納斯達克交易所 (NDAQ) 2026 Q2 法說會逐字稿

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

大家好。感謝您耐心等候。歡迎參加納斯達克 2026 年第二季業績電話會議。(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, Ato 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主管 Ato Garrett。請開始。

Good morning, everyone. And thank you for joining us today to discuss Nasdaq's second-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。感謝各位今天加入我們，一同討論納斯達克 2026 年第二季財務結果。在線上與各位同在的有：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，將開放電話線進行問答。

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，可於我們的投資人關係網站查閱。提醒各位，本次電話會議中我們將提出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, the impact of changes in FX, and a $6 million one-time benefit to index revenue related to a contract modification. Definition 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 financial section 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、外匯變動的影響，以及與合約修改相關、對指數營收帶來的一次性 600 萬美元利益。美國 GAAP 與非 GAAP（含調整項）之定義與調節表，可於我們的財報簡報中查閱，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.

接下來，我將把電話交給 Adena。

Thank you, Ato. And good morning, everyone. Today, I will start with a review of our second-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二季的財務結果，接著檢視各事業部門的營運表現。之後我會把電話交給 Sarah，請她更詳細說明財務結果。

In the second quarter, Nasdaq delivered outstanding growth across each of our divisions, underpinned by our leadership in driving the transformation of the financial system and fueled by the continued demand for leading market infrastructure and mission-critical technology. Our leadership translated into a series of historic milestones this quarter.

第二季，納斯達克在各事業部門皆交出亮眼成長，這建立在我們引領金融體系轉型的領導地位之上，並受惠於市場對領先的市場基礎設施與關鍵任務技術的持續需求。我們的領導力也在本季轉化為一系列歷史性里程碑。

In our Index business, assets under management surpassed $1 trillion for the first time in our history, and we had our largest quarterly net inflows ever. Nasdaq Verafin crossed $13 trillion in combined assets across more than 2,800 financial institutions that rely on our platform to fight financial crime.

在我們的指數業務方面，管理資產規模（AUM）史上首次突破 1 兆美元，且創下歷來單季最大淨流入。Nasdaq Verafin 服務超過 2,800 家金融機構，依賴我們的平台打擊金融犯罪，其合計資產規模已突破 13 兆美元。

We set new records in notional value traded during both the June triple witch expiration and the Russell reconstitution. We welcome SpaceX, the largest IPO in history, and are proud to have become the largest exchange in the world by market capitalization of our listed companies.

我們在 6 月三巫日到期與羅素指數重整期間的名目交易價值皆創下新紀錄。我們歡迎 SpaceX——史上最大 IPO——並且很自豪我們已成為以掛牌公司市值計算的全球最大交易所。

We continue to operate in a constructive US economic environment, supported by resilient corporate earnings, ongoing investment in AI and digital infrastructure, and healthy consumer spending. Within the capital markets industry, we're working constructively with regulators who are seeking to encourage innovation, including always-on markets and tokenization of assets.

我們持續在具建設性的美國經濟環境中營運，企業獲利具韌性、AI 與數位基礎設施投資持續，以及健康的消費支出皆提供支撐。在資本市場產業內，我們也正與監管機構進行具建設性的合作；監管機構正尋求鼓勵創新，包括全天候市場與資產代幣化。

These emerging innovations have the potential to become durable market advancements that meaningfully expand investor access across the globe when paired with appropriate investor protections, as well as with structures that drive institutional investor demand alongside that of retail investors. We look forward to continuing our efforts to engage regulators and legislators to define the future of markets.

這些新興創新若能搭配適當的投資人保護措施，以及能同時帶動機構投資人需求並與散戶投資人需求並進的市場結構，便有潛力成為可長可久的市場進步，並在全球範圍內大幅擴大投資人可及性。我們期待持續與監管機構與立法者互動，共同界定市場的未來。

Now I'd like to turn to our results. In the second quarter, we delivered $1.5 billion in net revenue, up 15%, and solutions revenue of $1.2 billion, up 17%. Our overall annualized recurring revenue, or ARR, grew 12% year over year to $3.3 billion. Expenses were $641 million, up 10%, and we delivered 25% diluted EPS growth, driven by 19% growth in operating income and strong capital returns.

