納斯達克交易所 (NDAQ) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to Nasdaq's first-quarter 2026 results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您稍候。歡迎參加納斯達克 2026 年第一季業績電話會議。（接線員指示）請注意，今天的會議將被錄音。

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

現在我想把會議交給我們的第一位講者——資深副總裁兼投資人關係長 Asel Garrett。請開始。

Good morning, everyone, and thank you for joining us today to discuss Nasdaq's first-quarter 2026 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. After our prepared remarks, we will open the line for Q&A.

各位早安，感謝大家今天加入我們，一同討論納斯達克 2026 年第一季財務業績。線上與會者包括我們的董事長兼執行長 Adena Friedman、財務長 Sarah Youngwood，以及管理團隊的其他成員。在我們的準備發言之後，我們將開放問答。

The press release and earnings presentation accompanying this call can be found on our Investor Relations website. 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 in our annual report on Form 10-K.

本次電話會議所搭配的新聞稿與財報簡報可在我們的投資人關係網站上取得。我想提醒各位，我們在本次電話會議中將發表涉及風險的前瞻性陳述。這些風險的摘要載於我們的新聞稿中，更完整的說明則載於我們的 Form 10-K 年度報告。

We will discuss our financial performance on a non-GAAP basis, excluding the impact of acquisitions and divestitures, as well as the impact of changes in FX rates. Definitions and reconciliations of US GAAP and non-GAAP plus adjustments can be found in our earnings presentation, as well as in a file located in the financial sections of our Investor Relations website at ir.nasdaq.com.

我們將以非 GAAP 基礎討論財務表現，排除併購與處分的影響，以及外匯匯率變動的影響。美國 GAAP 與非 GAAP（含調整項）之定義與調節表可在我們的財報簡報中找到，亦可於 ir.nasdaq.com 投資人關係網站的財務專區檔案中取得。

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

那麼，現在我把電話交給 Adena。

Thank you, Ato, and good morning, everyone. Today, I'll start with a review of our first-quarter financial results and will then review the operating performance across our divisions. I will then hand the call over to Sarah to walk through the financial results in more detail.

謝謝你，Ato，各位早安。今天我將先回顧我們第一季的財務業績，接著檢視各事業部門的營運表現。之後我會把電話交給 Sarah，請她更詳細地說明財務結果。

Nasdaq entered 2026 with strong momentum, and our first-quarter performance reflects one of the strongest starts to a year in our company's history. We delivered the highest Q1 organic growth since 2021 across net revenue, solutions revenue, and operating income, as well as our highest ever quarterly revenue growth in the Financial Technology division. The results this quarter demonstrate the breadth and depth of the client engagement we are experiencing across our platform, which is resulting in meaningful growth.

納斯達克以強勁動能邁入 2026 年，而我們第一季的表現反映出公司史上最強勁的年度開局之一。我們在淨營收、解決方案營收與營業利益方面，繳出自 2021 年以來最高的第一季有機成長，同時金融科技事業部也創下史上最高的單季營收成長。本季結果展現了我們在平台各面向所感受到的客戶參與之廣度與深度，並帶來具意義的成長。

As we outlined at Investor Day, the power of our platform enables us to serve as a trusted transformation partner to our clients, underpinned by our embedded client community, deeply integrated solutions, gold standard data, and engineering excellence.

正如我們在投資人日所說明的，我們平台的力量使我們能成為客戶可信賴的轉型夥伴，其基礎來自我們深植的客戶社群、深度整合的解決方案、黃金標準的數據，以及卓越的工程能力。

This is a dynamic moment for the world and for markets, underpinned by an accelerated pace of technological change, persistent geopolitical tensions, and concerns about the stability of the private credit market, as well as overall complexity across the global economy.

此刻對世界與市場而言都是動態的時點，其背景包括科技變革加速、地緣政治緊張情勢持續，以及對私募信貸市場穩定性的疑慮，並伴隨全球經濟整體的複雜性。

In the US, softer labor conditions and inflation pressures are offset by resilient spending from higher-income households and continued capital deployment in AI. Investment in AI continues to be a meaningful driver of economic activity, especially in the United States, through large-scale data center and infrastructure build-outs. Within its overall environment, macroeconomic growth remains balanced and constructive in the US and across other major economies.

在美國，較疲弱的勞動市場狀況與通膨壓力，部分被高所得家庭具韌性的支出以及 AI 持續的資本投入所抵銷。對 AI 的投資仍是經濟活動的重要驅動力，尤其在美國，透過大型資料中心與基礎設施的建置。在此整體環境下，美國及其他主要經濟體的總體經濟成長仍維持均衡且具建設性。

Smart regulation is also starting to take shape across the capital markets and banking industry. And as a result, clients are moving forward with investments in the modernization of their core infrastructure. Within the banking sector, we're experiencing increasing demand for cloud-based mission-critical solutions that include AI features to support workflow automation.

更明智的監管也開始在資本市場與銀行業成形。因此，客戶正推進其核心基礎設施現代化的投資。在銀行業，我們看到對雲端化、任務關鍵型解決方案的需求增加，且這些方案包含 AI 功能以支援工作流程自動化。

Within capital markets, we're experiencing demand for solutions and services related to the transition to always-on markets and the tokenization of assets. As the industry addresses these trends, Nasdaq is well-positioned to reinforce its role as the trusted fabric of the global financial system.

在資本市場方面，我們看到與邁向「永續運作（always-on）」市場以及資產代幣化相關的解決方案與服務需求。隨著產業因應這些趨勢，納斯達克已具備良好定位，可強化其作為全球金融體系可信賴基礎架構的角色。

Turning to our financial results, in the first quarter, we delivered $1.4 billion in net revenue, a 13% year-over-year increase. Our overall annualized recurring revenue, or ARR, grew 12% year over year to $3.2 billion. Expenses were $608 million, up 8% year over year. Operating income was $799 million, up 17%, and we delivered 21% diluted EPS growth.

回到財務結果，第一季我們實現 14 億美元淨營收，年增 13%。我們整體年化經常性收入（ARR）年增 12% 至 32 億美元。費用為 6.08 億美元，年增 8%。營業利益為 7.99 億美元，年增 17%，稀釋後每股盈餘（EPS）成長 21%。

Within our divisions, Capital Access Platforms generated 10% revenue growth and 7% ARR growth. Financial Technology delivered 18% revenue growth and 16% ARR growth; and Market Services delivered 10% net revenue growth. As we move into divisional performance, I'll cover how our results reflect disciplined execution against our Expand, Evolve, and Transform growth framework, from delivering on One Nasdaq across our core franchises to evolving our solutions with new innovations to transforming the business in key strategic areas.

就各事業部門而言，資本接入平台（Capital Access Platforms）營收成長 10%、ARR 成長 7%。金融科技（Financial Technology）營收成長 18%、ARR 成長 16%；市場服務（Market Services）淨營收成長 10%。接下來談各部門表現時，我將說明我們的成果如何反映出在「擴張（Expand）、演進（Evolve）、轉型（Transform）」成長框架下的紀律性執行——從在核心特許業務上落實 One Nasdaq，到以新創新推動解決方案演進，再到在關鍵策略領域推動業務轉型。

Starting with Capital Access Platforms, where I'll first discuss Data and Listings. In our US listings franchise, we welcomed 15 new operating companies, raising over $5 billion in proceeds during the quarter, including seven of the top 10 IPOs. Early in the second quarter, we were pleased to welcome Arxis and Kailera Therapeutics, two of the biggest IPOs in Q2 so far.

先從資本接入平台開始，我將先談數據與上市業務。在我們的美國上市業務中，本季迎來 15 家新的營運公司，募得超過 50 億美元資金，其中包含前十大 IPO 中的 7 檔。第二季初，我們也很高興迎來 Arxis 與 Kailera Therapeutics，這兩家是目前第二季迄今規模最大的 IPO 之一。

While the IPO environment has been uneven amid market volatility, issuer engagement remains strong. Companies in our pipeline continue to prepare for market entry. We are seeing an encouraging environment for improving IPO activity entering the second quarter, and we believe that we are well positioned to support that activity as momentum builds.

儘管在市場波動下 IPO 環境起伏不定，發行人互動仍然強勁。我們管線中的公司持續為進入市場做準備。進入第二季，我們看到 IPO 活動改善的環境令人鼓舞，並相信隨著動能累積，我們已具備良好定位以支援相關活動。

In our data business, we continue to deliver strong revenue growth, highlighted by 32% year-over-year growth of enterprise license agreements and continued momentum in Asia and the Middle East. Looking ahead, we see continued progress toward always-on markets creating meaningful operations for our data business, enabling trading activity in regions where demand for Nasdaq's proprietary market data is already rising.

在我們的數據業務方面，我們持續交出強勁的營收成長，亮點包括企業授權協議年增 32%，以及在亞洲與中東地區的動能延續。展望未來，我們看到朝向 always-on 市場的持續進展，將為數據業務創造具意義的機會，使交易活動得以在對納斯達克專有市場數據需求已在上升的地區進一步展開。

Our Index franchise delivered $79 billion in net inflows over the last 12 months, including $6 billion in the quarter, exiting the quarter with ETP AUM of $836 billion. Our average AUM this quarter increased 32% year over year to reach a record of $877 billion. Net inflows were modestly positive, impacted by sector rotation and a risk-off environment tied to market uncertainty in March. We view this impact as short-term tactical behavior and not representative of structural trends.

我們的指數業務在過去 12 個月錄得 790 億美元淨流入，其中本季為 60 億美元，季末 ETP 資產管理規模（AUM）達 8,360 億美元。本季平均 AUM 年增 32%，創下 8,770 億美元的紀錄。淨流入小幅為正，但受到產業輪動以及 3 月因市場不確定性導致的避險（risk-off）環境影響。我們認為這種影響屬於短期戰術性行為，並不代表結構性趨勢。

Although we don't view early-quarter flows as predictive, we are encouraged by the momentum we've seen to date in the second quarter with $15 billion of net ETP inflows as of April 20. Our Index performance has been underpinned by our success in product innovation. 46% of inflows were driven by product launches over the last five years, and 25% were driven by launches over the last three years.

雖然我們不認為季初資金流向具有預測性，但截至 4 月 20 日，第二季迄今 ETP 淨流入達 150 億美元，這樣的動能令我們備受鼓舞。我們的指數表現以產品創新成功為基礎：46% 的流入來自過去五年的產品推出，25% 來自過去三年的推出。

Institutional adoption of our Index products grew among annuity providers, contributing to a 30% increase in insurance-related revenues. International expansion was driven by strong demand from EMEA and APAC this quarter. This contributed to 19% of total ETP AUM coming from non-US clients.

我們的指數產品在年金提供者之間的機構採用度提升，帶動保險相關收入成長 30%。本季國際擴張則由 EMEA 與 APAC 的強勁需求所驅動，使非美國客戶貢獻的 ETP AUM 占總額 19%。

We launched 31 new products in the quarter, including 12 international products and 11 in the institutional annuity space. We also launched the Nasdaq Private Capital Indexes, a way for investors to benchmark private market investment allocations, an asset class that has historically lacked transparency.

