納斯達克交易所 (NDAQ) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Nasdaq fourth-quarter 2025 results 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年第四季業績電話會議。（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 Officer. 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官阿托·加勒特先生。請繼續。

Good morning, everyone, and thank you for joining us today to discuss Nasdaq's fourth-quarter and full-year 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，感謝大家今天與我們一起討論納斯達克2025年第四季和全年財務表現。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'll 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 divestitures and the impact of changes of FX. Full-year comparisons also exclude the previously announced one-time revenue benefit and index during the first quarter of 2024. 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.

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。全年比較還不包括先前宣布的 2024 年第一季一次性收入收益和指數。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. Today, I will start with an overview of our fourth-quarter and full-year 2025 financial and operational performance. I will then discuss our strategic priorities and outlook for 2026 before handing the call to Sarah to walk through the financial results in more detail.

謝謝你，Ato，大家早安。今天，我將首先概述我們 2025 年第四季和全年的財務和營運業績。接下來，我將討論我們的策略重點和 2026 年展望，然後再將電話交給 Sarah，讓她更詳細地介紹財務表現。

2025 was an excellent year for Nasdaq as we delivered strong organic growth and accelerated innovation across our business. Our team executed exceptionally well, demonstrating the resilience of our platform in a complex operating environment, defined by volatile trading dynamics, sustained geopolitical tension, and an ever-changing regulatory landscape.

2025 年對納斯達克來說是輝煌的一年，我們實現了強勁的內生成長，並在整個業務領域加速了創新。我們的團隊表現出色，展現了我們平台在複雜的營運環境中的韌性，該營運環境的特點是交易動態波動、地緣政治緊張局勢持續以及監管環境不斷變化。

It was also a year of significant milestones for the company. For the first time in our history, we surpassed $5 billion in annual net revenue and $4 billion in solutions revenue. Our Index franchise reached new heights, delivering record average AUM, a second consecutive year of record inflows, and the highest number of new index products introduced in our history.

這一年對公司而言也是具有重要里程碑意義的一年。公司歷史上首次實現了年度淨收入超過 50 億美元，解決方案收入超過 40 億美元。我們的指數產品線達到了新的高度，實現了創紀錄的平均資產管理規模，連續第二年創下資金流入紀錄，並推出了有史以來數量最多的新指數產品。

Market Services delivered record revenues for US equities and US options. We delivered industry-leading new listings performance and a record $1.2 trillion in listing transfers, the strongest year ever for our switch program.

市場服務部門為美國股票和美國選擇權帶來了創紀錄的收入。我們實現了業界領先的新房源業績，房源轉移額達到創紀錄的 1.2 兆美元，這是我們的房源轉移計畫有史以來最強勁的一年。

In Financial Technology, we strongly delivered against our cross-sell commitments, deepening our client relationships; and we are now proud to call every GSIB a Nasdaq client. Our Financial Crime Management Technology business pioneered innovative approaches to fight crime and introduce our new agentic AI workforce, a suite of agentic workers that automate key client workflows.

在金融科技領域，我們出色地完成了交叉銷售承諾，加深了與客戶的關係；現在，我們很自豪地稱每一位全球系統重要性銀行（GSIB）都是納斯達克的客戶。我們的金融犯罪管理技術業務率先採用了創新方法來打擊犯罪，並推出了我們全新的智慧AI員工隊伍，這是一套可以自動執行關鍵客戶工作流程的智慧員工。

We also formed a new partnership with BioCatch to bring additional intelligence and effectiveness to our solutions. These accomplishments reflect not only the breadth of our platform, but the momentum behind it as we enter 2026 with more opportunity than ever.

我們也與 BioCatch 建立了新的合作夥伴關係，以提升我們解決方案的智慧性和有效性。這些成就不僅體現了我們平台的廣度，也體現了我們進入 2026 年時所擁有的強勁勢頭，我們迎來了比以往任何時候都多的機會。

For the full year, we delivered net revenues of $5.2 billion, an increase of 12%. Our Solutions revenue grew 11% to $4 billion at the top of the range -- at the top end of the range of our medium-term outlook.

全年淨收入達 52 億美元，成長 12%。我們的解決方案收入成長了 11%，達到 40 億美元，處於我們中期展望的上限。

ARR ended the year at $3.1 billion, an increase of 10% year over year. Our operating income was $2.9 billion, up 16%, and we delivered 24% diluted EPS growth.

年度經常性收入（ARR）年底達到 31 億美元，年增 10%。我們的營業收入為 29 億美元，成長了 16%，稀釋後每股盈餘成長了 24%。

Our fourth-quarter net revenue was $1.4 billion, up 13% year over year, with Solutions revenue of $1.1 billion, up 12% year over year.

我們第四季淨收入為 14 億美元，年增 13%，其中解決方案營收為 11 億美元，年增 12%。

Expenses in the fourth quarter were $609 million, up 8% year over year. Operating income was $783 million in the quarter, up 16%; and we delivered 27% diluted EPS growth. Our performance was anchored in the strategic pillars of Integrate, Innovate, and Accelerate, which enabled our teams to execute with clarity and focus.

第四季支出為 6.09 億美元，年增 8%。本季營業收入為 7.83 億美元，成長 16%；稀釋後每股收益成長 27%。我們的業績以整合、創新和加速這三大策略支柱為基礎，這使得我們的團隊能夠清晰、專注地執行任務。

Within our Integrate priority, we overachieved our expanded efficiency program net expense target with over $160 million in cost reduction actions as of year end. We ended the year with gross leverage of 2.9 times, outperforming our previous expectation of reaching 3 times leverage by the end of the year. In recognition of our strengthening balance sheet, both Moody's and S&P upgraded Nasdaq's senior unsecured debt ratings in 2025 to BAA1 and BBB+, respectively.

在「整合」優先事項中，我們超額完成了擴大後的效率提升計畫淨支出目標，截至年底已採取成本削減措施超過 1.6 億美元。我們年底的總槓桿率為 2.9 倍，超過了我們先前預期的年底達到 3 倍槓桿率的目標。鑑於我們不斷增強的資產負債表，穆迪和標普分別將納斯達克2025年的優先無擔保債務評級上調至BAA1和BBB+。

Within our Innovate priority, we executed across several key initiatives. We embedded AI across our business and have begun rolling out new AI-enabled products with strong client reception. For example, we've seen enthusiastic engagement from Nasdaq Verafin clients for our agentic AI workforce that we launched at the end of Q3.

在「創新」這項優先事項下，我們執行了多項關鍵措施。我們已將人工智慧融入業務的各個方面，並開始推出新的人工智慧產品，獲得了客戶的強烈反響。例如，我們看到納斯達克 Verafin 的客戶對我們在第三季末推出的智慧 AI 員工隊伍展現了極大的熱情。

The first agentic worker we introduced, our agentic sanctions analyst, had strong early use among our clients. Continuing the momentum this month, we launched our second worker, the agentic-enhanced due diligence analysts. We look forward to expanding this offering with additional agentic workers planned for 2026.

我們推出的第一個代理工作者——代理制裁分析師，在我們的客戶中得到了早期的廣泛應用。本月我們延續了這一勢頭，推出了第二位員工——具備代理能力的盡職調查分析師。我們期待在 2026 年透過增加代理工作者來擴展這項服務。

In Market Services earlier in 2025, we announced plans to bring 23-by-5 trading to the Nasdaq stock market, and we will be ready to launch this capability in the second half of '26, subject to regulatory approval. Further, we're driving industry efforts to realize the potential of digital assets across multiple initiatives, including our proposed approach to trade tokenized securities, which prioritizes issuer choice, investor protection, and capital efficiency.

2025年初，我們在市場服務部門宣布了將23x5交易引入納斯達克股票市場的計劃，我們將在2026年下半年準備好推出這項功能，但需獲得監管部門的批准。此外，我們正在推動產業努力，透過多項措施實現數位資產的潛力，包括我們提出的代幣化證券交易方法，該方法優先考慮發行人選擇、投資者保護和資本效率。

Lastly, within our Accelerate priority, our One Nasdaq strategy continued to deliver strong results, driving 25 cross-sell wins across financial technology in the year for a total of 42 cross-sells since the Adenza acquisition closed.

最後，在我們的「加速」優先事項中，「一個納斯達克」策略持續取得強勁成果，在金融科技領域實現了 25 次交叉銷售，自 Adenza 收購完成以來，交叉銷售總數達到 42 次。

At the end of the fourth 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. This program culminated in net revenue growth of 12% and Solutions growth of 11%, at the top of the range of our medium-term outlook.

第四季末，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。該計劃最終實現了淨收入增長 12% 和解決方案增長 11%，均達到我們中期展望範圍的上限。

Turning to our strategic and operational highlights for 2025. I'll begin with Capital Access platforms where we delivered 10% revenue growth for the year, driven by record index inflows, new IPOs and strong bookings growth, particularly in data and analytics.

接下來，我們來看看2025年的策略和營運重點。首先，我將介紹 Capital Access 平台，今年的營收成長了 10%，這主要得益於創紀錄的指數資金流入、新 IPO 以及強勁的預訂量成長，尤其是在數據和分析領域。

Our listings business had the strongest IPO year since 2021. We secured three of the five top IPOs of 2025, including Medline, the largest IPO of the year. It was our second -- our seventh straight year as the leading US exchange by proceeds raised, with eligible operating companies raising over $24 billion, including over $10 billion in the fourth quarter alone.

我們的上市業務迎來了自 2021 年以來最強勁的 IPO 年。我們獲得了 2025 年五大 IPO 中的三項，其中包括當年規模最大的 IPO——Medline。這是我們連續第七年成為美國籌集資金最多的交易所，符合資格的營運公司籌集了超過 240 億美元的資金，僅在第四季度籌集了超過 100 億美元。

In our Nordic markets, we also welcomed the largest IPO in Europe, Verisure. In Europe, we continued to benefit from increased international focus on the Nordics where the equity markets have consistently outperformed the rest of the region. The strength of these markets attracted five new ETP issuers who listed 84 new exchange-traded products across the Nordics in 2025.

在我們的北歐市場，我們也迎來了歐洲最大的IPO—Verisure。在歐洲，我們繼續受益於國際社會對北歐地區的日益關注，北歐股市的表現一直優於該地區的其他地區。這些市場的強勁勢頭吸引了五家新的ETP發行商，他們在2025年於北歐地區推出了84種新的交易所交易產品。

We also made strong progress on our switch program in 2025, reinforced by Walmart's historic transfer to Nasdaq, the largest exchange switch ever completed. This milestone capped a year -- a record year for transfers, including Shopify, Kimberly-Clark, and Thomson Reuters. In total, operating company switches in 2025 represented more than $1.2 trillion of market cap, bringing the 10-year total to $3.1 trillion.