接下來談談我們的業績。第二季，我們實現 15 億美元淨營收，年增 15%；解決方案營收 12 億美元，年增 17%。我們整體年化經常性收入（ARR）年增 12% 至 33 億美元。費用為 6.41 億美元，年增 10%；稀釋後每股盈餘（EPS）成長 25%，主要由營業利益成長 19% 以及強勁的資本回饋所帶動。

Within our divisions, Capital Access Platforms generated 18% revenue growth and 8% ARR growth. Financial Technology delivered 15% revenue growth and 16% ARR growth. Market Services delivered 11% net revenue growth. These results reflect our expand, evolve, and transform framework in action.

在各事業部門方面，資本取得平台（Capital Access Platforms）營收成長 18%，ARR 成長 8%。金融科技（Financial Technology）營收成長 15%，ARR 成長 16%。市場服務（Market Services）淨營收成長 11%。這些成果反映了我們「擴張、演進、轉型」框架的落實。

Throughout the quarter, we deepened our client relationships through our One Nasdaq strategy, launched innovative products while enhancing existing solutions, and invested in strategic opportunities that will drive our next phase of growth.

整個季度中，我們透過 One Nasdaq 策略深化客戶關係，推出創新產品並強化既有解決方案，同時投資於將推動下一階段成長的策略性機會。

Now turning to the divisional results. I will start with Capital Access Platforms, where I will first discuss Data and Listings. Our US listings franchise delivered the strongest first half in US exchange history, with $111 billion in operating company proceeds raised. Our performance was underpinned by the historic IPO of SpaceX on June 12, raising $86 billion, marking the largest IPO in history. We were also proud to dual-list SpaceX on Nasdaq Texas, the region's premier listing venue.

接著談各事業部門的表現。我將先從資本取得平台開始，並先談資料與上市業務。我們的美國上市業務在上半年創下美國交易所史上最強表現，營運公司募資所得達 1,110 億美元。我們的表現受到 6 月 12 日 SpaceX 歷史性 IPO 的支撐，募資 860 億美元，為史上最大 IPO。我們也很自豪能讓 SpaceX 在 Nasdaq Texas 進行雙重上市，該市場為該地區首屈一指的上市場域。

Other landmark listings in the second quarter included Cerebras, the largest semiconductor IPO of all time; Quantinuum, the largest pure-play quantum IPO of all time; and Parabilis Medicines, the largest biotech IPO of all time. In total, for the quarter, we welcomed 26 new operating companies, raising $106 billion in proceeds, including seven of the top 10 IPOs.

第二季其他具里程碑意義的上市案包括：Cerebras——史上最大半導體 IPO；Quantinuum——史上最大純量子概念 IPO；以及 Parabilis Medicines——史上最大生技 IPO。整體而言，本季我們迎來 26 家新營運公司，募資總額 1,060 億美元，其中包含前十大 IPO 中的 7 檔。

Earlier this month, we also welcomed SK hynix, which raised $27 billion, the largest ADR listing in US capital markets history. The IPO environment is robust, and we're in a strong position to capitalize as new companies look to join the public markets in the second half of the year.

本月稍早，我們也歡迎 SK hynix，其募資 270 億美元，為美國資本市場史上最大 ADR 上市案。IPO 環境依然強勁，隨著下半年有更多新公司尋求進入公開市場，我們具備良好條件把握機會。

Nasdaq powers the innovation economy, connecting leaders from around the world with capital that turns their ambitions into reality. The breadth and significance of the companies that list with us this quarter is a meaningful testament to that pillar of our strategy.

納斯達克為創新經濟提供動能，將全球各地的領導者與資本連結，讓他們的抱負得以成真。本季選擇在我們這裡上市的公司之廣度與重要性，正是我們策略支柱的有力證明。

Turning to our data business, we delivered strong growth driven by new bookings and increased usage. This includes a 34% year-over-year increase in the number of enterprise licenses across multiple geographies. The growing adoption of AI and rising demand from digital asset platforms continues to accelerate interest in our data solutions. Looking ahead, we're excited to support the transition to always-on trading with the launch of unique integrated data sets that will expand usage of Nasdaq's proprietary data among investors worldwide.