本季我們推出 31 項新產品，其中包括 12 項國際產品，以及 11 項機構年金領域產品。我們也推出 Nasdaq Private Capital Indexes，讓投資人得以對私募市場投資配置進行基準衡量；此一資產類別過去長期缺乏透明度。

We were also pleased to announce that we will expand access to the Nasdaq-100 later in the spring with two new carefully selected partners, BlackRock and State Street, while continuing to work closely with our long-standing partner, Invesco. The pricing terms related to the Index license for these upcoming new US-listed ETFs will be consistent with the QQQ pricing terms.

我們也很高興宣布，將於春末透過兩家新且經審慎挑選的合作夥伴——BlackRock 與 State Street——擴大 Nasdaq-100 的可及性，同時也將持續與我們長期合作夥伴 Invesco 緊密合作。這些即將推出、於美國上市的 ETF 之指數授權定價條款，將與 QQQ 的定價條款一致。

We are excited to continue to grow and expand distribution of our flagship Index to new investors across the US and globally with all of our high-quality partners. For example, with Invesco, we continue to create new marquee products to address investors' evolving needs. Recently, we expanded the Invesco QQQ Innovation Suite with the launch of the Invesco QQQ Equal Weight ETF. Additionally, with the expanded partnerships with BlackRock and State Street, we look forward to working with them to make the Nasdaq-100 more accessible to their investor universe and to help drive additional institutional adoption.

我們很期待與所有高品質合作夥伴一起，持續成長並擴大我們旗艦指數在美國及全球對新投資人的發行與觸及。以 Invesco 為例，我們持續打造新的指標性產品，以滿足投資人不斷演變的需求。近期，我們推出 Invesco QQQ Equal Weight ETF，擴充 Invesco QQQ Innovation Suite。此外，隨著與 BlackRock 與 State Street 的合作擴大，我們也期待與他們合作，讓 Nasdaq-100 更容易被其投資人群體所取得，並協助推動更多機構採用。

Turning to Workflow and Insights, revenue grew 6%, driven by continued strength in analytics. Analytics delivered solid revenue growth, underpinned by investment's strong performance, which benefits from powerful network effects and sustained demand in volatile markets. Within eVestment, we continue to expand the reach of our 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 private markets.

談到 Workflow and Insights，營收成長 6%，主要受益於分析業務持續強勁。分析業務帶來穩健的營收成長，背後是投資業務的強勢表現所支撐；該業務受惠於強大的網路效應，以及在波動市場中持續存在的需求。在 eVestment 方面，我們持續擴大資料資產的觸及範圍，以滿足客戶不斷演進的需求，並提升我們為資產所有人與資產管理人（包括私募市場）所帶來的價值。

This quarter, we integrated our data with Databricks to broaden entitled access to eVestment's comprehensive institutional investor data. Across analytics, we're leveraging our gold standard data assets to support our clients' AI strategy. eVestment's AI-ready data has been adopted by global asset managers, GPs, and institutional investors, representing over $9 trillion in assets under management and helped drive a 29% year-over-year increase in Q1 bookings.

本季，我們將資料與 Databricks 整合，以擴大對 eVestment 全面機構投資人資料的授權存取。在分析業務方面，我們正運用我們的黃金標準資料資產來支援客戶的 AI 策略。eVestment 的 AI 就緒資料已被全球資產管理人、GP（普通合夥人）與機構投資人採用，所代表的資產管理規模（AUM）超過 9 兆美元，並協助推動第一季（Q1）訂單（bookings）年增 29%。

In corporate solutions, AI adoption is strong, with 74% of IR Insight users and 51% of Boardvantage users leveraging our AI solutions. Overall, the corporate buying environment remains muted, driven by lower IPO activity compared to historical levels.

在企業解決方案方面，AI 採用情況強勁，74% 的 IR Insight 使用者與 51% 的 Boardvantage 使用者正在使用我們的 AI 解決方案。整體而言，企業端採購環境仍偏疲弱，主要受 IPO 活動相較歷史水準偏低所影響。

Turning to Financial Technology, we delivered record revenue growth of 18%, driven by sustained global demand for our mission-critical technologies. We continue to deliver on our One Nasdaq strategy with strong bookings performance for Q1, signing 64 new clients, one cross-sell, and 85 upsells during the quarter. The division sustained compelling land-and-expand momentum, driving more than 50% year-over-year growth in ACV bookings, while supporting clients' transition to cloud.

談到金融科技（Financial Technology），我們實現了創紀錄的 18% 營收成長，主要由全球對我們關鍵任務技術（mission-critical technologies）的持續需求所帶動。我們持續推進 One Nasdaq 策略，第一季（Q1）訂單表現強勁，本季簽下 64 家新客戶、1 筆交叉銷售（cross-sell）以及 85 筆加購（upsells）。該事業部維持強勁的「落地並擴張」（land-and-expand）動能，推動 ACV 訂單年增超過 50%，同時支援客戶向雲端轉型。

Cloud-based solutions accounted for 80% of ACV bookings in the quarter. I would like to call out a key expansion this year of an existing AxiomSL and Calypso Tier 1 bank client that brings our cloud, AI, and One Nasdaq strategy to life. In Q1, we completed a significant renewal and expansion of AxiomSL, driven by our ability to deliver cloud and AI-enabled regulatory solutions.

本季雲端解決方案占 ACV 訂單的 80%。我想特別指出，今年我們在一位既有的 AxiomSL 與 Calypso 第一級（Tier 1）銀行客戶上完成了一項關鍵擴張，讓我們的雲端、AI 與 One Nasdaq 策略具體落地。在第一季（Q1），我們完成了 AxiomSL 的一項重大續約與擴張，主要由我們提供雲端與 AI 賦能的監管解決方案能力所驅動。

Early in the second quarter, we expanded the relationship further with the cross-sell for Nasdaq Verafin, our cloud-based AI-native financial crime management solution. The expansion of this relationship illustrates the power of our platform as we deliver innovative technology to address our clients' top regulatory and risk management needs.

在第二季初，我們透過交叉銷售進一步擴大合作關係，導入 Nasdaq Verafin——我們以雲端為基礎、AI 原生（AI-native）的金融犯罪管理解決方案。這項合作關係的擴張，展現了我們平台的力量：我們提供創新技術，以滿足客戶最重要的監管與風險管理需求。

Turning now to a review of the subdivisions, starting with Financial Crime Management Technology. Nasdaq Verafin delivered another strong quarter with 21% revenue growth across a growing client base of more than 2,800 clients, representing nearly $12 trillion in collective assets. During the quarter, we signed 58 new SMB clients, driving a 24% year-over-year increase in ACV bookings from that client segment.

接下來回顧各個子部門，先從金融犯罪管理技術（Financial Crime Management Technology）開始。Nasdaq Verafin 再度交出強勁的一季，營收成長 21%，客戶基礎持續擴大至超過 2,800 家客戶，合計代表近 12 兆美元的資產。本季我們簽下 58 家新的 SMB（中小企業）客戶，帶動該客群的 ACV 訂單年增 24%。

In enterprise, we signed two renewals and one expansion with existing clients. And early in the second quarter, we added further momentum with an enterprise upsell and a new Tier 1 client cross-sell that I mentioned a moment ago. Nasdaq Verafin is evolving its platform through strategic partnerships, including our recently announced partnership with FIS. This agreement expands our ability to deliver leading AML and fraud solutions to FIS's banking and payments clients.

在企業端（enterprise），我們與既有客戶簽下兩筆續約與一筆擴張。而在第二季初，我們透過一筆企業端加購（upsell）以及我剛才提到的一筆新的 Tier 1 客戶交叉銷售，進一步增添動能。Nasdaq Verafin 正透過策略夥伴關係推動平台演進，包括我們近期宣布與 FIS 的合作。該協議擴大了我們向 FIS 的銀行與支付客戶提供領先 AML（反洗錢）與詐欺解決方案的能力。

We continue to lead through advanced AI-driven innovation. Our agentic AI workforce is now deployed by more than 500 clients, up 40% since Investor Day. Later this quarter, we will launch our new drug trafficking analytic, which embeds generative AI directly into our models and synthesizes open-source intelligence, social media, and third-party research to help clients more effectively detect potential drug trafficking activity.

我們持續以先進的 AI 驅動創新保持領先。我們的代理型（agentic）AI 勞動力目前已被超過 500 家客戶部署，自投資人日（Investor Day）以來成長 40%。在本季稍晚，我們將推出新的毒品走私分析工具，將生成式 AI 直接嵌入我們的模型，並整合開源情報、社群媒體與第三方研究，協助客戶更有效偵測潛在的毒品走私活動。

Regulatory Technology delivered sustained momentum supported by new capabilities introduced across our product suite, as well as structural trends impacting the industry. These trends include the transition to always-on markets, sustained investment in infrastructure modernization, and improving clarity of the regulatory environment.

監管科技（Regulatory Technology）在本季延續動能，受惠於我們在產品組合中推出的新功能，以及影響產業的結構性趨勢。這些趨勢包括向「永續運作」（always-on）市場的轉型、對基礎設施現代化的持續投資，以及監管環境清晰度的提升。

Specific to AxiomSL, this momentum is translating into meaningful client expansion and new wins across regions as global institutions deepen their use of our regulatory reporting and capital management solutions. For instance, a large international bank significantly expanded its US footprint with us, extending the use of our platform to support CCAR reporting. Another large bank expanded into cloud-based broker-dealer capital management and regulatory reporting, underscoring growing confidence in our cloud-enabled regulatory infrastructure.

就 AxiomSL 而言，這股動能正轉化為具意義的客戶擴張與跨區域的新案斬獲，因全球機構正加深對我們監管申報與資本管理解決方案的使用。例如，一家大型國際銀行大幅擴展其在美國與我們的合作版圖，將我們平台的使用延伸至支援 CCAR 申報。另一家大型銀行擴展至雲端券商自營資本管理與監管申報，凸顯市場對我們雲端賦能監管基礎設施的信心日益提升。

We also secured a new client in Europe for consolidated reporting across capital, liquidity, and financial regulatory requirements, highlighting continued momentum across the continent. We are realizing the benefits from investments we've made in our cloud capabilities as approximately 90% of AxiomSL ACV bookings in Q1 have been for cloud-based solutions. We're also experiencing strong interest in our AI solutions within AxiomSL, including Reg Copilot, Reg Simplify, Reg Navigator, and Reg Investigator, the products we detailed during Investor Day.

我們也在歐洲取得一位新客戶，用於涵蓋資本、流動性與金融監管要求的合併申報，凸顯我們在歐洲大陸持續的動能。我們正收穫先前在雲端能力上的投資成果，因第一季（Q1）約 90% 的 AxiomSL ACV 訂單來自雲端解決方案。我們也看到 AxiomSL 內對 AI 解決方案的強勁興趣，包括 Reg Copilot、Reg Simplify、Reg Navigator 與 Reg Investigator——這些產品我們已在投資人日（Investor Day）中詳細介紹。

In surveillance, we delivered strong growth this quarter, supported by upsells and renewals, including a renewal of a global Tier 1 bank. We are experiencing interest in our crypto surveillance services, both with new clients and upsell opportunities. We are also continuing to invest in our core product to sustain strong client engagement and demand. For example, we recently introduced our Calibration Copilot, an AI-powered tool that's enabling clients to optimize workflows, reduce false positives, and increase accuracy of detection.

