage sale to a large international bank, which is also a significant fintech client. In Analytics, we continue to see strong demand for our datalink and investment solutions across the investment management community as well as improved gross retention rates.

在工作流程和洞察領域，企業解決方案實現了適度成長，這得益於我們的產品和技術投資，增強了我們的競爭地位。我們取得了幾項顯著的勝利，包括將納斯達克 Boardvantage 出售給一家大型國際銀行，該銀行也是一家重要的金融科技客戶。在分析方面，我們繼續看到整個投資管理界對我們的數據鍊和投資解決方案的強勁需求以及總留存率的提高。

Lastly, across Cap, we are focused on meeting the growing demand for Private Market Solutions. In June, we announced a partnership to be the exclusive distributor of Nasdaq Private Markets, Tape D API, bringing enhanced transparency and valuation visibility of private companies.

最後，在 Cap，我們專注於滿足對私人市場解決方案日益增長的需求。6 月，我們宣布與納斯達克私人市場 Tape D API 合作，成為其獨家經銷商，從而提高私人公司的透明度和估值可見度。

Since launch, we have already signed two clients, and the pipeline is building. For asset managers and asset owners, our eVestment platform provides a wealth of Private Markets intelligence, which has become an increasingly powerful aspect to drive new sales and client retention.

自推出以來，我們已經簽約了兩個客戶，並且頻道正在建設中。對於資產管理者和資產所有者，我們的 eVestment 平台提供了豐富的私人市場情報，這已成為推動新銷售和客戶保留的一個越來越強大的因素。

Turning next to Financial Technology. We delivered growth across products, client segments and geographies. This was driven by sustained demand for our mission-critical technologies and terrific execution by our teams, especially considering the complexity of the landscape for financial institutions throughout the quarter. Our sales execution remains strong as we signed 57 new clients, 7 cross-sells and 130 upsells during the quarter.

接下來談談金融科技。我們在產品、客戶群和地理方面都實現了成長。這是由對我們的關鍵任務技術的持續需求和我們團隊的出色執行所推動的，特別是考慮到整個季度金融機構環境的複雜性。我們的銷售執行力依然強勁，本季我們簽約了 57 位新客戶，完成了 7 筆交叉銷售和 130 筆追加銷售。

Turning to a review of the subdivision, starting with Financial Crime Management Technology. Nasdaq Verafin had another solid quarter of execution across client segments and continue to lead the industry through product innovation.

轉向對細分領域的審查，首先從金融犯罪管理技術開始。納斯達克 Verafin 在各個客戶領域又度過了一個穩健的季度，並繼續透過產品創新引領業界。

In the Enterprise Client segment serving Tier 1 and Tier 2 banks, we successfully executed on our land and expand strategy with three new signings, including one cross-sell and two upsells. We are also pleased with the ongoing progress in our upsell conversion timeline, maintaining the 50% reduction in the sales cycle as compared to the original contract.

在服務一級和二級銀行的企業客戶領域，我們成功實施了土地和擴張策略，簽署了三份新協議，其中包括一份交叉銷售和兩份追加銷售。我們也對追加銷售轉換時間表的持續進展感到滿意，與原始合約相比，銷售週期縮短了 50%。

We signed our first proof of concept with a European Tier 1 bank for our construction-based payments fraud offering during the quarter, marking a significant milestone in our early efforts to expand into Europe. And demand among our small and medium-sized client segment also remained solid with 46 new clients signed this quarter.

本季度，我們與一家歐洲一級銀行簽署了針對建築業支付詐欺服務的第一個概念驗證，這標誌著我們早期進軍歐洲的努力中的一個重要里程碑。我們的中小型客戶群的需求也保持強勁，本季簽約了 46 個新客戶。

Turning next to Regulatory Technology, where we signed seven new clients and four cross-sells collectively. Revenue and ARR growth in AxiomSL were driven by a combination of large prior year client bookings starting to go live in addition to in year bookings. The improving clarity around the regulatory environment in the US, for example, with the proposed changes to the supplementary leverage ratio has further contributed to the strength and diversity of our pipeline.

接下來談到監管技術，我們總共簽了七個新客戶和四個交叉銷售。AxiomSL 的營收和 ARR 成長得益於去年大量客戶預訂的開始以及今年的預訂。例如，隨著美國監管環境的日益清晰以及補充槓桿率的擬議修改，進一步增強了我們產品線的實力和多樣性。

In surveillance, beyond the strong revenue and ARR growth, we were pleased to sign three cross-sells to existing market tech clients, which included two market operators and a large financial institution.

在監控方面，除了強勁的收入和 ARR 成長之外，我們很高興與現有的市場技術客戶簽署了三份交叉銷售協議，其中包括兩家市場營運商和一家大型金融機構。

Capital Markets Technology delivered a solid quarter where strong momentum was further amplified by the normalization of sales cycles. In Market Technology, we are pleased to see strong demand from traditional and emerging trade infrastructure clients for our technology infrastructure solutions as well as our operational expertise.

資本市場技術本季表現穩健，銷售週期的正常化進一步增強了強勁的發展動能。在市場技術方面，我們很高興看到傳統和新興貿易基礎設施客戶對我們的技術基礎設施解決方案以及營運專業知識的強烈需求。

We signed three clients to Eqlipse Trading, our fourth-generation marketplace technology platform, including 2 fully managed services mandates where we host and manage our clients' entire trading environment and one AWS hosted SaaS deployment. Calypso's performance reflected momentum in subscription revenues, including strong demand in Europe, where we delivered two new clients and one cross-sell, and we remain confident in the pipeline for the rest of the year.

我們與三位客戶簽約 Eqlipse Trading（我們的第四代市場技術平台），其中包括 2 項完全託管的服務授權，我們負責託管和管理客戶的整個交易環境，以及一項 AWS 託管的 SaaS 部署。Calypso 的業績反映了訂閱收入的強勁成長勢頭，包括歐洲的強勁需求，我們在歐洲帶來了兩個新客戶和一次交叉銷售，我們對今年剩餘時間的銷售管道仍然充滿信心。

Turning now to Market Services. The division delivered record net revenues, reflecting broad-based strength across our US and European markets. We are proud to support our clients with a seamless trading experience as heightened volatility and rapidly evolving market conditions drove record industry volumes for US cash equities and elevated volumes in US equity options and European cash equities.

現在轉向市場服務。該部門實現了創紀錄的淨收入，反映了我們在美國和歐洲市場的廣泛實力。我們很自豪能夠為客戶提供無縫的交易體驗，因為劇烈的波動和快速變化的市場條件推動了美國現金股票的行業交易量創下紀錄，並推動了美國股票期權和歐洲現金股票交易量的增加。

We successfully executed the Russell rebalance with over 2.5 billion shares matched at a record notional value of $102 billion, further showcasing the strength and resiliency of our markets. In US equities, we maintained our disciplined approach to pricing amid an exceptionally high volume as we manage to capture and optimize the value of our franchise.

我們成功執行了羅素股票再平衡，並匹配了超過 25 億股，名義價值達到創紀錄的 1,020 億美元，進一步展示了我們市場的實力和彈性。在美國股票市場，儘管交易量異常高，我們仍保持嚴謹的定價方法，設法取得並優化我們的特許經營權價值。

In European equities, we delivered sequential improvements in share. Further, we continue to leverage our capabilities to capture off exchange activity in Europe as well as in the US.

在歐洲股市，我們的市佔率連續提升。此外，我們將繼續利用我們的能力來捕捉歐洲和美國的場外交易活動。

Across the company overall, our excellent performance was driven by strong momentum across all three divisions, underpinned by execution on our strategic priorities. Within our Integrate priority, we are on track to action our expanded $140 million net expense efficiency program by year-end, with approximately $130 million action as of the end of the second quarter. We achieved a gross leverage ratio of 3.2 times at quarter end, over achieving our milestones set at the closing of the Adenza acquisition 16 months ahead of schedule.

就整個公司而言，我們出色的業績得益於三個部門的強勁發展勢頭，這得益於我們策略重點的執行。在我們的整合優先事項中，我們預計在年底前實施擴大後的 1.4 億美元淨費用效率計劃，截至第二季末，已採取約 1.3 億美元的行動。我們在本季末實現了 3.2 倍的總槓桿率，比原計劃提前 16 個月實現了 Adenza 收購完成時設定的里程碑。

Within our Innovate priority, we remain focused on delivering new innovations to enhance our value proposition with clients. This week, Nasdaq Verafin announced the launch of its Agentic AI workforce, a suite of digital workers that will deliver a step change in compliance effectiveness and efficiency.

在我們的創新重點中，我們將繼續專注於提供新的創新，以增強我們向客戶的價值主張。本週，納斯達克 Verafin 宣布推出 Agentic AI 勞動力，這是一套數位化員工，將顯著提高合規有效性和效率。

Early results from the first two agents in beta, the digital sanctions analyst and the digital enhanced due diligence analyst demonstrate Agentic AI's potential to address the most resource-intensive compliance workflows. For example, when onboarded into a bank's alert triage workflow, our digital sanctions analyst automates the acknowledgment, screening and documentation processes, reducing alert review workload by more than 80%.

前兩個測試代理人（數位制裁分析師和數位增強盡職調查分析師）的早期結果表明 Agentic AI 具有解決資源最密集的合規工作流程的潛力。例如，當加入銀行的警報分類工作流程時，我們的數位制裁分析師會自動執行確認、篩選和文件流程，從而將警報審查工作量減少 80% 以上。

We also continue to expand the library of anti-money laundering targeted topology analytics, our terrorist, finance terrorist -- financing analytics launched in Q1 is already being leveraged by 900 clients, nearly doubling adoption versus the end of the last quarter. Our drug trafficking analytics launched this quarter in early beta has already driven strong client engagement.