再來談我們的資料業務，在新簽約與使用量提升的帶動下，我們實現強勁成長。其中包括跨多個地區的企業授權數量年增 34%。AI 的採用擴大以及數位資產平台需求上升，持續加速市場對我們資料解決方案的興趣。展望未來，我們很期待透過推出獨特的整合式資料集來支持向全天候交易的轉型，進一步擴大全球投資人對納斯達克專有資料的使用。

Our Index franchise set new inflow records with $51 billion in net inflows for the quarter and $109 billion in net inflows over the last 12 months. Our quarter-end and average ETP AUM reached new milestones and exceeded $1 trillion for the first time ever. Product innovation remains a key driver of growth in our Index business, with 38% of the trailing 12 months net inflows driven by products launched over the last five years, and 22% driven by products launched over the last three years.

我們的指數業務創下新的資金流入紀錄：本季淨流入 510 億美元，過去 12 個月淨流入 1,090 億美元。截至季末與期間平均的 ETP 管理資產規模（AUM）皆達到新里程碑，史上首次突破 1 兆美元。產品創新仍是我們指數業務成長的關鍵驅動力；過去 12 個月的淨流入中，38% 來自過去五年推出的產品，22% 來自過去三年推出的產品。

We launched 34 new products in the quarter, including 11 insurance products, demonstrating the breadth of our innovation pipeline. We also continued to expand our global reach. 50% of all new products introduced this quarter were launched outside the United States. We're pleased to introduce expanded access to the Nasdaq-100 with the recent launches of BlackRock's IQQ and State Street's QNDX ETF in the United States. We also continued to grow our longstanding relationship with Invesco, expanding global investor access to QQQ ETF, which we cross-listed in Japan in the second quarter.

我們在本季度推出了34項新產品，其中包括11項保險產品，展現了我們創新管線的廣度。我們也持續擴大全球觸及範圍。本季度推出的所有新產品中，有50%是在美國以外地區上市。我們很高興宣布，隨著近期在美國推出BlackRock的IQQ與State Street的QNDX ETF，投資人得以擴大對納斯達克100指數的投資管道。我們也持續深化與Invesco的長期合作關係，擴大全球投資人對QQQ ETF的投資可及性；我們已於第二季在日本進行跨境掛牌。

Turning to Workflow and Insights, revenue grew 5% with continued momentum in analytics. In corporate solutions, we continue to operate in a challenging environment. However, clients remain highly engaged with our AI-enabled capabilities. With 65% of Boardvantage users and 79% of Nasdaq IR Insight clients leveraging our AI tools.

接著談到Workflow and Insights，受惠於分析業務持續動能，營收成長5%。在企業解決方案方面，我們仍在具挑戰性的環境中營運。然而，客戶對我們具AI賦能的能力仍保持高度投入。目前有65%的Boardvantage使用者與79%的Nasdaq IR Insight客戶正在使用我們的AI工具。

Within analytics, we delivered double-digit revenue growth from bookings and a higher retention rate in both eVestment and Data Link. Growth in eVestment has been driven in part by AI adoption. More than a quarter of new bookings today are associated with AI use cases. We also continue to expand the reach of eVestment's data assets, which now include almost 91,000 private funds.

在分析業務中，我們在eVestment與Data Link兩項業務皆實現來自訂單的兩位數營收成長，且留存率提升。eVestment的成長部分由AI採用所帶動。目前超過四分之一的新訂單與AI使用情境相關。我們也持續擴大eVestment資料資產的覆蓋範圍，目前已涵蓋近91,000檔私募基金。

Within Data Link, we see sustained demand for our unique data assets. This quarter, we are pleased to introduce the Data Link Model Context Protocol, or MCP, which will deliver frictionless client connectivity to power agentic workflows. This capability makes it easier for clients to integrate Nasdaq's trusted data, including our market data, directly into AI-driven applications, enhancing the value and reach of our data assets across the AI ecosystem.