在監控（surveillance）方面，我們本季實現強勁成長，受惠於加購與續約，包括一筆全球 Tier 1 銀行的續約。我們也看到市場對加密貨幣監控服務的興趣，涵蓋新客戶與加購機會。同時，我們持續投資核心產品，以維持強勁的客戶參與度與需求。例如，我們近期推出 Calibration Copilot——一款 AI 驅動工具，可協助客戶優化工作流程、降低誤報並提升偵測準確度。

In the second quarter, we will release our gen AI platform extension, which connects news and market events to trade data. In beta, this capability has proven to be an effective solution for clients to uncover risks faster and more effectively.

在第二季，我們將發布生成式 AI 平台擴充功能，將新聞與市場事件連結至交易資料。在 Beta 測試中，這項能力已證明能協助客戶更快且更有效地揭露風險。

Capital Markets Technology delivered an excellent quarter with strong demand driven by broad-based growth across the subdivision. In trade management services, we had outstanding results, driven by robust demand and pricing increases that Sarah will address in her remarks. In Market Technology, we continue to experience momentum in our managed trading services business with a new cloud-hosted trading client for tokenized assets, in addition to an expansion of services with several of our large clients.

資本市場科技（Capital Markets Technology）本季表現優異，強勁需求來自該子部門的廣泛成長。在交易管理服務方面，我們取得亮眼成果，主要由強勁需求與價格上調所帶動，Sarah 將在她的發言中進一步說明。在市場科技（Market Technology）方面，我們的受託交易服務（managed trading services）業務持續展現動能，新增一位針對代幣化資產的雲端託管交易客戶，並且與數家大型客戶擴大服務範圍。

We also continued progress on the rollout of our Eqlipse product suite with two significant client implementations for trading and clearing completed in the first quarter. This progress demonstrates the strength and readiness of our modern cloud-enabled platform. In Calypso, we delivered four new sales, including one cross-sell. One of these wins was a new cloud-based booking for an enterprise-wide derivatives platform with a large US insurance company, supporting the company's broader technology transformation efforts.

我們也持續推進 Eqlipse 產品套件的上線，在第一季完成兩項重要客戶的交易與清算導入。這項進展展現了我們現代化、雲端賦能平台的實力與就緒度。在 Calypso 方面，我們完成四筆新銷售，其中包含一筆交叉銷售。其中一項勝出案為與一家大型美國保險公司簽下的雲端訂單，用於企業級衍生性商品平台，支援該公司更廣泛的技術轉型工作。

Now turning to Market Services. The division delivered 10% organic net revenue growth, driven by record volumes in our US markets in both US equity options and US equities, as well as elevated volumes in our European markets. We're experiencing strong industry-wide momentum in short-dated options, and our market share and volumes align with our established leadership and equity options.

接著談市場服務（Market Services）。該事業部有機淨營收成長 10%，主要由美國市場（美股選擇權與美股現貨）創紀錄的成交量，以及歐洲市場的高成交量所帶動。我們看到全產業在短天期選擇權方面的強勁動能，而我們的市占率與成交量與我們在股票選擇權領域既有的領導地位一致。

We also continue to expand our opportunity within Index options with revenue more than doubling year over year. Looking ahead, we're excited to be leading the transition to always-on markets. With SEC approval to extend our market operations to 23.5%, we are focused on expanding access, resiliency, and continuity for global market participants with the projected launch of December 6, 2026.

我們也持續擴大在指數選擇權（Index options）方面的機會，營收年增超過一倍。展望未來，我們很高興能引領市場向「永續運作」（always-on）轉型。在獲得 SEC 核准將我們的市場營運延長至 23.5 小時後，我們正聚焦於擴大全球市場參與者的可及性、韌性與連續性，預計於 2026 年 12 月 6 日推出。

We are excited to set a new standard for how regulated markets operate in an increasingly global and digital economy. In parallel, the SEC's approval of our proposal to enable the trading of tokenized securities allows us to enhance how investors access markets and how issuers connect with shareholders. We will continue to collaborate with DCCC and the industry to build the infrastructure needed to launch tokenized equities.

我們很高興能在日益全球化與數位化的經濟中，為受監管市場的運作方式樹立新標準。同時，SEC 核准我們的提案以允許代幣化證券交易，使我們得以強化投資人進入市場的方式，以及發行人與股東連結的方式。我們將持續與 DCCC 及產業合作，建構推出代幣化股票所需的基礎設施。

Building on this foundation, we're advancing the Nasdaq equity token design that takes modernization a step further by putting issuers at the center of ownership rights. This approach will give issuers greater control over how would their shares are represented and managed in tokenized form. As stated in our initial announcement, we expect to provide early benefits of the Nasdaq token design in the first half of 2027.

在此基礎上，我們正推進 Nasdaq 股票代幣設計（Nasdaq equity token design），透過將發行人置於所有權權利的核心，使現代化更進一步。此方法將讓發行人對其股份在代幣化形式下如何被呈現與管理擁有更大的控制權。如同我們在最初公告中所述，我們預期在 2027 年上半年提供 Nasdaq 代幣設計的早期效益。

Looking ahead, the broader forces shaping the global financial system, including rising complexity, investment in AI, and the need for resilient, trusted infrastructure, continue to reinforce the role that Nasdaq plays at the center of the financial ecosystem. Supported by the scale of our platform and disciplined execution across our priorities, we remain confident in our ability to create durable value for clients as well as long-term value for our shareholders.

展望未來，塑造全球金融體系的更廣泛力量——包括複雜度上升、對 AI 的投資，以及對具韌性且可信賴的基礎設施之需求——持續強化 Nasdaq 在金融生態系核心所扮演的角色。在我們平台規模的支撐，以及對各項優先事項的紀律執行下，我們仍對自身為客戶創造持久價值、並為股東創造長期價值的能力充滿信心。

And with that, I'll turn the call over to Sarah to walk through our financial results in more detail.

接下來，我將把電話會議交給 Sarah，請她更詳細地說明我們的財務結果。

Thank you, Adena, and good morning, everyone. In the first quarter of 2026, Nasdaq delivered exceptional results. Headlined by solutions revenue growth of 14%, record Financial Technology revenue growth of 18%, and diluted EPS growth of 21%. The strong performance in the quarter demonstrates the engine of profitable and durable growth we have created and the outstanding execution of our teams, particularly in the context of the volatile macro environment throughout the quarter.

謝謝你，Adena，各位早安。2026 年第一季，Nasdaq 交出卓越的成績。亮點包括解決方案營收成長 14%、金融科技（Financial Technology）營收成長 18% 創新高，以及稀釋後每股盈餘（EPS）成長 21%。本季的強勁表現，展現了我們所打造的可獲利且具韌性的成長引擎，以及團隊出色的執行力，尤其是在本季整體宏觀環境波動的背景下更顯難能可貴。

Let's start with quarterly results on slide 11. We reported net revenue of $1.4 billion, up 13%, with solution revenue of $1.1 billion, up 14%. Operating expense was $608 million, up 8%, leading to an operating margin of 57% and an EBITDA margin of 60%, both up 2 percentage points. This resulted in net income of $549 million and diluted EPS of $0.96, up 21%.

我們先從第 11 頁投影片的季度結果開始。我們公布淨營收 14 億美元，年增 13%；其中解決方案營收 11 億美元，年增 14%。營業費用為 6.08 億美元，年增 8%，帶動營業利益率達 57%、EBITDA 利潤率達 60%，兩者皆提升 2 個百分點。最終淨利為 5.49 億美元，稀釋後 EPS 為 0.96 美元，年增 21%。

Slide 12 shows the drivers of our 13% net revenue growth for the quarter. We generated 10 percentage points of alpha, driven by new and existing clients and product innovation. Meanwhile, beta factors contributed 3 percentage points of growth this quarter, driven by higher overall volumes in Market Services, one-time items in FinTech, representing just under one percentage point of beta, and higher volumes in Index derivatives.

第 12 頁投影片顯示本季淨營收成長 13% 的驅動因素。我們創造了 10 個百分點的 alpha，主要來自新舊客戶以及產品創新。同時，beta 因素本季貢獻 3 個百分點的成長，主要由市場服務（Market Services）整體成交量提升、金融科技（FinTech）的一次性項目（約略低於 1 個百分點的 beta），以及指數衍生品成交量增加所帶動。

Let's review division results, starting on slide 14. In Capital Access Platforms, we delivered revenue of $565 million, up 10%, with ARR growth of 7%. Data and Listings revenue was up 9% in the quarter, with ARR up 8%. Data revenue growth was strong and driven primarily by upsales and pricing. Listings revenue benefited from the improving IPO environment, pricing increases, and a $2 million one-time benefit from prior period application fees, partially offset by delistings and lower amortization of prior period initial listing fees, in line with our previous comments.

接著回顧各事業部門表現，從第 14 頁投影片開始。在資本接入平台（Capital Access Platforms），我們營收達 5.65 億美元，年增 10%，ARR 成長 7%。本季資料與上市（Data and Listings）營收年增 9%，ARR 年增 8%。資料營收成長強勁，主要由加購（upsales）與定價所帶動。上市營收受惠於 IPO 環境改善、價格調升，以及來自前期申請費的 200 萬美元一次性收益；但部分被下市（delistings）以及前期首次上市費用攤銷降低所抵銷，與我們先前的說明一致。

Index revenue was up 14% in the quarter, with ARR up 6%, driven by record average ETP AUM of $877 billion. The quarter's performance reflects Index's ability to deliver inflows in a volatile macro environment, including the Nasdaq-100 declining 6% in market performance in the first quarter. ETM AUM reflected $79 billion in net inflows over the last 12 months, including $6 billion in the first quarter.

指數（Index）營收本季年增 14%，ARR 年增 6%，主要由平均 ETP 資產管理規模（AUM）創新高至 8,770 億美元所帶動。本季表現反映指數業務在波動的宏觀環境下仍能帶來資金流入的能力，包括第一季 Nasdaq-100 市場表現下跌 6%。ETM AUM 反映過去 12 個月淨流入 790 億美元，其中第一季淨流入 60 億美元。

As Adena said, we are encouraged by the momentum of ETP inflows we are experiencing earlier in the second quarter with $15 billion of net inflows as of April 20. AUM-based growth was partially offset by a decline in volume-based revenue versus the prior year period, driven by continued mix shifts in derivatives volume from higher-priced e-mini contracts to lower-priced micro e-mini contracts due to higher retail volumes and a year-over-year decline in capture. Those factors were partially offset by record derivatives volume, up 9% in the quarter.

如 Adena 所說，我們對第二季初 ETP 資金流入動能感到鼓舞，截至 4 月 20 日淨流入達 150 億美元。以 AUM 為基礎的成長，部分被相較去年同期的量能型（volume-based）營收下滑所抵銷，原因在於衍生品成交量持續出現組合轉移：在零售成交量提高的情況下，從單價較高的 e-mini 合約轉向單價較低的 micro e-mini 合約，且年對年 capture 下滑。上述因素部分被衍生品成交量創新高所抵銷，本季成交量年增 9%。

In Workflow and Insights, revenue was up 6% in the quarter, with ARR growth also at 6%. The revenue increase was driven primarily by analytics, mainly eVestment and Data Link. With both businesses benefiting from strong sales momentum, client engagement through the platform's AI capabilities, and demand for data to power AI. Corporate solutions revenue was essentially flat, driven by the trends we have previously described. Quarterly operating margin for the division was 62%, up two percentage points versus the prior year period.