我們也繼續擴大反洗錢目標拓樸分析庫，我們在第一季推出的恐怖分子、金融恐怖分子——融資分析已經被 900 個客戶所利用，與上一季末相比，採用率幾乎翻了一番。我們本季推出的早期測試版毒品販運分析已經獲得了客戶的強烈參與。

In addition, we're continuing to invest in new partnerships to enhance product capabilities, including our partnership with Fincom, which supports advanced sanction screening. Beyond AI, digital assets represents another key theme driving our innovation as we focus on the maturation of the ecosystem and supporting institutional adoption.

此外，我們將繼續投資新的合作夥伴關係以增強產品能力，包括與支持高級制裁篩選的 Fincom 的合作夥伴關係。除了人工智慧之外，數位資產是推動我們創新的另一個關鍵主題，我們專注於生態系統的成熟和支援機構採用。

For instance, Nasdaq Calypso announced an innovative proof of concept, which will expand upon its industry-leading collateral management capabilities. The use case demonstrates our ability to integrate on chain capabilities to allow us to help financial institutions manage collateral across asset classes and markets in a more dynamic and efficient manner. We continue to work with our partners and clients to finalize the product build and are targeting launch in early to mid-2026.

例如，納斯達克卡利普索宣布了一項創新概念驗證，這將擴展其領先業界的抵押品管理能力。這個用例展示了我們整合鏈上功能的能力，使我們能夠幫助金融機構以更動態、更有效率的方式管理跨資產類別和市場的抵押品。我們將繼續與合作夥伴和客戶合作，完成產品構建，並計劃於 2026 年初至年中推出。

Lastly, within our Accelerate priority, our One Nasdaq strategy drove 7 cross-sell wins across Financial Technology in the quarter for a total of 26 cross-sells since the Adenza acquisition. At the end of the quarter, cross-sells accounted for over 15% of Financial Technology sales pipeline, and we remain on track to surpass $100 million in run rate revenue from cross-sells by the end of 2027.

最後，在我們的加速優先事項中，我們的「一個納斯達克」策略在本季度推動了金融科技領域 7 次交叉銷售勝利，自收購 Adenza 以來共計 26 次交叉銷售。截至本季末，交叉銷售佔金融科技銷售管道的 15% 以上，到 2027 年底，我們仍有望透過交叉銷售實現超過 1 億美元的運行率收入。

Looking ahead to the remainder of 2025, Nasdaq is well positioned to continue to deliver for our clients and shareholders. While we remain conscious of the impact of sustained uncertainty in the economic and market environment, we continue to demonstrate that our diversified business can deliver through different cycles.

展望 2025 年剩餘時間，納斯達克已準備好繼續為我們的客戶和股東提供服務。儘管我們仍然意識到經濟和市場環境持續不確定性的影響，但我們繼續證明，我們的多元化業務可以在不同的週期中發揮作用。

This is reflective of our role as a trusted strategic partner to our clients across the financial ecosystem and our ability to help them navigate across market environments, capture strategic opportunities, manage risk and solidify their operational resilience.

這反映了我們作為金融生態系統中客戶值得信賴的策略夥伴的角色，以及我們幫助他們駕馭市場環境、抓住策略機會、管理風險和鞏固營運彈性的能力。

We enter the second half of the year with momentum across our platform and will remain laser-focused on supporting and innovating for our clients as the environment evolves in the period ahead.

進入下半年，我們的整個平台都保持著良好的發展勢頭，隨著未來環境的演變，我們將繼續專注於為客戶提供支援和創新。

With that, I will now turn the call over to Sarah to provide more details on our financial results.

現在，我將把電話轉給莎拉，讓她提供有關我們財務表現的更多詳細資訊。

Thank you, Adena, and good morning, everyone. In the second quarter of 2025, Nasdaq delivered one of our strongest quarters on record with 24% EPS growth, underscoring the durability of the model and the consistency of our execution.

謝謝你，阿德娜，大家早安。2025 年第二季度，納斯達克創下了有史以來最強勁的季度之一，每股收益成長了 24%，凸顯了該模型的持久性和我們執行的一致性。

Starting with quarterly results on slide 11. We reported net revenue of $1.3 billion, up 12%, with solutions revenue of $991 million up 10%. Operating expense was $585 million, up just under 8%, leading to an operating margin of 55% and EBITDA margin of 58%, both up 2 percentage points. This resulted in net income of $492 million and diluted EPS of $0.85, up 24%.

從第 11 張投影片上的季度業績開始。我們報告的淨收入為 13 億美元，成長 12%，其中解決方案收入為 9.91 億美元，成長 10%。營運費用為 5.85 億美元，成長近 8%，導致營運利潤率為 55%，EBITDA 利潤率為 58%，均成長 2 個百分點。淨收入達 4.92 億美元，稀釋每股收益達到 0.85 美元，成長 24%。

Slide 12 shows the drivers of our 12% net revenue growth for the quarter. We generated 8.5-percentage-points of Alpha, driven by new and existing clients and product innovation. Meanwhile, Beta factors contributed 3.5-percentage-points of growth this quarter, driven by higher valuations in Nasdaq Indices and higher overall volumes in market services.

投影片 12 展示了本季淨收入成長 12% 的驅動因素。在新舊客戶和產品創新的推動下，我們產生了 8.5 個百分點的 Alpha。同時，受納斯達克指數估值上升和市場服務總體交易量增加的推動，Beta 因素本季貢獻了 3.5 個百分點的成長。

As shown on slide 13, we realize a second consecutive quarter of ARR growth of 9%. This quarter's 9% included 11% ARR growth in fintech and SaaS revenue growth of 12%. SaaS as a percentage of ARR increased 1-percentage-point to 37% compared to the second quarter of 2024.

如投影片 13 所示，我們連續第二季實現了 9% 的 ARR 成長。本季的 9% 包括金融科技的 11% ARR 成長和 12% 的 SaaS 營收成長。與 2024 年第二季相比，SaaS 佔 ARR 的百分比增加了 1 個百分點，達到 37%。

Let's review division results, starting on slide 14. In Capital Assets Platforms, we delivered revenue of $527 million, up 9% and with ARR growth up 6%. Data and Listings revenue was up 5% with ARR up 7%. Revenue growth was primarily driven by data due to the positive impact of new sales, upsells and usage.

讓我們回顧一下除法結果，從第 14 張投影片開始。在資本資產平台方面，我們的營收達到 5.27 億美元，成長 9%，ARR 成長率為 6%。數據和清單收入成長 5%，ARR 成長 7%。收入成長主要受數據推動，這得益於新銷售、追加銷售和使用帶來的正面影響。

Within Listing, the benefits of new listings and pricing were partially offset by delisting and lower amortization of prior period initial listing fees. This is consistent with our previous comments, and we expect that to be the case for the remaining quarters of the year.

在上市方面，新上市和定價帶來的好處被下市和前期首次上市費用攤提減少部分抵銷。這與我們先前的評論一致，我們預計今年剩餘幾季的情況也將如此。

Index revenue was up 17% in the quarter, mainly driven by average ETP AUM of $663 billion, up 25%. This is due primarily to strong net inflows with more than half of the quarterly revenue growth driven by Alpha factors. ETP AUM included a record $88 billion of net inflows in the 12 months, including $20 billion in the second quarter.

本季指數營收成長 17%，主要受平均 ETP AUM 6,630 億美元成長 25% 的推動。這主要歸功於強勁的淨流入，其中超過一半的季度收入成長是由 Alpha 因素推動的。ETP AUM 在 12 個月內淨流入金額達到創紀錄的 880 億美元，其中第二季淨流入金額為 200 億美元。

Volume-based license revenue was also up modestly as derivative contract volume, up 15%, was mostly offset by a mix shift towards micro contracts in the quarter, which have lower capture.

基於數量的許可收入也小幅上漲，因為衍生合約數量上漲了 15%，但大部分被本季度向微型合約的混合轉變所抵消，因為微型合約的捕獲率較低。

In Workflow and Insights, revenue and ARR growth were both up 5% for the quarter. The increase was driven primarily by analytics, mainly investment and data link with continued demand from hedge funds, asset managers, asset owners and consultants who value our differentiated data.

在工作流程和洞察方面，本季營收和 ARR 成長率均上漲了 5%。這一增長主要得益於分析，主要是投資和數據鏈接，以及對沖基金、資產管理公司、資產所有者和顧問對我們差異化數據的持續需求。

Corporate Solutions also grew modestly due to pricing and key client wins. Quarterly operating margin for the division was 58%, up 1-percentage-point.

由於定價和贏得關鍵客戶，企業解決方案也實現了小幅成長。該部門季度營業利潤率為58%，上升了1個百分點。

Moving to Financial Technology on slide 15. Revenue was $464 million, up 10% with ARR growth of 11%. We are extremely proud of this result in the context of a top Calypso account. Our business was resilient amid the modest delay we described early in the quarter, which contributed to low single-digit professional services revenue growth. The division signed 57 new clients, 130 upsells and 7 cross sales in the quarter.

轉到第 15 張投影片上的金融科技。營收為 4.64 億美元，成長 10%，ARR 成長 11%。在頂級 Calypso 帳戶中取得這一成果，我們感到非常自豪。在我們在本季度初描述的適度延遲的情況下，我們的業務表現出了韌性，這導致專業服務收入實現了低個位數成長。該部門在本季度簽約了 57 個新客戶、130 個追加銷售和 7 個交叉銷售。

Even with these wins, cross sales continue to represent over 15% of the Financial Technology divisions pipeline with strength across all three subdivisions.