在Data Link方面，我們看到市場對我們獨特資料資產的需求持續強勁。本季度，我們很高興推出Data Link Model Context Protocol（MCP），可提供無摩擦的客戶連線能力，以支援代理式（agentic）工作流程。此能力讓客戶更容易將Nasdaq可信賴的資料（包括我們的市場資料）直接整合至AI驅動的應用中，進而提升我們資料資產在整個AI生態系中的價值與觸及範圍。

Turning to Financial Technology, we achieved an outstanding quarter, delivering revenue growth of 15%. The performance was underpinned by strong engagement across our clients for solutions that address market modernization, the transition to always-on trading, and the evolving regulatory landscape. Our sales cycles, our contract term lengths, and our bookings mix between existing and new clients have remained consistent, reflecting the durable nature of our mission-critical solutions.

接著談到金融科技（Financial Technology），我們交出非常出色的一季，營收成長15%。此表現主要來自客戶對解決方案的強勁投入，這些解決方案可因應市場現代化、邁向全天候交易（always-on trading）的轉型，以及不斷演變的監管環境。我們的銷售週期、合約期限長度，以及既有與新客戶之間的訂單組合皆維持一致，反映出我們關鍵任務型解決方案的耐久性。

In the quarter, we signed 58 new clients, seven cross-sells, and 107 up-sells, driving 16% ARR growth. In Financial Crime Management Technology, Nasdaq Verafin delivered 22% revenue growth, driven by significant expansions across key client segments. Our product suite now serves more than 2,800 clients, representing over $13 trillion in collective assets. During the quarter, we signed 47 new SMB clients and continued to see strong momentum in the enterprise clientele with two expansions, two renewals, and two cross-sells.

本季度，我們簽下58家新客戶、7筆交叉銷售（cross-sell）與107筆加購（up-sell），帶動ARR成長16%。在金融犯罪管理科技方面，Nasdaq Verafin營收成長22%，主要由關鍵客戶族群的大幅擴張所驅動。我們的產品組合目前服務超過2,800家客戶，合計資產規模超過13兆美元。本季度，我們簽下47家新的中小企業（SMB）客戶，並在企業客群持續展現強勁動能，包含兩筆擴張、兩筆續約與兩筆交叉銷售。

Early in the third quarter, we signed an additional enterprise expansion and a cross-sell, totaling 11 enterprise signings so far in 2026, which had already exceeded the total number of signings we had in all of 2025. Nasdaq Verafin continues to accelerate AI innovation in its business and across its platform. Our agentic AI workforce is now used by 750 clients.

在第三季初，我們又簽下一筆額外的企業擴張與一筆交叉銷售，使得2026年迄今的企業簽約總數達到11筆，且已超過我們在2025年全年的簽約總數。Nasdaq Verafin持續在其業務與平台上加速AI創新。我們的代理式AI勞動力（agentic AI workforce）目前已被750家客戶使用。

In the second quarter, we announced an expansion of the workforce, including two new agentic workers, which we've moved into beta, one for AML structuring alerts, and the second for ACH fraud alert triage. The new role-based workers enable end-to-end automation of financial crime workflows from fraud and AML alert reviews to investigations and reporting. We also plan to introduce new auto-dispositioning capabilities in Q3 and flexible deployment options that extend our AI solutions across third-party systems by the end of the year.

在第二季，我們宣布擴充該勞動力，新增兩名代理式工作者，並已進入beta測試：一名用於AML（反洗錢）結構化（structuring）警示，另一名用於ACH詐欺警示分流（triage）。這些新的角色型工作者可實現金融犯罪工作流程的端到端自動化，涵蓋從詐欺與AML警示審查到調查與報告。我們也計畫在第三季推出新的自動處置（auto-dispositioning）能力，並於年底前提供更彈性的部署選項，將我們的AI解決方案延伸至第三方系統。

Verafin's agentic AI workforce expansion reflects our broader AI-first development approach, which is transforming every stage of the product development life cycle, from design and development to testing and deployment. This enables us to increase innovation velocity, expand our product roadmap, and bring new capabilities to clients faster than ever before. Regulatory technology delivered sustained growth driven by significant expansions to always-on markets and infrastructure modernization.

