納斯達克交易所 (NDAQ) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to Nasdaq third-quarter 2025 results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加納斯達克2025年第三季業績電話會議。（操作人員指示）請注意，今天的會議正在錄音。

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

現在，我謹將會議交給第一位發言人，高級副總裁兼投資者關係負責人阿托·加勒特先生。請繼續。

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

各位早安。感謝各位今天與我們一起討論納斯達克2025年第三季的財務表現。線上的有：我們的董事長兼執行長阿德娜·弗里德曼；我們的財務長莎拉·楊伍德；以及管理團隊的其他成員。

After prepared remarks, we will open the line for Q&A. The press release and earnings presentation accompanying this call can be found on our Investor Relations website.

發言結束後，我們將開放問答環節。本次電話會議的新聞稿和收益簡報可在我們的投資者關係網站上找到。

I would like to remind you that we will be making forward-looking statements on this call that involve risks. A summary of these risks is contained in our press release and a more complete description on our annual report on Form 10-K.

我想提醒各位，本次電話會議中我們將發表一些涉及風險的前瞻性聲明。這些風險的概要資訊已包含在我們的新聞稿中，更完整的描述資訊已包含在我們的 10-K 表格年度報告中。

We will discuss our financial performance on a non-GAAP basis excluding the impact of the divestiture and the impact of changes in FX. Adjusted and organic year-over-year changes reflect the $32 million revenue adjustment in the third quarter of 2024 for the change to the accounting treatment of revenues associated with AxiomSL on-premise subscription contracts, which are included in the Financial Technology segment.

我們將以非公認會計準則為基礎討論我們的財務業績，不包括資產剝離的影響和匯率變動的影響。經調整和有機同比變化反映了 2024 年第三季 3,200 萬美元的收入調整，該調整是由於 AxiomSL 本地部署訂閱合約相關收入的會計處理方式發生變化所致，這些合約包含在金融科技部門中。

Definitions and reconciliations of US GAAP to non-GAAP plus adjustments can be found in our earnings presentation as well as in a file located in the Financials section of our Investor Relations website at ir.nasdaq.com.

有關美國通用會計準則與非美國通用會計準則及調整項目的定義和調節表，請參閱我們的收益簡報以及我們投資者關係網站 ir.nasdaq.com 財務部分的文件。

And with that, I will now turn the call over to Adena.

接下來，我將把電話交給阿德娜。

Thank you, Ato. And good morning, everyone. I will start with Nasdaq's third 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。我將先介紹納斯達克第三季的業績，然後回顧我們各部門的業績，最後將電話會議交給 Sarah，讓她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 11%. Solutions quarterly revenues were over $1 billion for the first time in our history, a milestone truly reflective of our transformation to a leading technology platform, representing 10% year-over-year growth.

我對納斯達克本季整體優異的財務表現感到滿意。我們實現了13億美元的淨收入，年增11%。解決方案業務季度營收首次突破 10 億美元大關，這一里程碑真正體現了我們向領先技術平台的轉型，年增 10%。

Our overall annualized recurring revenue, or ARR, grew 9% to $3 billion. Expenses were $583 million, up 5% year-over-year. Operating income was $732 million, up 16%, and we delivered 19% diluted EPS growth.

我們整體年度經常性收入（ARR）成長了 9%，達到 30 億美元。支出為 5.83 億美元，年增 5%。營業收入為 7.32 億美元，成長 16%，稀釋後每股收益成長 19%。

This quarter's results reflect the strength of our diversified platform and our ability to partner effectively with our clients on their evolving priorities. We're showing the value of being the trusted fabric of the financial system by empowering clients to leverage technology, data, and advanced analytics to help to capture opportunities, navigate risk, and strengthen resilience. We're reinforcing our leadership across the capital markets, deepening our competitive advantage as we drive innovation across the financial industry.

本季的業績反映了我們多元化平台的實力，以及我們與客戶有效合作，滿足他們不斷變化的優先事項的能力。我們正在展現作為金融體系中值得信賴的組成部分的價值，透過賦能客戶利用技術、數據和高級分析來幫助客戶抓住機會、應對風險並增強韌性。我們正在鞏固我們在資本市場的領導地位，透過推動金融業的創新，深化我們的競爭優勢。

As you look to the wider macroeconomic environment, the US economy remains resilient, supported by solid fundamentals, but economic signals are mixed. While some consumers have faced headwinds, overall consumer spending has picked up in recent months. Additionally, the services industry remains an expansion and corporate investment in technology and AI continued contributing to persistent economic growth.

從更廣泛的宏觀經濟環境來看，美國經濟在堅實的基本面支撐下依然保持韌性，但經濟訊號喜憂參半。儘管部分消費者面臨不利因素，但近幾個月來整體消費支出回升。此外，服務業持續擴張，企業對科技和人工智慧的投資也持續為經濟的持續成長做出貢獻。

In Europe, although growth remains subdued, expectations for recovery in demand and renewed investments point to a gradual outlook.

在歐洲，儘管成長依然低迷，但對需求復甦和投資回升的預期表明前景將逐步改善。

We continue to see durable demand for technology that supports the modernization of the financial system and are increasingly supporting clients with AI-enabled solutions. As our investments in AI continue, we are deepening our competitive position and providing value to our clients through a combination of sophisticated solutions embedded with decades of expertise, our highly differentiated proprietary data and the powerful network effects of our platforms across our clientele.

我們持續看到對支援金融體系現代化的技術的持久需求，並且我們越來越多地透過人工智慧解決方案為客戶提供支援。隨著我們在人工智慧領域的持續投入，我們正在加深我們的競爭地位，並透過結合數十年專業知識的複雜解決方案、我們高度差異化的專有數據以及我們平台在客戶群中強大的網路效應，為我們的客戶創造價值。

Turning to our high-level financial performance within the divisions. Capital Access platforms generated 8% revenue growth and 6% ARR growth. Financial Technology delivered 13% revenue growth and 12% ARR growth. And Market Services delivered 13% net revenue growth.

接下來，我們來看看各部門的高層財務表現。資本准入平台實現了 8% 的收入成長和 6% 的 ARR 成長。金融科技業務實現了 13% 的收入成長和 12% 的年度經常性收入成長。市場服務部門實現了 13% 的淨收入成長。

I'll now cover our business and operational highlights, beginning with Capital Access platform, where I'll start with data and listings. We delivered a strong quarter in data and listings, supported by our continued market leadership. In our US listings franchise, we welcomed operating companies that raised $6 billion in proceeds in the quarter with over $14 billion raised year-to-date. The European listings business also delivered a solid third quarter, and we are pleased to welcome Verisure to the Stockholm market in October, the largest European IPO since 2022.

接下來我將介紹我們的業務和營運亮點，首先是 Capital Access 平台，我將從資料和清單開始。在持續的市場領先地位的支持下，我們在數據和房源方面都取得了強勁的季度成績。在我們的美國上市業務中，我們迎來了本季籌集了 60 億美元資金的營運公司，今年迄今已籌集超過 140 億美元。歐洲上市業務第三季也表現穩健，我們很高興地歡迎 Verisure 於 10 月在斯德哥爾摩市場上市，這是自 2022 年以來歐洲最大的 IPO。

Increasing IPO activity signals promising developments in the public markets. We see meaningful momentum, particularly among companies with strong fundamentals and compelling growth stories. From a macroeconomic perspective, continued global uncertainty is impacting certain sectors, resulting in some delays in IPOs. However, this dynamic is balanced by several trends, giving investors more confidence to invest in new issuances, including an expectation of lower cost of capital, the resilience of the US economy, and the deregulatory agenda in Washington.

IPO活動的增加預示著公開市場將出現令人鼓舞的發展。我們看到了顯著的成長勢頭，尤其是在那些基本面強勁、成長前景引人注目的公司中。從宏觀經濟角度來看，持續的全球不確定性正在影響某些產業，導致一些IPO出現延遲。然而，這種動態受到幾個趨勢的限制，使投資者更有信心投資新發行的債券，包括預期資本成本降低、美國經濟的韌性以及華盛頓的放鬆管制議程。

Our IPO pipeline is robust, and we continue to expect a meaningful pickup in IPO activity in the quarters ahead. While we are experiencing some short-term delays from the government shutdown, a strengthening foundation is in place, and the market is showing signs of durable reengagement.

我們的IPO專案儲備充足，我們預計未來幾季IPO活動將顯著增加。雖然政府停擺為我們帶來了一些短期延誤，但市場基礎已經穩固，並顯示出持續復甦的跡象。

We are also encouraged by recent announcements from the SEC aimed at improving the public company experience. There has been meaningful progress on the policy priorities we outlined at our March white paper, particularly across scaled disclosure release, smart regulation, and efforts to modernize the proxy process. We're pleased that the SEC recently approved the ability to file IPO documentation with mandatory arbitration as a condition and we're encouraged by the administration's interest in reducing the frequency of SEC-mandated disclosures.

我們也對美國證券交易委員會最近發布的旨在改善上市公司體驗的公告感到鼓舞。我們在 3 月發布的白皮書中概述的政策重點方面取得了實質進展，尤其是在擴大資訊揭露範圍、智慧監管以及努力實現代理投票流程現代化方面。我們很高興美國證券交易委員會最近批准了以強制仲裁為條件提交首次公開發行（IPO）文件的能力，我們也對政府有意減少美國證券交易委員會強制披露的頻率感到鼓舞。

Moving to our data business. We delivered strong growth underpinned by robust sales and net retention as well as active retail engagement in the markets, which continues to drive usage. This quarter, we signed five enterprise license agreements, including a leading US financial advisory firm, showcasing our continued momentum in this business.

轉向我們的數據業務。我們實現了強勁成長，這得益於強勁的銷售和淨留存率，以及在市場上的積極零售互動，而這些因素也持續推動著用戶使用。本季度，我們簽署了五項企業授權協議，其中包括一家美國領先的金融顧問公司，這表明我們在該業務領域持續保持強勁勢頭。

In our index franchise, we continue to deliver strong growth. We had a record $91 billion in net inflows over the last 12 months and $17 billion in net inflows in the quarter. We exited the quarter with ETP AUM of $829 billion, an all-time high. We also continue to deliver on our three growth pillars of product innovation, international expansion, and institutional adoption. We launched 30 new index products in the quarter, including 18 international products and 13 in the institutional insurance annuity space.

在我們的指數產品系列中，我們持續保持強勁成長。過去 12 個月，我們的淨流入資金創下 910 億美元的紀錄，本季淨流入資金為 170 億美元。本季末，我們的ETP資產管理規模達到8,290億美元，創歷史新高。我們持續推動產品創新、國際擴張和機構採納這三大成長支柱。本季我們推出了 30 款新的指數產品，其中包括 18 款國際產品和 13 款機構保險年金產品。

Within Workflow and Insights, our Corporate Solutions and Analytics businesses benefited from new product innovations that are expanding the ways we add value to our clients. In Corporate Solutions, while the corporate buying environment in the business remains muted, our targeted investments in our product capabilities and client engagement are building on our foundation and resulting in improving growth in net retention.