即使取得了這些勝利，交叉銷售仍然佔金融科技部門銷售管道的 15% 以上，並且三個細分部門都表現強勁。

Financial Crime Management Technology revenue grew 20%, with ARR growth of 19%. We signed 46 new SMB clients and three new enterprise deals, including one cross-sell and two upsell. Net revenue retention was 113%, reflecting strong client engagement, including the continued adoption of the Gen AI entity research, Copilot, and targeted typology analytics.

金融犯罪管理技術收入成長 20%，ARR 成長 19%。我們簽署了 46 份新的 SMB 客戶和 3 份新的企業協議，其中包括一份交叉銷售和兩份追加銷售。淨收入保留率為 113%，反映了強大的客戶參與度，包括持續採用 Gen AI 實體研究、Copilot 和有針對性的類型分析。

In addition to persistent execution in the SMB segment, a consistent contributor to growth and ongoing momentum in product innovation, the business continues to make strong progress in moving up market and is showing early traction with our international expansion.

除了在中小企業領域持續執行、持續促進成長和持續保持產品創新勢頭之外，該業務還在向高端市場邁進方面繼續取得強勁進展，並在我們的國際擴張中顯示出早期的牽引力。

As a reminder, the sales cycles and time to value for Tier 1 and Tier 2 deals can take longer to flow into the subscription revenue run rate, but the momentum in the business persists. We more than doubled enterprise signings year-to-date versus all of 2024, which will begin to translate into stronger growth from this client segment starting in the fourth quarter.

需要提醒的是，一級和二級交易的銷售週期和價值實現時間可能需要更長時間才能轉化為訂閱收入運行率，但業務勢頭仍然存在。與 2024 年全年相比，今年迄今為止我們的企業簽約量增加了一倍多，這將從第四季度開始轉化為該客戶群更強勁的成長。

Regulatory Technology revenue grew 11% with ARR up 10% for the quarter. The division signed 7 new clients, 67 upsells and 4 cross-sells. Revenue growth reflects solid performance despite modest client readiness delays driven by regulatory uncertainty. As we get clarity from regulators, professional services revenue should start to improve in the fourth quarter and early 2026.

本季監管技術收入成長 11%，ARR 成長 10%。該部門簽約了 7 位新客戶、67 筆追加銷售和 4 筆交叉銷售。儘管監管不確定性導致客戶準備工作略有延遲，但收入成長仍反映出穩健的績效。隨著監管機構的明確，專業服務收入應該會在第四季和 2026 年初開始改善。

Capital Market Technology revenue grew 8% with ARR up 9% for the quarter and with 4 new clients, 61 upsells and 2 cross-sells. Financial Technology operating margin was 47%, which was flat versus the prior year quarter.

本季資本市場技術收入成長 8%，ARR 成長 9%，新增客戶 4 家，追加銷售 61 筆，交叉銷售 2 筆。金融科技營業利益率為 47%，與去年同期持平。

As we wrap up our Solutions division, we expect our 2025 revenue growth outlook for the divisions and subdivisions to be generally consistent with our comments provided in the April earnings call.

隨著我們結束解決方案部門的工作，我們預計該部門和分部門 2025 年的收入成長前景將與我們在 4 月收益電話會議上提供的評論基本一致。

Turning to Market Services on slide 16. We had record net revenue of $306 million, reflecting growth of 21%. This included a second consecutive record net revenue quarter in both US options and US cash equities.

前往第 16 張投影片上的市集服務。我們的淨收入創紀錄地達到 3.06 億美元，成長了 21%。其中包括美國期權和美國現金股票連續第二季創下淨收入紀錄。

Growth was primarily driven by the increase in market-wide volumes but also included higher share and slightly higher capture in US options, both in index options, higher capture in European derivatives and higher US state plan revenue. Market Services operating margin was 63%, up 5-percentage-points, highlighting the strong operating leverage of this platform.

成長主要得益於整個市場交易量的增加，但也包括美國選擇權（包括指數選擇權）份額的增加和略高的捕獲量、歐洲衍生性商品捕獲量的增加以及美國州計劃收入的增加。市場服務營運利潤率為63%，上升5個百分點，凸顯了該平台強大的營運槓桿。

Moving to expense on slide 17. We had operating expense of $585 million, up just under 8%, consistent with expectations provided last quarter and driven by strong investments in technology and people to support revenue and drive innovation and growth, employee compensation and other increases largely due to inflation. This resulted in an operating margin and EBITDA margin both up 2-percentage-points to 55% and 58%, respectively. We are maintaining the midpoint of our organic expense expectations for the year, which carries forward our trajectory of healthy operating leverage accompanying our strong revenue performance.

轉到第 17 張投影片上的費用。我們的營運費用為 5.85 億美元，成長近 8%，與上個季度的預期一致，主要得益於對技術和人員的大力投資，以支持收入並推動創新和成長、員工薪酬和其他主要由於通貨膨脹而導致的成長。這使得營業利潤率和 EBITDA 利潤率分別上升 2 個百分點至 55% 和 58%。我們維持今年有機支出預期的中點，這將延續我們強勁的營收表現所帶來的健康經營槓桿軌跡。

Now that we have started to experience a more consistent FX impact as the year has progressed, we are updating our 2025 non-GAAP expense guidance to reflect the impact of movements in FX rates and to narrow the overall range with six months left to the year.

隨著時間的推移，我們開始感受到更持續的外匯影響，因此我們正在更新 2025 年非公認會計準則費用指南，以反映外匯匯率變動的影響，並在年底前六個月內縮小整體範圍。

Our guidance is now a range of $2.295 billion to $2.335 billion. The $20 million increase in the midpoint of our guidance is entirely due to FX, with no change to the organic expense growth rate implied by the midpoint of our guidance. Due to the offsetting positive FX impact on net revenue, we expect the change in FX to have no impact on our operating income.

我們目前的指導範圍是 22.95 億美元至 23.35 億美元。我們指引中點的 2000 萬美元成長完全是由於外匯因素，而我們指引中點隱含的有機費用成長率沒有變化。由於外匯對淨收入的正面影響被抵消，我們預期外匯變動不會對我們的營業收入產生影響。

Lastly on expense. We have actioned approximately $130 million out of our $140 million efficiency program as of the end of the second quarter, and our team is well positioned to continue to deliver on the program. We maintained our 2025 non-GAAP tax rate guidance of 22.5% to 24.5%.

最後關於費用。截至第二季末，我們已經從 1.4 億美元的效率計劃中支出了約 1.3 億美元，我們的團隊已準備好繼續執行該計劃。我們維持 2025 年非公認會計準則稅率指引 22.5% 至 24.5%。

Turning to capital allocation on slide 18. Nasdaq generated free cash flow of $467 million in the second quarter. This strong level of cash flow enabled us to support deleveraging our dividends and share repurchases. We paid a dividend of $0.27 per share or $155 million in the quarter, representing a 34% annualized payout ratio. In our continued commitment towards deleveraging, we paid down the $400 million remaining on the June 2025 bonds at maturity using cash on hand.

轉向投影片 18 上的資本配置。納斯達克第二季產生了4.67億美元的自由現金流。強勁的現金流使我們能夠支持去槓桿化股利和股票回購。我們在本季支付了每股 0.27 美元或 1.55 億美元的股息，相當於 34% 的年化股息率。我們繼續致力於去槓桿，用庫存現金償還了 2025 年 6 月到期債券剩餘的 4 億美元。

We reached a gross leverage ratio of 3.2 times at the end of the quarter, overachieving our 3.3 times milestones 16 months early. The 3.2 times ratio improved from 3.4 times a quarter ago despite a 0.1 times headwind from USD weakness relative to euro.

我們在本季末達到了 3.2 倍的總槓桿率，提前 16 個月超額實現了 3.3 倍的里程碑。儘管美元兌歐元疲軟 0.1 倍，但該比率仍從上一季的 3.4 倍有所改善。

We also repurchased a total of 1.2 million shares of our common stock for roughly $100 million in the second quarter, which included the completion of our annual [employee edition] related repurchases in April as well as opportunistic repurchases beyond that commitment. As we continue to execute against our compelling organic growth strategy, we remain focused on organic investments in the business, our dividend program and opportunistic debt and share repurchases.

我們還在第二季以約 1 億美元的價格回購了總計 120 萬股普通股，其中包括 4 月完成的年度（員工版）相關回購以及超出該承諾的機會性回購。在我們繼續執行引人注目的有機成長策略的同時，我們仍然專注於業務的有機投資、股息計劃以及機會性債務和股票回購。

In closing, Nasdaq delivered excellent results amid a dynamic operating environment. exemplified by a second consecutive quarter of double-digit net revenue growth and ARR growth up 9%. We continue to demonstrate strong operating leverage and make meaningful progress on our capital strategy.

最後，納斯達克在充滿活力的營運環境中取得了優異的業績，連續第二個季度實現兩位數淨收入成長，ARR 成長率達到 9%。我們持續展現出強大的經營槓桿，並在資本策略上取得了有意義的進展。

Our first half performance reflects our ability to growth cycle and underpins our confidence to achieve our 2025 objectives, as well as deliver sustainable growth and long-term shareholder value as we drive forward in the second half of the year and beyond.

我們上半年的業績反映了我們成長週期的能力，並鞏固了我們實現 2025 年目標的信心，同時也為我們在下半年及以後的發展中實現永續成長和長期股東價值奠定了基礎。

With that, let's open the line to Q&A.

現在，讓我們開始問答環節。

(Operator Instructions) Michael Cyprys, Morgan Stanley.

（操作員指示） 摩根士丹利的 Michael Cyprys。

Just wanted to ask about Agentic AI. I was hoping maybe you could elaborate a bit on the opportunity set that you see. I know you flagged one in particular I was just hoping maybe you could elaborate more broadly. How you're experimenting with that across the firm? I know you mentioned the example on Verafin. But just more broadly, how do you think about the opportunity across Nasdaq? What areas can make the most sense next? How meaningful in terms of efficiency gains do you think you might be able to extract from this? Just curious any color you might be able to share.