2025 年，我們的交易所轉換計畫也取得了顯著進展，沃爾瑪歷史性地轉移到納斯達克，這是有史以​​來完成的最大規模的交易所轉換，進一步鞏固了我們的計畫。這一里程碑為過去一年畫上了圓滿的句號——這是創紀錄的一年，其中包括 Shopify、金佰利和湯森路透等公司的轉帳。到 2025 年，營運公司變更的總市值將超過 1.2 兆美元，使 10 年的總市值達到 3.1 兆美元。

This quarter, we're introducing an updated listings win rate methodology that better reflects the pathways through which operating companies can list on Nasdaq, including a traditional IPO, a direct listing, and a SPAC combination. Under this new methodology, our win rate was 72% for the full-year 2025. This metric also accounts for our newly approved listing qualifications that raise our minimum standards. We've included details on page 20 -- sorry, on page 21 of our earnings presentation.

本季度，我們將推出更新的上市成功率計算方法，該方法能更好地反映營運公司在納斯達克上市的途徑，包括傳統的 IPO、直接上市和 SPAC 合併。根據這種新方法，我們 2025 年全年的勝率達到 72%。該指標還考慮了我們新批准的上市資格，這些資格提高了我們的最低標準。我們在收益報告的第 20 頁（抱歉，是第 21 頁）包含了詳細資訊。

Looking ahead to 2026, we see signs of accelerating capital markets activity further supported by recent Fed cuts and a very healthy pipeline of late-stage private companies. Based on the current market dynamics, we look forward to an active new issuance here.

展望 2026 年，我們看到資本市場活動加速的跡象，這進一步得到了聯準會近期降息和大量後期私營企業的支持。根據目前的市場動態，我們期待這裡會有活躍的新債券發行。

Our Data business delivered robust growth in 2025 as clients across the ecosystem utilized our data more than ever to navigate the financial markets. Our growth was driven by new enterprise license agreements, which increased 24% year over year and our international expansion efforts, including signing an agreement with one of the largest banks in Saudi Arabia. Our growth was also driven by higher use of our data products across our client base.

2025年，我們的數據業務實現了強勁成長，因為整個生態系統中的客戶比以往任何時候都更依賴我們的數據來駕馭金融市場。我們的成長得益於新的企業授權協議，年增 24%，以及我們的國際擴張努力，包括與沙烏地阿拉伯最大的銀行之一簽署協議。我們客戶群對我們數據產品的更高使用率也推動了我們的成長。

Our Index franchise remains an exceptional growth engine, delivering tremendous performance and innovation. We achieved a record $99 billion in net inflows over the last 12 months, including a record $35 billion in the fourth quarter; and exited the year with ETP AUM of $882 billion, an all-time high.

我們的指數產品線仍然是卓越的成長引擎，帶來了巨大的業績和創新。過去 12 個月，我們實現了創紀錄的 990 億美元淨流入，其中第四季度淨流入 350 億美元，創歷史新高；年底 ETP 資產管理規模達到 8820 億美元，創歷史新高。

In Index, we delivered our new product strategy -- we delivered on our new product strategy, launching 122 new products in 2025, including 60 international products and 32 in the institutional insurance annuity space. Within Workflow and Insights, our Analytics and Corporate Solutions businesses continue to advance through product innovation and strategic partnerships.

在 Index 專案中，我們實現了新產品策略—我們實現了新產品策略，在 2025 年推出了 122 款新產品，其中包括 60 款國際產品和 32 款機構保險年金產品。在工作流程和洞察領域，我們的分析和企業解決方案業務透過產品創新和策略合作不斷取得進步。

In Analytics, the investment business delivered robust performance, supported by our strong network effects with platform usage up 10% year over year, driven by increased use of research workflows. We continue to build powerful partnerships, including with Juniper Square and LSEG, reinforcing our strategy to embed Nasdaq's investment data and investment workflows across both public and private markets.

在分析領域，投資業務取得了強勁的業績，這得益於我們強大的網路效應，平台使用率年增 10%，這主要得益於研究工作流程使用量的增加。我們繼續與 Juniper Square 和 LSEG 等公司建立強大的合作夥伴關係，從而加強我們的策略，將納斯達克的投資數據和投資工作流程嵌入到公共和私人市場中。

In Corporate Solutions, investments in AI-powered features and tools as well as deep client engagement supported new sales efforts in our governance and Nasdaq (inaudible) solutions. These tools also support our retention improvement across the portfolio.

在企業解決方案方面，對人工智慧驅動的功能和工具的投資以及與客戶的深度互動，為我們在公司治理和納斯達克（聽不清楚）解決方案方面的新銷售工作提供了支持。這些工具也有助於提高我們整個產品組合的客戶留存率。

Turning next to our Financial Technology division. In 2025, FinTech delivered strong financial results with 11% revenue growth. Financial Crime Management Technology grew 22% over the year, including 24% growth in the fourth quarter. Regulatory Technology delivered 10% growth for the year, including 12% growth in the fourth quarter; and Capital Markets Technology grew 9% over the year and in the fourth quarter.

接下來我們來看看金融科技部門。2025年，金融科技業取得了強勁的財務業績，營收成長了11%。金融犯罪管理技術全年成長 22%，其中第四季成長 24%。監管技術業務全年成長 10%，其中第四季成長 12%；資本市場技術業務全年及第四季均成長 9%。

With more than 3,800 clients, now including all of the GSIBs, the division has established itself as a leading modern technology partner, helping institutions address complex risks, critical regulatory reporting, and the modernization of trading infrastructure. In Financial Crime Management Technology, we continued strong sales execution during the year, adding 255 new SMB clients and six new enterprise clients, a combined 23% total client growth over the prior year.

該部門擁有超過 3800 家客戶，其中包括所有全球系統重要性銀行 (GSIB)，已成為領先的現代技術合作夥伴，幫助機構應對複雜的風險、關鍵的監管報告以及交易基礎設施的現代化。在金融犯罪管理技術領域，我們今年持續保持強勁的銷售業績，新增了 255 家中小企業客戶和 6 家企業客戶，客戶總數比前一年增長了 23%。

In Enterprise, five of the six new client signings were cross-sells, and we completed three expansion deals with existing enterprise clients for a total of nine enterprise deals. This underscores our ability to deepen client relationships through our One Nasdaq approach.

在企業業務方面，六個新客戶簽約中有五個是交叉銷售，我們還與現有企業客戶完成了三項擴展交易，企業交易總數達到九項。這凸顯了我們透過「一個納斯達克」策略深化客戶關係的能力。

In Regulatory Technology, our AxiomSL team broadened our product portfolio to meet evolving regulatory demands supporting geographic expansion into Saudi Arabia, India, and France. Additionally, we deepened our partnership with Revolut after they consolidated their UK and European regulatory reporting on to our cloud managed platform this quarter. We also signed a significant cross-sell to a global Tier 1 bank for an enterprise cloud deployment, demonstrating the scale of our solutions and the trust we've established across our platform.

在監管技術領域，我們的 AxiomSL 團隊擴大了產品組合，以滿足不斷變化的監管需求，支援向沙烏地阿拉伯、印度和法國的地理擴張。此外，本季 Revolut 將其英國和歐洲的監管報告整合到我們的雲端管理平台後，我們與 Revolut 的合作關係也進一步深化。我們還與一家全球一級銀行簽署了一份重要的交叉銷售協議，為其提供企業雲端部署服務，這證明了我們解決方案的規模以及我們在整個平台上建立的信任。

In our solutions -- sorry, in our Surveillance business, we drove strong client growth, including an agreement with CFTC, which selected Nasdaq to replace its legacy surveillance system. Overall, in 2025, our Surveillance team signed 26 new clients across securities exchanges, crypto trading venues, market participants, and regulators to strengthen their protections across rapidly evolving markets.

在我們的解決方案——抱歉，是在我們的監控業務中，我們推動了客戶的強勁增長，包括與美國商品期貨交易委員會 (CFTC) 達成協議，CFTC 選擇納斯達克來替換其傳統的監控系統。總體而言，在 2025 年，我們的監控團隊與證券交易所、加密貨幣交易場所、市場參與者和監管機構簽署了 26 份新合同，以加強他們在快速變化的市場中的保護。

In Capital Markets Tech, we delivered a strong year driven by durable demand for market modernization solutions. We continue to strengthen our relationships with central banks, ending the year with 24 total central bank clients, including three new central bank clients signed this quarter.

在資本市場技術領域，由於對市場現代化解決方案的持續需求，我們取得了強勁的表現。我們持續加強與各國央行的關係，到年底共有 24 家央行客戶，其中包括本季新簽約的三家央行客戶。

Calypso experienced increased adoption from global banks and asset managers transitioning from legacy on-prem environments to cloud hosted trading, risk, and treasury solutions. We're seeing early momentum on Calypso's fully managed service offering on AWS, which drove additional upsells and a major cross-sell into a leading market infrastructure operator during the quarter.

Calypso 在全球銀行和資產管理公司中的應用日益廣泛，這些公司正從傳統的本地部署環境過渡到雲端託管的交易、風險和財務解決方案。我們看到 Calypso 在 AWS 上的全託管服務產品取得了早期發展勢頭，這推動了本季向一家領先的市場基礎設施​​營運商追加銷售和重大交叉銷售。

In Market Technology, our managed service offering demonstrated strong momentum with growth across multiple solutions. And in the fourth quarter, we signed a major financial market infrastructure client for a multi-product cloud-based deployment based on the Eqlipse platform, highlighting our ability to provide integrated end-to-end solutions.

在市場技術領域，我們的託管服務產品展現出強勁的成長勢頭，涵蓋多種解決方案。第四季度，我們與一家大型金融市場基礎設施​​客戶簽署了一份基於 Eqlipse 平台的多產品雲端部署協議，這凸顯了我們提供整合端到端解決方案的能力。

Turning to Market Services. We achieved record annual net revenue of $1.2 billion, up 17% year over year, fueled by elevated volumes in the US equities and US equity options as well as robust performance in European cash equities and equity derivatives. Our teams continue to execute well, capturing opportunities in value-added products and extending our competitive positioning in both US and European markets.