在工作流程與洞察（Workflow and Insights）方面，本季營收年增 6%，ARR 成長亦為 6%。營收增加主要由分析（analytics）帶動，主要來自 eVestment 與 Data Link。兩項業務皆受惠於強勁的銷售動能、透過平台 AI 能力提升的客戶互動，以及用於驅動 AI 的資料需求。企業解決方案（Corporate solutions）營收基本持平，符合我們先前描述的趨勢。該事業部本季營業利益率為 62%，較去年同期提升 2 個百分點。

Moving to Financial Technology on slide 15. The quarter reflected record revenue and ARR growth. Revenue was $517 million, up 18%, with ARR growth of 16%. Our business continues to experience strong demand across all FinTech subdivisions and high levels of client engagement. We had very strong ACV bookings growth of more than 50% in the quarter versus the prior year period, setting a new first-quarter bookings record as we executed on our land and expand strategy.

接著看第 15 頁投影片的金融科技（Financial Technology）。本季營收與 ARR 成長皆創新高。營收為 5.17 億美元，年增 18%，ARR 成長 16%。我們的業務在金融科技各子領域持續面臨強勁需求，且客戶參與度維持高檔。本季 ACV 訂單（bookings）成長非常強勁，較去年同期成長超過 50%，在我們執行「先落地、再擴張」（land and expand）策略下，創下第一季訂單新高。

80% of those ACV bookings were cloud-based deals, reflecting our position as a trusted transformation partner to drive modernization for our clients. The division signed 64 new clients, 85 upsells, and one cross-sell in the quarter, with another cross-sell signed early in the second quarter. Cross-sells continue to represent over 15% of the Financial Technology division's pipeline, with trends across all three subdivisions.

上述 ACV 訂單中有 80% 為雲端（cloud-based）交易，反映我們作為值得信賴的轉型夥伴，協助客戶推動現代化升級的定位。本季該事業部簽下 64 家新客戶、85 筆加購（upsells）以及 1 筆交叉銷售（cross-sell），並在第二季初再簽下另一筆交叉銷售。交叉銷售在金融科技事業部的商機管線（pipeline）中仍占逾 15%，且三個子領域皆呈現相同趨勢。

Financial Crime Management Technology revenue grew 21% in the quarter, with ARR growth of 17% and net revenue retention of 110%. We signed 58 new SMB clients in the first quarter, compared to 35 in the prior year period, with a 24% year-over-year increase in ACV bookings from SMBs.

金融犯罪管理科技（Financial Crime Management Technology）營收本季成長 21%，ARR 成長 17%，淨營收留存率（net revenue retention）為 110%。第一季我們簽下 58 家新的中小企業（SMB）客戶，去年同期為 35 家；SMB 的 ACV 訂單年對年成長 24%。

In enterprise, we signed one extension and two renewal deals during the quarter, as well as one new Tier 1 cross-sell and one upsell early in the second quarter. As we discussed last quarter, the sequential revenue improvement in the fourth quarter was primarily driven by professional services fees related to SMB and enterprise client implementations. And as such, we did not expect to maintain those levels over the first half of 2026 based on the implementation timing for deals signed in the second half of 2025.

在企業客戶（enterprise）方面，本季我們簽下 1 筆延展（extension）與 2 筆續約（renewal）交易，並在第二季初簽下 1 筆新的 Tier 1 交叉銷售與 1 筆加購。正如我們上季所討論，第四季營收的序列改善主要由與 SMB 與企業客戶導入相關的專業服務費所帶動。因此，基於 2025 年下半年簽約案的導入時程，我們並不預期在 2026 年上半年能維持該等水準。

Regulatory Technologies delivered revenue growth of 12% and ARR growth of 13%. Revenue growth in the quarter reflects strong performance in surveillance and solid growth in AxiomSL, driven by our successful sales execution as well as sequentially improved professional services revenue, consistent with our previous comments.

監理科技（Regulatory Technologies）營收成長 12%，ARR 成長 13%。本季營收成長反映監控（surveillance）表現強勁，以及 AxiomSL 穩健成長，主要由我們成功的銷售執行所帶動，並且專業服務營收較前一季改善，與我們先前的說明一致。

Capital Markets Technology revenue grew 20% with ARR growth of 18%. This quarter's exceptional performance reflects ongoing momentum and broad-based demand across Calypso, market technology and trade management services.

資本市場科技（Capital Markets Technology）營收成長 20%，ARR 成長 18%。本季的卓越表現反映持續的動能，以及 Calypso、市場科技（market technology）與交易管理服務（trade management services）等領域的廣泛需求。

Specifically, we had strong demand for data center services as well as pricing increase in trade management services, a large increase in upfront revenue recognition versus a year ago related to on-prem Calypso deals signed and renewed in the quarter, and two one-time items which were termination fees related to M&A in market tech operators, representing 4 percentage points of capital market tech revenue growth in the quarter. Financial Technology quarterly operating margin was 47%, up nearly 3 percentage points versus the prior year period.

具體而言，我們對資料中心服務的需求強勁，交易管理服務亦有價格調升；此外，與去年同期相比，本季因簽約與續約的地端（on-prem）Calypso 交易而帶來的前期營收認列大幅增加；另有兩項一次性項目，為市場科技營運商併購（M&A）相關的終止費（termination fees），合計占本季資本市場科技營收成長的 4 個百分點。金融科技本季營業利益率為 47%，較去年同期提升近 3 個百分點。

Turning to Market Services on slide 16. We had record net revenue of $317 million, up 10%. Growth was primarily driven by record market volumes in US equities and US options volumes increasing in European equities and strong volumes in Canadian equities due primarily to market volatility in commodities. We also continued to deliver alpha as reflected in strong revenue growth in index options, elevated market share in US equities and US options, strong initial adoption of newly launched short-stated options products, and elevated capture in European derivatives.

接著看第 16 頁投影片的市場服務（Market Services）。我們淨營收創新高達 3.17 億美元，年增 10%。成長主要由美國股票成交量創新高、美國選擇權成交量增加、歐洲股票成交量提升，以及加拿大股票因大宗商品波動而出現的強勁成交量所帶動。我們也持續創造 alpha，體現在指數選擇權營收強勁成長、美國股票與美國選擇權市占率維持高檔、新推出的短天期選擇權產品初期採用表現強勁，以及歐洲衍生品 capture 提升。

This was partially offset by lower capture in US equities and US options driven by the strong volumes we mentioned in the quarter coming with a mix shift towards lower revenue capture order flow. We continue to manage effectively the balance between capture and market share while maintaining our strong lead in US equities capture and in US options market share. Quarterly operating margin for the division was 63%, up 2 percentage points versus the prior year period.

上述表現部分被美國股票與美國選擇權 capture 下滑所抵銷，原因在於本季我們提到的強勁成交量伴隨訂單流向（order flow）組合轉向較低營收 capture 的類型。我們持續有效管理 capture 與市占率之間的平衡，同時維持我們在美國股票 capture 以及美國選擇權市占率的領先地位。該事業部本季營業利益率為 63%，較去年同期提升 2 個百分點。

Moving to expense on slide 17. We had operating expense of $608 million in the first quarter, an increase of 8%, driven by investments in people and technology to support revenue and drive innovation and higher compensation costs related to delivering strong revenue performance. The first-quarter operating margin was 57%, and the EBITDA margin was 60%, both up 2 percentage points versus the prior year period.

接著看第 17 頁投影片的費用。我們第一季營業費用為 6.08 億美元，年增 8%，主要由人員與技術投資以支撐營收並推動創新，以及因達成強勁營收表現而增加的薪酬成本所帶動。第一季營業利益率為 57%，EBITDA 利潤率為 60%，兩者皆較去年同期提升 2 個百分點。

We are updating our non-GAAP expense guidance for the year to a range of $2.485 billion to $2.545 billion from $2.455 billion to $2.535 billion, given the strong revenue performance we have experienced year to date. Our updated guidance assumes an FX impact consistent with our previous expectations. Looking ahead, we expect a higher expense growth rate in the second quarter than the first quarter, driven in part by the timing of our annual compensation cycle consistent with the prior year. We maintain our 2026 non-GAAP tax rate guidance of 22.5% to 24.5%.

鑑於今年迄今我們所展現的強勁營收表現，我們將全年非 GAAP 費用指引由 24.55 億至 25.35 億美元，上調至 24.85 億至 25.45 億美元。我們更新後的指引假設匯率（FX）影響與先前預期一致。展望未來，我們預期第二季費用成長率將高於第一季，部分原因是年度薪酬週期的時點安排，與去年一致。我們維持 2026 年非 GAAP 稅率指引為 22.5% 至 24.5%。

Turning to capital allocation on slide 18. Nasdaq generated free cash flow of $629 million in the first quarter and $2.1 billion in free cash flow over the last 12 months at a conversion ratio of 102%. Without the impact of the timing of tax payments, the conversion ratio would have been 108%. We paid a dividend of $0.27 per share or $153 million in the quarter, representing a 29% annualized payout ratio. As a reminder, we announced at Investor Day that our Board has approved an increase in our dividend by $0.04 per share to $0.31 per share going forward, which will be reflected in the June payment.

接著看第 18 頁的資本配置。納斯達克在第一季產生了 6.29 億美元的自由現金流，過去 12 個月的自由現金流為 21 億美元，轉換率為 102%。若不考量稅款支付時點的影響，轉換率將為 108%。本季我們支付每股 0.27 美元的股利，合計 1.53 億美元，年化配息率為 29%。提醒一下，我們在投資人日宣布董事會已核准將股利每股提高 0.04 美元，未來每股股利為 0.31 美元，並將反映在 6 月的股利發放中。

We ended the quarter with a gross leverage ratio of 2.8x within the mid- to high- to target we established at Investor Day. We took advantage of market volatility and accelerated our share repurchases. In the first quarter, we repurchased $548 million as compared to a total of $616 million of repurchases in all of 2025. In combination with the dividend, Nasdaq returned over $700 million to shareholders in the first quarter.

本季結束時，我們的總槓桿比率為 2.8 倍，落在我們於投資人日所設定的中至高目標區間內。我們把握市場波動並加速股票回購。第一季我們回購了 5.48 億美元，相較之下，2025 年全年回購總額為 6.16 億美元。結合股利發放，納斯達克在第一季向股東回饋超過 7 億美元。

In closing, Nasdaq delivered excellent results in a dynamic operating environment, reinforcing our track record of delivering profitable and durable growth across macro cycles. As we highlighted at our Investor Day in February, we are the trusted transformation partner to our clients as they navigate structural shifts in the financial markets and accelerate their AI journey.

最後總結，納斯達克在充滿變動的營運環境中交出優異成績，強化了我們在不同總體循環中持續提供具獲利性且可長可久成長的紀錄。正如我們在 2 月投資人日所強調的，我們是客戶可信賴的轉型夥伴，協助他們因應金融市場的結構性變化並加速其 AI 旅程。

The exceptional solutions revenue growth and record Financial Technology performance we delivered in the first quarter are important proof points of the Nasdaq story. They give us the confidence that we are achieving our ambitious strategic objectives and generating long-term value for our investors.