只是想問 Agentic AI。我希望您能詳細說明您所看到的機會。我知道您特別標記了其中一個，我只是希望您能更詳細地闡述一下。您在整個公司是如何嘗試這項做法的？我知道您提到了 Verafin 上的例子。但從更廣泛的角度來看，您如何看待納斯達克的機會？接下來哪些領域最有意義？您認為從中可以獲得多大的效率提升？只是好奇您可以分享什麼顏色。

Great. Thanks, Michael. Well, we -- internally, we have programs that focus on AI in the product and then AI on the business. And we do have those distinct programs because in the product, we've integrated how can we use AI within each of the product development pipeline. So we look at what is the pipeline of opportunities and the future of each product and how does AI play a role.

偉大的。謝謝，麥可。嗯，我們——在內部，我們有專注於產品中的人工智慧，然後專注於業務中的人工智慧的專案。我們確實有這些不同的程序，因為在產品中，我們整合瞭如何在每個產品開發流程中使用人工智慧。因此，我們將研究每種產品的機會管道和未來，以及人工智慧如何發揮作用。

So in the products, we've introduced Gen AI and Algorithmic AI to support Calypso, for instance, in terms of efficiency and risk management and more accuracy in risk management calculations, in our governance platform in terms of more summarization, and we are continuing to work with the users of governance to see where else we can use that summarization tool to make the preparation for Board meetings and the process for managing Board meetings more efficient. We use it also to drive new intelligence around something called sustainable lens that helps companies understand the competitive dynamics around sustainability programs.

因此，在產品中，我們引入了 Gen AI 和演算法 AI 來支援 Calypso，例如在效率和風險管理方面，以及在風險管理計算方面更加準確，在我們的治理平台中，在更多的總結方面，我們正在繼續與治理用戶合作，看看我們還可以在哪裡使用該總結工具，以使董事會會議的準備和管理董事會會議的流程更加高效。我們也利用它來推動圍繞永續視角的新智能，幫助公司了解永續發展計畫的競爭動態。

And then we also, inside our Fintech division, have used it to support, and we are using it to support these efficiencies for our clients. So as we talked about with the new Agentic AI that's being rolled out within the Financial Crime Management, it will reduce the time that analysts have to spend on some of that work that in terms of investigative work, reporting work. but that's also applicable across AxiomSL and surveillance, which are also -- have a lot of that type of regulatory reporting obligations tied to them.

然後，我們的金融科技部門也使用它來支持，我們正在使用它來支援客戶的效率。因此，正如我們談到在金融犯罪管理中推出的新型 Agentic AI 一樣，它將減少分析師在調查工作、報告工作方面所花費的時間。但這也適用於 AxiomSL 和監控，它們也有許多此類監管報告義務與之相關。

So all of those things are really across in the products and our product road maps reflect those. On the business is where we are applying AI into the company to make us margin. And our two focus areas that we've really started to scale up are in the product development life cycle because there's so many more agentic tools that can be integrated together to create more automation in product development and product delivery in addition to in the client success areas in terms of having information at the fingertips of our client success agents to support their work with clients and helping them understand issues or troubleshoot issues.

所以所有這些內容都體現在產品中，我們的產品路線圖也反映了這些內容。在業務方面，我們將人工智慧應用到公司中，以創造利潤。我們真正開始擴大規模的兩個重點領域是產品開發生命週期，因為除了客戶成功領域之外，還有更多的代理工具可以整合在一起，從而在產品開發和產品交付中實現更多自動化，我們的客戶成功代理可以隨時獲取信息，以支持他們與客戶的工作，並幫助他們了解問題或解決問題。

So I think that it is a holistic approach to bringing AI into the business. Our efficiency program in 2025 does reflect just early progress in that in terms of bringing some efficiencies in. But we do expect that to scale even further in 2026, and we'll provide you more disclosures on that as we get into 2026.

所以我認為這是將人工智慧引入商業的一種整體方法。我們的 2025 年效率計畫確實反映了在提高效率方面取得的早期進展。但我們確實預計到 2026 年這一規模將進一步擴大，進入 2026 年時，我們將為您提供更多相關資訊。

Alexander Blostein, Goldman Sachs.

高盛的亞歷山大·布洛斯坦。

I wanted to go back to your comments around slight improvement, I guess, you guys are seeing in the pipelines and accelerating sales momentum towards the back end of the year. You made a couple of specific points, I think, both on-prem dynamics for Q4 as well as onboarding within Financial Crime, I guess, in the fourth quarter as well. Maybe just put a little more granularity what that means for revenues in these businesses towards the end of the year and more importantly, how we should be thinking about the momentum in fintech entering to '26?

我想回到你關於輕微改善的評論，我想，你們看到了通路和年底銷售動能的加速。我認為您提出了幾個具體的觀點，包括第四季度的內部動態以及金融犯罪內部的入職情況，我想，第四季度也是如此。也許只是更詳細地說明這對這些企業到年底的收入意味著什麼，更重要的是，我們應該如何看待金融科技進入 26 年的發展動能？

Sure. Yes. Thank you. And yes, you are -- you captured the comments well. So we do have a very healthy pipeline across our fintech businesses.

當然。是的。謝謝。是的，你確實——你很好地捕捉到了這些評論。因此，我們的金融科技業務確實擁有非常健康的管道。

And one of the things we also look at is maturity of our pipeline. And I think that our pipeline continues to have to mature so that we feel have increasing confidence in our ability to bring these clients on board or upsell to clients appropriately. So it feels very healthy right now, the demand that we have across the world, and it is very much across the world for improved trade infrastructure, risk management, regulatory reporting, index, in crime, I mean it's really holistic, too. It's not really geared towards one particular product. It's really across our franchise.

我們關注的因素之一是管道的成熟度。我認為我們的管道必須不斷成熟，這樣我們才能越來越有信心吸引這些客戶或適當地向客戶追加銷售。因此，現在感覺非常健康，我們在世界各地都有這樣的需求，而且這種需求在世界各地都非常普遍，包括對改善貿易基礎設施、風險管理、監管報告、指數、犯罪等方面的需求，我的意思是，這種需求也是非常全面的。它其實並不是針對某一特定產品。它確實貫穿了我們的整個特許經營範圍。

And then specifically with Financial Crime Management, we are talking -- when we talk about the enterprise segment, those are the Tier 1 and Tier 2 banks. And as Sarah mentioned, we have already signed twice as many deals in that space as we signed all of last year. but it takes time to implement them, same as it does with AxiomSL and Calypso.

然後具體到金融犯罪管理，當我們談論企業部門時，那些是一級銀行和二級銀行。正如莎拉所提到的，我們在該領域簽署的交易數量已經是去年全年的兩倍。但實施這些交易需要時間，就像 AxiomSL 和 Calypso 一樣。

So the revenue starts to ramp up and come online as we get these clients implemented. And that's why she mentioned with FCMT that we should start to see more contribution of revenue from the Tier 1, Tier 2 clients getting into Q4 and into '26. So we do feel like there is momentum coming through the second half of the year. And hopefully, it will also accrue to the benefit of '26 as well.

因此，隨著我們實施這些客戶，收入開始增加並上線。這就是為什麼她在 FCMT 上提到，我們應該開始看到來自一級、二級客戶在第四季和 26 年的收入貢獻增加。因此，我們確實感覺到下半年會出現強勁勢頭。並希望它也能為 26 年帶來好處。

Patrick Moley, Piper Sandler.

派崔克莫利、派珀桑德勒。

Maybe just sticking with the some of the sales cycle commentary. I was hoping you could just talk a little bit more about how your conversations with customers in fintech trended in the second quarter? What impacted some of the tariff-driven volatility we saw in April have on those conversations? Just trying to get a better sense for some of the timing of those wins in the second quarter.

也許只是堅持一些銷售週期評論。希望您能再多談談第二季度您與金融科技客戶的對話趨勢如何？我們在四月看到的關稅引發的波動對這些對話有何影響？只是想更了解第二季取得勝利的一些時機。

Sure. Yeah. So I think two things. We talked on the first quarter call, we talked about two trends that we are monitoring. One was in particularly with Calypso in the US, we were seeing some conversations with our clients back in March and April kind of elongate a bit.

當然。是的。所以我想到了兩件事。我們在第一季的電話會議上談到了我們正在監控的兩個趨勢。特別是與美國的 Calypso 合作時，我們發現 3 月和 4 月與客戶的一些對話有點延長了。

Clients are saying, well, we need to spend a little time understanding the environment before we make final commitments. And -- but as we got into May and June, those conversations normalized and clients were ready to move forward. But that did give us a little bit of kind of a few weeks of a little bit of a pause in the sales cycles. And so I think that's one thing we've mentioned.

客戶說，我們需要花一點時間了解環境，然後才能做出最終承諾。但隨著進入五月和六月，這些對話恢復了正常，客戶也準備好繼續前進了。但這確實讓我們的銷售週期稍微暫停了幾週。所以我認為這就是我們提到的一件事。

And the other is with the regulatory uncertainty in terms of what will -- typically in the United States, there are changes and the oversight and governance of regulation in the United States, I think some of the implementations with AxiomSL were starting to get elongated because they weren't sure what the timelines were going to be actually for -- in the US and also in Europe in certain regulations. And I think some of that's starting to show up. I did mention SLR, some regulatory guidance is starting to come out, that's giving clients an understanding of what their obligations are going to be.