轉向市場服務。我們實現了創紀錄的年度淨收入 12 億美元，年增 17%，這主要得益於美國股票和美國股票期權交易量的增加，以及歐洲現金股票和股票衍生品的強勁表現。我們的團隊持續保持良好的執行力，抓住增值產品的機會，並擴大我們在美國和歐洲市場的競爭地位。

Specifically, in the fourth quarter, our index options revenue more than doubled year over year for the second consecutive quarter. We grew market share in European equities, and we delivered strong US Tape Plan revenue. Nasdaq's Closing Cross also set a new notional value record during the Triple-Witch event in December with $233 billion traded.

具體而言，在第四季度，我們的指數選擇權收入連續第二季年增超過一倍。我們在歐洲股票市場擴大了市場份額，並實現了強勁的美國股票交易計劃收入。納斯達克收盤交叉盤在 12 月的「三巫日」事件中也創下了新的名義價值紀錄，交易額達到 2,330 億美元。

Our success in 2025 reflects our ability to execute with discipline, innovate with purpose, and meet our clients' evolving needs. We've used the start of this year to meet with clients across the globe, including on the ground at Davos, listening closely to their priorities and pressure points. Those conversations have reinforced our view of the industry's priorities to manage risk, advanced market structure, and innovate with AI, strengthening our conviction and the durability of our diversified business offerings.

我們在 2025 年的成功反映了我們能夠嚴謹地執行任務，有目的地進行創新，並滿足客戶不斷變化的需求。今年年初，我們與全球各地的客戶會面，包括在達沃斯實地會面，並認真傾聽他們的優先事項和壓力點。這些對話強化了我們對產業優先事項的看法，即管理風險、推動市場結構和利用人工智慧進行創新，從而增強了我們的信念和我們多元化業務產品的持久性。

Looking ahead to 2026, Nasdaq is well positioned to build on our strong foundation and deliver durable growth. Our platform is built on three core strengths. First, an embedded client community that connects us to real world needs and builds trust that accelerates adoption. Second, gold source data that delivers unique client value, powering intelligence and advanced workloads. And third, engineering excellence that delivers speed, resilience and interoperability at scale, enabling innovation and global deployment.

展望2026年，納斯達克已做好充分準備，在現有堅實基礎上實現永續成長。我們的平台建立在三大核心優勢之上。首先，建立一個嵌入式客戶社區，將我們與現實世界的需求連結起來，建立信任，從而加速產品推廣。其次，黃金級資料來源能夠提供獨特的客戶價值，為智慧分析和進階工作負載提供支援。第三，卓越的工程技術能夠大規模提供速度、彈性和互通性，從而實現創新和全球部署。

Along with our deep industry expertise, these foundational layers work together to create a differentiated platform that delivers outcomes that matter to our clients. Our platform strongly positions us to take advantage of key growth areas, especially in the age of AI.

憑藉我們深厚的行業專業知識，這些基礎層協同運作，打造出一個差異化的平台，為我們的客戶帶來重要的成果。我們的平台使我們能夠充分利用關鍵成長領域，尤其是在人工智慧時代。

Sustained investment from leading technology firms and AI firms is continuing to reshape the economic landscape, making digital infrastructure and data-driven innovation, the key drivers of business investment and real growth.

領先的科技公司和人工智慧公司持續投資，不斷重塑經濟格局，使數位基礎設施和數據驅動的創新成為商業投資和實際成長的關鍵驅動力。

By architecting the world's most modern markets, by powering the innovation economy, and by building trust in the financial system, we're not just responding to the change; we're shaping it. We look forward to updating you on our progress on these priorities at Investor Day next month.

我們透過建構世界上最現代化的市場、推動創新經濟以及建立對金融體系的信任，不只是在應對變化；我們正在塑造變化。我們期待在下個月的投資者日向您報告我們在這些優先事項上的進展。

And with that, I'll turn the call over to Sarah.

那麼，我就把電話交給莎拉了。

Thank you, Adena, and good morning, everyone. We closed 2025 with strong momentum following an excellent year for Nasdaq.

謝謝你，阿德娜，大家早安。2025 年伊始，納斯達克表現優異，我們維持了強勁的成長動能。

We delivered over $5 billion in annual revenue for the first time, reflecting strength across the business and performance that met or exceeded our outlook expectations in every division. We had 10% ARR growth in the year. Solutions now represents 76% of total net revenue at over $4 billion, underscoring the deliberate shift of our business mix.

我們首次實現了超過 50 億美元的年收入，這反映了公司整體業務的強勁勢頭，以及每個部門的業績都達到或超過了我們的預期。我們這一年實現了10%的年度經常性收入成長。解決方案業務目前佔總淨收入的 76%，超過 40 億美元，凸顯了我們業務組合的有意轉變。

We coupled that growth with disciplined execution, expanding operating and EBITDA margin by 2 points, reducing gross leverage to 2.9 times, and delivering free cash flow conversion of 109% while continuing to invest to support long-term growth. Let's start with annual results on slide 11.

我們將成長與嚴謹的執行相結合，營業利潤率和 EBITDA 利潤率提高了 2 個百分點，總槓桿率降至 2.9 倍，自由現金流轉換率達到 109%，同時繼續投資以支持長期成長。讓我們先來看看第 11 頁的年度業績報告。

Net revenue of $5.2 billion was up 12%, with Solutions revenue of $4.0 billion, up 11%. Operating expense was $2.3 billion, up 7%, in part, driven by our strong top-line growth, yielding a 56% operating margin and 58% EBITDA margin. Full-year net income was $2.0 billion, with diluted EPS of $3.48, up 24%.

淨收入為 52 億美元，成長 12%；解決方案收入為 40 億美元，成長 11%。營業費用為 23 億美元，成長 7%，部分原因是營收強勁成長，營業利潤率為 56%，EBITDA 利潤率為 58%。全年淨收入為 20 億美元，稀釋後每股收益為 3.48 美元，成長 24%。

Turning to quarterly results on slide 12. We reported net revenue of $1.4 billion, up 13%, with Solutions revenue up 12%. Operating expense was $609 million, up 8%, leading to an operating margin of 56% and EBITDA margin of 59%, both up 2 points compared to the prior year quarter. Net income was $554 million with diluted EPS of $0.96, up 27%.

接下來請看第 12 頁的季度業績報告。我們公佈的淨收入為 14 億美元，成長 13%，其中解決方案收入成長 12%。營業支出為 6.09 億美元，成長 8%，導致營業利潤率為 56%，EBITDA 利潤率為 59%，均比去年同期成長 2 個百分點。淨利潤為 5.54 億美元，稀釋後每股收益為 0.96 美元，成長 27%。

Slide 13 shows the drivers of our 12% net revenue growth for the year and 13% net revenue growth for the quarter. We generated over 8 percentage points of alpha for the quarter and for the year, a 170 basis point improvement in alpha growth versus 2024.

第 13 張投影片展示了我們全年淨收入成長 12% 和本季淨收入成長 13% 的驅動因素。本季和本年度，我們獲得了超過 8 個百分點的超額收益，與 2024 年相比，超額收益成長提高了 170 個基點。

The drivers were consistent for both alpha and beta. Alpha was driven by new and existing clients, low churn, and product innovation. Beta was driven by elevated volumes in Market Services and higher valuations in Nasdaq indices.

alpha 和 beta 的驅動因素是一致的。Alpha 的成長動力來自新舊客戶、低客戶流失率和產品創新。Beta值上漲是由於市場服務交易量增加和納斯達克指數估值上升所致。

As shown on slide 14, we achieved 10% ARR growth for the year. This represents a 2 percentage point improvement versus the prior year period and includes 12% in fintech. Total SaaS revenue grew 13% in the quarter, including 19% SaaS growth in FinTech. SaaS continued to represent a consistent share of ARR at 38%, in line with the prior year quarter.

如投影片 14 所示，我們實現了 10% 的年度經常性收入成長。這比去年同期提高了 2 個百分點，其中金融科技領域成長了 12%。本季 SaaS 總營收成長 13%，其中金融科技領域的 SaaS 營收成長 19%。SaaS 繼續保持 ARR 佔 38% 的穩定水平，與去年同期持平。

Let's review division results, starting on slide 15. In Capital Access Platforms, we delivered quarterly revenue of $572 million, up 12%, with annual revenue of $2.1 billion, up 10%. Both were driven by 9% alpha. ARR growth ended the year up 7%.

讓我們回顧一下部門業績，從第 15 頁開始。在資本准入平台業務方面，我們實現了季度營收 5.72 億美元，成長 12%；年度營收為 21 億美元，成長 10%。兩者都由 9% 的超額收益驅動。年經常性收入成長率全年成長7%。

Data and Listings revenue was up 7% in the quarter, with ARR up 8%. Data revenue growth was driven by upsells, usage, and new sales. Listings benefited from the improving IPO environment. Growth for new listings and pricing was partially offset by the revenue headwind from prior-year delisting and lower amortization of prior year period initial listing fees, both of which were in line with our previous expectations.

本季數據和清單收入成長了 7%，年度經常性收入成長了 8%。數據收入成長主要由追加銷售、使用量和新銷售推動。IPO環境的改善促進了上市公司的發展。新上市房源和定價的成長部分被上一年下架房源和上一年期初始上市費用攤提減少帶來的收入不利因素所抵消，但這兩項因素均符合我們先前的預期。

Looking ahead to 2026, we expect an approximately $9 million year-over-year headwind in each quarter from delistings in the previous year, the impact from new purposed changes to listing standards, and the amortization roll-off of prior period initial listing fees.

展望 2026 年，我們預計每個季度將面臨約 900 萬美元的同比不利影響，這些不利影響來自上一年的退市、新上市標準變更的影響以及前期初始上市費用的攤銷。

Index revenue was up 23% in the quarter. We had net inflows of $99 billion over the last 12 months, a second consecutive quarterly record, including a record $35 billion in the fourth quarter. Beta drivers were flat with approximately 70% coming from ETP AUM appreciation from market performance and the remaining portion coming from strong year-over-year growth in derivatives contract volumes. Overall, Index delivered a 36% increase in average ETP AUM, which reached a record $860 billion in the fourth quarter.

本季指數收入成長了 23%。過去 12 個月，我們的淨流入資金達到 990 億美元，連續第二季創下紀錄，其中第四季淨流入資金達到創紀錄的 350 億美元。Beta 驅動因素趨於平穩，其中約 70% 來自 ETP AUM 因市場表現而增值，其餘部分來自衍生性商品合約量的強勁年成長。總體而言，Index 的平均 ETP AUM 成長了 36%，在第四季度達到了創紀錄的 8,600 億美元。

As a reminder, at the start of 2026, our contracted rate associated with trading of derivative contracts reset. Holding volumes in capture constant, we expect the sequential revenue impact in 1Q '26 similar to what we saw in 1Q '25. The rate will increase once we cross the specific revenue threshold, which will likely occur sometime early in the second quarter.