我們在第一季實現的卓越解決方案營收成長，以及金融科技創下紀錄的表現，是納斯達克故事的重要佐證。這些成果讓我們有信心，我們正達成雄心勃勃的策略目標，並為投資人創造長期價值。

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

接下來，我們開放問答。

(Operator Instructions) Bill Katz, TD Cowen.

（接線員指示）TD Cowen 的 Bill Katz。

Okay, thank you very much for taking the question. Good morning, everybody. So at the Investor Day, I thought you guys did a great job of just sort of debunking some of the concerns around agentic AI. And it seems like some really good stats here this morning as well to that score.

好的，非常感謝讓我提問。各位早安。在投資人日，我覺得你們在釐清外界對 agentic AI 的一些疑慮方面做得很棒。而今天早上看起來也有一些很不錯的數據可用來佐證。

So maybe two-part question. Number one, can you maybe step back and help us frame out the agentic AI capabilities for the Nasdaq platform itself? And then secondly, can you unpack some of the growth that you saw in the first quarter from clients just in terms of where you see the greatest uptake around agentic AI adoption.

所以我有一個兩段式問題。第一，能否請你們退一步，協助我們理解 agentic AI 對納斯達克平台本身的能力框架？第二，能否拆解一下第一季你們看到的客戶成長，從客戶端角度來看，你們認為 agentic AI 採用在哪些領域的滲透／採用度最高？

Hey, Bill. And when you say -- just so I can understand, when you say the Nasdaq platform itself, are you -- what do you mean? What are you referring to?

嗨，Bill。你說的——我想先確認我理解正確——你提到「納斯達克平台本身」時，你的意思是什麼？你指的是哪一部分？

So your core business, like your expense structure, innovation, that kind of efficiency, et cetera.

就是你們的核心業務，例如費用結構、創新、那類效率提升等等。

I just wanted to make sure. Okay, great. I just wanted to make sure we were on the same page. So thank you for the comments and the questions. So as we mentioned in Investor Day, we do have an internal program to drive AI adoption within the operations of Nasdaq, and we say that's AI on the business. And we are focused in some key areas, and we have a program in place where we are striving to achieve $100 million of expense efficiencies by the end of 2027.

我只是想確認一下。好的，很好。我只是想確保我們理解一致。謝謝你的評論與提問。正如我們在投資人日提到的，我們確實有一個內部計畫，推動 AI 在納斯達克營運中的採用，我們稱之為「AI on the business」。我們聚焦在幾個關鍵領域，並已建立一套計畫，目標是在 2027 年底前實現 1 億美元的費用效率。

And we also did mention that the majority of that will show up in 2027 because we also are making investments in AI to make sure that we can achieve those efficiencies. And so as we are focused -- where we're focused is certainly on making sure we're automating key elements of the product development lifecycle, making sure we're creating new automations and capabilities for our clients in the client success area in terms of client service, implementations, and managing our client interactions as they're working with our systems and our products.

我們也提到，其中大部分效益會在 2027 年顯現，因為我們同時也在投資 AI，以確保能達成這些效率。就我們的聚焦方向而言，當然包括確保我們能自動化產品開發生命週期中的關鍵環節；在客戶成功（client success）領域，為客戶服務、導入（implementations）以及管理客戶在使用我們系統與產品時的互動，建立新的自動化與能力。

And then also we have other areas across our expert teams too, we have automation and finance. In marketing, legal, HR, all of those areas have benefits that are coming in from the gen AI capabilities that we see across the business. It's an exciting time, I have to tell you, to understand and tap into the technology and the benefits it can provide.

此外，在其他專業團隊領域也一樣，我們在自動化與財務方面都有推進；在行銷、法務、人資等各領域，也都能從我們在全公司看到的生成式 AI 能力中獲益。我必須說，這是一個令人振奮的時刻，能夠理解並善用這項技術及其可帶來的效益。

If I were to highlight on product development, I think the most exciting part of that is our ability to speed up the ability to deliver new capabilities to clients, to use automation to really make sure that the code that we're delivering is really clean, it's fit for purpose. It's really -- and you can be more creative as a product team if you know you can deliver things faster. So it's pretty exciting in terms of how we're thinking about the product roadmaps as well.

如果要我特別點出產品開發，我認為最令人興奮的是我們能加快向客戶交付新能力的速度，並透過自動化確保我們交付的程式碼非常乾淨、符合用途。也就是說，如果產品團隊知道能更快交付，就能更具創造力。因此，這也讓我們在思考產品路線圖時相當振奮。

So hopefully that answers your question on that. In terms of the areas where our clients are seeing the most benefit from our AI capabilities, anti-fin crime is a key area because we have so many ways to automate workflows associated with financial crime management in terms of there's a lot of manual work that goes into investigating potential actors, to managing the regulatory reports.

希望這回答了你在那部分的問題。至於客戶從我們 AI 能力中看到最大效益的領域，反金融犯罪（anti-fin crime）是一個關鍵領域，因為在金融犯罪管理上有許多工作流程可以自動化，例如調查潛在行為人、管理監管申報等，當中包含大量人工工作。

And all of that, we have automation tools around. We're now bringing some of those automation tools into the surveillance area and into the AxiomSL regulatory reporting areas. So we're also kind of building once, deploying many in terms of the skills that we're learning from these deployments. And then, as we mentioned, AxiomSL, we have some clients that are signing up and going to our cloud-based solutions because we are only offering our AI capabilities through the cloud-based solutions, and they really like the automations that we can bring in from a regulatory reporting perspective.

針對這些，我們都有相應的自動化工具。我們現在也把其中一些自動化工具帶入監控（surveillance）領域，以及 AxiomSL 的監管申報領域。因此，我們也在某種程度上做到「一次建置、多次部署」，把這些部署中學到的能力廣泛應用。再者，如同我們提到的，AxiomSL 方面，有些客戶正在簽約並轉向我們的雲端解決方案，因為我們只透過雲端解決方案提供 AI 能力，而他們非常喜歡我們在監管申報角度所能帶來的自動化。

And then in Cap, we have AI deeply embedded in our Boardvantage tool to summarize Board documents and also Board agendas to make it so you can auto-build Board agendas in addition to an IR. So it's kind of everywhere. Some of the products we purposely charge for and some of the products are embedded in the products so that we work with our clients on thinking about the value that they're getting upon renewal.

另外在 Cap 方面，我們在 Boardvantage 工具中深度嵌入 AI，用於摘要董事會文件與董事會議程，讓你除了 IR 之外，也能自動建立董事會議程。可以說是無所不在。有些產品我們會刻意另外收費，有些則是內嵌在產品中，因此我們會在續約時與客戶一起評估他們所獲得的價值。

Thank you.

謝謝。

(Operator Instructions) Alexander Blostein, Goldman Sachs.

（接線員指示）高盛的 Alexander Blostein。

Thank you for the question. I was hoping we can double-click on trends you're seeing in FinTech, in particular, in Capital Markets Tech. Sarah, you highlighted to a couple of drivers this quarter, but given the really strong momentum in ARR, even sequentially, I was hoping you can give us a little more detail of where you're seeing the incremental uptake, particularly within Cap Markets, as well as your view for the rest of the year within that segment.

謝謝讓我提問。我想更深入了解你們在金融科技（FinTech）看到的趨勢，特別是在資本市場科技（Capital Markets Tech）。Sarah，你提到本季有幾個驅動因素，但鑑於 ARR 的動能非常強勁，甚至在季比上也很亮眼，我希望你能提供更多細節：你們在哪些地方看到額外的採用提升，尤其是在資本市場領域；以及你們對今年剩餘時間該分部的看法。

So as we mentioned, there's actually a good momentum across all three elements of the Capital Markets Tech business. We start with trade management services where we offer connectivity services to our clients who trade within the Nasdaq exchanges. There, we're definitely seeing more and more interest in having bringing in more connectivity capabilities to make sure that they can manage the volumes in the markets, but also to drive new strategies that they want to execute within our markets.

如同我們提到的，資本市場科技業務的三個組成部分其實都有不錯的動能。先從交易管理服務（trade management services）談起，我們向在納斯達克交易所交易的客戶提供連線（connectivity）服務。在那裡，我們確實看到客戶對導入更多連線能力的興趣愈來愈高，以確保他們能管理市場中的交易量，同時也能推動他們想在我們市場中執行的新策略。

And so that has been -- and also as a reminder, we did expand our data center last year, so I think that -- two years ago, sorry. So we have more opportunity to offer capabilities to our clients now with the larger data center footprint that we have. But it does -- and we're working on some new innovations within the data center too in terms of making some investments in liquid cooling and other things to really continue to allow our clients to drive new strategies in the markets. So that's exciting.

因此那一直是——另外也提醒一下，我們去年擴建了資料中心，我想是——抱歉，是兩年前。所以，隨著我們更大的資料中心佈局，我們現在有更多機會向客戶提供能力。不過我們也正在資料中心推動一些新的創新，包括投資液冷（liquid cooling）等，藉此持續讓客戶能在市場中推動新策略。這很令人振奮。

And as Sarah mentioned, and I think I did too, that we did have a pricing increase as well in that business this year. With regard to Calypso, the key areas that we're really seeing -- we're seeing a lot of demand across the world, for one thing. The second thing is collateral management, as is one of our strongest modules within Calypso, and we definitely are seeing really strong momentum in collateral management demand from our clients. And then I think that within -- and also international, it's really -- we have a lot of demand, actually, both, I think, domestically and internationally in Calypso.

而且如 Sarah 所提到的——我想我也提過——我們今年在該業務也進行了價格調整。至於 Calypso，我們真正看到的關鍵領域——首先，我們在全球各地都看到很強的需求。第二，擔保品管理（collateral management）是 Calypso 最強的模組之一，我們確實看到客戶對擔保品管理需求的動能非常強勁。另外我認為在——以及國際市場方面，確實——我們在 Calypso 上其實在國內與國際都看到大量需求。

In market technology, we definitely see a lot of trading opportunities with new asset classes, new areas of new markets that are coming up. In addition to modernizing our core clientele, we have had really good success in bringing our clients into the next-generation trading and clearing solutions. And then also, we've launched an intelligence suite, which we kind of allow our clients -- we have it internally, but basically a modern way for them to manage all their data within their infrastructure.

在市場科技方面，我們確實看到許多交易機會，來自新的資產類別、以及正在興起的新市場領域。除了讓我們的核心客戶群現代化之外，我們也非常成功地把客戶帶入新一代的交易與清算解決方案。另外，我們也推出了一套智慧套件；我們某種程度上讓客戶——我們內部也有使用——但基本上這是一種現代化的方式，讓他們能在自身基礎設施內管理所有資料。

And that's been a really great, I would say, add-on sale to our clients as they're thinking about how they leverage AI. They're leveraging us to kind of help them modernize their data management infrastructure. So those are the areas of demand, Alex, that we're really focused on, and it is driving good momentum. We don't give outlook kind of specifically -- we give long-term -- or immediate to long-term outlook. But we are definitely seeing really good demand and momentum across all three areas of FinTech and Capital Market.

而且我會說，這對客戶而言是一個非常好的加值銷售，因為他們在思考如何運用 AI 時，也會借助我們來協助他們現代化其資料管理基礎設施。所以，Alex，這些就是我們真正聚焦的需求領域，也正在帶動良好的動能。我們不會提供非常具體的展望——我們提供的是從短期到長期的展望。但我們確實在金融科技與資本市場這三個領域都看到非常好的需求與動能。

Dan Fannon, Jefferies.