另一個是監管方面的不確定性——通常在美國，美國的監管和治理都在發生變化，我認為 AxiomSL 的一些實施開始被延長，因為他們不確定時間表實際上是怎樣的——在美國和歐洲，某些法規也是如此。我認為其中一些已經開始顯現。我確實提到了 SLR，一些監管指導開始出台，讓客戶了解他們的義務是什麼。

And so those conversations with our clients are becoming more certain. But that's helping to shore up the pipeline, implementations are still working their way through. And I think that Sarah did mention that, that is driving low single-digit growth in the professional services and a particular impact on AxiomSL. So that's why we mentioned that both in the first quarter and that she discussed that in the second quarter as well.

因此，我們與客戶的對話變得更加確定。但這有助於鞏固管道，實施工作仍在進行中。我認為 Sarah 確實提到過，這推動了專業服務的低個位數成長，並對 AxiomSL 產生了特別的影響。這就是為什麼我們在第一季提到了這一點，並且她在第二季度也討論了這一點。

Go ahead, Sarah.

繼續吧，莎拉。

Yeah. I would also add, if you look at what we put in our usual page 8 of the presentation and which we mentioned, both Adena and I, the wealth of signings in fintech in this quarter was, I think, really important. And it's really a contributor to that momentum and with a strong pipeline that Adena has also mentioned.

是的。我還要補充一點，如果你看一下我們在簡報的第 8 頁中通常提到的內容，以及 Adena 和我都提到的內容，我認為本季度金融科技領域的大量簽約非常重要。它確實是這一勢頭的推動者，並且擁有 Adena 也提到的強大管道。

Yeah. We were just extremely proud of the team because they work so closely with their clients throughout the quarter to help. You want to be both patient and pleasantly persistent. And I would say that our sales team just did an excellent job of staying close to the client throughout the quarter in order to get them across the finish line wherever possible.

是的。我們對這個團隊感到非常自豪，因為他們整個季度都與客戶密切合作，提供協助。您希望既有耐心，又能堅持不懈。我想說的是，我們的銷售團隊在整個季度中都表現出色，與客戶保持密切聯繫，盡可能幫助他們完成任務。

Bill Katz, TD Cowen.

比爾·卡茨（Bill Katz），TD Cowen。

Maybe switching gears a little bit. I'm just curious to get your latest thinking on the ability to leverage through the digital ecosystem. Obviously, the momentum building, both from a use case as well as the regulatory backdrop around stablecoin and tokenization. And maybe even just crypto. I just wondering if you could talk us through where you see the greatest opportunities, both from a volume perspective and perhaps even from an efficiency perspective for the platform as well.

也許稍微改變一下話題。我只是好奇想知道您對利用數位生態系統的能力的最新看法。顯然，無論是從用例還是從穩定幣和代幣化的監管背景來看，這種勢頭都在增強。甚至可能只是加密。我只是想知道您是否可以從數量角度甚至從平台效率角度向我們介紹您認為最大的機會在哪裡。

Great. Bill. So with regard to digital assets, I think you're right that there's some regulatory wins coming that are favorable towards the institutionalization of digital assets, both in traditional and obviously, traditional asset classes as well as in the crypto space. And the first one, of course, being with stablecoin. And there, what that does is it creates a lot of efficiency of payment rails and the ability to move money much more efficiently.

偉大的。帳單。因此，關於數位資產，我認為您說得對，即將出現的一些監管勝利有利於數位資產的製度化，無論是在傳統資產類別還是在加密領域。第一個當然是穩定幣。這樣做的好處是大大提高了支付管道的效率，並提高了資金轉移的效率。

And so we're not a payments company, but we do care a lot about how capital markets operate and the efficiency of the capital markets and the ability to move collateral more efficient across different markets and asset classes. The ability to manage risk in a more dynamic way as well as the digitization of less liquid assets that maybe create more efficiency in the trading of those assets around the world.

因此，我們不是一家支付公司，但我們確實非常關心資本市場的運作方式、資本市場的效率以及在不同市場和資產類別之間更有效地轉移抵押品的能力。以更動態的方式管理風險的能力以及流動性較差資產的數位化可能會提高全球資產交易的效率。

So as a technology provider, we provide technology to traditional markets and helping them digitize assets all the way from trading, all the way through to settlement and depository. But we also provide collateral management capabilities in Calypso.

因此，作為技術提供者，我們為傳統市場提供技術，幫助他們從交易到結算和存管的整個過程中實現資產數位化。但我們也在 Calypso 中提供抵押品管理功能。

And as I mentioned with the proof of concept, what we're trying to show is that we can use on chain capabilities to move collateral a lot more dynamically, which will free up a lot of liquidity. There's a lot of excess liquidity trapped inside clearing brokers and clearing houses. So the question is, can that move in a more dynamic way.

正如我在概念驗證中提到的那樣，我們試圖表明的是，我們可以使用鏈上功能來更動態地轉移抵押品，這將釋放大量流動性。清算經紀商和清算所內部積壓了大量過剩流動性。所以問題是，這能否以更有活力的方式實現。

So that's in stablecoin. I think with regard to market structure in the crypto space and just the digitizing of traditional assets, the market structure is still yet to come, and we're heavily engaged with regulators and legislators to engage with them.

這就是穩定幣。我認為，就加密領域的市場結構以及傳統資產的數位化而言，市場結構尚未形成，我們正在與監管機構和立法者密切合作。

We look forward to seeing how regulation can evolve because it is a great technology, and it's an interesting asset class that's evolving. The one thing we always focus on and every conversation we have is what is going to benefit investors. So what market structure will be investor first, investor friendly.

我們期待看到監管如何發展，因為這是一項偉大的技術，也是一個正在發展的有趣的資產類別。我們始終關注的一件事以及我們每次的談話都是為了投資者的利益。那麼什麼樣的市場結構才是投資人優先、對投資者友善的呢？

How can we also participate in those asset classes in a way that serves investors really successfully, looking at things like allowing securities exchanges to own ATSs, which we cannot do today, also allowing us to have a single platform that can trade securities and non-securities.

我們如何以真正成功服務投資者的方式參與這些資產類別，考慮允許證券交易所擁有 ATS（這是我們今天無法做到的），同時允許我們擁有一個可以交易證券和非證券的單一平台。

Things like that are going to be part of the dialogue in market structure that's opened up opportunities. But in general, we feel like the institutionalization of crypto as well as the ability to bring digital assets to drive efficiency is a positive for the industry. So we're very excited about where the direction of travel here.

諸如此類的事情將成為市場結構對話的一部分，從而帶來機會。但總的來說，我們認為加密的製度化以及利用數位資產來提高效率的能力對產業來說是有利的。因此，我們對這裡的旅行方向感到非常興奮。

Simon Clinch, Rothschild & Company Redburn.

西蒙‧克林奇 (Simon Clinch)，羅斯柴爾德公司雷德伯恩分公司。

I was wondering if we'd just pivot to the Index business, please. And could you maybe just give us a little bit more color about the dynamics you're seeing in that business and particularly strong flows that you saw again this quarter. And I was just wondering if you could maybe give some color around the durability of that or how to think about the structural dynamics there.

我想知道我們是否可以轉向指數業務。您能否向我們詳細介紹您在該業務中看到的動態，特別是本季再次看到的強勁流量。我只是想知道您是否可以對其持久性進行一些說明，或者如何看待其中的結構動力學。

Well, first, I think, first, Sarah and her team do a really nice job working with the business to show Alpha versus Beta, and that's demonstrated in the presentation. So what we focus on is obviously Alpha, what we can control. We control new product creation, and we created 33 new products. We also have a very defined strategy around our expansion, around institutional adoption, international expansion and new products. So we have 33 new products, 7 of which are in the institutional space, and many of them are also international in nature.

嗯，首先，我認為，首先，莎拉和她的團隊在與企業合作展示 Alpha 與 Beta 方面做得非常好，這在演示中得到了證明。因此，我們關注的顯然是 Alpha，我們可以控制的東西。我們控制新產品的創造，我們創造了 33 種新產品。我們也圍繞著擴張、機構採用、國際擴張和新產品製定了非常明確的策略。因此，我們有 33 種新產品，其中 7 種屬於機構領域，許多產品也具有國際性質。

So we are really executing quite well in that kind of three-pillar approach to growing and expanding the business. We then also, of course, work very closely with our investment management partners on driving adoption of our indexes and we had $88 billion of inflows, $20 billion in the quarter.

因此，我們在發展和擴大業務的這種三支柱方法上確實執行得相當好。當然，我們也與我們的投資管理合作夥伴密切合作，推動我們指數的採用，我們有 880 億美元的流入，本季為 200 億美元。

We can't necessarily control influence all the time. But what we focus on is how do we make sure that investors understand both the track record but also the potential of these indexes to drive value to them? How do we create indexes that are really leaning towards the future of the economy, which, of course, is symbiotic with our brand.

我們不可能始終控制影響力。但我們關注的是，如何確保投資人既了解這些指數的業績記錄，又了解其創造價值的潛力？我們如何創造真正傾向於經濟未來的指數，這當然與我們的品牌是共生的。

And then how do we also think about specific investor strategy. So sometimes, it can be more of like dividend-oriented strategy or a buyback oriented strategy or things that they want to be focused on, and we work closely with our investment manager clients to create indexes in those areas.

那我們如何考慮具體的投資者策略。因此，有時，它可能更像是以股息為導向的策略或以回購為導向的策略或他們想要關注的事情，我們與我們的投資經理客戶密切合作，在這些領域創建指數。

So in all of those fronts, I think we're doing a really great job. And I think we have -- we are a very strong partner. We take a partnership approach to every new index we create with our clients.

因此，我認為在所有這些方面我們都做得非常出色。我認為我們是一個非常強大的合作夥伴。我們與客戶一起對每個新指數進行合作創建。

Alex Kramm, UBS.

瑞銀的亞歷克斯·克拉姆（Alex Kramm）。

Just wanted to come back to the strength in fintech and in particular on the Capital Markets side, and I think you talked to some of this already. But if I look at ARR and if my numbers are right, and I think they typically are, I think you added $39 million quarter-over-quarter in ARR. So I think that's the largest sequential increase that we've seen. And obviously, we only have a couple of years of data here. But just wondering, what specifically really drove such a chunky number?