再次提醒，2026 年初，我們與衍生性商品合約交易相關的合約利率將重置。在捕獲量保持不變的情況下，我們預計 2026 年第一季的環比收入影響與 2025 年第一季類似。一旦我們達到特定的收入門檻，費率就會提高，這很可能在第二季初發生。

In Workflow and Insights, revenue was up 4% in the quarter, with ARR growth also at 4%. The revenue increase was primarily driven by analytics, mainly Investment and Datalink, with both seeing strong booking growth as well as benefiting from the expansion into new products in Datalink. Corporate Solutions delivered modest revenue growth.

工作流程和洞察業務的收入在本季度增長了 4%，年度經常性收入 (ARR) 也成長了 4%。收入成長主要由分析業務推動，尤其是投資和數據連結業務，這兩個業務的預訂量均實現了強勁增長，同時數據連結業務也受益於新產品的拓展。企業解決方案部門實現了溫和的收入成長。

Quarterly operating margin for the division was 59%, up 100 basis points versus the prior year quarter. The annual operating margin for the division was 60%, up 150 basis points versus the prior year.

該部門季度營業利潤率為 59%，比上年同期增長 100 個基點。該部門的年度營業利潤率為 60%，比上年增長 150 個基點。

Moving to Financial Technology on slide 16. Revenue in the quarter was $498 million, up 12% with annual revenue of $1.85 billion, up 11%. ARR growth ended the year up 12%.

第 16 頁進入金融科技部分。本季營收為 4.98 億美元，成長 12%；年度營收為 18.5 億美元，成長 11%。年經常性收入成長率全年成長12%。

The quarterly results reflect strong performance across all three FinTech subdivisions. We signed 129 new clients, 143 upsells, and 12 cross-sells in the quarter, bringing the annual total to 291 new clients, 462 upsells, and 25 cross-sell.

季度業績反映出三大金融科技子部門均表現強勁。本季我們新增了 129 位客戶，完成了 143 筆追加銷售和 12 筆交叉銷售，使年度總數達到 291 位新客戶、462 筆追加銷售和 25 筆交叉銷售。

Cross-sells continue to represent over 15% of the Financial Technology divisions pipeline. Financial Client Management Technology revenue grew 24% in the quarter, with ARR growth of 18%. We signed 119 new SME clients in the fourth quarter, bringing the annual total in the client segment to 255. Net revenue retention was 112%, reflecting strong client engagement.

交叉銷售仍佔金融科技部門銷售管道的 15% 以上。本季金融客戶管理技術收入成長了 24%，年度經常性收入成長了 18%。第四季我們新增了 119 家中小企業客戶，使該客戶群的年度總數達到 255 家。淨收入留存率為 112%，反映出客戶參與度很高。

We also had continued momentum with enterprise clients with three new signings in the quarter, bringing our total to nine enterprise deals for the year. In 2025, we signed four times the number of enterprise deals at four times the ACV compared to 2024, with ACV concentrated in the second half of the year.

我們在企業客戶方面也保持了持續成長勢頭，本季新增了三筆簽約，使我們今年的企業客戶交易總數達到九筆。2025 年，我們簽署的企業交易數量是 2024 年的四倍，年度合約價值 (ACV) 也是 2024 年的四倍，其中年度合約價值主要集中在下半年。

The sequential revenue improvement in the fourth quarter was primarily driven by professional services fees related to SMB and enterprise clients implementation. We do not expect to maintain these levels over the first half of 2026 based on the implementation timing for deals signed in the second half of 2025.

第四季營收環比成長主要得益於與中小企業和企業客戶實施相關的專業服務費。根據 2025 年下半年簽署的協議的執行時間，我們預計 2026 年上半年無法維持這些水準。

As a reminder, as we grow our Enterprise business, we expect to see increased quarterly variability in revenue growth impact from Enterprise (inaudible)

再次提醒，隨著企業業務的成長，我們預期企業業務帶來的營收成長影響將出現更大的季度波動。（聽不清楚）

Regulatory Technology had quarterly revenue growth and ARR of 12%. Revenue growth in the quarter reflects strong performance across both AxiomSL and Surveillance, driven by our successful sales execution as well as sequentially improved professional services revenue, consistent with our previous comments. Capital Markets Technology had quarterly revenue growth of 9% and ARR growth of 11%, with the difference driven by professional services fees.

監管技術業務季度營收成長12%，年度經常性收入成長12%。本季營收成長反映了 AxiomSL 和 Surveillance 兩大業務板塊的強勁表現，這得益於我們成功的銷售執行以及專業服務收入的環比增長，與我們先前的評論一致。資本市場技術部門季度營收成長 9%，年度經常性收入成長 11%，其中差異主要由專業服務費驅動。

Financial Technology quarterly operating margin was 48%, down 100 basis points versus the prior year quarter; and annual operating margin was 47%, in line with the previous year. We are well positioned in 2026 for continued growth and expansion of the Financial Technology business.

金融科技業務季度營業利益率為 48%，較上年同期下降 100 個基點；年度營業利益率為 47%，與上年持平。我們已做好充分準備，迎接2026年金融科技業務的持續成長與擴張。

Before I wrap up on FinTech, let me provide an update on the 2025 performance of the combination of AxiomSL and Calypso. ARR growth was 13%, including the ramp of two deals. Adenza also had healthy subscription revenue growth of 12%, partially offset by lower professional services, including the implementation delays related to client readiness which we referenced earlier this year. Going forward, we will continue to report Calypso and AxiomSL within their respective service division and will no longer disclose Adenza-specific revenue or ARR performance.

在結束關於金融科技的討論之前，讓我先更新 AxiomSL 和 Calypso 合併後在 2025 年的表現。ARR 成長 13%，其中包括兩筆交易的成長。Adenza 的訂閱收入也實現了 12% 的健康成長，但部分被專業服務收入的下降所抵消，其中包括我們今年稍早提到的與客戶準備相關的實施延遲。今後，我們將繼續在各自的服務部門內報告 Calypso 和 AxiomSL 的業績，不再揭露 Adenza 的具體收入或 ARR 表現。

Turning to Market Services on slide 17. We had net revenue of $311 million in the quarter, a quarterly record, reflecting growth of 14%. For the year, we had net revenue of $1.2 million, an annual record, reflecting growth of 17%.

請看第 17 頁的市場服務部分。本季淨收入為 3.11 億美元，創季紀錄，成長 14%。本年度，我們的淨收入為 120 萬美元，創下年度紀錄，成長了 17%。

Growth in the quarter was driven by record industry volumes in US equities and options as well as our ability to consistently deliver alpha, as reflected in index options revenue more than doubling for the second straight quarter, driven by improving volumes and capture, elevated market share in European equities, and higher US Tape Plan revenue versus the prior year quarter, which had abnormally low growth share.

本季成長主要得益於美國股票和選擇權創紀錄的產業交易量，以及我們持續創造超額收益的能力。指數選擇權收入連續第二季翻了一番以上，這主要得益於交易量和成交量的提高、歐洲股票市場份額的提升，以及美國交易計劃收入較上年同期有所增長（上年同期增長份額異常低）。

The growth was partially offset by lower capture in US options with two drivers. The Options Regulatory fee, OR, allows us to recoup a portion of or at most all our regulatory expense throughout the year. The fee that we collect is reflected as a component of our options capture rate.

美國期權市場份額下降，部分抵消了增長，而下降的原因有兩個。選擇權監管費 (OR) 使我們能夠收回部分或全部年度監管費用。我們收取的費用計入我們的選擇權捕獲率。

Given the strong volume and share performance of our options market in 2025, our regulatory expenses were mostly recovered during the first three quarters of the year, resulting in lower OR and thus a lower net options capture rate in the fourth quarter. Separately, the strong volumes we mentioned in the quarter came with a mix shift towards lower revenue quarter.

鑑於我們期權市場在 2025 年的強勁交易量和份額表現，我們的監管費用在今年前三個季度基本上得到收回，導致第四季度的期權交易率下降，從而淨期權捕獲率也下降。另外，我們之前提到的本季強勁的銷售伴隨著營收下滑的季度結構轉變。

Other revenue within Market Services also reflected record revenue in our Canadian equity business as well as higher capture in European equity derivatives. Market Services quarterly and annual operating margins were both at 64% and both up over 5 percentage points due to higher revenue.

市場服務部門的其他收入也反映了加拿大股票業務創紀錄的收入以及歐洲股票衍生性商品業務的更高收益。市場服務部門的季度和年度營業利潤率均為 64%，由於收入增加，兩者均增長超過 5 個百分點。

Moving to expenses on slide 18. We had operating expenses of $2.331 billion for 2025, an increase of 7%, driven by strong revenue performance both in employee compensation and strong investments in people and technology to support revenue and drive innovation and growth.

第 18 頁將討論費用問題。2025 年，我們的營運支出為 23.31 億美元，成長 7%，這主要得益於強勁的收入表現，包括員工薪酬的提高以及對人才和技術的大力投資，以支持收入增長並推動創新和發展。

For the fourth quarter, we had operating expenses of $609 million, up 8%, driven by similar factors. Fourth-quarter operating margin was 56%, and EBITDA margin was 59%, both up 2 percentage points versus the prior year period.

第四季度，我們的營運支出為 6.09 億美元，成長 8%，主要受類似因素驅動。第四季營業利潤率為 56%，EBITDA 利潤率為 59%，均較上年同期成長 2 個百分點。

We are introducing our 2026 non-GAAP operating expense guidance of $2.455 billion to $2.535 billion. This reflects a non-GAAP organic growth rate of 7% at the midpoint, which includes the in-year benefit of net synergies actioned under our expanded cost program, a $25 million net decline due to divestiture and a small acquisition, and a nearly $20 million increase from FX; as well as a strong level of investments in growth and innovation, including AI, both in our products and on our business, which we'll discuss in more detail at Investor Day.

我們現公佈 2026 年非 GAAP 營運費用預期為 24.55 億至 25.35 億美元。這反映了非GAAP有機成長率中值為7%，其中包括擴大成本計劃下實現的淨協同效應帶來的年內收益、因資產剝離和小規模收購導致的2500萬美元淨減少，以及外匯帶來的近2000萬美元增長；此外，還包括對增長和創新（包括人工智能）的大力投資，無論是在我們的產品還是投資日方面，我們將在我們的產品上進行詳細討論。

Our effective tax rate in 4Q '25 of 21.2% reflects the impact of a few discrete items. This resulted in a 2025 full-year tax rate of 22.4%, slightly below the 2025 tax rate guidance. For 2026, we expect a non-GAAP tax rate going back to a range of 22.5% to 24.5% due to the absence of one-time items and the expiration of certain benefits.