在工作流程和洞察領域，我們的企業解決方案和分析業務受益於新產品創新，這些創新正在擴展我們為客戶創造價值的方式。在企業解決方案領域，儘管企業採購環境依然低迷，但我們對產品能力和客戶互動方面的有針對性投資正在鞏固我們的基礎，並最終提高了淨留存率。

In Analytics, we're focusing our efforts on enhancing investment capabilities and expanding our role across the broader investment management workflows through partnerships, setting the stage for meaningful and sustained growth. In Q3, we were pleased to sign an agreement with Juniper Square, a fund operations partner to more than 2,000 private market GPs to distribute investment data through Juniper Square's fundraising platform.

在分析領域，我們致力於透過合作來增強投資能力，並擴大我們在更廣泛的投資管理工作流程中的作用，從而為有意義的、可持續的成長奠定基礎。第三季度，我們很高興與 Juniper Square 簽署協議，Juniper Square 是 2000 多家私募市場普通合夥人的基金營運合作夥伴，我們將透過 Juniper Square 的募資平台分發投資數據。

We're expanding the scale and reach of our unique data assets to meet the evolving needs of our clients and to enhance the value that we bring to asset owners and asset managers, including in the private market space. Since the beginning of 2025, we have nearly doubled the number of private funds covered with an investment to 60,000 funds supporting growth in new sales and upsells.

我們正在擴大我們獨特數據資產的規模和覆蓋範圍，以滿足客戶不斷變化的需求，並增強我們為資產所有者和資產管理者（包括在私募市場領域）帶來的價值。自 2025 年初以來，我們投資覆蓋的私人基金數量幾乎翻了一番，達到 60,000 只，以支持新銷售和追加銷售的成長。

Earlier this month, we completed the sale of Nasdaq Solovis to Insight Partners. While Solovis has valuable portfolio management capabilities to asset owners, we determined that its offerings were not a strategic fit within our portfolio and provide limited integrated value to the eVestment analytics platform. We believe Solovis will be better positioned to grow and thrive under new ownership that is more closely aligned with this long-term direction.

本月初，我們完成了將 Nasdaq Solovis 出售給 Insight Partners 的交易。雖然 Solovis 為資產所有者提供了寶貴的投資組合管理能力，但我們認為它的產品與我們的投資組合在策略上並不契合，並且為 eVestment 分析平台提供的整合價值有限。我們相信，在新的所有權結構下，Solovis 將更有利於發展壯大，因為新的所有權結構與公司的長期發展方向更加契合。

Turning next to Financial Technology. We delivered strong growth across all subdivisions. This was driven by sustained global demand for our mission-critical technologies and successful execution by our teams. Our sales execution remained robust as we signed 65 new clients, four cross-sells, and 97 upsells during the quarter.

接下來我們來了解金融科技。我們所有業務板塊均實現了強勁成長。這得益於全球對我們關鍵任務技術的持續需求以及我們團隊的成功執行。本季我們的銷售業績依然強勁，共簽下 65 位新客戶，完成 4 筆交叉銷售和 97 筆追加銷售。

Turning now to a review of the subdivisions, starting with financial crime management technology. Nasdaq Verafin had another solid quarter of execution across its client base, which now totals more than 2,700 financial institutions representing more than $11 trillion in collective assets.

現在轉向各個細分領域的回顧，首先從金融犯罪管理技術開始。納斯達克 Verafin 在其客戶群中又迎來了一個穩健的季度，目前其客戶總數超過 2700 家金融機構，代表著超過 11 兆美元的總資產。

During the quarter, we signed Goldman Sachs as a new Nasdaq Verafin client. This cross-sell for our consortium-based payments fraud solution expands Nasdaq's relationship with the bank, demonstrating the strength of our One Nasdaq strategy.

本季度，我們與高盛簽署了協議，高盛成為納斯達克 Verafin 的新客戶。這次針對我們基於聯盟的支付詐欺解決方案的交叉銷售，擴大了納斯達克與該銀行的關係，展現了我們「一個納斯達克」策略的實力。

In regulatory technology, we continue to see strong momentum with six new clients, two cross-sells, and 31 upsells in surveillance and 22 upsells for AxiomSL. In the quarter, we are pleased to partner with the Commodity Futures Trading Commission, or the CFTC, to enhance its market surveillance and fraud detection capabilities by signing with us to deploy Nasdaq's industry-leading suite of surveillance technology.

在監管技術領域，我們持續保持強勁的成長勢頭，新增 6 位客戶，完成 2 筆交叉銷售，並在監控領域實現 31 筆追加銷售，AxiomSL 實現 22 筆追加銷售。本季度，我們很高興與商品期貨交易委員會（CFTC）合作，透過與我們簽約部署納斯達克業界領先的監控技術套件，來增強其市場監控和詐欺偵測能力。

Additionally, early in the fourth quarter, we signed an AxiomSL cross-sell to a global Tier 1 bank for an enterprise cloud deployment, demonstrating how we are using both the scale of our solutions and the trust we've established across multiple products to reinforce our leading market position.

此外，在第四季度初，我們與一家全球一級銀行簽署了 AxiomSL 交叉銷售協議，為其提供企業雲端部署服務，這表明我們如何利用我們解決方案的規模以及我們在多個產品中建立的信任來鞏固我們領先的市場地位。

Capital Markets Technology also delivered a solid quarter with strong sales momentum. We maintained robust client engagement in the third quarter and saw persistent demand for our technology solutions. Market Technology secured five upsells and Calypso signed four new clients and 39 upsells.

資本市場技術部門本季業績穩健，銷售動能強勁。第三季度，我們保持了與客戶的良好互動，並看到了對我們技術解決方案的持續需求。Market Technology 成功促成 5 筆追加銷售，Calypso 簽下了 4 位新客戶並促成了 39 筆追加銷售。

Now, turning to Market Services. The division continues to deliver double-digit organic net revenue growth, reflecting broad-based strength across our US and European markets. Growth resulted from elevated volumes in US options and US equities as well as excellent growth in index options trading. We generated record revenues and volumes in the US options in the third quarter with the industry experiencing six of the top 10 volume days in history measured by options contracts traded, with a subsequent record established in October.

現在，讓我們來看看市場服務。該部門持續保持兩位數的有機淨收入成長，反映出我們在美國和歐洲市場的全面強勁表現。成長主要得益於美國選擇權和美國股票交易量的增加，以及指數選擇權交易的良好成長。第三季度，我們在美國期權市場創造了創紀錄的收入和交易量，按期權合約交易量計算，該行業經歷了歷史上交易量最高的 10 天中的 6 天，並在 10 月份創下了新的紀錄。

Within our US options business, Nasdaq index options volumes also hit record levels in the third quarter with a subsequent record established in October. In US equities, industry volumes remained robust during the summer months and have persisted into the fall. Nasdaq listed securities currently represent 53% of total industry volume, up from 49% a year ago, which demonstrates the strength of our platform as a trusted source to attract issuers and capital into the most liquid and transparent market in the world. In September, Nasdaq's Closing Cross set a daily notional value record.

在我們的美國選擇權業務中，納斯達克指數選擇權交易量在第三季也創下歷史新高，並在 10 月再次創下歷史新高。美國股市方面，夏季期間各產業成交量保持強勁，持續到秋季。納斯達克上市證券目前佔行業總交易量的 53%，高於一年前的 49%，這表明我們的平台作為值得信賴的來源，能夠吸引發行人和資本進入世界上流動性最強、透明度最高的市場。9 月份，納斯達克收盤交叉盤創下單日名義價值紀錄。

In summary, our strong third quarter performance reflects solid momentum across all three divisions, driven by disciplined execution of our teams across our diversified businesses including continued progress on our strategic priorities of integrate, innovate, and accelerate.

總而言之，我們強勁的第三季業績反映了三大部門的穩健發展勢頭，這得益於我們多元化業務團隊的嚴謹執行，以及我們在整合、創新和加速等戰略重點方面取得的持續進展。

Within our integrated priority, we're extremely pleased that we surpassed our expanded net expense efficiency target with over $150 million actions as of the end of the quarter. We achieved a gross leverage ratio of 3.1 times at quarter end. In addition, S&P recognized our deleveraging progress with an upgrade of the company's senior unsecured debt rating from BBB to BBB+ on August 12, which results in both rating agencies having upgraded us back to our pre-Adenza acquisition levels.

在我們的綜合優先事項中，我們非常高興地宣布，截至本季末，我們已超額完成擴大後的淨費用效率目標，節省了超過 1.5 億美元。截至季末，我們的總槓桿率為 3.1 倍。此外，標普認可了我們在去槓桿化方面取得的進展，於 8 月 12 日將公司的高級無擔保債務評級從 BBB 上調至 BBB+，這使得兩家評級機構都將我們的評級恢復到了收購 Adenza 之前的水平。

Within our innovate priority, we're pioneering the use of new technologies across the financial system and forming innovative partnerships to support our growth. This quarter, we submitted a filing to the US Securities and Exchange Commission to leverage our existing resilient trading infrastructure that, if approved, will enable equity securities and exchange traded funds to be traded on the Nasdaq stock market in traditional and tokenized form. Our proposal is for the underlying security itself to be tokenized, preserving investors' rights and benefits of share ownership.

在創新優先策略中，我們率先在整個金融體系中使用新技術，並建立創新合作夥伴關係以支持我們的成長。本季度，我們向美國證券交易委員會提交了一份文件，旨在利用我們現有的穩健交易基礎設施，如果獲得批准，將使股票和交易所交易基金能夠以傳統形式和代幣化形式在納斯達克股票市場進行交易。我們的提議是將基礎證券本身代幣化，從而保留投資者的股份所有權權利和收益。

Turning to AI implementation in our Solutions. In Corporate Solutions, over 800 clients have opted into our AI-powered Board summarization tools within BoardVantage. Our AI features with IR Insight drive efficiency and IR officer workflows, particularly related to deriving insights and connecting successfully with investors.

在我們的解決方案中引入人工智慧。在企業解決方案方面，已有超過 800 位客戶選擇使用 BoardVantage 中的 AI 驅動董事會摘要工具。我們的 AI 功能結合 IR Insight，能夠提高效率並優化投資者關係官的工作流程，尤其是在獲取洞察和成功與投資者建立聯繫方面。

In financial crime management technology, we're experiencing enthusiastic engagement with our clients in our rollout of Nasdaq Verafin's Agentic AI workforce that we announced in Q3. The suite of digital workers is a new solution, which we're offering to our existing client base to help address the resource-intensive pain points and daily compliance workflows. The first digital worker is our digital sanctions analyst, which we launched this month into production. Our next digital worker, a digital enhanced due diligence analyst is on track for release by the end of the year.