我只是想回到金融科技的優勢，特別是資本市場方面，我想你已經談過其中的一些內容了。但如果我看一下 ARR，如果我的數字是正確的，而且我認為它們通常都是正確的，那麼我認為您的 ARR 季度環比增加了 3900 萬美元。所以我認為這是我們見過的最大連續成長。顯然，我們這裡只有幾年的數據。但我只是想知道，究竟是什麼原因導致如此巨大的數字？

I mean, is it a lot of deals? I know you gave some numbers. Is it some really chunky things that happened? Just the pipeline just had to execute against. And more importantly, is there anything that maybe came a little earlier than you expected? And could this take away a little bit from the ARR for the remainder of the year?

我的意思是，有很多交易嗎？我知道你給了一些數字。是不是發生了一些非常重大的事情？只是管道必須執行。更重要的是，是否有一些事情可能比您預期的來得更早？這是否會對今年剩餘時間的 ARR 造成一定影響？

So just to unpack Capital Markets, there are three areas of that business. You have Calypso, you have Market Tech and then you have the Connectivity Services business.

因此，僅僅分析一下資本市場，它就包含三個業務領域。你有 Calypso，有 Market Tech，還有連結服務業務。

And so starting, I'll go back to front on that one. So starting with Connectivity Services. The volumes that we experienced in our markets definitely drove more demand for Connectivity Services among our clientele. And as -- just as a reminder, we have doubled the size of our data center. So that gives us more capacity to be able to serve that demand.

那麼首先，我將回到前面討論這個問題。因此從連接服務開始。我們在市場上經歷的交易量無疑地推動了客戶對連結服務的更多需求。並且——提醒一下，我們的資料中心規模已經擴大了一倍。因此，我們有更多的能力來滿足這項需求。

The second is in I think I mentioned Calypso second. So Calypso, we had a 34% growth quarter last year. And so the fact that we had 3% growth on top of 34% growth just says that we did a really nice job of finding new opportunities and working with our clients to close these opportunities. I would say it was pretty broad-based, Alex. It wasn't like one single. But there were some great -- some larger clients that were part of the quarter with a lot of upsells.

第二個是我認為我提到的卡里普索。去年，Calypso 季度實現了 34% 的成長。因此，我們在 34% 的成長基礎上又實現了 3% 的成長，這說明我們在尋找新機會以及與客戶合作抓住這些機會方面做得非常出色。我想說它的基礎非常廣泛，亞歷克斯。它不像一首單曲。但也有一些很棒的——一些較大的客戶，他們在本季度帶來了大量的追加銷售。

And then in Market Tech, I think that's where the three trading clients I did mention, those are significant deals because we're not just providing the software, we're managing the software. And those tend to be larger contract opportunities for us because it's a managed service. So I think all of those things ultimately contributed to the strength in the ARR growth.

然後在 Market Tech 中，我認為這就是我提到的三個交易客戶，這些都是重要的交易，因為我們不僅提供軟體，我們還管理軟體。因為這是一項託管服務，所以這對我們來說往往是更大的合約機會。所以我認為所有這些因素最終都促進了 ARR 的強勁成長。

Michael Cho, JPMorgan.

摩根大通的 Michael Cho。

I just want to touch on the Data and Listings business, which saw some nice revenue growth acceleration in 2Q. You called out the contribution from data driving some of the results here. I also think you called out low single-digit growth for 2025. And so hoping maybe you could just remind us of the mix of the business here.

我只想談談數據和列表業務，該業務在第二季度實現了良好的收入成長。您指出數據貢獻推動了這裡的一些結果。我還認為您曾預測 2025 年的成長率將達到低個位數。所以希望您能提醒我們這裡的業務組合。

And then when we think about revenue growth acceleration in the segment, how do we think about the impact from the data business continuing to trend along pretty well versus the improvement you're seeing in the listings business?

然後，當我們考慮該領域的收入成長加速時，我們如何看待數據業務繼續呈現良好趨勢的影響以及您在清單業務中看到的改善？

Great. Thanks. Yes. We're very pleased with the progress in the data business. And what we really focused on is continuing to expand our relationships with certain clients, like especially retail brokerage platforms around the world where they might take a deeper set of data from us and expand what they're offering to their clients around the world.

偉大的。謝謝。是的。我們對數據業務的進展感到非常滿意。我們真正關注的是繼續擴大與某些客戶的關係，特別是世界各地的零售經紀平台，他們可能會從我們這裡獲取更深入的數據，並擴大他們為全球客戶提供的服務。

And then we also are -- continued that global expansion. There's so much interest in the US market and having retail access to the US market that we -- and our products, we think, are obviously the best in the world, providing transparency of the market to them. And so we continue to find really strong demand there.

然後我們也繼續進行全球擴張。人們對美國市場和進入美國市場的零售通路非常感興趣，我們認為我們的產品顯然是世界上最好的，為他們提供了市場的透明度。因此，我們繼續發現那裡的需求非常強勁。

But also usage of our data because we do have certain data products that are usage-based. And there is a lot of retail involvement in the markets and volumes in the markets, and that retail demand is driving usage across the data as well. From our point of view, we would see that, that is trending. So that's a trend that we -- we're looking at pretty good trends going in the second half of the year as well.

但我們的數據也有使用情況，因為我們確實擁有某些基於使用情況的數據產品。零售業在市場上的參與度很高，市場交易量也很大，零售需求也推動了數據的使用。從我們的角度來看，我們會看到，這是一種趨勢。所以，這是一個趨勢——我們也看到了下半年相當不錯的趨勢。

And then in listings, it is an improving story. As we mentioned, we are seeing more new issuances this year. We do have a really healthy pipeline and we do hope to have even more large cap companies come out in the second half of the year. It will be market dependent. And as you all know that also kind of tends to have a little bit of a lag because we don't recognize all the initial listing fees upfront.

然後在清單中，這是一個不斷改善的故事。正如我們所提到的，今年我們將看到更多的新發行。我們確實擁有非常健康的管道，我們確實希望在今年下半年推出更多大型公司。這將取決於市場。眾所周知，這也往往會有一點滯後，因為我們沒有預先確認所有的初始上市費用。

We have that, that's amortized over multiple years. So it will take a while for that to kind of show up as real momentum in the growth there. So we are trending a little above our medium-term outlook there. I think we have good opportunities to continue that trend, but we also is in uncertain environment around us.

我們有這個，它是經過多年攤銷的。因此，這需要一段時間才能體現出那裡真正的成長動力。因此，我們的趨勢略高於中期展望。我認為我們有很好的機會延續這一趨勢，但我們周圍的環境也不確定。

Kyle Voigt, KBW.

凱爾·沃伊特（Kyle Voigt），KBW。

So earlier this week, the SEC announced a roundtable for September to discuss the trade-through rule of Rule 611. And Chair Atkins took a view in that press release that 611 has not served investors or broker-dealers as well.

因此本週早些時候，美國證券交易委員會宣布將於 9 月召開圓桌會議，討論第 611 條規則中的交易通行規則。主席阿特金斯在新聞稿中表示，611 並沒有為投資者或經紀交易商提供良好的服務。

Obviously, expecting more details to come at the roundtable date, but just curious to hear how you rule -- you view Rule 611 and potential implications for Nasdaq in a world where Rule 611 could be repealed or significantly modified.

顯然，期待在圓桌會議期間公佈更多細節，但只是好奇想听聽您如何看待規則 611 以及在規則 611 可能被廢除或進行重大修改的世界中對納斯達克的潛在影響。

So for -- yes. So 611 is the order protection rule and we are really looking forward to engaging the SEC through the roundtable and beyond on that topic. As you'll probably know, Reg NMS is put into place in 2020 -- I mean, 2005, 2006, with order protection tule being the cornerstone of the rule, but not the early part of the rule.

所以——是的。因此，611 是命令保護規則，我們非常期待透過圓桌會議及其他方式與 SEC 討論該主題。您可能知道，Reg NMS 於 2020 年實施——我的意思是 2005 年、2006 年，訂單保護規則是該規則的基石，但不是該規則的早期部分。

So we are very happy to have that engagement. We operate in markets outside the United States that don't have an order protection rule like in Europe, the operating markets in Canada that have de minimis standards around that rule.

因此，我們很高興能有這樣的合作。我們在美國以外的市場經營，這些市場沒有像歐洲那樣的訂單保護規則，而加拿大的營運市場對此規則有最低限度標準。

We operate very successfully in both of those geographies. So we do know how to compete successfully and operate successfully in environments with and without the rule. So it's going to be a healthy discussion and engagement.

我們在這兩個地區的營運都非常成功。因此，我們確實知道如何在有規則和無規則的環境中成功競爭和運作。因此這將是一次健康的討論與交流。

One thing we do want to make sure the SEC thinks about is just what other parts of Reg NMS need to be adjusted if they are going to consider eliminating the OPR. But we feel very confident in our ability to be successful in any environment.

我們確實想確保 SEC 考慮的一件事是，如果他們要考慮取消 OPR，那麼 Reg NMS 的哪些其他部分需要調整。但我們對自己在任何環境下取得成功的能力充滿信心。

Jeff Schmitt, William Blair.

傑夫施密特、威廉布萊爾。

On Verafin, I know most of that business is in the US, but you're starting to make progress internationally there, signing up the first European bank. And when we think about your medium-term guide for that business of mid-20s revenue growth, does that assume much international expansion? Or could there potentially be upside there if that momentum picks up?