Verafin代理式AI勞動力的擴張，反映我們更廣泛的AI優先（AI-first）開發方法，正改變產品開發生命週期的每個階段，從設計與開發到測試與部署。這使我們能提升創新速度、擴展產品藍圖，並以前所未有的速度為客戶帶來新能力。監管科技（Regulatory technology）在全天候市場的重要擴張與基礎設施現代化的帶動下，實現持續成長。

Overall, we signed nine new clients, including two cross-sells and 63 up-sells. In [Actimize], we deepened relationships with existing clients while expanding our global footprint with continued strength in our cloud bookings. During the quarter, a US bank expanded its footprint with Actimize as the client grew through acquisition and faced more significant regulatory requirements. Additionally, a top four Australian bank expanded their relationship with us to leverage our cloud-enabled regulatory reporting solution, reinforcing the global demand for our platform.

整體而言，我們簽下9家新客戶，其中包括2筆交叉銷售與63筆加購。在[Actimize]方面，我們在深化既有客戶關係的同時，也透過雲端訂單的持續強勁表現擴大全球版圖。本季度，一家美國銀行因併購而擴張，並面臨更嚴格的監管要求，因而擴大採用Actimize的範圍。此外，一家澳洲四大銀行之一也擴大與我們的合作，採用我們的雲端賦能監管申報解決方案，進一步印證市場對我們平台的全球需求。

In surveillance, we delivered strong growth while experiencing significant demand from clients expanding into new markets, including energy and digital assets. This demand included a significant renewal and expansion with a global broker-dealer, as well as a renewal with a key global financial institution. We signed three upsells for our cross-product surveillance capability, which we launched earlier this year. The new solution enables our clients to detect complex market abuse tactics across multiple markets and asset classes, highlighting the power of our new signals-based detection.

在監控（surveillance）方面，我們在客戶拓展至新市場（包括能源與數位資產）所帶來的顯著需求下，實現強勁成長。此需求包含與一家全球券商交易商（broker-dealer）的大型續約與擴張，以及與一家關鍵全球金融機構的續約。我們為今年稍早推出的跨產品監控能力簽下3筆加購。此新解決方案可協助客戶跨多個市場與資產類別偵測複雜的市場濫用手法，凸顯我們新型訊號式偵測（signals-based detection）的威力。

We also secured a Tier 1 client for our newest AI solutions, Calibration Copilot and GenAI New Copilot in July, reflecting growing demand for AI-powered workflows and positioning us for broader adoption over time. Capital Markets Technology continued to deliver strong performance, highlighted by significant new clients and excellent revenue growth in trade management services.

我們也在7月為最新的AI解決方案Calibration Copilot與GenAI New Copilot拿下Tier 1客戶，反映市場對AI驅動工作流程的需求日增，並使我們得以在時間推進下促成更廣泛的採用。資本市場科技（Capital Markets Technology）持續交出強勁表現，亮點包括重要新客戶，以及交易管理服務（trade management services）營收的優異成長。

In the quarter, we signed seven new clients, including three cross-sells and 42 upsells. In market technology, we maintained momentum while advancing key infrastructure modernization initiatives. We made further progress in the rollout of our Eqlipse product suite, with two existing clients committing to the migration of their market platforms to Eqlipse.

本季度，我們簽下7家新客戶，其中包括3筆交叉銷售與42筆加購。在市場科技（market technology）方面，我們在推進關鍵基礎設施現代化計畫的同時，維持成長動能。我們在Eqlipse產品組合的推廣上取得進一步進展，已有兩家既有客戶承諾將其市場平台遷移至Eqlipse。

We also completed three modernization programs, including going live with clearing for BYMA, Argentina Stock Exchange, and with trading for nuam, a regional market operator that integrates the Peru, Chile, and Colombia stock exchanges. In Calypso, we signed several new clients that expand the reach of our products to new countries, institutions, and asset classes, including our first US Treasury clearing deals with two large financial institutions.