在金融犯罪管理技術領域，我們第三季宣布推出的納斯達克 Verafin 的 Agentic AI 勞動力系統，得到了客戶的熱烈回應。這套數位員工方案是我們為現有客戶群推出的全新解決方案，旨在協助他們解決資源密集痛點和日常合規工作流程。第一位數位員工是我們的數位制裁分析師，我們本月已將其投入生產使用。我們的下一位數位員工——數位增強型盡職調查分析師——預計將在年底前發布。

This quarter, Nasdaq Verafin also announced a strategic partnership with BioCatch, a leader in behavioral and device intelligence. In Phase 1 of our partnership, where we've integrated BioCatch's alerts into the workflow of Verafin's anti-financial crime solution and launched a joint go-to-market campaign with Verafin's SMB segment, which is generating strong early engagement. Looking ahead, we plan to work with BioCatch to accelerate our expansion into enterprise banks and international markets.

本季度，納斯達克 Verafin 也宣布與行為和設備智慧領域的領導者 BioCatch 建立策略合作夥伴關係。在我們合作的第一階段，我們已將 BioCatch 的警報整合到 Verafin 的反金融犯罪解決方案的工作流程中，並與 Verafin 的中小企業部門聯合開展了市場推廣活動，該活動已獲得了強烈的早期參與度。展望未來，我們計劃與 BioCatch 合作，加速向企業銀行和國際市場擴張。

Lastly, within our accelerate priority, our One Nasdaq strategy continues to deliver driving four cross-sell wins across financial technology in the quarter for a total of 30 cross-sells since the Adenza acquisition closed. 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」策略持續取得成效，本季在金融科技領域促成了四項交叉銷售，自 Adenza 收購完成以來，交叉銷售總數已達 30 項。截至本季末，交叉銷售佔金融科技銷售管道的 15% 以上，我們仍有望在 2027 年底前實現交叉銷售年化收入超過 1 億美元。

We're also proud to see the impact of our transformation reinforced externally. Nasdaq made its first ever parents on Interbrand's best global brands, an annual ranking of the top 100 most valuable brands, reflecting the critical role we play across the world's economies.

我們也為我們的轉型所帶來的影響在外部得到印證而感到自豪。納斯達克首次榮登 Interbrand 全球最佳品牌榜單，該榜單每年選出全球最有價值的 100 個品牌，這反映了我們在全球經濟中扮演的關鍵角色。

Looking ahead to the remainder of 2025, Nasdaq remains well positioned to continue to deliver for our clients and shareholders as we head into the final months of the year with strong momentum across our platform.

展望 2025 年剩餘時間，納斯達克依然保持著良好的發展勢頭，將繼續為我們的客戶和股東創造價值，並在今年的最後幾個月保持強勁的成長勢頭。

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

接下來，我將把電話交給 Sarah，讓她詳細介紹我們的財務表現。

Thank you, Adena. And good morning, everyone. In the third quarter of 2025, Nasdaq delivered another strong quarter with 19% EPS growth. We surpassed the EPS accretion milestone provided when we acquired Adenza, achieving our goal six months ahead of plan.

謝謝你，阿德娜。大家早安。2025年第三季度，納斯達克再次取得強勁的季度業績，每股收益成長19%。我們超額完成了收購 Adenza 時設定的 EPS 成長里程碑，比計劃提前六個月實現了目標。

Let's start with quarterly results on slide 11. We reported net revenue of $1.3 billion, up 11% with Solutions revenue up 10%, exceeding $1 billion for the first time. Operating expense was $583 million, up 5%, leading to an operating margin of 56% and EBITDA margin of 58%, both up 2 percentage points over the prior year quarter. This resulted in net income of $511 million and diluted EPS of $0.88.

讓我們先來看看第 11 頁的季度業績。我們公佈的淨收入為 13 億美元，成長 11%，其中解決方案收入成長 10%，首次超過 10 億美元。營業支出為 5.83 億美元，成長 5%，導致營業利潤率為 56%，EBITDA 利潤率為 58%，均比去年同期成長 2 個百分點。這使得公司淨收入達到 5.11 億美元，稀釋後每股收益為 0.88 美元。

Slide 12 shows the drivers of our 11% net revenue growth for the quarter. We generated 8 percentage points of Alpha driven by new and existing clients and product innovation. Beta factors contributed 3 percentage points of growth this quarter, driven by elevated volumes in Market Services, and higher valuation in Nasdaq indices.

第 12 張投影片展示了本季淨收入成長 11% 的驅動因素。我們透過新舊客戶和產品創新，實現了 8 個百分點的 Alpha 成長。本季度，受市場服務交易量增加和納斯達克指數估值上升的推動，Beta 因子貢獻了 3 個百分點的成長。

As shown on slide 13, we achieved a third consecutive quarter of 9% ARR growth, including 12% in fintech and ARR surpassed $3 billion for the first time. Total SaaS revenues grew 12% for a second consecutive quarter, including 17% SaaS word in fintech. SaaS as a percentage of ARR increased 1 percentage points versus the prior year quarter to 38%.

如投影片 13 所示，我們連續第三個季度實現了 9% 的 ARR 成長，其中金融科技成長了 12%，ARR 首次突破 30 億美元。SaaS 總營收連續第二季成長 12%，其中金融科技領域的 SaaS 營收成長 17%。SaaS 佔 ARR 的比例比去年同期成長 1 個百分點，達到 38%。

Let's review division results starting on slide 14. In Capital Asset Platforms, we delivered revenue of $546 million, up 8%, with ARR growth of 6%. Data and Listing revenue was up 6% with ARR up 7%. Data revenue growth was driven by new sales, upsells, and usage.

讓我們從第 14 張投影片開始回顧除法運算結果。在資本資產平台業務方面，我們實現了 5.46 億美元的收入，成長了 8%，年度經常性收入成長了 6%。數據和清單收入成長 6%，年度經常性收入成長 7%。數據收入成長主要由新銷售、追加銷售和使用量推動。

We also had improved Listings revenue growth due to the increase in IPO activity. Both from new listing and pricing was partially offset by delisting and lower amortization of prior period initial listing fees. This is consistent with our previous comments and our previously stated expectations of this impact in the fourth quarter remain unchanged.

由於IPO活動的增加，我們的上市收入成長也有所提高。新上市和定價方面的變化部分被下架和前期初始上市費用攤提減少所抵銷。這與我們先前的評論一致，我們先前對第四季度影響的預期保持不變。

Index revenue was up 13% in the quarter, with 9 percentage points from Alpha factors. Revenue growth was driven by a 35% increase in average [ETP AUM], which reached a record $777 billion. The strong growth of AUM was partially offset by a year-over-year decline in derivative contract volumes, mix shift in asset-based products, and derivatives as well as a decline in revenue from discontinued advertising on nasdaq.com. Net inflows over the last 12 months reached a record $91 billion, including $17 billion in the third quarter.

本季指數營收成長了 13%，其中 9 個百分點來自 Alpha 因子。營收成長主要得益於平均 [ETP AUM] 成長 35%，達到創紀錄的 7,770 億美元。資產管理規模的強勁成長部分被衍生性商品合約量年減、資產型產品及衍生性商品結構調整、納斯達克網站廣告收入停止投放所抵銷。過去12個月的淨流入資金達到創紀錄的910億美元，其中第三季流入170億美元。

In Wealth Fund Insights, revenue was up 5% with ARR growth of 4%. The revenue 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 and continued product enhancements.

財富基金洞察報告顯示，收入成長了 5%，年度經常性收入成長了 4%。收入成長主要得益於分析業務，特別是投資和數據連結業務，對沖基金、資產管理公司、資產所有者和諮詢公司持續的需求，他們重視我們差異化的數據和持續的產品改進。

Corporate Solutions revenue was essentially flat, but we saw improving new sales as well as better growth and net retention trends. Quarterly operating margin for the division was 60%, up 2 percentage points versus the prior year quarter.

企業解決方案收入基本上持平，但我們看到新銷售額有所提高，成長和淨留存率趨勢也有所改善。該部門季度營業利潤率為 60%，較上年同期成長 2 個百分點。

Before we wrap up on CAP, the impact of the October 16 Solovis sale will be approximately $7 million to $8 million in quarterly revenue with approximately $6 million in direct quarterly costs.

在結束對 CAP 的討論之前，10 月 16 日 Solovis 的出售將帶來約 700 萬至 800 萬美元的季度收入，以及約 600 萬美元的直接季度成本。

Moving to Financial Technology on slide 15. Revenue was $457 million, up 13% with ARR growth of 12%. Our business continues to experience strong demand across all fintech subdivisions and high levels of client engagement. The division signed 65 new clients, 97 upsells, and four cross sales in the quarter. Cross sells continue to represent over 15% of the Financial Technology division pipeline with strength across all three subdivisions.

第 15 頁進入金融科技部分。營收達 4.57 億美元，成長 13%，年度經常性收入成長 12%。我們的業務在所有金融科技細分領域都持續保持強勁的需求，客戶參與度也很高。該部門本季簽約了 65 位新客戶，完成了 97 筆追加銷售，以及 4 筆交叉銷售。交叉銷售繼續佔金融科技部門銷售管道的 15% 以上，在所有三個子部門均表現強勁。

Financial client management technology revenue grew 22% with ARR growth of 18%. We signed 55 new SME clients in the third quarter. Net revenue retention was 111%, reflecting strong client engagement supported by the increasing adoption of the GenAI entity Research CoPilot and targeted typology analytics.

金融客戶管理技術收入成長 22%，年度經常性收入成長 18%。第三季我們新增了 55 家中小企業客戶。淨收入留存率為 111%，這反映了客戶參與度很高，這得益於 GenAI 實體 Research CoPilot 和有針對性的類型分析的日益普及。

We also had continued momentum with enterprise clients, including the cross-sell to Goldman Sachs which Adena mentioned earlier. With that, we are at six new enterprise client signings so far this year, which is more than triple the number of enterprise signings in 2024 and more than double the ACV.

我們在企業客戶方面也保持了持續的成長勢頭，包括 Adena 前面提到的向高盛的交叉銷售。至此，我們今年已簽約六家新的企業客戶，是 2024 年企業簽約數量的三倍多，年度合約價值 (ACV) 的兩倍多。

As the business continues to make strong progress in moving upmarket, we want to reiterate that sales cycle and time to value for Tier 1 and Tier 2 deals can take time to flow into subscription revenue run rate. We continue to expect the recent enterprise signings to translate into stronger revenue growth starting in the fourth quarter, consistent with our comments last quarter.