Dan Fannon，Jefferies。

Thanks, good morning. So I wanted to expand upon your comments on the strength in data. I think you've mentioned 24.5% in some of the growth internationally from clients. So I was hoping you could just expand a bit upon that and how you see that progressing as we think about the year?

謝謝，早安。我想延伸你對資料業務強勁表現的評論。我記得你提到國際客戶帶來的成長有 24.5%。所以我想請你再多談一點這部分，以及你如何看待它在今年接下來的進展？

Sure. Well, it's been interesting over the last really five to six years, we've seen a broad-based increase in demand internationally for Nasdaq's market data. And I think part of it is the fact that there's just more demand for the companies that are listed on Nasdaq and US equities in general from global investors.

當然。過去大概五到六年來很有意思的是，我們看到國際市場對納斯達克市場數據的需求呈現廣泛性的增加。我認為其中一部分原因是，全球投資人對在納斯達克上市的公司，以及對美國股票整體的需求都在上升。

The second thing is that retail investors have really kind of grown and expanded around the world, and there's just more accessibility to the US markets by retail investors. And so retail brokerage platforms around the world want to be able to provide real-time access to the market data from our markets. And so all of that has been driving kind of a longer-term trend of global expansion of data.

第二點是，全球各地的散戶投資人確實成長並擴張，而散戶投資人也更容易進入美國市場。因此，世界各地的零售券商平台希望能提供我們市場的即時市場數據存取。所有這些因素共同推動了數據全球擴張的長期趨勢。

We have, though, seen some acceleration of that in the last, I would say, year. So it's not just in this quarter, but over the last year as 23/5 trading in US equities is both -- there is some trading that already occurs, but it's in the dark today. But as these firms are getting ready for 23/5 trading with lit markets like ours and central transparency, I think they're getting themselves ready to be able to offer those capabilities so they can trade in domestic hours. And that is definitely driving more demand for enterprise license deals with our clients around the world.

不過，我會說在過去一年我們也看到一些加速。因此不只是這一季，而是過去一年，隨著美國股票 23/5 交易的推進——目前確實已經有一些交易發生，但今天多是在暗池中進行——當這些公司準備在像我們這樣的明盤市場、以及具備集中透明度的環境下進行 23/5 交易時，我認為他們正在為提供這些能力做準備，讓他們可以在本國時段進行交易。這也確實推動了全球客戶對企業授權（enterprise license）交易的需求增加。

Ben Budish, Barclays.

Ben Budish，Barclays。

Good morning, and thanks for taking the question. I wanted to ask about Index revenues in the quarter. They were down a bit sequentially when your volumes are quite good. The average AUM was up. I know there's a dynamic with the CME fee sort of resetting at the beginning of the year, but it looks like the volumes are quite strong. So I'm curious if there's anything else going on in the quarter, if there's any color on the timing of that fee reset and what that means for Q2.

早安，謝謝讓我提問。我想問一下本季的指數（Index）營收。當你們的成交量表現相當不錯、平均 AUM 也上升時，指數營收卻較前一季略有下滑。我知道 CME 費用在年初會有重設的動態，但看起來成交量相當強勁。所以我想了解本季是否還有其他因素在影響？另外也想請你們分享一下這次費用重設的時間點，以及這對 Q2 代表什麼？

Sure. So what we've experienced is a mix shift in features. And I talked about that as the retail is driving more micro volumes and that's at a lower capture than the mini. So that was the main driver. The volume in features was actually good. And then there is a second, but let's say, smaller driver, which is a little bit of a continuous mix shift, and that's the story we've been telling in the ETP AUM as we go towards a bit more institutional.

好的。我們所經歷的是期貨產品的組合移轉（mix shift）。我也提到過，散戶正在帶動更多微型（micro）合約的成交量，而微型的單位擷取率（capture）低於迷你（mini）。這是主要驅動因素。期貨的成交量本身其實不錯。第二個但相對較小的因素，是一個持續的組合移轉；這也是我們在 ETP AUM 上一直在講的故事，也就是逐步走向更偏機構化。

Yeah. And on the reset, I think that definitely we achieved -- you're right that the fees, the kind of sharing agreement resets at the beginning of every year. And we saw that we kind of had -- we've now gone to the higher tier as of the end of Q1. So that will come in to -- start to come in at a higher level in Q2.

至於重設，我想你說得沒錯：費用，也就是分潤協議，會在每年年初重設。而我們在第一季末已經進入較高的級距。因此，這會在第二季開始以較高水準反映出來。

All right. Very helpful. Thank you.

好的。非常有幫助。謝謝。

Owen Lau, Clear Street.

Owen Lau，Clear Street。

Good morning, and thank you for taking my question. So for your tokenization strategy, could you please give us an updated timeline on your tokenized trading capabilities? I know you have 23/5 trading going on, but what are the remaining hurdles you need to cross before you can execute the first trade?

早安，謝謝讓我提問。關於你們的代幣化（tokenization）策略，能否請你更新一下代幣化交易能力的時間表？我知道你們已經在推動 23/5 交易，但在你們能執行第一筆交易之前，還有哪些剩餘的障礙需要跨越？

Sure. Well, we are very active in working with DCCC and with the industry to make sure that we're doing this in lockstep and we're doing it in an organized way. I think that DCCC has significant efforts underway, and they have at least expressed an interest in trying to get to that first trade that you mentioned before the end of the year.

當然。我們正非常積極地與 DCCC 以及產業合作，確保我們是同步推進、並以有組織的方式來做。我認為 DCCC 正在進行相當多的工作，而且他們至少已表達希望在年底前達成你提到的第一筆交易。

So that's, I think, the goal that they have, and they're working collaboratively with us as well as with industry players to go through the whole process, make sure that they're advancing their systems, doing some -- they're going to want to do test trades as they get further into the year.

所以我想那是他們的目標；他們也正與我們以及產業參與者協作，走完整個流程，確保他們的系統持續推進。他們在今年稍晚也會希望進行一些測試交易。

And that allows us to be able to get to that, as you said, kind of first trade. I would say, though, it's likely that this will still be an early adopt -- kind of an early phase by the end of the year to make sure that we're -- the end to end is working seamlessly. So it's going to be a little while, Owen, but it's -- I mean, we're doing a lot of work together, and it's going well so far.

而這也讓我們能夠如你所說，達成那種「第一筆交易」。不過我會說，到年底時這很可能仍會是早期採用——算是早期階段——以確保端到端能夠無縫運作。所以還需要一點時間，Owen，但我們確實一起做了很多工作，到目前為止進展良好。

Thank you.

謝謝。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Good morning. Thanks for taking my question. Maybe just, Adena, you talked about the impact of always-on markets helping data, but can you also talk about the potential impact across your FinTech platform as the clients increasingly need to respond to always on, particularly in the Eqlipse zone Capital Markets business. I know we talked about in the past, the initial guidance from the Adenza businesses didn't contemplate crypto as much and that's already been a help. To what extent do you see this always-on dynamic advancing growth in these businesses.

早安，謝謝讓我提問。Adena，你提到「永續運作（always-on）」市場對數據的幫助，但你也能談談，當客戶愈來愈需要因應 always-on 時，對你們金融科技平台的潛在影響嗎？特別是在 Eqlipse 區域的資本市場業務。我知道我們過去談過，Adenza 業務最初的指引並沒有太多把加密貨幣納入考量，而這已經帶來一些助益。你認為這種 always-on 的動態，在多大程度上會推動這些業務的成長？

Yeah. So I think that the areas that we're seeing -- we're having a lot of conversations with clients. And in some cases, already clients are signing up for expanded services. I would say the first one is surveillance. So even without the established markets being there, they do want to be able to surveil activity, trading activity if they are, in fact, offering it to clients during the international hours that exist today. So that's already driving demand in terms of surveillance clients.

是的。我認為我們看到的領域是——我們正在與客戶進行大量對話，而且在某些情況下，客戶已經在簽約擴大服務。我會說第一個是監控（surveillance）。即使既有的明盤市場尚未完全到位，他們也希望能監控活動、交易活動，特別是如果他們確實在目前既有的國際時段向客戶提供交易。這已經在監控客戶方面帶動了需求。

Also, our trading, so our clients around the world who are other markets who are looking at how do they want to expand their trading hours and really kind of continue to modernize their infrastructure around trading, that is driving more demand for our Eqlipse trading platform because it is built to be able to support 24/7.

另外是我們的交易平台：全球各地的客戶——也就是其他市場——正在思考他們要如何延長交易時段，並持續讓交易相關的基礎設施現代化；這正在推動對我們 Eqlipse 交易平台的需求，因為它的設計就是為了支援 24/7。

And then the third thing is in Calypso, as you mentioned, collateral management, risk management, capital management, just core trade infrastructure. While Calypso generally supports OTC instruments, there is just a move and a desire to make sure that they are able to support collateral management across all their markets. And they are connected into both clearing firms and clearing houses.

第三個是你提到的 Calypso：擔保品管理、風險管理、資本管理，以及核心交易基礎設施。雖然 Calypso 一般支援 OTC 工具，但市場正在移動、也有一種需求是確保他們能在所有市場中支援擔保品管理，並且同時連接到清算商與清算所。

And as certainly the US markets move there, I think that that's something that they're definitely seeing more demand for collateral management. And then trade management services within Capital Markets Tech also, as firms are thinking about how are they going to be able to support 23/5 markets themselves and they want to come in and have more co-location capabilities, that's also driving some demand. So those are areas that we are having active dialogue with clients as we prepare for 23/5.

而且隨著美國市場確實朝那個方向發展，我認為他們也確實看到對擔保品管理的需求增加。此外，在資本市場科技（Capital Markets Tech）中的交易管理服務方面，當公司在思考如何自行支援 23/5 市場、並希望進一步具備更多共置（co-location）能力時，這也在帶動一些需求。所以，這些就是我們在為 23/5 做準備時，與客戶積極對話的領域。

Great color. Thank you.

很好的補充。謝謝。

Michael Cho, JPMorgan.

Michael Cho，摩根大通。

Thanks for taking my question. I just wanted to touch on the Index business again. I think one of the benefits you cited in terms of licensing it to BlackRock and State Street is around access to new investors. And so I was wondering what kind of incremental investor segments do you think BlackRock and State Street might provide for Nasdaq?

謝謝讓我提問。我想再回到指數業務。我記得你提到，把授權給 BlackRock 和 State Street 的好處之一，是能接觸到新的投資人。因此我想請教，你認為 BlackRock 和 State Street 可能為納斯達克帶來哪些新增的投資人客群？

And then just longer-term, how are you thinking about the potential for AUM and product expansion from the Index licensing versus any licensing fee changes that might emanate in the coming years? I'm just looking at the evolution of other flagship Index providers who've been more susceptible to that than Nasdaq in the past.