2025 年第四季我們的實際稅率為 21.2%，這反映了幾個特定項目的影響。這使得 2025 年全年稅率為 22.4%，略低於 2025 年稅率指引值。2026 年，由於一次性項目取消和某些福利到期，我們預計非 GAAP 稅率將回落至 22.5% 至 24.5% 的區間。

Turning to capital allocation on slide 19. Nasdaq generated free cash flow of approximately $2.2 billion in 2025, including $537 million in the fourth quarter. The year reflected a conversion ratio of 109%. In 2025, we paid dividends of $1.05 per share, totaling $601 million. Fourth-quarter dividend payments of $153 million represented $0.27 per share and a 31% annualized payout ratio.

接下來請看第 19 頁的資本配置部分。納斯達克預計到 2025 年將產生約 22 億美元的自由現金流，其中第四季將產生 5.37 億美元。該年度的轉換率為 109%。2025年，我們派發了每股1.05美元的股息，總計6.01億美元。第四季派發的股息為 1.53 億美元，相當於每股 0.27 美元，年化股息率為 31%。

We paid down $826 million of debt in the year, including $100 million in the fourth quarter, through a successful tender offer to end the year with a gross leverage ratio of 2.9 times, beating our expectation of 3.0 times. In the fourth quarter, we repurchased 3.2 million shares for $286 million, bringing full-year repurchases to 7.2 million shares or $616 million in 2025.

我們本年度償還了 8.26 億美元的債務，其中第四季度透過成功的要約收購償還了 1 億美元，使年底的總槓桿率為 2.9 倍，超過了我們預期的 3.0 倍。第四季度，我們回購了 320 萬股股票，耗資 2.86 億美元，到 2025 年全年回購股票數量將達到 720 萬股，即 6.16 億美元。

As I wrap up, I want to thank the full Nasdaq team for an outstanding year of execution, and I am proud of our accomplishments. I am more confident than ever in our growth story and our ability to deliver even more value to our clients and shareholders in 2026 and beyond.

最後，我要感謝納斯達克全體團隊在過去一年中出色的執行力，我為我們所取得的成就感到自豪。我對我們的成長前景以及在 2026 年及以後為客戶和股東創造更大價值的能力比以往任何時候都更有信心。

With that, I'll open the call for Q&A.

接下來，我將開放問答環節。

(Operator Instructions) Patrick Moley, Piper Sandler.

（操作說明）派崔克·莫利，派珀·桑德勒。

So you recently received SEC approval for expanded options expirations in some of the MAG 7 names, your Monday, Wednesday, Friday now. So could you talk about just your expectation for what this now means for the options market overall, how Nasdaq stands to benefit? And any expectation you have about what this could mean for just market volumes in general?

所以，您最近獲得了美國證券交易委員會的批准，可以延長 MAG 7 股票中部分股票的期權到期日，現在是週一、週三、週五了。那麼，您能否談談您對目前選擇權市場整體狀況的預期，以及納斯達克將從中獲得哪些益處？那麼，您認為這會對整體市場交易量產生什麼影響？

And then as a second part to that, if we do see this lead to a proliferation of zero DT trading in single stock options, I'm curious whether you think this will be a tailwind for your index option franchise, given the weighting of some of these MAG 7 names is greater in your indices relative to a competitor like the S&P 500 and could be viewed as a more accurate hedging tool for this type of new market activity that we could see?

其次，如果這種情況導致個股選擇權零DT交易激增，我很好奇您是否認為這對您的指數選擇權業務有利，因為相對於標普500等競爭對手，MAG 7指數中某些股票的權重更高，並且可以被視為針對我們可能看到的這種新型市場活動的更準確的對沖工具？

Thanks, Patrick. Yeah. So first, we're really pleased that we are able to launch this, and our clients are also very happy that they have more choice in terms of being able to manage risk more precisely and more accurately as they are managing their capital in the market. And we are definitely seeing early uptick that's really exciting. So we see this -- the world is changing very quickly.

謝謝你，派崔克。是的。首先，我們非常高興能夠推出這項服務，我們的客戶也非常高興，因為他們在管理市場資本時，有了更多選擇，可以更精確、更準確地管理風險。我們確實看到了早期成長勢頭，這真的令人振奮。由此可見，世界正在快速變化。

I think that giving our clients more opportunity to manage risk in a shorter-dated way, allows them to be able to address changes in the marketplace, change in the environment in a much more precise way. And we think that this is a trend that will continue to drive both volumes in the markets, but also participation in the markets from institutional players has an opportunity to expand that. So we're very pleased with it.

我認為，讓我們的客戶有更多機會以更短的時間週期來管理風險，可以讓他們以更精確的方式來應對市場變化和環境變化。我們認為，這一趨勢將繼續推動市場交易量的成長，同時也將有機會擴大機構投資者參與市場的規模。所以我們對此非常滿意。

We are focused on the stocks we've already launched, and we want to continue to be very mindful of the liquidity characteristics of the companies that we're introducing into this framework because I think that's really important in terms of being able to manage risk successfully. But we are very excited to continue to expand it over time, and we'll certainly provide you updates as we see the volumes come into the market. It's only been live for a week, so we have some room to go in terms of being able to understand the effect on our markets.

我們專注於已經推出的股票，我們希望繼續密切關注我們引入該框架的公司的流動性特徵，因為我認為這對於成功管理風險來說非常重要。但我們非常高興能夠隨著時間的推移繼續擴大規模，並且隨著市場銷售的成長，我們一定會及時向您提供最新消息。這項服務上線才一周，所以我們還需要時間來了解它對市場的影響。

Thank you.

謝謝。

Jeff Schmitt, William Blair.

傑夫·施密特，威廉·布萊爾。

You've seen really strong growth in equity options volumes in the second half year and in the quarter, even though comparisons have been tough, volatility has come down from the first half. Is that just being driven by retail strength? Do you see a structural shift there? And is that carried over into '26?

儘管今年下半年和本季的股票選擇權交易量增長強勁，但與上半年相比，波動性有所下降。這僅僅是零售實力強勁所致嗎？你認為那裡有結構性轉變嗎？這種情況會延續到 2026 年嗎？

Yeah. So you're right that we have seen very nice, continued growth in the volumes within the equities and equity options markets. And I think that -- in both cases, it's actually really a broadening out of the investor base, both in retail for the equities markets and in retail and institutional in the options market. And it is, I think, a reflective of a structural shift in terms of the interest that investors have in public equities, which is terrific.

是的。所以你說得對，我們已經看到股票和股票選擇權市場的交易量持續成長，而且成長非常可觀。我認為——在這兩種情況下，實際上都是投資者基礎的擴大，無論是股票市場的散戶投資者，還是期權市場的散戶和機構投資者。我認為這反映了投資者對公開股票的興趣發生了結構性轉變，這非常好。

I also think that the other thing that we have also seen is a real increase in equity options on the ETF options overlay. So they're more -- there's a lot more AUM coming into ETFs with an options overlay, which then, of course, brings more institutional engagement into the options market. And so that's also been a driver, I would say, a structural shift and a structural change in the drivers of the options markets in particular.

我還認為，我們看到的另一件事是，ETF選擇權疊加交易中的股票選擇權數量確實有所增加。因此，越來越多的資產管理規模流入了具有選擇權疊加功能的 ETF，這當然會吸引更多機構投資者參與選擇市場。因此，我認為這也是選擇權市場驅動因素結構性轉變和結構性變化的驅動因素。

But just that level of engagement also just continues to drive our interest in expanding the market. So as we go later into 2026, we're really excited to be able to, hopefully, pending SEC approval, launch 23/5 trading for in the Nasdaq stock market and start to really broaden the investor base even further around the world. So it's an exciting time to be in the markets business, no doubt about it.

但正是這種程度的參與也持續激發我們對拓展市場的興趣。因此，展望 2026 年下半年，我們非常興奮地希望，在獲得美國證券交易委員會批准後，能夠在納斯達克股票市場推出 23/5 交易，並開始真正地進一步擴大全球投資者基礎。所以，毫無疑問，現在是從事市場業務的絕佳時機。

Thank you.

謝謝。

Michael Cho, JPMorgan.

Michael Cho，摩根大通。

I just wanted to touch on the Data and Listing segment. Adena, you called out some large wins in the quarter and in the year. And certainly pointed to maybe accelerating new listings activity ahead. Maybe I was just wondering if you could just unpack your comments around the pipeline and the pace expectations a little bit. And I guess is there anything to consider for this segment into -- I guess, into 2026 relative to the low-single-digit medium-term guide that's out there now?

我只想簡單談談數據和列表部分。阿德納，你指出了本季和本年度的一些重大勝利。這無疑預示著未來新房源上市活動可能會加速進行。我只是想問您能否稍微詳細解釋一下您對產品線和進度預期方面的評論。那麼，對於這一領域，到 2026 年，相對於目前公佈的個位數低中期指導方針，有什麼需要考慮的嗎？

Great. Well, thanks, Michael. Yeah, we definitely had momentum in general for new issuances really started to build up as we went through 2025. We did unfortunately have an interruption to that with the government shutdown. So we actually saw some issuance -- some issuers who really wanted to tap the public markets in the fourth quarter now really focusing on the first and second quarter of 2026. But that also -- and then we have a lot of active dialogue with companies, late-stage private companies looking to tap the public markets.

偉大的。謝謝你，麥可。是的，總體而言，隨著我們進入2025年，新發行債券的勢頭確實開始增強。很遺憾，由於政府停擺，我們的計劃受到了乾擾。因此，我們實際上看到一些發行——一些原本希望在第四季度進入公開市場的發行人，現在真正將重點放在了 2026 年的第一季和第二季。但同時，我們也與許多公司，特別是那些希望進入公開市場的後期私人公司，進行了積極的對話。

We also see that there's a lot of investor interest in the public markets. One -- I was actually -- I was at a meeting in Davos with a lot of asset managers and pensions, and one of the things that we heard was that there really is a premium value to liquidity right now because the environment around us is so dynamic that the ability to have liquid assets that they can invest in and have the opportunity to be able to invest in these growth assets in liquid state is something that's really more and more interesting to both the pensions and to asset managers.