隨著業務在向高端市場邁進方面不斷取得強勁進展，我們想重申，一級和二級交易的銷售週期和價值實現時間可能需要一段時間才能轉化為訂閱收入的運行率。我們仍然預期，近期企業簽約將從第四季度開始轉化為更強勁的營收成長，這與我們上個季度的說法一致。

Regulatory Technologies revenue grew 9% with ARR up 11% for the quarter, reflecting a decline in professional services revenue versus the prior year period, which we expected and communicated on the second quarter call. The sub-division signed six new clients, 53 upsells, and three cross sales. Revenue growth reflects solid performance, and we continue to expect professional services revenue to start to improve in the fourth quarter and early 2026.

監管技術收入成長 9%，年度經常性收入成長 11%，反映出專業服務收入較上年同期下降，這與我們在第二季電話會議上的預期和溝通相符。該部門簽下了 6 位新客戶，完成了 53 筆追加銷售，以及 3 筆交叉銷售。營收成長反映了穩健的業績，我們繼續預期專業服務收入將在第四季和 2026 年初開始改善。

Capital Markets Technology revenue grew 12%, benefiting from strong performance in trade management services and a contribution from Calypso upfront revenue. ARR was up 10% for the quarter. The sub-division signed four new clients and 44 upsells.

資本市場技術收入成長了 12%，這得益於交易管理服務的強勁表現以及 Calypso 預付款收入的貢獻。本季年度經常性收入成長了10%。該部門簽下了四位新客戶，並完成了 44 筆追加銷售。

Financial Technology operating margin was 45%, up 1.5 percentage points versus the prior year quarter.

金融科技業務的營業利潤率為 45%，比去年同期成長 1.5 個百分點。

As we wrap up our Solutions division, we continue to expect full year 2025 revenue growth within the medium-term outlook for both Capital Access Platforms and Financial Technology, with Capital Access Platforms at slightly above the high end of the range coming from continued strength in index growth and slightly better-than-expected performance in data and listings.

隨著我們解決方案部門的收尾工作完成，我們繼續預計 2025 年全年收入將在中期展望內實現增長，其中資本接入平台和金融科技的收入增長將略高於預期範圍的高端，這得益於指數增長的持續強勁以及數據和上市業務略好於預期的表現。

Within Fintech, we have great business momentum in financial client management technology. But based on the performance of the first three quarters of the year, we are expecting the business to end or just below the range.

在金融科技領域，我們在金融客戶管理技術領域擁有強勁的業務發展動能。但根據今年前三個季度的業績來看，我們預期該業務的業績將達到或略低於預期範圍。

Turning to Market Services on slide 16. We had net revenue of $303 million, reflecting growth of 13%. Growth was primarily driven by elevated market-wide equity volumes, record US option industry volumes, increased volumes, and capture in index options with index options revenue more than doubling versus the prior year period, and elevated capture in European derivatives.

請翻到第 16 頁，了解市場服務。我們的淨收入為 3.03 億美元，成長了 13%。成長主要得益於市場整體股票交易量上升、美國期權行業交易量創紀錄、指數期權交易量增加以及指數期權收入較上年同期增長超過一倍，以及歐洲衍生品交易量增加。

This was partially offset by lower share in US options, lower capture in US equities, which our team is managing actively and effectively in a competitive landscape, and lower USA plant revenue versus the prior year quarter, which included a previously disclosed $3 million benefit, reflecting cumulative audit and other onetime benefits. Market Services operating margin was 65%, up 5 percentage points versus the prior year quarter due to higher revenue.

部分抵銷因素包括：美國選擇權份額下降、美國股票捕獲量下降（我們的團隊在競爭激烈的環境中積極有效地管理這些股票）、美國工廠收入較上年同期下降（上年同期包括此前披露的 300 萬美元收益，反映了累計審計和其他一次性收益）。由於營收增加，市場服務業務的營業利潤率為 65%，比上年同期成長 5 個百分點。

Moving to expense on slide 17. We had operating expense of $583 million, up 5%, driven by employee compensation, strong investments in technology and people to support revenue and drive innovation and growth and other increases largely due to inflation. This resulted in an operating margin and EBITDA margin both up 2 percentage points to 56% and 58%, respectively.

第 17 頁轉到費用部分。我們的營運支出為 5.83 億美元，成長 5%，主要原因是員工薪酬、為支持收入和推動創新與成長而對技術和人才的大力投資，以及其他主要因通貨膨脹而導致的成長。這使得營業利潤率和 EBITDA 利潤率分別提高了 2 個百分點，達到 56% 和 58%。

We are updating our organic expense expectations for the year to a range of $2.305 billion to $2.335 billion from the previous range of $2.295 billion to $2.335 billion. This update reflects our strong revenue growth throughout the year, continued investments in our technology and people and the sale of Solovis just closed, which was mostly offset by FX.

我們將今年的有機支出預期從先前的 22.95 億美元至 23.35 億美元上調至 23.05 億美元至 23.35 億美元。本次更新反映了我們全年強勁的收入成長、對技術和人才的持續投資以及剛完成的 Solovis 出售，但這些主要被匯率波動抵消了。

Lastly on expense. We have surpassed our expanded net expense efficiency program target of $140 million with over $150 million in cost reduction actions as of the end of the third quarter. On taxes, while we believe our previous 2025 non-GAAP tax rate guidance of 22.5% to 24.5% is an appropriate expected tax range, we are lowering our full year tax guidance to 22.5% to 23.5% due to some discrete items, that's the word of tax rate in this third quarter.

最後談談費用。截至第三季末，我們已透過成本削減措施節​​省了超過 1.5 億美元，超過了擴大淨費用效率計畫 1.4 億美元的目標。關於稅收，雖然我們認為先前對 2025 年非 GAAP 稅率的預期範圍為 22.5% 至 24.5%，但由於一些特殊情況，我們將全年稅率預期下調至 22.5% 至 23.5%，這就是本季稅率的現狀。

Turning to capital allocation on slide 18. Nasdaq generated free cash flow of $516 million in the third quarter and $2.1 billion in free cash flow over the last 12 months, at a strong conversion ratio of 110%. The strong level of cash flow supports our dividend, deleveraging, and share repurchases. We paid a dividend of $0.27 per share or $155 million in the quarter, representing a 33% annualized payout ratio.

接下來，我們來看第 18 頁的資本配置部分。納斯達克第三季產生自由現金流 5.16 億美元，過去 12 個月產生自由現金流 21 億美元，轉換率高達 110%。強勁的現金流為我們的股息、去槓桿化和股票回購提供了支持。本季我們派發了每股 0.27 美元的股息，總計 1.55 億美元，年化股息率為 33%。

In our continued commitment towards deleveraging, we repurchased $69 million of debt and reached a gross leverage ratio of 3.1 times at the end of the quarter, which was an improvement of 0.1 times from the second quarter. We expect to reach 3.0 times by the end of the year, excluding the effects of FX. We also repurchased a total of 1.2 million shares of our common stock for $115 million in the third quarter.

為了繼續致力於降低槓桿率，我們回購了 6,900 萬美元的債務，並在季度末實現了 3.1 倍的總槓桿率，比第二季度提高了 0.1 倍。我們預計到年底將達到 3.0 倍，不計匯率影響。第三季度，我們也以 1.15 億美元的價格回購了總計 120 萬股普通股。

In closing, Nasdaq delivered excellent results in a dynamic operating environment while demonstrating strong operating leverage. Our third quarter financial results, particularly the new record in quarterly Solutions revenue and ARR reflects our transformation into a leading technology platform. We remain confident in our ability to achieve our strategic objectives, deliver sustainable growth and generate long-term shareholder value.

總之，納斯達克在動態的經營環境下取得了優異的業績，同時展現了強大的經營槓桿作用。我們第三季的財務業績，特別是季度解決方案收入和 ARR 的新紀錄，反映了我們向領先技術平台的轉型。我們仍然有信心實現我們的策略目標，實現永續成長，並為股東創造長期價值。

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

接下來，我們進入問答環節。

(Operator Instructions) Michael Cho, JPMorgan.

（操作說明）Michael Cho，摩根大通。

I just wanted to touch on digital assets here for my question. Adena, you talked about some listing surveillance today as well as the ongoing tokenization initiative, but there seems to be a growing presence in digital assets and [crypto asset], various businesses. Can you just talk through any particular areas where you think Nasdaq has a propensity to drive higher growth? And is there a broader approach to frame the opportunity had Nasdaq as the digital ecosystem continues to develop?

我的問題只是想簡單談談數位資產。Adena，你今天談到了一些上市監控以及正在進行的代幣化計劃，但數位資產和[加密資產]在各種業務領域似乎越來越受歡迎。您能否具體談談您認為納斯達克在哪些領域更有可能實現更高成長？隨著數位生態系統的不斷發展，是否有更廣泛的視角來看待納斯達克所面臨的機會？

Great. Thank you, Michael. Yeah. Well, we've been involved with the digital asset ecosystem now for many years as a technology provider, and we continue to grow and expand in that way. So we definitely see our fintech solutions being highly relevant as the digital asset ecosystem grows, expands, and more institutional interest in digital assets becomes more mainstream. So we're very excited about what we do in terms of supporting markets around the world with trading technologies, surveillance technology. We now have trade surveillance technology that is specific to crypto assets.

偉大的。謝謝你，麥可。是的。作為一家技術供應商，我們參與數位資產生態系統已經很多年了，而且我們將繼續以這種方式成長。因此，隨著數位資產生態系統的發展壯大，以及越來越多的機構對數位資產的興趣日益濃厚，我們堅信我們的金融科技解決方案將具有高度相關性。因此，我們對利用交易技術和監控技術為世界各地的市場提供支援的工作感到非常興奮。我們現在擁有專門針對加密資產的交易監控技術。

And then we also provide -- we're working with the digital asset ecosystem on collateral management capabilities. We did a POC earlier this year with some digital players to help show that we can use blockchain-based technology to manage collateral. So we're doing a lot to support the trade infrastructure solutions as we think about the institutional adoption of digital assets. So very excited in the fintech space.

此外，我們也與數位資產生態系統合作，提供抵押品管理能力。今年早些時候，我們與一些數位遊戲玩家進行了概念驗證，以證明我們可以使用基於區塊鏈的技術來管理抵押品。因此，我們正在大力支持貿易基礎設施解決方案，同時也在思考如何讓機構採用數位資產。我對金融科技領域感到非常興奮。

And then in the index space, we have investable products -- index products that we've launched with crypto assets and we also, of course, are the listing exchange to EBIT and other crypto index ETFs. So we see ourselves as having kind of a broad-based opportunity across, frankly, our entire franchise.