然後從較長期來看，針對指數授權相較於未來幾年可能出現的授權費率變動，你們如何看待由此帶來的 AUM 與產品擴張潛力？我只是回顧其他旗艦指數供應商的演進，他們過去在這方面比納斯達克更容易受到影響。

Sure. So -- well, just to touch on the pricing point, just to make sure we're clear, with the new relationships that we have with BlackRock and State Street, the Index pricing licensing terms are the same as for QQQ, so that's not changing our pricing paradigm. What we're really focused on with BlackRock and State Street is they have their own unique investor universes. They have incredible distribution out into the institutional ecosystem as well as broad-based retail investor [base].

當然。所以——嗯，先談一下定價這點，為了確保我們說清楚：我們與 BlackRock 和 State Street 的新合作關係中，指數授權的定價條款與 QQQ 相同，因此不會改變我們的定價模式。我們真正聚焦在 BlackRock 與 State Street 的原因是，他們各自擁有獨特的投資人客群。他們在機構生態系以及廣泛的零售投資人[基礎]方面，都有非常強大的通路與分銷能力。

And they complement Invesco, who has been and continues to be an amazing partner to us. So we're at this point where the Nasdaq-100 is really becoming a core component of an investment strategy among asset owners, insurance companies. And we want to make sure that we can distribute it out through the channels that they usually use, right? So they're not having to -- they can leverage the relationship they already have with BlackRock or State Street in order to get access to these products in a seamless way.

而且他們也能與 Invesco 形成互補；Invesco 一直以來、並且仍然是我們非常出色的合作夥伴。所以我們現在正處於一個階段：納斯達克 100 指數正逐漸成為資產所有人、保險公司等投資策略中的核心組成。我們希望確保能透過他們通常使用的通路把產品分銷出去，對吧？這樣一來，投資人不必——他們可以利用既有與 BlackRock 或 State Street 的關係，以無縫的方式取得這些產品。

And so it does feel like the. The right next step for us, in a way, a new chapter of growth and expansion for the Nasdaq-100 as we continue to execute on global growth as well as institutional growth of that Index. It also -- we already do work with State Street and BlackRock and other product areas.

因此這確實讓人覺得是——對我們而言是正確的下一步；某種程度上，這是納斯達克 100 指數成長與擴張的新篇章，因為我們持續推動該指數的全球成長以及機構端成長。此外——我們在其他產品領域也已經與 State Street、BlackRock 等合作。

So it just kind of continues to -- it's an evolution of our relationships there to make sure that we can leverage the strength of their platforms for our flagship product while we also work with them on new product expansion. In terms of just generally across the Index business, we are very fortunate to have an Index franchise that's really focused on innovation-oriented and thematic indexes that we work really collaboratively with our partners.

所以這也算是——我們與他們關係的演進，確保我們能運用他們平台的優勢來推動我們的旗艦產品，同時也與他們合作拓展新產品。就整體指數業務而言，我們很幸運擁有一個高度聚焦於創新導向與主題式指數的指數事業體，並且與合作夥伴以非常協作的方式共同開發。

We use all of our marketing assets to be able to drive distribution and adoption of those products. And I think the way that we partner with our clients allows us to have a fee base that we feel very confident that we're delivering great value to them, but also value to us. And we would expect that to continue as we launch other new products.

我們運用所有行銷資產來推動這些產品的分銷與採用。我認為我們與客戶的合作方式，使我們能建立一個費用基礎；我們非常有信心，我們為他們提供了很高的價值，同時也為我們帶來價值。我們預期在推出其他新產品時，這種情況會持續。

Great. Thank you.

很好。謝謝。

Eli Abboud, Bank of America.

Eli Abboud，美國銀行。

Thanks for taking the question. Anthropic's new Mythos model is expected to post significant cybersecurity risks for financial institutions. So as one of the largest bank software vendors, I was wondering if you previewed Mythos and if you can speak to the extent to which the release poses risks or creates liability for Nasdaq. And then separately, does it create any new opportunities? Is bank cybersecurity an interesting adjacency for you or is that too far afield from your current business?

謝謝讓我提問。Anthropic 的新 Mythos 模型預期會為金融機構帶來顯著的資安風險。作為最大的銀行軟體供應商之一，我想請問你們是否已預覽 Mythos，並且能否談談該模型的發布在多大程度上會對納斯達克構成風險或產生責任。另方面，它是否也會帶來任何新機會？銀行資安對你們而言是否是有趣的相鄰領域，還是說這離你們目前的業務太遠？

So I'll answer the second question first, which is that there are amazing cyber companies, many of which are listed on Nasdaq that provide very, very advanced cyber capabilities to us and to our bank clients. And we would expect that we will continue to partner with them, and we'd expect the banks to continue to partner with them. And speaking of them, we have a lot of engagement with our cyber partners, with our hyperscaler partners, with the banks and with the government on how new models are being introduced into the financial industry.

我先回答第二個問題：市面上有很多很棒的資安公司，其中許多都在納斯達克上市，能為我們以及我們的銀行客戶提供非常、非常先進的資安能力。我們預期會持續與他們合作，也預期銀行會持續與他們合作。談到這些公司，我們也與資安合作夥伴、超大規模雲端服務商（hyperscaler）合作夥伴、銀行以及政府保持大量互動，討論新模型如何被引入金融產業。

We're very careful in how we bring new models into Nasdaq. We do leverage Bedrock, which is AWS' AI platform infrastructure to support a lot of our AI infrastructure here at Nasdaq as well as we work with Microsoft and [like] Azure. So we have these great partners that help us make sure that we're protecting ourselves. We do a lot of extra production.

我們在將新模型導入納斯達克時非常謹慎。我們確實會使用 Bedrock（AWS 的 AI 平台基礎設施）來支援納斯達克許多 AI 基礎設施，同時也與 Microsoft（例如 Azure）合作。因此我們有這些很棒的合作夥伴，協助我們確保自身受到保護。我們也做了很多額外的上線前準備工作。

And then we will test models extensively before we bring any new models into our infrastructure, we do a lot of testing of models. So we're not going to just race forward with any new model and bring it in. We do a lot of work first to determine if it's got utility and then to do incredible IT security reviews on it. And then we'll bring it in and determine how it can be best used for our purposes.

接著，在把任何新模型導入我們的基礎設施之前，我們都會進行廣泛測試，對模型做大量測試。因此我們不會只是急著把任何新模型導入。我們會先做大量工作，判斷它是否具備效用，然後對其進行非常嚴格的 IT 資安審查。之後才會導入，並評估它最適合如何用於我們的目的。

I also think as these new models come in, there obviously are going to be new protections that both the LLM providers, but also their partners will provide to make sure that they can be brought in securely.

我也認為，隨著這些新模型進入市場，顯然會有新的防護措施，由 LLM 供應商以及其合作夥伴共同提供，以確保能以安全的方式導入。

Thank you.

謝謝。

Patrick Moley, Piper Sandler.

Patrick Moley，Piper Sandler。

Thanks for taking the question. Big picture one for me on tokenization. You mentioned the equity token design, putting issuers at the center of ownership rights, governance, investor experience. So is tokenized settlement and 24/5 trading becomes a reality, Adena, I'm wondering if you see this fundamentally transforming the IPO process itself particularly as it relates to expanding global retail access and reducing some of the frictions and costs associated with traditional underwriting. And if so, does this represent any sort of structural opportunity that investors might not be (inaudible) Nasdaq's ability to grow the list.

謝謝讓我提問。我想從代幣化（tokenization）的宏觀角度問一題。你提到股權代幣設計，讓發行人處於所有權權利、治理、投資人體驗的核心。因此如果代幣化結算與 24/5 交易成為現實，Adena，我想請問你是否認為這會從根本上改變 IPO 流程本身，特別是在擴大全球零售投資人可及性、並降低傳統承銷相關摩擦與成本方面？如果是，這是否代表某種結構性機會，而投資人可能沒有（聽不清）納斯達克擴大上市規模的能力？

Yeah, so I think the first thing I'd say is there are multiple paths to the public markets today in terms of you can have a direct listing, you can have a SPAC combination, you can have an IPO. So there are choices. In terms of 23/5 trading and organization changing, I mean, I do think that the nature of securities, I mean, the actual construct of the underlying [CUSIP] and the technological capabilities that provides are interesting and obviously allow for the free flow of capital allowed potentially for companies to have more direct interaction with investors over time.

是的，我想我首先會說的是：目前進入公開市場有多種路徑，例如直接上市、SPAC 合併、或 IPO，所以是有選擇的。至於 23/5 交易以及組織變革，我的意思是，我確實認為證券的本質——也就是底層 [CUSIP] 的實際結構以及其所提供的技術能力——很有意思，並且顯然可能讓資本更自由流動，也可能讓公司隨時間與投資人有更直接的互動。

But I also think that the IPO process or the go public process is a huge after taking to engage with both institutional and retail investors to make sure that you're unlocking that demand prior to the day that you enter the public markets. And there is value to that process. Whether it's through a direct listing or through an IPO or SPAC combination, that engagement with investors leading up to it, and in some -- certainly, the underwriting for new capital being raised and making sure that you're getting support in the stock in the first few days and weeks of trading, I think, is important.

但我也認為，IPO 流程或上市流程是一項龐大的工作，需要同時與機構與零售投資人互動，以確保在你進入公開市場的那一天之前就能釋放並鎖定需求。這個流程本身是有價值的。無論是透過直接上市、IPO 或 SPAC 合併，在此之前與投資人的互動，以及在某些情況下——當然，為募集新資本所進行的承銷，以及確保在交易開始後的前幾天與幾週能獲得對股價的支持——我認為都很重要。

But I can't say that I think that tokenization has an opportunity to unlock and expand investor reach during that process. It can improve engagement with retail investors as they're going through that process. But I'm not envisioning a fundamental change in the IPO process, I have to say. I think only time will tell if that's an opportunity.

但我不能說我認為代幣化在那個流程中有機會解鎖並擴大投資人觸及。它可以在流程進行中改善與零售投資人的互動，但我必須說，我並不預期 IPO 流程會出現根本性的改變。我認為是否存在那樣的機會，只有時間能證明。

Great. Thanks, Adena

很好。謝謝你，Adena。

Jeff Schmitt, William Blair.

Jeff Schmitt，William Blair。

You'd mentioned you're working on outcome-related options in Market Services. Would these be similar to prediction market products? And could you just provide some more detail on what you're doing there?

你提到你們在市場服務（Market Services）方面正在研究與結果相關的選擇權。這些會類似於預測市場產品嗎？你能否再提供一些細節，說明你們在做什麼？

Yeah, sure. Yeah, they are -- essentially, you can call them outcome-oriented or event options. Think about them as -- and the first one that we are seeking approval from the SEC is an option on predicting the future performance of the Nasdaq-100. So it's some people call binary option, I guess, now, is it going to go up or down kind of thing. And so it is a way to bring the notion of our prediction market construct into a regulated market.

可以，當然。是的，它們——基本上你可以稱之為結果導向或事件型選擇權。可以把它們想成——我們目前向 SEC 申請核准的第一個產品，是一種用來預測納斯達克 100 指數未來表現的選擇權。所以我想，有些人現在稱它為二元選擇權（binary option），也就是會上漲或下跌那種。因此，這是一種把我們的預測市場概念引入受監管市場的方式。

The nice thing is with our options business is it is fully overseen by the SEC, and we have a lot of regulatory controls in place. We're working with OCC, which is the clearing house to make sure that we think about the risk models around it and the margin models so that we can kind of introduce the notion of, what I would call, entry-level options into a marketplace that has a regulatory framework that's very well established. So it is our first effort in that area.