我們也看到，投資者對公開市場表現出濃厚的興趣。一、實際上，我當時在達沃斯參加了一個會議，與許多資產管理公司和退休基金代表會面。我們聽到的一件事是，目前流動性確實具有溢價價值，因為我們周圍的環境非常動態，能夠擁有可以投資的流動性資產，並有機會以流動性投資這些成長型資產，這對退休基金和資產管理公司來說都越來越有吸引力。

So we're excited about the fact that there's risk capital available, that their companies ready to go, and now we just need to make sure that we can execute on them, and I think that's pretty exciting. It also obviously accrues to the benefit of our Index business. And then with switches, companies that are coming from on New York to Nasdaq, we continue to be able to demonstrate a differentiated value proposition that we're very excited to have more companies join us here at Nasdaq.

所以我們很高興有風險資本可用，他們的公司也準備就緒，現在我們只需要確保我們能夠執行這些計劃，我認為這非常令人興奮。這顯然也有利於我們的指數業務。然後，隨著從紐約證券交易所轉至納斯達克證券交易所的公司不斷湧現，我們能夠繼續展現差異化的價值主張，我們非常高興有更多公司加入納斯達克。

Thank you.

謝謝。

Dan Fannon, Jefferies.

丹‧範農，傑富瑞集團。

I wanted to follow up on the Financial Crime Management outlook. 24% in the fourth quarter, I think you talked about some professional fees. I wanted to understand a bit better momentum into next year and tracking more towards the medium-term guide of mid-20s growth?

我想就金融犯罪管理的展望再做個後續說明。第四季成長24%，我記得您提到過一些專業費用。我想更了解明年的成長勢頭，並更準確地預測能否實現20%左右的中期成長目標？

Yeah. So I think that Sarah gave you some good information around how we see the development of the sales. The fact that in the enterprise deals, a lot the ACV was back-weighted in the year, it does take longer to implement those clients. So that also -- and we don't bring that into our ARR until they're fully implemented and live. So that, I think, kind of gives you a sense of how we're thinking about the year progressing for enterprise deals.

是的。所以我覺得莎拉給你了一些關於我們如何看待銷售發展的有用資訊。由於企業交易中許多年度合約價值 (ACV) 都是在一年內計算的，因此實施這些客戶確實需要更長時間。所以，這一點——在我們完全實施並上線之前，我們不會將其納入年度經常性收入 (ARR) 中。所以，我認為這大致可以讓你了解我們是如何看待今年企業交易進展的。

And then on professional services fees, as we are engaging both with a lot of SMB clients, we had a really great sales year for SMB clients in addition to the enterprise deals where there is a, I would say, more effort involved with implementing those clients. We will see a little bit more variability quarter to quarter in revenues as we manage our professional services revenues with those implementations. And that's some of what you saw in the fourth quarter.

在專業服務費方面，由於我們與許多中小企業客戶都有合作，除了企業級交易之外，我們中小企業客戶的銷售表現也非常好。對於企業級客戶，我認為實施這些交易需要付出更多努力。隨著我們透過這些措施來管理專業服務收入，我們將看到季度收入出現更大的波動。以上就是你在第四節比賽中看到的一些情況。

So with that, I think that kind of the building momentum -- we're just so happy we have nine new clients in the -- or nine new deals, including actually three upsells. Like that's a new muscle also for the FinTech -- for the Financial Crime Management team to be a modular provider of capabilities to these enterprise clients. So I have to tell you, we're really, really excited about both what we've been able to do in '25, but also the pipeline of opportunity in '26.

所以，我認為這種勢頭正在增強——我們非常高興我們獲得了九位新客戶——或者說九筆新交易，其中實際上包括三筆追加銷售。就像金融科技公司也需要鍛鍊新的能力一樣──金融犯罪管理團隊要成為向這些企業客戶提供模組化能力的供應商。所以我必須告訴你們，我們對 2025 年的成就感到非常非常興奮，同時也對 2026 年的發展機會感到非常興奮。

Thank you.

謝謝。

Eli Abboud, Bank of America.

Eli Abboud，美國銀行。

Did you made some comments at the CFTC joint roundtable a few months back, kind of lamenting how difficult it is for Nasdaq to own an ETF. I was wondering if you could expand more on those comments. If the rules do indeed change at the SEC, is there an opportunity for Nasdaq to do M&A in the off-exchange space? Or do you think Nasdaq can compete organically with these off-exchange venues?

幾個月前，你在CFTC聯合圓桌會議上發表了一些評論，似乎在抱怨納斯達克持有ETF有多困難。我想請您詳細解釋一下這些評論。如果美國證券交易委員會的規則真的發生變化，納斯達克是否有機會在場外交易領域進行併購？還是你認為納斯達克能否透過自身發展與這些場外交易場所競爭？

Well, first, we are very encouraged by the fact that the SEC is focused on providing more innovation opportunities in the securities markets. And we really like to be a holistic provider to our clients. But we have been really limited in the way that we've been able to offer our solutions to clients. The exchange rules are very, very codified and it makes it very difficult to be an innovator within the confines of the exchange rules.

首先，我們非常欣慰地看到美國證券交易委員會致力於為證券市場提供更多創新機會。我們真心希望成為客戶的全方位服務提供者。但是，我們在向客戶提供解決方案方面一直受到很大限制。交易所的規則非常非常死板，這使得在交易所規則的限制下進行創新變得非常困難。

So allowing us to have the flexibility to have an ETF as part of our solution set to our clients and being able to tap into more of the off-exchange trading is a real interest of ours. We do see that the SEC, we believe that they're going to provide a more flexible framework for that. And we're -- as we continue to engage with them, we will be excited to see ways for us to get involved in that space going forward.

因此，我們非常希望能夠靈活地將 ETF 作為我們為客戶提供的解決方案的一部分，並能夠更多地參與場外交易。我們認為，美國證券交易委員會（SEC）將會為此提供一個更靈活的框架。隨著我們繼續與他們互動，我們將很高興看到未來我們有機會參與這個領域。

Thank you.

謝謝。

Simon Clinch, Rothschild & Co Redburn.

Simon Clinch，羅斯柴爾德公司雷德伯恩分公司。

I was wondering if I could just change [track] -- in terms of -- you've already achieved beat the leverage target you said. As we look ahead in terms of capital allocation then, you've made comments before that sort of transformational deals are kind of I guess, maybe off the table is not the right word, but yeah, they're not really on the agenda at the moment.

我想知道我是否可以換個話題——就你所說的已經超額完成槓桿目標而言。那麼，展望未來的資本配置，您之前曾說過，那種變革性的交易，我想，也許用「排除在外」這個詞不太準確，但確實，它們目前並不在議程上。

So I was wondering if you could talk about the pipeline of sort of opportunistic deals you have? How you balance that with the potential for buyback because you're going to have a lot of capital coming your way, and against that, the sort of the general range of leverage that you're willing to operate in?

所以我想問問您能否談談您目前有哪些機會型交易正在洽談中？如何平衡這一點與潛在的股票回購（因為你會獲得大量資金）以及與之相對的你願意在怎樣的槓桿率範圍內運作？

Thanks, Simon. So indeed, $2.2 billion of free cash flow and 109% of free cash flow conversion, we're very proud of those numbers, and that gives us a lot of ability to have multiple things we can do. We are focused on organic growth and are supporting on our organic growth. We are also continuing to have a progressive dividend.

謝謝你，西蒙。所以，22億美元的自由現金流和109%的自由現金流轉換率，我們確實為此感到非常自豪，這讓我們有能力做很多事情。我們專注於有機成長，並正在支持有機成長。我們將繼續實行遞增式分紅。

And you've seen us do some share repurchases, some debt repurchases and that is something which we are very interested in continuing to do. And of course, we will continue to evaluate bolt-ons, especially with a deal versus buy approach.

您已經看到我們進行了一些股票回購和一些債務回購，我們非常有興趣繼續這樣做。當然，我們將繼續評估附加元件，特別是採用交易與購買相結合的方式。

Thank you.

謝謝。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Maybe just ring back on fintech and the medium-term growth targets. You've had great acceleration in the upsells and new clients just in 4Q relative to even the '25 pace. And I know you talked about some like implementation lags and headwinds coming into '26. But if you think about the full year, given that momentum and the secular trends that you're talking about, should we think of potentially an acceleration of RegTech and Cap Markets revenue growth higher -- towards the higher end of those ranges or at least acceleration on a full-year basis in '26 versus '25 just based on that comment?

或許應該重新檢視金融科技和中期成長目標。與 2025 年的成長速度相比，僅在第四季度，你們的追加銷售和新客戶數量就實現了大幅成長。我知道你談到了 2026 年的一些實施滯後和阻力。但如果你考慮到全年的發展勢頭和你所說的長期趨勢，我們是否應該認為監管科技和資本市場的收入增長可能會加速，達到上述範圍的較高水平，或者至少在2026年全年比2025年有所加速，僅僅基於你剛才的評論？

I know it's early, of course, but just wanted to get some color around that.

我知道現在說這個還為時過早，但我只是想了解這方面的情況。

Sure. Well, I think first, just to remember, our fourth quarter is always our largest sales quarter for FinTech. And so it's wonderful to see, but it is also a pretty cyclical element of the business in terms of having a majority -- not majority, but a large portion of sales occur in the fourth quarter. I think that as we -- you are right, we do have good momentum in the business. We have -- we feel very good about the client engagements.

當然。首先，要記住的是，第四季一直是我們金融科技業務銷售額最高的季度。因此，看到這種情況固然令人欣喜，但從商業角度來看，這也是一個相當週期性的因素，因為大部分（不是大部分，而是很大一部分）銷售額都發生在第四季度。我認為，正如你所說，我們在業務上確實擁有良好的發展勢頭。我們對與客戶的合作感到非常滿意。

And we've been -- we had a -- particularly -- I mean if I look at it, like every part of the FinTech business had a strong sales here in different ways. The upsells in certain areas were just really remarkable and the new sales in other areas were great. So -- and when we look at the pipeline, we continue to have really strong engagement across the world with our clients and potential clients.

而且我們一直——我們曾經——特別是——我的意思是，如果我看一下，金融科技業務的每個部分都以不同的方式實現了強勁的銷售。某些領域的追加銷售業績非常出色，其他領域的新銷售額也很棒。所以——當我們審視業務管道時，我們發現我們與世界各地的客戶和潛在客戶保持著非常緊密的聯繫。

So I'm not going to give you outlook -- specific outlook for '26, but I just want to say that we're really pleased with the ongoing performance of the business, the way that we're engaging customers and the opportunity set in front of us. It's critical for us to continue to innovate, and we are doing that at scale. We're doing that with our clients. It's a really exciting time in that business as well.