而在指數領域，我們有可投資產品——我們推出了加密資產指數產品，當然，我們也是 EBIT 和其他加密指數 ETF 的上市交易所。因此，我們認為我們在整個特許經營體系內都擁有相當廣泛的發展機會。

And then as a market operator, we are encouraged by the fact that the SEC and the CCC are cooperating together and thinking about the regulatory landscape for the crypto markets. And that, obviously, as we understand what that regulatory landscape is going to look like and as we think about investor protection and the need for us to -- the need for us to be able to provide resilient infrastructure, we also think that there could be an opportunity for us to expand there. But we really want to make sure that we understand the regulatory landscape and see where that's going first.

身為市場經營者，我們感到鼓舞的是，美國證券交易委員會 (SEC) 和加密貨幣委員會 (CCC) 正在攜手合作，共同思考加密貨幣市場的監管環境。顯然，隨著我們對監管環境的了解，以及對投資者保護和我們自身提供彈性基礎設施的需求的思考，我們也認為這方面可能存在擴張的機會。但我們真的想先確保我們了解監管環境，看看它的發展方向。

Michael Cyprys, Morgan Stanley.

麥可‧西普里斯，摩根士丹利。

Maybe just along the same themes, just digging in a little bit on tokenization, if we could. You've announced a proposal to allow for tokenized securities to trade on your exchange. I was hoping you could elaborate on how you envision that working? What are some of the key issues and hurdles that need to be resolved? And more broadly, how do you think about some of the use cases? What do you think is most compelling? And who would be minting the token? And how would that mechanically work?

或許可以沿著同樣的主題，稍微深入探討分詞問題。您已宣布一項提案，允許代幣化證券在您的交易所進行交易。希望您能詳細說明您設想的運作方式？需要解決的關鍵問題和障礙有哪些？更廣泛地說，您如何看待一些應用場景？你認為最引人注目的是什麼？那麼，誰來鑄造這種代幣呢？那它在機械上是如何運作的呢？

Well, that probably requires a deeper conversation, but I'll give you a high-level overview. As we think about the activation filing, the way that we envision it and how we've discussed it with the SEC and with our clients is that, on an order-by-order basis an investor will be able to flag in order to say that I want these shares that I'm buying to be settled in a tokenized form and put into digital wallet. So that flag would flow through our systems and into the post-trade systems.

嗯，這可能需要更深入的探討，但我會給你一個概括性的概述。當我們考慮啟動申請時，我們設想的方式以及我們與美國證券交易委員會和客戶討論的方式是，投資者可以逐筆下單，表明我希望我購買的這些股票以代幣化形式結算並放入數位錢包。這樣，該訊號就會流經我們的系統，並進入交易後系統。

We're working collaboratively with DTC to understand exactly how they would then have two different settlement paths. Think about it that way, that there are two different settlements has that they are developing, which would either settle it normal way or settle it into a digital wallet infrastructure. They have, I think, that they're working with their clientele, but they're looking at different -- a couple of different blockchains to be able to launch with. And then I think their hope would be to be able to offer more than one underlying blockchain technology that investors will be able to choose to settle in.

我們正在與DTC合作，以確切了解他們為何會有兩種不同的結算方式。你可以這樣想，他們正在發展兩種不同的結算方式，一種是正常結算，另一種是結算到數位錢包基礎設施。我認為，他們正在與客戶合作，但他們正在考慮不同的區塊鏈——幾種不同的區塊鏈，以便能夠啟動專案。然後，我認為他們的希望是能夠提供不只一種底層區塊鏈技術，供投資人選擇。

And then basically, that path would then drive it into a digital wallet, that digital wallet will then be available to those investors through their brokerage firm or through their investment management firm that gives them access to the securities in a way that might be more fungible and more usable within their overall investment portfolio that may include other digitized -- digitized financial assets.

然後，基本上，這條路徑會將資金導入數位錢包，投資者可以透過他們的經紀公司或投資管理公司使用該數位錢包，從而以更具可替代性、更易於在其整體投資組合（可能包括其他數位金融資產）中使用的方式獲取證券。

So it's really -- it's -- think about it this way. Our markets are the most liquid, efficient, affordable markets for investors to trade in. And we're really proud of that. It's an incredible creation that the US markets have here in the US equities market. So the first thing is let's make sure we don't do anything that changes the nature of our markets and providing all those benefits.

所以，不妨這樣想。我們的市場是流動性最強、效率最高、投資人交易成本最低的市場。我們為此感到非常自豪。這是美國股市的一項了不起的成就。所以首先，我們要確保我們不會做任何改變市場性質和提供所有這些好處的事情。

But the next thing is, let's offer investors more choice. And the choice is that they want to have their securities available to them in digital form or tokenized form. And we're doing that with the underlying infrastructure providers. We're making it so that the underlying equity itself is tokenized and it's not a derivative of the equity. It's the actual equity itself. And we're also not changing -- we're not changing the overall settlement cycles as we kind of walk into this. I think that there's going to -- you've got to look at kind of a walk run type of program here and the overall timing of settlement will remain the same.

但接下來，我們要為投資人提供更多選擇。他們可以選擇以數位形式或代幣化形式來獲取其證券。我們正在與底層基礎設施提供者合作實現這一點。我們正在努力使基礎股權本身被代幣化，而不是成為股權的衍生性商品。關鍵在於股權本身。而我們也沒有改變──我們並沒有改變整體的結算週期，就像我們進入這個階段一樣。我認為將會——你必須把這裡看作是一個循序漸進的計劃，而最終的解決時間將保持不變。

But when we think longer term as to like why is tokenized, why would tokenize equities? Who benefits from that? And how does that become a benefit for the system? If you think about all assets, whether it's tokenized equities or treasuries or others being in a tokenized form, it allows for the mobility of collateral, right? So it allows us to look at collateral as a much more mobile. Obviously, our Calypso platform helps with that collateral mobility over time.

但從長遠來看，當我們思考為什麼股票會被代幣化時，為什麼要將股票代幣化呢？誰會從中受益？那這對系統又有什麼好處呢？如果你把所有資產都看作是代幣化的股票、國債或其他資產，那麼它們都可以以代幣化的形式存在，這就能實現抵押品的流動性，對吧？因此，這使我們能夠將抵押品視為更靈活的資產。顯然，我們的 Calypso 平台有助於隨著時間的推移實現抵押品的流動性。

We also think that if you are able to change the settlement cycles over time, it does continue to reduce risk in the system. And then also, it can also create capital efficiencies if you have a more seamless payment infrastructure to support global payments. So we are a supporter of it. We do believe our markets are, frankly, the best in the world, and we want to make sure we maintain that while we bring this technology into them in a staged process.

我們也認為，如果能夠隨著時間的推移改變結算週期，就能持續降低系統中的風險。此外，如果擁有更順暢的支付基礎設施來支援全球支付，還可以提高資本效率。所以我們支持它。坦白說，我們相信我們的市場是世界上最好的，我們希望確保在分階段將這項技術引入這些市場的同時，保持這一優勢。

Benjamin Budish, Barclays.

本傑明·布迪什，巴克萊銀行。

I know it's a little maybe early to talk about your 2026 outlook. But just curious on the OpEx side, it looks like your full year guidance implies much slower year-over-year growth in Q4.

我知道現在談2026年的展望可能有點早。但我很好奇營運支出方面，你們的全年業績指引似乎意味著第四季年增率將大幅放緩。

In your prior medium-term guidance, you laid out this sort of 3 percentage point gap between your expected Solutions growth and OpEx growth, assuming that the OpEx was sort of flex up and down with solutions but creating some operating leverage there. There's a number of initiatives you're talking about tokenized equities. You've talked in the past about upgrading to be able to operate the exchanges 24/5. So just curious, given the revenue momentum, any early thoughts you can share on what the pace of spend looks like going into next year.

在您先前的中期指導中，您提出了預期解決方案成長與營運支出成長之間約 3 個百分點的差距，假設營運支出會隨著解決方案的波動而上下浮動，從而產生一些營運槓桿作用。您提到的許多舉措都與代幣化股權有關。您之前曾談到升級，以便能夠 24/5 全天候運營交易所。所以我很好奇，鑑於目前的營收成長勢頭，您對明年的支出速度有什麼初步看法嗎？

Yeah. I would describe our trajectory as consistent. So what you're seeing is very much in line with the medium-term outlook that you just mentioned. We are experiencing, as you have seen over the last three quarters, this one included, that we have very strong revenue, very strong solutions revenues being in double digit for both of those for the -- each of the three quarters.

是的。我會用「始終如一」來形容我們的發展軌跡。所以你現在看到的情況與你剛才提到的中期前景非常吻合。正如您在過去三個季度（包括本季）所看到的，我們的收入非常強勁，解決方案收入也非常強勁，這三個季度的營收和解決方案收入均實現了兩位數的成長。

And not surprisingly, this is resulting in some volume-related expenses, and we are continuing to fuel the investments, all of the things that Adena just mentioned are very much funded in the guidance that we have given you for the full year.

不出所料，這導致了一些與銷售相關的支出，我們正在繼續加大投資力度，Adena 剛才提到的所有事項都在我們全年的業績指引中得到了充分的資金支持。

Yeah. As we think about ongoing investments, what we want to make sure is we believe that we are a provider of solutions that help the entire financial ecosystem modernize. And those investments are embedded in what we've provided you in our guidance for this year.

是的。在考慮持續投資時，我們希望確保我們相信自己是能夠幫助整個金融生態系統現代化的解決方案提供者。這些投資都已融入我們今年的指導方針中。

And as Sarah said, we kind of think of ourselves as consistent in how we sponsor investments in our platform. We have very robust product road maps across our solutions, our technology solutions. The 24/5 trading is embedded in kind of the outlook that we've provided to you and as we think about that investment and going into '26.

正如莎拉所說，我們認為我們在贊助我們平台上的投資方面是始終如一的。我們的解決方案和技術解決方案都有非常完善的產品路線圖。24/5 交易已融入我們向您提供的展望中，當我們考慮這項投資以及展望 2026 年時，我們也在考慮這一點。

So all of those things are incorporated into how we're thinking about the investment landscape within the business while also taking that efficiency program and factoring that in as well to help us fund these kind of H1, H2, what we call Horizon 1, Horizon 2 types of investments, we're trying to make sure we're driving as much efficiency into the core enterprise as we can.

因此，所有這些因素都融入了我們對企業投資環境的思考中，同時我們也考慮了效率提升計劃，以幫助我們為這些 H1、H2（我們稱之為 Horizo​​n 1、Horizo​​​​n 2）類型的投資提供資金，我們努力確保盡可能提高核心企業的效率。

Alex Kramm, UBS.