好處在於，我們的選擇權業務完全由 SEC 監督，而且我們有許多監管控制措施。我們正與 OCC（清算機構）合作，確保我們會考量其風險模型與保證金模型，以便能把我所稱的「入門級」選擇權概念引入一個監管框架非常成熟的市場。因此，這是我們在該領域的首次嘗試。

Okay. Thank you.

好的。謝謝。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，RBC Capital Markets。

Thanks for taking my question. Very strong ACV momentum in Verafin and you also talked about the Tier 1 plant signed in 2Q. My question was, can you talk about the pipeline for Tier 1, Tier 2 clients. And just a follow up there would be, as we think about these implementations going live, is it fair for us to assume that we start getting the ARR growth back into the mid-term range as we get into the back half of the year?

謝謝讓我提問。Verafin 的 ACV 動能非常強，你也提到在第二季簽下 Tier 1 的（聽不清）合約。我的問題是，你能談談 Tier 1、Tier 2 客戶的管線狀況嗎？另外一個追問是，當我們思考這些導入案上線時，我們是否可以合理假設：隨著進入下半年，ARR 成長會回到中期區間？

Great. Thank you. Well, actually, as Sarah had mentioned, with a lot of the signings that we had in the latter half of last year. So our momentum in enterprise signings really picked up as we went through last year, we had, I think, more than double -- it's not triple the number of signings last year versus the prior year. But a lot of it has happened in the second half.

很好。謝謝。嗯，實際上，正如 Sarah 提到的，去年下半年我們完成了許多簽約。因此，隨著去年推進，我們在企業客戶簽約方面的動能確實加速提升；我想去年簽約數量較前一年增加了不只一倍——雖然不到三倍。但其中很大一部分發生在下半年。

So -- and we don't recognize ARR in the clients until they're fully implemented. So we are still in implementation mode for a fair number of those clients in addition to obviously, anything we signed in the first quarter. So we do anticipate that the benefits of those deals will start to flow in later in this year.

所以——而且在客戶完全完成導入之前，我們不會在客戶端認列 ARR。因此，除了第一季簽下的案子之外，我們仍有相當多客戶處於導入階段。所以我們預期，這些交易帶來的效益將在今年稍晚開始反映出來。

I think the second thing is that our pipeline is very strong. We have amazing engagement across a wide range of clients either in POC where they're testing us or in contract negotiation or we're having really just good dialogue with them as you're thinking about modernizing their AFC capabilities. So the pipeline is strong. The activity and the signings have been very strong, and we're excited to start to show the benefit of that as we implement the clients.

我想第二點是，我們的銷售管線非常強勁。我們在廣泛的客戶群中都有非常好的互動：不是在 POC 階段測試我們，就是在合約談判中，或是在就其 AFC 能力現代化進行非常良好的對話。因此管線很強。活動量與簽約都非常強勁，我們也很期待在客戶導入後開始展現這些成果帶來的效益。

That's great color. Congrats.

這些補充很有幫助。恭喜。

Thank you.

謝謝。

Alex Kramm, UBS.

Alex Kramm，瑞銀（UBS）。

Just wanted to come back quickly on the capital markets disclosures that Sarah gave on those cancellations. So first of all, is that fully in the run rate or is that still coming out of I think you mentioned a 4% one-timer. So does that mean that maybe there's a 1% headwind to growth? Or maybe you can just size up what kind of headwind that is?

我想快速回到 Sarah 提到的、關於那些取消事項的資本市場揭露。首先，這是否已完全反映在目前的 run rate（常態化基準）中？還是仍在消化你提到的約 4% 一次性因素？所以這是否意味著成長可能有約 1% 的逆風？或者你能否幫我們量化一下這大概是多大的逆風？

And then overall, as we think longer term with the expectation that bank M&A may be picking up, do you expect to see more of these or do you think these are kind of like one-time events here or unusual events.

另外，從更長期來看，若預期銀行業併購（M&A）可能回升，你是否預期會看到更多這類情況？還是你認為這些比較像一次性事件或較不尋常的事件？

Yeah. So I would say that the impact going forward is actually not very much that the 4 percentage points you have very correct, which is that is a positive this quarter which we have put on as described as M&A related. It's (inaudible) of market operators, which is really different than bank M&A.

是的。我會說，往後的影響其實不大。你提到的 4 個百分點非常正確，那是本季的正向因素，我們已如所述將其歸類為與 M&A 相關。那是（聽不清）市場營運商的情況，這與銀行 M&A 其實不同。

And so we're not seeing very much of that happening. It just so happens that we had to -- that hit this quarter. And those have been a long time in coming in terms of like our awareness of them. So we're not seeing a sequence of those as a trend at all.

因此我們並沒有看到這類事情大量發生。只是剛好本季我們必須——在本季反映這個影響。而且就我們對其掌握而言，這些事件我們早就知悉、醞釀已久。所以我們完全沒有把它視為一種趨勢、也沒有看到一連串發生的情況。

And I think, Sarah, also the termination fees are not commensurate with the actual ACV value. It's different. So the ACV value of these as they're going to come out of ARR is quite modest versus the termination fees that we received as a result of the changes.

而且我想，Sarah，終止費也不會與實際的 ACV 價值等比例對應，兩者不同。因此，這些案子在從 ARR 中退出時所對應的 ACV 其實相當有限；相較之下，因變更而收到的終止費金額要大得多。

Good. Thank you.

好的，謝謝。

Michael Cyprys, Morgan Stanley.

Michael Cyprys，摩根士丹利。

Thanks for taking the question. Just wanted to ask about 23/5 trading that's expected to launch. I heard you mentioned on December 6. I was hoping could update us on the steps that you're taking between now and then, how do you see this rolling out? What sort of milestones do you anticipate in the first year. We also hear some hesitation from certain market participants out there, some hesitation just around including around potentially limited liquidity in the overnight session.

謝謝讓我提問。我想問一下預計將推出的 23/5 交易。我聽到你提到是 12 月 6 日。我希望你能更新一下從現在到那時你們正在採取哪些步驟、你們如何看待推行方式？第一年你們預期有哪些里程碑？我們也聽到部分市場參與者有些猶豫，尤其是對於夜盤時段可能流動性有限的疑慮。

So I guess, just what sort of steps are you taking to address some of those concerns out there?

所以我想問，你們正在採取哪些步驟來回應外界的這些疑慮？

Sure. So in terms of -- I'll actually take the last question first. I would say anytime that you have change in the industry, there are people who are excited about it and people who get nervous about it. That's just -- I think that's actually quite healthy because you want to make sure that you're thinking through concerns as you're trying to progress the market. Today, if you look at the volumes that occur today.

當然。就——我先回答最後一個問題。我會說，任何產業變革都會有人感到興奮，也會有人感到緊張。這就是——我認為其實相當健康，因為你希望在推動市場前進時，能把各種疑慮都思考周全。今天如果你看目前發生的成交量。

So we operate from 4:00 AM to 8 PM, our systems are open for trading during that period of time outside of our hours. So from 8 PM to 4 AM US time, the -- there is about 2% of volumes is occurring today. So 2 percentage points of volume. So there is volume occurring outside the hours of operations for our business.

我們的營運時段是凌晨 4 點到晚上 8 點；在這段期間我們的系統開放交易，而在我們營運時段之外，也就是美國時間晚上 8 點到凌晨 4 點之間，目前大約有 2% 的成交量發生。也就是說，今天確實有一部分成交量是在我們營運時段之外發生的。

So we are excited to be able to tap into that demand that market activity, but also to really use the infrastructure that we're putting in place and that the industry is putting in place to make sure we can grow that. And so what we're doing is making sure that as we go forward, as of December not only is Nasdaq launching its venue, but the tape has announced that they're launching the consolidated tape to be -- make it so that all national best bid in offer and less sale will be available.

因此，我們很期待能切入那樣的需求與市場活動，同時也能運用我們正在建置、以及整個產業正在建置的基礎設施，確保我們能把這部分做大。所以我們正在做的是，確保在 12 月往前推進時，不僅是 Nasdaq 推出其交易場所（venue），而且 tape 也已宣布將推出整合行情帶（consolidated tape），使所有全國最佳買賣報價（national best bid and offer）以及最新成交價（last sale）都能提供。

Obviously, our market data will be available. And so you'll have a more market environment. You'll also have -- we also have MarketWatch, expanding our hours of MarketWatch, expanding hours of our market operations team, our tech ops, our network ops, all of those organizations will be expanded to make sure we can support the clients better that are coming in and trading across the globe.

當然，我們的市場數據也會提供。如此你會有更完整的市場環境。另外，我們也有 MarketWatch，將延長 MarketWatch 的服務時段，並擴大我們市場營運團隊、技術營運（tech ops）、網路營運（network ops）等所有組織的值勤時段，以確保能更好地支援來自全球、進入並交易的客戶。

And then we also will make sure that as we launch that we have a lot of investor education. We want to make sure that we're working with retail brokers and through the -- when we make a sale of our market data, we often work with them also on education and other things that they can do to promote and make sure their investors are ready to be able to trade our securities.

此外，我們也會確保在推出時進行大量投資人教育。我們希望與零售券商合作；而且在我們銷售市場數據時，通常也會與他們在教育以及其他可用來推廣的事項上合作，並確保其投資人已準備好能交易我們的證券。

So it's a holistic effort, and we would expect over time, but I also would say it's an evolution, not a revolution to see expansion of investor interest across the globe to have the opportunity to trade in their home hours and to have liquidity throughout the 23-hour period. I would point out that the Nasdaq futures, Nasdaq-100's futures trades 24/5 today.

所以這是一個全方位的努力。我們預期會隨時間推進；但我也會說，這是一種演進（evolution），不是革命（revolution）。我們希望看到全球投資人興趣擴大，讓他們能在本地時段交易，並在 23 小時的期間內具備流動性。我也要指出，Nasdaq 期貨、Nasdaq-100 指數期貨目前就是 24/5 交易。

So the idea of being able to trade in the future, trade the ETFs and trade the underlying all in domestic hours for that -- for those stocks is exciting, but it is going to be offered to every stock across the US equities market. So I see it as a natural next step here, but it will take time to make it so that there's a lot of penetration.

因此，能在未來把期貨、ETF 以及標的股票都在各自的本地時段進行交易，這個想法令人振奮；但這將會提供給美國股票市場中每一檔股票。所以我認為這是很自然的下一步，但要讓滲透率大幅提升仍需要時間。

That concludes our Q&A session for today. I would now like to turn the conference back over to Adena Friedman, President and CEO, for closing remarks.

以上為今日的問答環節。接下來我想把電話會議交回給總裁兼執行長 Adena Friedman，請她做結語。

Great. Well, thank you very much. We are very pleased with the performance and momentum across Nasdaq as we execute our strategy to modernize markets, power the innovation economy and build trust in the financial system. Thank you very much for joining the call, and have a great day.

很好。非常感謝。隨著我們執行策略、推動市場現代化、賦能創新經濟並在金融體系中建立信任，我們對 Nasdaq 各項業務的表現與動能感到非常滿意。非常感謝各位參與本次電話會議，祝各位有美好的一天。

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

今日電話會議到此結束。感謝各位參與。您現在可以掛線。