關於 Verafin，我知道大部分業務都在美國，但你們已開始在國際上取得進展，並簽署了第一家歐洲銀行。當我們考慮您對該業務 20% 左右收入成長的中期指導時，這是否意味著會進行大規模的國際擴張？或者如果這種勢頭增強，是否可能出現上漲？

So we've always talked about three pillars of our -- of the growth that will underpin that business to achieve the medium-term outlook. And one is, of course, the continued growth of the SMB sector. And I think we continue to show real strength there with 46 signings this quarter.

因此，我們一直在談論支撐業務成長的三大支柱，以實現中期前景。其中之一當然是中小企業部門的持續成長。我認為我們本季的 46 份簽約將繼續展現出真正的實力。

The second is the move up market in the US to the Tier 1 and Tier 2s, and we are starting to shift some momentum. And I think as we mentioned, we have had more success this year than last year in signing new clients, and I think that should accrue to our benefit going into Q4 and beyond.

第二個是美國市場向一級和二級市場的轉變，我們正在開始轉變一些動能。我認為，正如我們所提到的，我們今年在簽約新客戶方面比去年取得了更大的成功，我認為這將為我們在第四季度及以後帶來好處。

And then the European expansion is on a longer leg to that expansion plan to achieve and to maintain our medium-term outlook. So Europe is not going to show up in the numbers in '25 or '26. But as you get into '27, '28, it should start to be a contributor if we're successful. We have to make sure we can land and expand, but we have a lot of confidence in our ability to create value for our clients there. So we're excited about the first milestone, but it's a long road there, but it is part of our medium-term outlook.

然後，歐洲擴張將比該擴張計劃更加長期，以實現並維持我們的中期前景。因此，歐洲不會出現在 25 年或 26 年的數據中。但進入 27、28 年，如果我們成功了，它就會開始成為一個貢獻者。我們必須確保我們能夠落地並擴張，但我們對我們在那裡為客戶創造價值的能力充滿信心。因此，我們對第一個里程碑感到興奮，儘管這是一條漫長的道路，但這是我們中期展望的一部分。

Benjamin Budish, Barclays.

巴克萊銀行的班傑明‧布迪什 (Benjamin Budish)。

Adena, you mentioned in your prepared remarks and I think in several prior quarters, an opportunity in the index business around annuities. Just curious if you could unpack that a little bit. I think it's something investors hear a little bit less about, but given demographic trends in the US, given some noise elsewhere about Private Markets entering the retirement space, just curious what Nasdaq exposure looks like there? How big is that business today? And what are your ambitions there?

Adena，您在準備好的發言中提到了，我認為在前幾個季度，年金指數業務中存在機會。我只是好奇你是否可以稍微解釋一下。我認為這是投資者較少聽到的事情，但考慮到美國的人口趨勢，考慮到其他地方關於私人市場進入退休領域的一些傳聞，我只是好奇納斯達克在那裡的曝光情況如何？如今該業務規模有多大？您的目標是什麼？

Yeah. We're pretty early in our expansion into the insurance annuity space. So I would not say it's a huge contributor to our business yet. But because we actually, frankly, hired a sales team and have really gone through into that space only in the last couple of years and with like a real precise approach and strategy.

是的。我們在保險年金領域的擴張才剛起步。因此我還不能說它對我們的業務做出了巨大貢獻。但坦白說，我們實際上聘請了一支銷售團隊，並且在過去幾年才真正進入該領域，並採取了真正精確的方法和策略。

And so why is that interesting, because it's -- what we find interesting is now that the Nasdaq 100 is one of the best indexes in the world, and yet it really -- there's very little institutional exposure to it. And in the insurance space that are long investment horizons, it can be a huge value opportunity for them.

那為什麼這很有趣呢？因為我們發現有趣的是，納斯達克 100 指數是世界上最好的指數之一，但實際上，對它的機構投資卻很少。在投資期間較長的保險領域，這對他們來說是一個巨大的價值機會。

So we've been really starting to engage with them on creating specific insurance annuity vehicles that are specific per client. As we mentioned, we launched seven of them this quarter that really allow them to have exposure to the Nasdaq 100 and bringing that into their portfolio. And of course, as you know, they have a very broad portfolio mandate. So having great exposure to innovative growth companies is part of their mandate and we think the Nasdaq 100 is a great vehicle for that.

因此，我們已經開始與他們合作，為每位客戶創建特定的保險年金工具。正如我們所提到的，我們本季度推出了其中的七個，這確實使他們能夠接觸納斯達克 100 指數並將其納入他們的投資組合。當然，如你所知，他們的投資組合授權非常廣泛。因此，大力投資創新成長型公司是他們的職責之一，我們認為納斯達克 100 指數是實現這一目標的絕佳工具。

Brian Bedell, Deutsche Bank.

德意志銀行的 Brian Bedell。

Just back on to Capital Markets. Just looking at the second half, it sounds like the second quarter was pretty clean. And given that I think your prior guidance is still sort of the low end of that high single to low double-digit growth range. But does this imply you'd be higher within that range given the strength in the second quarter? And then just bigger picture on the crypto ecosystem.

回到資本市場。僅從下半場來看，第二節的比賽聽起來相當乾淨。有鑑於此，我認為您先前的預測仍然處於高個位數到低兩位數成長範圍的低端。但考慮到第二季的強勁表現，這是否意味著您的股價會在該範圍內更高？然後就是加密生態系的更大圖景。

Just appreciate your comments on that earlier, Adena. Does the ecosystem that we see today in digital markets and crypto make you feel better about the longer-term growth rate for the Adenza business relative to when you did the acquisition over 18 months ago?

非常感謝您之前對此的評論，Adena。與 18 個月前收購時相比，我們今天在數位市場和加密貨幣中看到的生態系統是否讓您對 Adenza 業務的長期成長率更有信心？

Great. Thank you. With regard to Capital Markets Technology, as you mentioned, given some of the pauses we had in some of the conversations, that did elongate some of the sales cycles, which -- and that should -- that will ultimately take a little bit of time to flow through.

偉大的。謝謝。關於資本市場技術，正如您所提到的，考慮到我們在某些對話中遇到的一些停頓，這確實延長了一些銷售週期，而這最終需要一點時間來完成。

So we're -- and also we think it's a little too early to tell whether or not this will have a meaningful impact on the full year. So we're, as we said, we're maintaining general consistency in the way that we're considering both the divisional and subdivisional growth rates for the year.

因此，我們認為現在判斷這是否會對全年產生重大影響還為時過早。因此，正如我們所說，我們在考慮年度部門和分部門成長率的方式上保持了整體一致性。

In terms of the crypto and the ecosystem there and the fact that it is growing and maturing, there is regulation that's starting to come through. Those are things we did not actually anticipate in the Adenza transaction itself.

就加密貨幣及其生態系統以及其不斷發展和成熟的事實而言，監管已開始出台。這些是我們在 Adenza 交易本身中實際上沒有預料到的事情。

But as with the -- if we are seeing a world where crypto and the crypto itself becomes more institutionally available, that is an opportunity across our Fintech division because as institutions adopt those asset classes, they're going to want to make sure that they have the right trade infrastructure, the right risk management, the right regulatory reporting and anti-fin crime to support it in crypto.

但是，如果我們看到一個加密貨幣和加密貨幣本身變得更加機構可用的世界，那麼這對我們的金融科技部門來說是一個機會，因為隨著機構採用這些資產類別，他們將希望確保他們擁有正確的交易基礎設施、正確的風險管理、正確的監管報告和反金融犯罪，以支持加密貨幣。

Digital assets, like the technology of digital assets in terms of digitizing traditional securities, we have been in that world for quite some time, and we have been building our technology to support that for quite some time.

數位資產，就像數位化傳統證券的數位資產技術一樣，我們已經在這個世界存在了相當長一段時間，我們也一直在建立我們的技術來支持它。

So I think that those are all the things that we focus on. If we can see that crypto becomes bankable, that obviously becomes a very significant opportunity in terms of the ability for them to manage collateral, move collateral and manage risk as they're participating in these markets.

所以我認為這些都是我們關注的事情。如果我們看到加密貨幣變得具有銀行信用，那麼這顯然會成為一個非常重要的機會，因為他們在參與這些市場時可以管理抵押品、轉移抵押品和管理風險。

Dan Fannon, Jefferies

丹‧範農（Dan Fannon），傑富瑞

I wanted to come back to the Listings business, understanding that it is subject to the market conditions. But the other ancillary revenues like Corporate Solutions that come off of that, how would you characterize that environment today? I think you highlighted a Boardvantage win, but just curious about the kind of broader Workflow and Insights business. And then also, as we think about IPOs coming back, what's the lag effect with the associated revenues with some of these other businesses?

我想回到上市業務，了解它受市場條件的影響。但是，對於由此產生的其他輔助收入，例如企業解決方案，您如何描述當今的環境？我認為您強調了 Boardvantage 的勝利，但我只是對更廣泛的 Workflow 和 Insights 業務感到好奇。而且，當我們考慮 IPO 回歸時，這些其他業務的相關收入的滯後效應是什麼？

Yes, sure. So if we talk about Workflow and Insights in general, as we discussed it and as Sarah discussed it, we have -- we're very pleased with how analytics and datalink are continuing to grow, investment and analytics had improved gross retention and just a general very healthy environment for growth there. And we have some great capabilities in the private space that we've been rolling out for quite some time, and that's really helping to drive demand for investment in particular.

是的，當然。因此，如果我們總體上談論工作流程和洞察力，正如我們和莎拉所討論的那樣，我們對分析和數據鏈接的持續增長感到非常高興，投資和分析提高了總保留率，並且總體上為增長創造了非常健康的環境。我們在私人領域已經推出了一些很棒的功能，這些功能已經推出很長一段時間了，這確實有助於推動投資需求。

In terms of Corporate Solutions and the listing environment, Corporate Solutions has continued to have modest growth and I would say, more challenges just in terms of the fact that the market for some time and the growth and the market value, the growth of market values in the markets where it tended to be geared towards the top end of the market, that's been expanding across the market more, which helps the health of the corporate audience for our Corporate Solutions. But it continues to be, I would say, a relatively modest growth environment, but not a hypergrowth environment at all in the listing space for Corporate Solutions.