所以我不會給出具體的展望——2026 年的展望，但我只想說，我們對公司目前的業績、我們與客戶的互動方式以及擺在我們面前的機會感到非常滿意。對我們來說，持續創新至關重要，而且我們正在大規模地進行創新。我們正在為客戶這樣做。對這個產業來說，現在也是一個令人振奮的時期。

Thank you.

謝謝。

Alex Kramm, UBS.

Alex Kramm，瑞銀集團。

This may be a little bit of a random topic. But Adena, I would be curious if you can talk a little bit about what's going on in proxy these days? I mean, you've talked about on some of the prior calls already, and there's clearly a lot of things happening on the advisory side. But you guys had an OpEd in November as well talking or even complaining about the rising cost of even the processing side of that and maybe even suggesting like there should be better solutions, maybe involving blockchain.

這可能是個有點隨性的話題。不過，阿德娜，我很想知道你能否談談目前代理領域的情況？我的意思是，您在之前的幾次電話會議中已經談到過，顯然諮詢方面有很多事情正在發生。但你們在 11 月也發表了一篇評論文章，討論甚至抱怨處理成本不斷上漲的問題，甚至可能建議應該有更好的解決方案，例如利用區塊鏈。

So just wondering, given that this is a pretty sizable market today with one large player, do you think there is a role for Nasdaq? Do you have any ambitions and anything you can share that you may be doing to help you and you listed clients?

所以我想問一下，鑑於目前這是一個相當大的市場，而且只有一個大型參與者，您認為納斯達克還有存在的意義嗎？您有什麼抱負嗎？您能否分享您正在採取哪些措施來幫助自己和您的客戶？

Yeah. Thanks, Alex. The focus we've been having on proxy is definitely on policy reform or regulatory reform as well as modernization of the proxy infrastructure. And so I can just say, when we engage on that topic, we are engaging on behalf of our listed clients and really reflecting their experience and what they feel is one of the bigger pain plans to being a public company.

是的。謝謝你，亞歷克斯。我們一直以來對代理投票的關注點肯定在於政策改革或監管改革，以及代理投票基礎設施的現代化。因此，我可以說，當我們討論這個主題時，我們代表的是我們的上市客戶，真正反映了他們的經驗，以及他們認為作為上市公司面臨的最大痛點之一。

If we want more companies to be public, we have to find ways to make the path to being public less onerous and less of a big leap. And so our engagement on proxy has primarily been both with the regulators and with the established providers to make it so that we can streamline the technology.

如果我們希望更多公司上市，就必須找到方法，讓上市之路不要那麼艱難，不那麼像是一次巨大的飛躍。因此，我們在代理商方面的合作主要集中在監管機構和現有供應商之間，以便我們能夠簡化技術。

I think there's actually -- I don't know if you've done a proxy (inaudible) lately, but I have to say the new app that they've delivered that (inaudible) delivers for a proxy voting is actually quite good and easy to use. So making sure we're modernizing that, making sure we're also focusing on the plumbing, the proxy plumbing because we have so much more retail investment in the markets. We need to engage those retail investors.

我覺得實際上——我不知道你最近有沒有做過代理投票（聽不清楚），但我必須說，他們推出的那個用於代理投票的新應用程式（聽不清楚）實際上相當不錯，而且易於使用。所以，我們要確保現代化，確保我們也關注基礎設施，也就是代理基礎設施，因為我們在市場上有更多零售投資。我們需要吸引散戶。

There's also pass-through voting that's been developed now among the institutions and that also needs to have a process and technology that underpins it, in addition to having changes in the proxy process at the regulatory level so that companies can operate -- spend their time operating their businesses and not dealing with proxy.

目前，一些機構也開發了傳遞投票機制，除了監管層面需要對代理投票流程進行改革之外，這種機制也需要相應的流程和技術支持，以便公司能夠專注於業務運營，而不是處理代理投票事宜。

So that's the focus we have, Alex. It's not so much as a business opportunity.

這就是我們關注的重點，亞歷克斯。與其說這是一個商業機會，不如說它更像是一個商業機會。

Thank you.

謝謝。

Michael Cyprys, Morgan Stanley.

麥可‧西普里斯，摩根士丹利。

Just wanted to ask around the proposal you have out there to tokenize equity securities. Just curious how you envision that integrating with existing infrastructure? How your proposal, how you guys think about it being different from others that you're seeing out there in the marketplace or other proposals out there?

我想了解你們提出的股權證券代幣化方案。我很好奇您設想如何將其與現有基礎設施整合？你們的方案與市場上其他方案或提案相比有何不同？

And just more broadly, how you see the potential to ultimately migrate towards fully on chain environment? What hurdles would need to be overcome, what the time frame and path might look like?

更廣泛地說，您如何看待最終向完全鏈上環境遷移的潛力？需要克服哪些障礙？時間安排和路徑可能是怎樣的？

Okay. Great. Well, that's a big question. So I would say -- I would start by saying the purpose of our regulatory filing to introduce tokenized equities is to actually make sure it is, in fact, integrated into the infrastructure that exists. We have the deepest, most liquid markets in the world. They operate at enormous scale.

好的。偉大的。嗯，這真是個大問題。所以我想說——首先我想說，我們提交監管文件引入代幣化股權的目的，實際上是為了確保它能夠真正融入現有的基礎設施中。我們擁有世界上最深厚、流動性最強的市場。它們的營運規模非常龐大。

We manage 3 million to 5 million messages a second depending on equities and options markets. We managed -- honestly, we have, in any given day, somewhere in the range of 80 billion to 100 billion messages that flow through our systems. And we provide latency of less than 20 microseconds on an average basis. So it is a remarkable business and the resiliency of what we've created is so important to maintain.

根據股票和選擇權市場的行情，我們每秒鐘處理 300 萬到 500 萬則訊息。說實話，我們每天都有大約 800 億到 1000 億條訊息透過我們的系統傳輸。我們的平均延遲低於 20 微秒。所以這是一個了不起的企業，而我們所創造的這種韌性對於維持它至關重要。

So as we've been thinking about and driving tokenization, it is a good technology. It is something that can, over time, kind of transform the ability to move money around the world, can transform the ability to manage collateral in a much more flexible way, can allow retail investors more access to more markets. So it's an exciting technology, but our approach has always been, let's make sure we focus on investor protection, focus on issuer choice, focus on having the integrity of the markets be retained while bringing this technology in.

因此，在我們思考和推動代幣化的過程中，我們發現它是一項很好的技術。隨著時間的推移，它可以改變全球資金流動的方式，可以更靈活地管理抵押品，可以讓散戶投資者更容易進入更多市場。所以這是一項令人興奮的技術，但我們的方法始終是，確保我們專注於投資者保護、專注於發行人選擇、專注於在引入這項技術的同時保持市場的完整性。

So our tokenization filing is meant to be working with the infrastructure providers like DTCC, other transfer agencies, other providers, all of our market participants to allow for an equity to be tokenized at the QSIP, to allow the investor to have a choice as to whether they want the stock to settle in a tokenized form or a traditional form, to allow for fungibility and interoperability. And we are engaging with DTCC and with other key players to make this a reality.

因此，我們的代幣化申請旨在與 DTCC 等基礎設施提供者、其他過戶機構、其他提供者以及所有市場參與者合作，以便在 QSIP 中實現股權代幣化，讓投資者可以選擇以代幣化形式還是傳統形式結算股票，從而實現互換性和互通性。我們正在與DTCC和其他主要參與者合作，使其成為現實。

And we will also look for other innovations. I mean, there was a lot of innovation in the space where we want to make sure we're addressing investor needs and issuer needs, but also recognizing the role we play in the industry and how we try to bring the proper protections through as we bring this technology into the market.

我們也會尋求其他創新。我的意思是，在這個領域有很多創新，我們希望確保滿足投資者和發行人的需求，同時也要認識到我們在行業中扮演的角色，以及我們如何努力在將這項技術推向市場的同時，提供適當的保護。

Thank you.

謝謝。

Alexander Blostein, Goldman Sachs.

Alexander Blostein，高盛集團。

I was hoping you could expand on the sort of M&A discussion that Sarah hit on a little bit earlier. When you kind of zoom out, it feels like there's a lot of development in new markets, whether it's sort of digital assets and new technologies, obviously, with AI, et cetera.

我希望你能就莎拉之前稍微提到的併購話題展開更詳細的討論。從宏觀角度來看，感覺新興市場發展迅猛，無論是數位資產或新技術，例如人工智慧等等。

As you sort of progress and you're obviously very far in integrating AxiomSL and Calypso now, and over the last, call it, 12 to 18 months, it was very clear, you preferred organic growth, but now that perhaps the balance sheet is in a better capacity space and you're further along and integrating, how are you thinking about M&A broadly? Is organic growth still the primary focus for the firm for the next, call it, couple of years?

隨著你們不斷推進，而且顯然你們現在已經在整合 AxiomSL 和 Calypso 方面取得了很大進展，在過去的 12 到 18 個月裡，很明顯你們更傾向於內生增長，但現在資產負債表可能處於更好的狀態，而且你們在整合方面也取得了更大的進展，那麼你們對併購的整體看法是什麼呢？未來幾年，公司是否仍將有機成長作為主要關注點？

Yeah. So thanks, Alex. As Sarah mentioned, we are really focused on organic growth and innovation and engagement with our clients. And -- but as she also mentioned, we have a lot of great ways to use this great capital that we make every year. So -- and we'll continue to evaluate potential bolt-on acquisitions in kind of a build versus buy orientation.

是的。謝謝你，亞歷克斯。正如Sarah所提到的，我們非常注重有機成長、創新以及與客戶的互動。而且——正如她也提到的那樣，我們有很多很好的方式來利用我們每年獲得的這筆巨額資金。所以——我們將繼續評估潛在的補充性收購，採取一種自建與收購結合的方式。

But if you were to ask our team, the organic growth path and the opportunities we have in front of us are just -- are really tremendous. So we're keeping the team focused on that.

但如果你問我們的團隊，他們會說，我們面前自然的成長路徑和機會真的非常巨大。所以我們會確保團隊專注於此。

Thank you.

謝謝。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，加拿大皇家銀行資本市場。

Adena, can you share your views on the prediction markets? Your peers have announced partnership investment or organic investments in production market, does Nasdaq has aspirations to get into the prediction markets as well?

阿德娜，可以分享一下你對預測市場的看法嗎？您的同行已經宣佈在生產市場進行合作投資或有機投資，納斯達克是否有進軍預測市場的野心？

Sure. Thank you. Well, one thing I've said pretty consistently is we really like to operate in regulated markets, and we operate best when the markets are -- provide like clear rules of the road. And I think that the production market space is very dynamic and the regulatory environment is still not really settled. And so we're certainly focused on what kind of benefits they can offer to investors, the risks that they introduce and things like that to say, does this fit within our risk tolerance, does it fit within the regulatory mandate that we have?