Alex Kramm，瑞銀集團。

It sounds like the Fin Crime business is maybe the only business that's kind of lagging your expectations for the year a little bit. I know you gave a lot of detail already what's going on there, but maybe you can kind of flesh out a little bit more what exactly is driving the maybe slower-than-expected expectation? And what gives you confidence to accelerate here in the fourth quarter.

聽起來，金融犯罪業務可能是今年唯一一個業績略低於您預期業務的領域。我知道你已經詳細介紹了那裡的情況，但或許你可以再詳細解釋一下，究竟是什麼原因導致了進度可能比預期慢？是什麼讓你有信心在第四季加速前進？

And maybe related to that, I think last quarter, you talked about a proof of concept with a European bank. Any update on that one would be helpful as well?

或許與此相關，我想上個季度您談到了與一家歐洲銀行合作的概念驗證。如果能提供這方面的最新消息就更好了。

Thanks, Alex. Yeah. So as we think about the overall anti-financial crime business with Verafin, we have -- as you know, there's kind of three legs to our growth journey. One is in the SMB space, the small to medium banks, and we continue to see very robust sales, very strong engagement.

謝謝你，亞歷克斯。是的。因此，當我們思考 Verafin 的整體反金融犯罪業務時，如您所知，我們的成長歷程大致分為三個階段。一個是中小企業市場，即中小銀行，我們持續看到非常強勁的銷售業績和非常高的客戶參與度。

We have new opportunities to grow and expand in that space with the BioCatch partnership and kind of the way that we have structured that partnership to offer new capabilities to our clientele with integrated workflows to make it so it's a very seamless experience for them. And then also the new Agentic AI capabilities will be a new module that we will offer and sell to them. So we have ways to continue to expand the growth there.

透過與 BioCatch 的合作，我們有了在該領域發展和擴張的新機會。我們建立了這種合作關係，旨在透過整合的工作流程為我們的客戶提供新的功能，從而為他們帶來非常無縫的體驗。此外，新的智慧體人工智慧功能也將作為一個新的模組提供給他們銷售。因此，我們有辦法繼續擴大這方面的成長。

And that's kind of -- that's kind of the core of the business. It has been the core of the business. As we've gone into the enterprise space, we're going to see a little bit more variability quarter-over-quarter in ARR growth and growth because we're first, we're implementing those solutions. So that creates some implementation revenue that may not be completely consistent quarter-over-quarter.

而這可以說是──這可以說是這項業務的核心。它一直是公司的核心業務。隨著我們進入企業領域，我們將看到 ARR 成長和成長在季度間出現更大的波動，因為我們是第一個實施這些解決方案的。因此，這會產生一些實施收入，但這些收入可能不會完全按季度保持穩定。

Secondly, as you've seen, we've signed 3 times more enterprise clients this year than we did last year so far. And so we definitely want to make sure that we're in the midst of implementing them and they should come online and help drive more ARR growth in future quarters as we come online.

其次，正如你所看到的，我們今年迄今簽約的企業客戶數量是去年同期的三倍。因此，我們絕對要確保我們正在實施這些措施，並且這些措施能夠上線，並在我們上線後幫助推動未來幾個季度的 ARR 成長。

And then we also then have our international expansion, and we're extremely early there. We are very encouraged by what we've seen from the proof of concept so far, and we are engaging with several clients across Europe. But it's going to take time for that pillar to come online because these sales cycles are not short.

然後我們還有國際擴張計劃，而且我們在這方面還處於非常早期的階段。我們對目前為止的概念驗證結果感到非常鼓舞，並且正在與歐洲各地的幾家客戶進行洽談。但這支柱要上線還需要時間，因為這些銷售週期並不短。

We're trying to -- we're wanting to make sure we prove ourselves to a whole new set of clientele in a different region of the world. And we actually do think over time also the BioCatch partnership will help -- will help with that whole program because they are very global in their clientele, and they can help introduce us just as we're introducing them to ours. So there's a lot of reasons why we see a lot of momentum in the business, and we do think that it should show an improving trajectory, as we said earlier, as we go towards the end of the year and into next year.

我們正在努力——我們想要確保向世界不同地區的全新客戶群證明自己的實力。我們確實認為，隨著時間的推移，與 BioCatch 的合作也會對整個專案有所幫助，因為他們的客戶遍布全球，他們可以幫助我們介紹客戶，就像我們向他們介紹我們的客戶一樣。因此，我們看到業務發展勢頭強勁的原因有很多，而且正如我們之前所說，我們認為隨著年底臨近和明年到來，業務發展軌跡應該會不斷改善。

Dan Fannon, Jefferies.

丹‧範農，傑富瑞集團。

I wanted to follow up on capital markets technology. You talked about trade management services in the quarter as well as some data center growth. So just curious, a little bit more detail around the momentum in that business as we think about the fourth quarter as well as into next year?

我想進一步了解資本市場技術。您在本季度談到了貿易管理服務以及資料中心的成長。所以，我很好奇，能否詳細說說該業務在展望第四季以及明年時的發展動能？

Sure. Well, Capital Markets contains three key businesses. We have our Market Tech business, our Calypso business, and the Trade Management Services business, which includes the connectivity services for our markets in the US and Europe.

當然。資本市場包含三個主要業務。我們有市場技術業務、Calypso 業務和貿易管理服務業務，其中包括為我們在美國和歐洲市場提供的連接服務。

And what we've been seeing is really strong demand for connectivity services in our markets as you've seen the market volumes be very robust. I think that supports the interest that our clients have and driving more connectivity capabilities and putting more technology in the data center to support that trading activity. We have increased the size of the data center, which has given us more room to support that growth and we have a lot of engagement with clients there that's driven the growth this year.

我們看到的是，市場對連接服務的需求非常強勁，正如你所看到的，市場交易量非常穩健。我認為這符合我們客戶的興趣，推動了更多連接能力的提升，並在資料中心部署更多技術來支援交易活動。我們擴大了資料中心的規模，這為我們提供了更多支援成長的空間，我們與客戶的大量互動也推動了今年的成長。

And then we also within Calypso, we continue to see very robust demand for Calypso and we're very pleased to see that the clients are looking at us as a core partner across collateral management, treasury management, trading risk management, all of those solutions are being quite successful. I think that there are certain areas of the world also that we've seen nice growth with our Calypso services, particularly in Latin America has been an area of real growth for us there.

此外，在 Calypso 內部，我們也持續看到對 Calypso 的強勁需求，我們很高興地看到客戶將我們視為抵押品管理、資金管理、交易風險管理等各個領域的核心合作夥伴，所有這些解決方案都取得了相當大的成功。我認為，在世界某些地區，我們的 Calypso 服務也取得了不錯的成長，尤其是在拉丁美洲，那裡是我們真正成長的地區。

And then in our Market Tech business, Latin America, again, is an area that we've done a nice job of expanding our presence there, and we have had some good upsells to our clients this quarter. And overall, new sales for the year have remained nicely -- very nice. So we see just generally speaking, a healthy environment as we finish up the year and going into next year.

在我們的市場技術業務方面，拉丁美洲地區是我們拓展業務做得比較好的一個地區，而且本季我們向客戶實現了不錯的追加銷售。總體而言，今年的新銷售額保持良好——非常好。總的來說，我們看到，在年末和新年伊始，環境依然健康。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛集團。

Slightly bigger picture question for you on AI broadly. In the last couple of months or quarters, the market continues to sort of contemplate various areas of potential disruption, whether it's in business services or other type of software businesses as well. So a two-part question here.

關於人工智慧，我想問你一個更宏觀的問題。在過去的幾個月或幾個季度裡，市場繼續思考各種潛在的顛覆性領域，無論是商業服務還是其他類型的軟體業務。所以，這個問題包含兩個部分。

So I guess one, curious how you sort of think about areas of risk when it comes to AI with respect to Nasdaq's revenue model, and as an offset potentially incremental revenue opportunities as well as areas where the expenses could also be sort of pivoted and way you guys could extrapolate some efficiencies relative to the sort of 5% to 8% expense growth that you have over time?

所以我想問的是，您如何看待人工智慧對納斯達克收入模式帶來的風險領域？作為抵消，您認為有哪些潛在的增量收入機會？還有哪些領域的支出可以調整？您認為如何在5%到8%的長期支出成長背景下提高效率？

Great. Thanks, Alex. I think we feel very protected as a business in the way that kind of the core assets of our business very protected from the potential risks that might come from AI. But we actually see it very much as just a big opportunity.

偉大的。謝謝你，亞歷克斯。我認為，作為一家企業，我們覺得自己受到了很好的保護，因為我們企業的核心資產受到了很好的保護，免受人工智慧可能帶來的潛在風險的影響。但我們實際上將其視為一個巨大的機會。

So one is we have two programs within Nasdaq. One is focused on AI and the products, and the other is focused on AI on the business. So how are we changing our business operations to integrate this technology across key areas of workflow.

所以，第一，我們在納斯達克旗下有兩個項目。一家專注於人工智慧及其產品，另一家專注於人工智慧在商業中的應用。那麼，我們該如何改變業務運作方式，才能將這項技術整合到工作流程的關鍵領域呢？

We're focused, first and foremost, on product development, because it's such a big part of our business. It's a large part of our organization. And what we're focused on there is how do we use as much automation as possible to drive efficiency in what we call 80 work, like the core, like keep the lights on type of activities for our products because that's generally the most repetitive activity. It's generally kind of the small things we have to do. It's a very nice opportunity for us to drive automation across the product development life cycle.

我們首先專注於產品開發，因為這是我們業務中非常重要的一部分。這是我們組織的重要組成部分。我們現在關注的是如何盡可能地利用自動化來提高我們所謂的 80 項工作的效率，例如核心工作，例如維持我們產品正常運作的活動，因為這通常是重複性最高的活動。通常都是我們必須做的瑣碎小事。這是一個非常好的機會，讓我們能夠在產品開發生命週期中推動自動化。

And that then frees up capital for us and freeing up resources for us to focus on Horizon 1 and Horizon 2 opportunities in the products. And support those robust road maps that I mentioned. And that, I think, is a big opportunity for us. And so we are really focused on that area.

這樣一來，我們就能騰出資金和資源，專注於產品領域的第一階段和第二階段機會。並支持我提到的那些切實可行的路線圖。我認為這對我們來說是一個很大的機會。因此，我們非常關注這個領域。

The second is on client experience and client implementations, where we're trying to drive as much automation in those areas as well because it just drives efficiency in how we serve our clients and improves the outcomes for our clients because our answers can be very consistent in how we interact with them can be very consistent in addition to driving automation and client implementation. So those areas are where we're really focused on, scale the implementation of AI on the business.