就企業解決方案和上市環境而言，企業解決方案持續保持適度成長，我想說，更多的挑戰只是因為市場在一段時間內的成長和市場價值，市場價值的成長往往面向高端市場，並且在整個市場中不斷擴張，這有助於我們企業解決方案的企業受眾的健康。但我想說，企業解決方案上市領域的成長環境仍然相對溫和，但根本不是超高速成長的環境。

In terms of the flow-through of an improved listing environment into Corporate Solutions, just a reminder, we do give our listing clients a starter kit essentially of IR services. Governance is not included in that program, but IR is, and that takes the three-year program.

就將改進的上市環境引入企業解決方案而言，需要提醒的是，我們確實為上市客戶提供了本質上是 IR 服務的入門套件。該計劃不包括治理，但包括 IR，並且需要三年計劃。

So it does create a delay in paid subscriptions for those services. But we can upsell them on other things in that intervening period. So more IPOs does open up the aperture and does increase the pipeline. So we are looking forward to having more companies coming in and tapping the public market.

因此，這確實會導致這些服務的付費訂閱延遲。但我們可以在此期間向他們推銷其他產品。因此，更多的 IPO 確實會打開機會之門，並增加管道。因此，我們期待有更多的公司進入並開拓公開市場。

Owen Lau, Oppenheimer.

歐文劉，奧本海默。

So I want to go back to tokenization on both Public and Private Market. And on Private Market, there are more platforms offering to organize private company. Does this trend support or this intermediate Nasdaq private market longer term? And similarly for public market, public equities, I know Nasdaq is going to launch 24/6 trading next year. How do you see the dynamic competitive dynamics there?

所以我想回到公共和私人市場的標記化。在私人市場上，有更多平台提供組織私人公司服務。從長期來看，這一趨勢是否支持中期納斯達克私人市場？同樣，對於公開市場、公開股票，我知道納斯達克將於明年推出全天候交易。您如何看待那裡的動態競爭態勢？

Sure. Well, Owen, I view tokenization is just a technology. So tokenizing is a technology that's used. And in the case of both the tokenization of private securities, as you've been talking about and the organization of public securities, I think at least what's come out so far is this is a new technology that really serves the same purpose as other things that already exist in the marketplace.

當然。嗯，歐文，我認為標記化只是一種技術。因此標記化是一種被使用的技術。就您談到的私人證券的代幣化和公共證券的組織而言，我認為至少到目前為止，這是一種新技術，其用途與市場上已有的其他技術相同。

So for instance, in private company shares, there are these special purpose vehicles that are created. But then wealth channels can then use to aggregate demand from their wealth clients, but that the wealth channel itself is the investor in that special purpose vehicle as one investor investing in the actual company shares.

例如，在私人公司股份中，有這些特殊目的載體被創建。但財富管道隨後可以用來匯總財富客戶的需求，但財富管道本身是該特殊目的載體的投資者，作為投資實際公司股票的投資者之一。

That is essentially what they're doing with tokenization as well. It's just a different technology construct to achieve a single. And in that, actually, Nasdaq Private Market does help provide and support those types of special purpose vehicles, but in connection with the corporate.

這基本上也是他們對標記化所做的事情。這只是為了實現單一目標而建構的不同技術。實際上，納斯達克私人市場確實有助於提供和支持這些類型的特殊目的載體，但與企業有關。

The corporate clients are a key constituent and key clientele for Nasdaq Private Market. So they do everything with the corporates in mind. But to the extent that there are transactions that are occurring that aren't just tenders or secondaries and blocks and other things, and also the creation of special work vehicles, MPM does facilitate that in a collaborative way.

企業客戶是納斯達克私人市場的重要組成部分和關鍵客戶群。所以他們做每件事時都會考慮到企業。但是，如果發生的交易不僅僅是投標或二級市場、區塊和其他東西，還有特殊工作工具的創建，MPM 確實以協作的方式促進了這一點。

In terms of tokenization general, in terms of public and private securities. One of the things we focus on is what is ultimately in the benefit to the benefit of investors? Make sure that you think about liquidity, transparency and integrity, no matter what the asset class is. And that's our mantra. And so what will increase the liquidity.

就代幣化總體而言，就公共和私人證券而言。我們關注的問題之一是，最終什麼對投資者有利？無論資產類別是什麼，請務必考慮流動性、透明度和完整性。這就是我們的口號。那麼什麼會增加流動性呢？

So we have obviously, Nasdaq Private Market, Nasdaq fund secondaries that could help drive liquidity in private assets. You have transparency, and we have Tape D coming out of another private market now to create transparency of price discovery in the private company shares.

因此，我們顯然擁有納斯達克私人市場、納斯達克基金二級市場，它們可以幫助推動私人資產的流動性。您擁有透明度，我們現在有來自另一個私人市場的磁帶 D，以在私人公司股票中創造價格發現的透明度。

But that's still -- there's not a lot of transparency of the underlying companies themselves that underlying funds themselves. So that's something that probably needs to develop. And then, of course, integrity to make sure you think about the regulatory framework to drive more accessibility of those assets, it's going to be important regardless of the technology that's used to do it.

但這仍然存在——基礎公司本身和基礎基金本身的透明度並不高。所以可能需要發展。當然，誠信是要確保你考慮監管框架，以推動這些資產的更多可訪問性，無論使用何種技術，這都很重要。

And then in the public markets, we are very focused on making the public company experience a better one for companies. It's such an important part of our economy. And as Chair Atkins said on CBC the other day, let's make IPOs great again. We're very excited about that. We're engaged heavily with the SEC on ideas around that. And so we do think it's important to have a vibrant public market while also supporting the private market.

然後在公開市場上，我們非常注重為公司提供更好的上市公司體驗。它是我們經濟中非常重要的一部分。正如阿特金斯主席前幾天在加拿大廣播公司 (CBC) 上所說，讓我們讓 IPO 再次偉大。我們對此感到非常興奮。我們就此問題與美國證券交易委員會 (SEC) 進行了密切的交流。因此，我們確實認為，擁有一個充滿活力的公共市場並支持私人市場非常重要。

Chris Allen, Citi

克里斯艾倫（花旗銀行）

In the deck, you noted price increases across a number of segments, Regtech, Financial Crime, Capital Markets Tech and Data Listings. Just wondering how the price increases compared to prior historical price increases and what level is contractual of the price increases?

在簡報中，您注意到監管科技、金融犯罪、資本市場技術和數據清單等多個領域的價格正在上漲。只是想知道與之前的歷史價格上漲相比，價格上漲幅度如何，合約價格上漲的水平是多少？

Yeah. So price increase is definitely part of our growth formula. And I would say that this quarter has been very much in line with what you would have experienced. It depends contractually in the divisions and some of the price increases, for example, in Financial Crime Management represent also the value of the engagement with our clients, represents the upsells.

是的。因此，價格上漲肯定是我們成長公式的一部分。我想說的是，本季的情況與你們所經歷的非常一致。這取決於部門之間的合同，一些價格上漲，例如金融犯罪管理部門的價格上漲也代表著與客戶合作的價值，代表著追加銷售。

So you don't have like one way to look into it. But that being said, I would say it has been a nice contributor to our work for this quarter, but also in the past.

所以你沒有辦法去研究它。但話雖如此，我想說它對我們本季的工作以及過去的工作做出了很好的貢獻。

Ashish Sabadra, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Ashish Sabadra。

Just on capital allocation, you talked about opportunistic deleveraging and buyback. I was just curious about the M&A pipeline. Anything that you see from a tuck-in perspective? Any color there will be helpful.

僅在資本配置方面，您談到了機會性去槓桿和回購。我只是對併購通路感到好奇。從角度來看您看到了什麼嗎？任何顏色都會有幫助。

Yes. So we continue to have a lot of free cash flow generation. I just want to put the context of [$1.9 billion] of last 12 months free cash flow. So with that, we have a lot of options, and we can do more than one thing. So if you start with supporting the business, reinvesting in the organic opportunities that we have in the business, that is the number one priority, and we're doing that very much. We are very focused on fueling this revenue growth opportunity that you are seeing unfolding.

是的。因此我們繼續產生大量的自由現金流。我只是想介紹一下過去 12 個月自由現金流 [19 億美元] 的情況。因此，我們有很多選擇，我們可以做不只一件事。因此，如果您從支援業務開始，重新投資於我們在業務中擁有的有機機會，那麼這就是首要任務，我們正在這樣做。我們非常注重推動您正在看到的這一收入成長機會。

The second part is the dividend, and we'll continue to have it be progressive. And then beyond that, it's really being opportunity between debt and share repurchases and a focus on inorganic growth trajectory for now.

第二部分是紅利，我們將繼續讓它累進。除此之外，這實際上是債務和股票回購之間的機會，目前重點關注無機成長軌跡。

This concludes today's question-and-answer session. I'd like to turn the call back to Adena Friedman for closing remarks.

今天的問答環節到此結束。我想請阿德娜·弗里德曼 (Adena Friedman) 做最後發言。

Well, thank you very much. Nasdaq continues to demonstrate the resilience of our diversified business as well as the strength of our partnership and relationships with our clients. And we look forward to continue to keep you updated on our progress in the quarters ahead. So thank you very much.

嗯，非常感謝。納斯達克繼續展示我們多元化業務的韌性以及我們與客戶的合作夥伴關係和關係的實力。我們期待在未來幾季繼續向您通報我們的進展。非常感謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。