當然。謝謝。我一直強調的一點是，我們非常喜歡在受監管的市場中運營，當市場提供明確的規則時，我們的營運效果最好。我認為生產市場空間非常活躍，監管環境尚未真正穩定下來。因此，我們當然會關注它們能為投資人帶來哪些好處，它們會帶來哪些風險等等，例如，這是否符合我們的風險承受能力，是否符合我們所受的監管要求？

Do we feel confident in our ability to be successful in making sure that we can deliver for investors and deliver a great experience, but also have their proper investor protections that we really look for when we did make decisions to operate markets.

我們是否有信心能夠成功地為投資者帶來回報和良好的體驗，同時又能提供我們真正重視的、適當的投資者保護，從而在做出市場運營決策時確保投資者的權益？

One of the things that we have been evaluating is within the options business, the potential for us to have event options within the options business so that we can have it within a regulated market. And the other thing is that we do provide technology to the prediction markets, and we also have -- can provide data distribution and other things to support prediction markets through other parts of our business.

我們一直在評估的事情之一是選擇權業務中，我們是否有可能在選擇權業務中引入事件選擇權，以便我們可以在受監管的市場中進行此類操作。另外，我們確實為預測市場提供技術，而且我們還可以透過我們業務的其他部分提供資料分發和其他支援預測市場的東西。

Thank you.

謝謝。

Owen Lau, Clear Street.

歐文·勞，克利爾街。

I want to go back to the tokenization topic. And how do you think about the risk of splitting liquidity between on chain and traditional (inaudible)? And also the competition between tokenized equities and the issuance of blockchain native token, a little bit technical, but --

我想回到分詞這個話題。您如何看待鏈上流動性和傳統流動性分散所帶來的風險？（聽不清楚）？此外，代幣化股權與區塊鏈原生代幣發行之間的競爭也值得關注，這有點技術性，但是…--

Thank you. So we definitely have a real I think, I would say, a mandate to be the provider that focuses on bringing liquidity together. I mean, that's really our -- a big core function of ours is to drive transparency, liquidity and integrity across the markets that we operate. So we do actually care a lot about making sure that investors have a complete view of the trading of any sort of equity whether it's in tokenized form or not, that they have a complete understanding of the risks and benefits of whatever they're trading.

謝謝。所以，我認為我們確實肩負著一項真正的使命，那就是成為專注於整合流動性的提供者。我的意思是，我們真正的核心職能之一就是推動我們所營運市場的透明度、流動性和誠信。因此，我們非常重視確保投資者能夠全面了解任何類型的股權交易，無論其是否以代幣化形式存在，確保他們能夠完全理解所交易內容的風險和收益。

So if it's a full equity versus synthetic equity, making sure they understand those differences and the risks that they bring. And then also allowing for issuers to have a complete understanding of the trading of their stock. That is one of the core tenets, frankly, of the national market system, and it's something that I think we feel it's important to preserve.

所以，如果是全額股權投資還是合成股權投資，就要確保他們理解這些差異以及它們帶來的風險。此外，也能讓發行人全面了解其股票的交易情況。坦白說，這是國家市場體系的核心原則之一，我認為我們應該努力維護它。

We have been -- we have obviously been engaging very closely with the SEC and with legislators to understand kind of the changes that they're trying to seek to open up the aperture to innovation with tokenized equities. And we did see some guidance come from the SEC last night around that topic of tokenized equities, which we're pleased to have an understanding of the framework that we should be operating within so that we can make sure that we're bringing the right experience to investors and maintaining that issue of choice as to how their stock trades and the transparency that they have.

我們一直——顯然，我們一直在與美國證券交易委員會和立法者密切接觸，以了解他們試圖尋求的變革，從而為代幣化股票的創新打開大門。昨晚，我們看到美國證券交易委員會就代幣化股票這一主題發布了一些指導意見，我們很高興能夠了解我們應該在怎樣的框架內運作，以便確保我們為投資者帶來正確的體驗，並維護他們在股票交易方式和透明度方面的選擇權。

So it's a very dynamic time, Owen, and it's something where we have a lot of engagement with our clients and in Washington to make sure we're creating a sustainable path forward for bringing tokenization to the equities markets.

所以，歐文，這是一個充滿活力的時代，我們與客戶以及華盛頓方面進行了大量溝通，以確保我們為將代幣化引入股票市場創造一條可持續的發展道路。

In terms of blockchain native, that's a harder thing to do in the equity space. I just have to say, like to have blockchain native trading of equities at the scale we have, with the message traffic we have, with the determinism, the speed, the latency, I would have to say that's a -- the technology is out there to be able to support the level of -- kind of the level of trading that occurs in the equities markets.

就區塊鏈原生應用而言，在股權領域實現這一點更加困難。我只想說，要實現我們目前這種規模的區塊鏈原生股票交易，考慮到我們目前的資訊流量、確定性、速度和延遲，我認為——這項技術已經能夠支援股票市場中發生的這種交易水平。

And the other thing we have to think about is capital efficiency, too, in making sure that there's a lot of netting that happens in the equities markets to make it so it's an affordable trading environment for the market participants. And so we have to think about how do you persist that efficiency as we're bringing tokenization into the market as well.

我們還需要考慮資本效率，確保股票市場進行大量的淨額結算，從而為市場參與者創造一個負擔得起的交易環境。因此，我們必須思考，當我們把代幣化引入市場時，如何保持這種效率。

Thank you.

謝謝。

Benjamin Budish, Barclays.

本傑明·布迪什，巴克萊銀行。

Maybe just to round out the discussion on tokenization. You've talked about some of the benefits, capital efficiencies, creating access to new products, around-the-clock trading. If you kind of look forward, say, like five years and assume a lot of the market sort of migrates to tokenized trading, how do you think about the end benefits to Nasdaq? Do you think there could be a material uplift in trading activity because of these capital efficiencies around the cloud trading? Do you see internal cost saves?

或許只是為了完善關於代幣化的討論。您談到了一些好處，例如資本效率、創造新產品的獲取途徑以及全天候交易。如果展望未來，比如說五年後，假設市場很大一部分都轉向代幣化交易，你認為這對納斯達克最終會帶來哪些好處？您認為雲端交易帶來的這些資本效率提升是否會實質地促進交易活動？您認為內部成本可以節省嗎？

Or does it come down to the same -- if everybody is trading on blockchain is just to come down to the same competitive factors, liquidity, debt to market, that kind of thing? It'd be great to get your thoughts there.

或者說，如果每個人都在區塊鏈上進行交易，最終是否取決於相同的競爭因素，例如流動性、債務市值比等等？非常希望能聽到你的想法。

Yeah. I mean, I think that if we think about the evolution of markets and bringing new technologies to market, anything you can do to drive more capital efficiency opens up the ability for more people to participate. Now how you bring capital efficiency into tokenized equities is a really, really important question that I don't think we have a perfect answer to at this point. But I do think that that's important.

是的。我的意思是，如果我們考慮市場的演變和新技術的引入，任何能夠提高資本效率的措施都會讓更多的人有機會參與其中。如何將資本效率引入代幣化股權是一個非常非常重要的問題，我認為目前我們還沒有完美的答案。但我認為這很重要。

The one area that we are focused on is with capital efficiency is collateral movement. There's a lot of collateral that's kind of trapped inside of clearinghouses and clearing brokers because of the fact that there's friction to kind of converting that into something that can move and move across. And in fact, one of the conversations I've been having -- we've been having with some of the critical infrastructure providers is how do they manage the netting and the capital obligations and margining in these new -- across newer market hours because the traditional payment rails are not designed for 24/5.

我們關注的重點領域是資本效率，也就是抵押品的流動。由於將大量抵押品轉化為可流通的資產存在摩擦，因此這些抵押品被困在清算所和清算經紀人手中。事實上，我一直在與一些關鍵基礎設施提供者討論的一個問題是，他們如何在新的市場交易時間內管理淨額結算、資本義務和保證金，因為傳統的支付管道並非為 24/5 全天候設計。

So leveraging the tokenization and digital assets, digital capital to allow for collateral to move more efficiently, we see as a real opportunity. And in five years, if that's something where money is just moving consistently across the world in a tokenized form that allows for more capital efficiency, we see that as opening the aperture.

因此，我們認為利用代幣化和數位資產、數位資本來提高抵押品的流動性是一個真正的機會。五年後，如果資金能夠以代幣化的形式在全球範圍內持續流動，從而提高資本效率，我們認為這將打開一扇新的大門。

The other thing about 24/5 trading is just -- does it increase the addressable market? It's hard to know, right? We've seen a small amount of trading occurring when our systems are not open today. But we are making a long-term bet that we can open the aperture and increase the addressable market in terms of investors who have access to our markets during their waking hours.

關於 24/5 交易的另一個問題是——它是否能擴大潛在市場？很難知道，對吧？今天我們的系統未開放期間，我們發現仍有少量交易發生。但我們正在進行一項長期投資，相信我們可以打開市場大門，擴大潛在市場，讓更多投資者在白天能夠接觸到我們的市場。

And then, of course, it also means that we have an opportunity to provide more services -- FinTech services to our clients, whether that's surveillance, trade operation -- or trade infrastructure, regulatory reporting, things where, as institutional engagement grows and expands around the world, we hope to be a partner to them across our FinTech solutions as well.

當然，這也意味著我們有機會為客戶提供更多服務——金融科技服務，無論是監控、交易運營，還是交易基礎設施、監管報告等等。隨著機構參與在全球範圍內不斷成長和擴展，我們希望也能透過我們的金融科技解決方案成為他們的合作夥伴。

Thank you.

謝謝。

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

問答環節到此結束。此時，我謹將會議交還給總裁兼執行長阿德娜‧弗里德曼女士，請她致閉幕詞。

All right. Well, before we close, I want to remind everyone that we have a schedule -- we have scheduled our 2026 Investor Day for Wednesday, February 25. We hope to see you all there, either in person or virtually, and we look forward to sharing our vision with you. Thank you all for joining, and have a great day. Thank you.

好的。好了，在結束之前，我想提醒大家，我們已經安排好了日程——我們已將 2026 年投資者日定於 2 月 25 日星期三舉行。我們希望大家都能親自到場或線上參與，並期待與大家分享我們的願景。感謝各位的參與，祝福大家有美好的一天。謝謝。

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。