第二點是客戶體驗和客戶實施，我們也在努力推動這些領域的自動化，因為這可以提高我們服務客戶的效率，並改善客戶的體驗，因為我們與客戶的互動方式可以非常一致，從而提高我們與客戶的互動方式的一致性，此外還能推動自動化和客戶實施。因此，我們真正關注的領域是這些方面，即在業務中擴大人工智慧的實施規模。

And then in the products, we have, first of all, a product suite that requires an enormous amount of expertise. These are very custom-tailored solutions to the needs of our clients that are very sophisticated, very complex. And I think that, first and foremost, is an important element of differentiation.

然後，在產品方面，首先，我們有一套需要大量專業知識的產品組合。這些都是根據我們客戶非常複雜、非常精細的需求量身定制的解決方案。我認為，這首先是區分彼此的一個重要因素。

The second, of course, is we have highly differentiated data, whether it's a [connected] lake within investment, within Verafin. Obviously, the data that comes off our markets. And as we have actually looked at other of our solutions, and we've moved more of our solutions into cloud technology, it gives us a chance to have more data assets really aggregated to benefit and improve the products and provide differentiation in these products. So the data itself, I think, is a real differentiator.

當然，第二點是我們擁有高度差異化的數據，無論是投資領域的[關聯]數據湖，還是 Verafin 的數據湖。顯然，這些數據來自我們的市場。隨著我們對其他解決方案的審視，以及我們將更多解決方案遷移到雲端技術，我們有機會將更多資料資產真正聚合起來，從而惠及和改進產品，並在這些產品中實現差異化。所以我認為，數據本身才是真正的差別。

And then the last thing is that we've been so focused on making sure that we modernize our solutions and offer them and bring AI into the products themselves so that we can make workflows a lot more efficient. The Agentic AI that we've launched in Verafin, in some cases, we've seen situations where it reduces the workflow time by 80%. So it is going to deliver a very strong ROI to our clients, and we think of that as a huge benefit.

最後一點是，我們一直致力於確保我們的解決方案現代化，並提供這些解決方案，並將人工智慧融入產品本身，以便我們可以使工作流程更有效率。我們在 Verafin 中推出的智慧代理 AI，在某些情況下，我們已經看到它可以將工作流程時間縮短 80%。因此，它將為我們的客戶帶來非常可觀的投資報酬率，我們認為這是一個巨大的優勢。

And we see those opportunities across anti-fin crime, surveillance, regulatory reporting in Axiom and in Calypso. So we think that there's chances -- a chance for us to really propagate that across our platforms and deliver real value to our clients. So we're excited about what we can do for our clients, and we are actively pursuing that as a core part of our strategy.

我們在 Axiom 和 Calypso 中看到了反金融犯罪、監控、監管報告等方面的機會。所以我們認為有機會——有機會真正地在我們的平台上推廣這種理念，並為我們的客戶帶來真正的價值。因此，我們對能夠為客戶做些什麼感到興奮，並且我們正在積極地將此作為我們策略的核心部分來追求。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Maybe just along those lines, actually the last question on the digital AI workers as well as you talked about earlier Adena. Just maybe relaying that to the revenue synergy targets of exceeding $100 million before the end of 2027. Do you see the emergence of your AI solutions helping to advance that faster? And if you can just remind us where you are currently on that revenue synergy target as we go into 2026.

或許可以沿著這個思路，實際上最後一個問題是關於數位人工智慧工作者的，就像你之前提到的 Adena 一樣。或許可以將其與 2027 年底前超過 1 億美元的營收綜效目標連結起來。您認為貴公司推出的人工智慧解決方案能否加速這一進程？能否請您提醒我們一下，在進入 2026 年之際，您目前在實現營收協同效應目標方面進展如何？

Yeah. So as we've mentioned, we've been disclosing the number of clients that we've been able to achieve for our cross-sells, and that is -- we're up to 30 cross-sells so far since the closing of the Adenza deal. And so we do -- and we also provide you a consistent statistic that says that how much of our pipeline is underpinned by cross-sells. And that's about 15%, and that's been persistent, which we think is a strong indication of demand. So even as we're signing those cross-sells, we're replenishing the pipeline with more cross-sell opportunities. So that consistency, I think, is very encouraging.

是的。正如我們之前提到的，我們一直在揭露我們透過交叉銷售實現的客戶數量，目前為止，自 Adenza 交易完成以來，我們已經實現了 30 筆交叉銷售。因此，我們確實這樣做了——我們還向您提供了一個持續的統計數據，說明我們的銷售管道中有多少是由交叉銷售支撐的。這大約佔15%，而且一直保持穩定，我們認為這是需求強勁的有力跡象。因此，即使我們正在簽訂這些交叉銷售合同，我們也在不斷補充更多的交叉銷售機會。我認為，這種一致性非常令人鼓舞。

In terms of the AI and how that can help, absolutely. I mean, I think the more we can deliver those advanced solutions that really help clients change the way that they are doing their own workflows, and we can bring capabilities into these solutions with a very robust from a cybersecurity perspective, from an expertise perspective, and they know that we're a trusted provider and a trusted partner, we're a critical infrastructure provider ourselves.

就人工智慧及其作用而言，答案是肯定的。我的意思是，我認為我們越能提供真正幫助客戶改變其工作流程方式的先進解決方案，越能從網路安全和專業知識的角度為這些解決方案注入強大的功能，他們就越知道我們是值得信賴的供應商和合作夥伴，我們本身也是關鍵基礎設施供應商。

So we know how important it is to do these things the right way. I feel that our clients are really embracing us to provide those solutions to them. And I think that will, of course, continue to support our cross-sell efforts, and give us -- and I think also, we are seeing a lot of the upsells are because of the GenAI capabilities that we're offering in our solutions. So it is definitely a catalyst, but it's giving us increased confidence.

所以我們知道，以正確的方式做這些事情是多麼重要。我覺得我們的客戶非常支持我們提供這些解決方案給他們。當然，我認為這將繼續支持我們的交叉銷售工作，並為我們帶來——而且我認為，我們看到很多追加銷售都是因為我們在解決方案中提供的 GenAI 功能。所以它無疑是一個催化劑，也增強了我們的信心。

Eli Abboud, Bank of America.

Eli Abboud，美國銀行。

To what extent is the BioCatch announcement, the one-off partnership versus an adjustment in your strategy at Verafin. I know the AML fraud space has a lot of start-up activity. I wonder if there are other firms in the ecosystem that would pay for access to the Verafin network. I mean, maybe said a little differently, like could Verafin become more of a platform provider than a vendor?

BioCatch 的公告究竟是一次性的合作關係，還是 Verafin 策略的調整？我知道反洗錢詐欺領域有很多新創公司。我想知道生態系統中是否有其他公司願意付費使用 Verafin 網路。我的意思是，或許可以換個說法，例如 Verafin 能否轉型成為平台供應商，而不是供應商？

Yeah. So actually, we see Verafin already, certainly architecturally Verafin is a platform, like the way that it's architected, the platform layer, the ability to integrate through modern APIs, very much built for that to be a possibility. And so that integration of BioCatch alerts into our workflows has been quite seamless and it's an easy integration.

是的。所以實際上，我們已經看到 Verafin 的架構，當然 Verafin 是一個平台，它的架構方式、平台層、透過現代 API 進行整合的能力，都是為了實現這一點而建構的。因此，將 BioCatch 警報整合到我們的工作流程中非常順利，而且整合也很容易。

But BioCatch itself actually is quite a scaled business. I have to say, it's a global business. It's not a US-based business, but it's a very scaled business. It's growing very nicely, and it has a large client base outside the US. So we are really pleased to have them as a partner.

但 BioCatch 本身其實是一家規模相當大的企業。我必須說，這是一個全球性的產業。它雖然不是一家總部位於美國的企業，但規模卻非常龐大。它發展勢頭良好，在美國以外擁有龐大的客戶群。因此，我們非常高興能與他們合作。

So just to give just like one second on BioCatch itself and then I'll think about how do we also see this as a natural way to expand and extend what we do. BioCatch focuses on pre-transaction signals. So they integrate into bank applications so that they can understand the behaviors within those applications. And when they see the potential for, let's say, an account takeover, or they see the potential for a client of the bank to be instructed by someone that is not them or they see behavior in the actual app that's different than normal behavior by the client. They then send an alert to the bank, and the bank can then choose to stop the transaction before it occurs. It's really elegant, it's very advanced, and it's using the same kind of AI -- algorithm AI that we use post transaction or at the transaction after.

所以，我先花一秒鐘時間談談 BioCatch 本身，然後我會思考我們如何將其視為擴展和延伸我們所做工作的自然方式。BioCatch專注於交易前訊號。因此，它們會整合到銀行應用程式中，以便了解這些應用程式中的行為。當他們發現帳戶被盜用的可能性，或發現銀行客戶可能受到他人指示的可能性，或發現實際應用程式中的行為與客戶的正常行為不同時，他們就會採取行動。然後他們會向銀行發出警報，銀行可以選擇在交易發生前阻止交易。它非常優雅，非常先進，而且它使用的是同一種人工智慧——我們在交易後或交易過程中使用的演算法人工智慧。

So by integrating their pre-transaction analytics with our at and after transaction analytics, it really does create a complete solution for our bank clients to really take down the potential fraud to occur within their systems. And so we're very excited to have that partnership because it's just a way for us to add even more value to the clients.

因此，透過將他們的交易前分析與我們的交易中和交易後分析相結合，確實為我們的銀行客戶創造了一個完整的解決方案，從而真正減少其係統中可能發生的詐欺行為。因此，我們非常高興能建立這種合作關係，因為這正是我們為客戶創造更多價值的方式。

And then the workflows themselves by having their alerts in our workflow engine and makes the small to medium banks, they have limited clients, a number of people who can support this. So it makes it much easier for them to manage their workflows. So it's a really great way to show that we can expand our capabilities through partnerships. And I would agree that this is the first, but we do see other opportunities going forward.

然後，透過在我們的工作流程引擎中設定警報，工作流程本身就能夠滿足中小型銀行的需求，這些銀行的客戶有限，能夠支援這項工作的人員數量也有限。這樣一來，他們管理工作流程就容易多了。所以，這確實是展現我們可以透過合作拓展自身能力的絕佳方式。我同意這是第一個，但我們確實看到了未來還有其他機會。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，加拿大皇家銀行資本市場。

I just wanted to focus on the regtech. We continue to see good momentum there. But just wanted to understand how are the conversations with the bank or your customers in general on the regulatory technology solutions.

我只想專注於監管科技。我們持續看到這方面良好的發展動能。我只是想了解一下，你們與銀行或客戶就監管科技解決方案進行的溝通情況如何。

And then just maybe a follow-up on the CFTC partnership. How should we think about the benefit of the partnership outside of CFTC?

然後或許可以跟進一下與美國商品期貨交易委員會（CFTC）的合作關係。我們該如何看待CFTC以外的合作關係所帶來的好處？

Sure. Yeah, it's really been great to see the momentum in both AxiomSL and surveillance. So there are a few things. So on AxiomSL, we've definitely had more engagement by our clients since we've gone through the year. The regulatory environment is becoming a little bit more clear. And so that's helping clients make decisions and partner with us.

當然。是的，看到 AxiomSL 和監控領域的發展勢頭，真的令人振奮。所以有幾件事。因此，在過去一年裡，AxiomSL 的客戶參與度明顯提高了。監管環境正變得越來越清晰。這樣可以幫助客戶做出決策並與我們建立合作關係。

And what we always say is deregulation is actually overall a good thing for the industry if we can do it in a smart way. So smart deregulation is always a port. And so -- but at the same time, regulatory changes and having -- there still is regulation across the world. And there are so many different regulators and they're all kind of going in different directions that we, AxiomSL, remains just an incredibly valuable capability for our clients.

我們一直認為，如果能以明智的方式進行放鬆管制，那麼放鬆管制總體上對整個行業來說實際上是一件好事。所以，明智的放鬆管制始終是一個出口。所以——但與此同時，監管也在改變——世界各地仍然存在監管。監管機構眾多，而且它們的發展方向各不相同，因此，AxiomSL 對我們的客戶而言仍然是一項極其寶貴的能力。

And as we mentioned in early October, we signed another global Tier 1 (inaudible) -- our cloud delivered solutions for AxiomSL supporting them in new areas of regulatory reporting. So very, very excited about showing that expansion in addition to all the upsells we had in the quarter. So AxiomSL has strong demand.

正如我們在 10 月初提到的那樣，我們又簽署了一份全球一級（聽不清楚）合約——我們為 AxiomSL 提供的雲端交付解決方案，支持他們在監管報告的新領域開展工作。除了本季所有的追加銷售之外，我們非常非常興奮地向大家展示這項擴張成果。因此，AxiomSL 的需求很強。

And then within surveillance, that also has been a very persistent grower with new sales and upsells, and CFTC is a great example where if we can go in and we have more of more regulators around the world using market surveillance, then they kind of are the center. If they're using it, then it kind of catalyzes the member firms to that regulator to say, well, if they think this is the best technology, then maybe I should look at it as the best technology. And so it can drive sales conversations out into the trading firms that are tied to that regulator.

此外，在市場監管方面，它也一直保持著強勁的成長勢頭，帶來了新的銷售和追加銷售。美國商品期貨交易委員會 (CFTC) 就是一個很好的例子，如果我們能夠讓更多世界各地的監管機構使用市場監管，那麼他們就成為了中心。如果他們都在使用這項技術，那麼它就會在某種程度上促使成員公司向監管機構表示，如果他們認為這是最好的技術，那麼也許我也應該把它視為最好的技術。因此，它可以將銷售洽談推廣到與該監管機構有關的交易公司。

And we've seen that also in another example of that was in AuRep, which was for AxiomSL, but a similar idea where if you provide regulatory reporting to the central regulator and then they encourage the banks to use the same technology to drive their regulatory reporting into that regulator, it kind of creates that really nice network effect. And we see that across Calypso, AxiomSL, and Surveillance as a good way to expand the business.

我們在 AuRep 的另一個例子中也看到了這一點，AuRep 是為 AxiomSL 開發的，但思路類似，如果你向中央監管機構提供監管報告，然後他們鼓勵銀行使用相同的技術向該監管機構提交監管報告，這就產生了非常好的網絡效應。我們看到，在 Calypso、AxiomSL 和 Surveillance 中，這是一種拓展業務的好方法。

Owen Lau, Clear Street.

歐文·勞，克利爾街。

Sorry, I was on another call, so I'm not sure whether you have addressed the tokenization question. So Nasdaq filed with the SEC to trade tokenize equities. Could you please give us an updated view on using blockchain to trade an already very liquid market? How do you see the incremental opportunity here? Is it something that you want to keep this in your back pocket at this point? Or you have already seen a good demand to trade tokenize equities for US and non-US investors?

抱歉，我剛剛在接另一個電話，所以我不確定您是否已經解決了分詞問題。因此，納斯達克向美國證券交易委員會提交了股票代幣化交易的申請。您能否就使用區塊鏈在流動性已經非常高的市場中進行交易提供一些最新見解？您認為這裡有哪些增量機會？你現在想把這件事暫時擱置嗎？或者，您已經看到美國和非美國投資者對股票代幣化交易有良好的需求？

Thanks, Owen. Yeah, we did actually cover that topic earlier, but the angle of your question is a little different. So I think we started the conversation by saying the US equities markets are the most liquid, the most efficient, effective, and affordable markets, if you look at just overall trading costs in the world. I mean they're just amazing -- they're amazing markets.

謝謝你，歐文。是的，我們之前確實討論過這個主題，但你的問題角度略有不同。所以我覺得我們一開始就說過，如果只看全球整體交易成本，美國股市就是流動性最強、效率最高、效果最好、價格最實惠的市場。我的意思是，它們簡直太棒了——它們是令人驚嘆的市場。

So the first thing we want to do is make sure we don't do anything that disrupts the -- everything that we've created here. But what we do see is a natural extension and expansion of the market opportunity is to create the choice for investors to be able to hold their shares in a tokenized form or in a traditional form.

所以，我們首先要確保我們不會做任何擾亂我們在這裡所創造的一切的事情。但我們看到的是，市場機會的自然延伸和擴展，是為投資者創造選擇，讓他們能夠以代幣化形式或傳統形式持有股份。

And that just gives them more ability to have flexibility as to how they manage their overall investment portfolio. And we are -- there is certainly, with an overall trend towards tokenization is just a great technology that create streamlines that creates kind of a streamlined payment infrastructure and the potential for more efficiency and post-trade processing.

這使得他們在管理整體投資組合方面擁有更大的靈活性。的確，代幣化整體趨勢是一項偉大的技術，它創造了一種精簡的支付基礎設施，並有可能提高效率和交易後處理效率。

But the first stage of our program is to introduce organization at the core equity level, security level, not as a derivative of the security, but at the security itself. Keeping that all in the markets and the trading within the market itself and then also over time, working with core infrastructure providers like DTC and others to create more efficiency in post trade. But we are very well partnered with DTC as they're evaluating and implementing this as a first step.

但我們計畫的第一階段是在核心權益層面、安全層面引進組織，而不是作為安全的一種衍生性商品，而是作為安全本身。將所有這些都留在市場內，並在市場內進行交易，然後隨著時間的推移，與 DTC 等核心基礎設施提供商合作，以提高交易後效率。但我們與DTC的合作非常順利，他們正在評估並實施這項方案，作為第一步。

Jeff Schmitt, William Blair.

傑夫·施密特，威廉·布萊爾。

On the Axiom to Calypso cross-selling opportunities, I know some of [brand were] never really kind of fully monetized that avenue. But are you doing anything different than they did? And just are you seeing those opportunities pick up under your leadership?

關於 Axiom 到 Calypso 的交叉銷售機會，我知道有些品牌從未真正充分利用這條途徑來獲利。但你的做法和他們有什麼不同嗎？在您的領導下，您是否看到這些機會增加？

Yeah. I mean the first thing that actually they had done before we acquired the two businesses as they created a data connector between Axiom and Calypso so that if you were already Calypso client using it for trade infrastructure, the data from Calypso could easily be sent over into AxiomSL, which would help ease the implementation of AxiomSL for the regulatory reporting off the back of that trade infrastructure. So that was something that they had implemented, and we were very excited about that because we could, I think we actually gave an example of that at our Investor Day with M&T Bank. So it was a really good way to kind of ease implementation and create more natural consistency.

是的。我的意思是，在我們收購這兩家公司之前，他們實際上做的第一件事就是在 Axiom 和 Calypso 之間創建了一個數據連接器，這樣，如果您已經是 Calypso 的客戶，並正在使用它進行交易基礎設施建設，那麼來自 Calypso 的數據就可以輕鬆地發送到 AxiomSL，這將有助於監管 AxiomSL 在該交易的基礎設施上進行報告。所以這是他們已經實施的一項措施，我們對此感到非常興奮，因為我們可以，我想我們實際上在與 M&T 銀行的投資者日上舉了一個例子。所以這是一個非常好的方法，可以簡化實施過程，並創造更自然的一致性。

And we continue to find ways to create those connectors across the solutions. But also as we think about engaging our clients, the higher up in the clients you go, the more holistic the conversation becomes. If you're the COO of a bank or the Chief Risk Officer of a bank, you're going to be looking holistically at, how do I manage risk? How do I manage the regulators? How do I manage crime out of the systems -- out of the networks? And so when we get to that level, and we can have those holistic conversations, I think Nasdaq has been very successful at doing, probably beyond the capabilities of Adenza, it really changes the dialogue with the clients.

我們將繼續尋找方法，在各種解決方案之間建立這些連結。但當我們思考如何與客戶互動時，你與客戶層級越高，對話就越全面。如果你是一家銀行的營運長或首席風險官，你會從整體上考慮如何管理風險？我該如何應對監管機構？我該如何將犯罪從體制中──從網路中剔除？因此，當我們達到那個水平，能夠進行全面對話時，我認為納斯達克在這方面做得非常成功，這可能超出了 Adenza 的能力範圍，它確實改變了與客戶的對話。

The best question that I get from the clients are, what are other banks taking that I'm not taking from you? I love that question because it creates a much more holistic conversation in terms of how we can support them holistically across the core risk management and trading, the regulatory risk management that they have, and then the bank risk management across the transactions. And then, of course, we then can expand that conversation over into their wealth side with the data and the index capabilities that we offer and it just kind of -- it just kind of flows across the bank in terms of how we support them in everything we do across CAP and our markets and fintech.

客戶問我的最好的問題是：其他銀行都在收取哪些我沒有向你們收取的費用？我喜歡這個問題，因為它引發了一場更全面的對話，探討我們如何在核心風險管理和交易、監管風險管理以及銀行在交易中的風險管理方面為他們提供全面的支持。當然，我們還可以利用我們提供的數據和指數功能，將討論擴展到他們的財富管理方面，這就像——就像我們在 CAP、市場和金融科技領域為他們提供的所有支援一樣，貫穿整個銀行。

This concludes our Q&A. At this time, I'd like to turn the call back to Adena Friedman, President and CEO for closing remarks.

問答環節到此結束。此時，我想把電話轉回給總裁兼執行長阿德娜‧弗里德曼，請她作總結發言。

Great. Thank you very much for joining the earnings call today, and I look forward to speaking to all of you again in January. Thanks very much.

偉大的。非常感謝各位今天參加財報電話會議，期待1月再次與大家交流。非常感謝。

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

謝謝。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了。