我們也完成三項現代化計畫，包括為BYMA（阿根廷證券交易所）上線清算，以及為nuam上線交易；nuam為區域市場營運商，整合秘魯、智利與哥倫比亞證券交易所。在Calypso方面，我們簽下多家新客戶，將產品觸及範圍擴展至新的國家、機構與資產類別，其中包括與兩家大型金融機構達成我們首批美國公債清算交易（US Treasury clearing deals）。

Additionally, earlier this week, we announced a deal with the Georgian Financial Markets Treasuries' Association to modernize the country's treasury and financial markets infrastructure. As part of this deal, five leading commercial banks in the country of Georgia will adopt the Calypso platform, with opportunities to onboard more banks over time. With this deal, Calypso now operates in more than 70 countries.

此外，本週稍早我們宣布與喬治亞金融市場國庫協會（Georgian Financial Markets Treasuries' Association）達成合作，將現代化該國的國庫與金融市場基礎設施。作為此交易的一部分，喬治亞的五家領先商業銀行將採用Calypso平台，並可望隨時間推進再導入更多銀行。透過此交易，Calypso目前已在超過70個國家運作。

Additionally, we piloted tokenized collateral trades on the Canton Network in July, alongside two of the world's leading asset managers. Specifically, tokenized money market funds were successfully transmitted as collateral through Calypso, leveraging the Canton Network.

此外，我們於7月與全球兩家領先資產管理公司一同在Canton Network上試行代幣化擔保品交易。具體而言，代幣化貨幣市場基金已成功透過Calypso並利用Canton Network作為擔保品進行傳輸。

Now turning to Market Services. The division delivered 11% organic net revenue growth against a backdrop of record industry volumes in US options and US cash equities. We also achieved record volumes for index options, doubling year-over-year revenue for the fourth consecutive quarter. In European cash equities, we experienced higher industry volumes and delivered a three percentage point increase in lit market share, bringing us to 74%.

接著談到市場服務（Market Services）。在美國選擇權與美國現金股票（cash equities）產業成交量創新高的背景下，該部門實現11%的有機淨營收成長。我們的指數選擇權成交量亦創下新高，並連續第四個季度使年對年營收翻倍。在歐洲現金股票方面，我們受惠於更高的產業成交量，且明亮盤（lit）市占率提升3個百分點，達到74%。

On June 18, we achieved a record triple witching event, recording $296 billion, the largest ever in notional value traded. That date also marked a record date for US equity industry volumes, with 34.6 billion shares traded on the day. The Russell reconstitution on June 26 set new records across the board, achieving our highest-ever revenue, our highest-ever share volume in the cross at 4.6 billion shares, and a record notional value traded of $334 billion, more than triple the prior Russell rebalance record set last year.

6月18日，我們創下史上最高的三巫日（triple witching）紀錄，名目價值成交達2,960億美元，為歷來最大。當天也創下美國股票產業成交量紀錄，單日成交346億股。6月26日的羅素指數成分股重整（Russell reconstitution）全面刷新紀錄，達成我們史上最高營收、盤後撮合（cross）成交量史上最高的46億股，以及名目價值成交3,340億美元的紀錄，較去年創下的前次羅素再平衡紀錄高出逾三倍。

Looking ahead to near-term milestones, we remain on track for a projected launch of 23/5 trading on December 6, 2026. Additionally, we received SEC approval to list event options and remain on track for launch in the fourth quarter. Overall, our results demonstrate the strength of a business increasingly driven by recurring revenue from deeply integrated platforms and long-term growth trends that are still in the early innings, such as AI adoption and market modernization, including tokenization and always-on markets.

展望近期里程碑，我們仍按計畫推進，預計於2026年12月6日推出23/5交易。此外，我們已獲得美國證券交易委員會（SEC）核准可上市事件選擇權（event options），並仍按計畫於第四季推出。整體而言，我們的成果展現出業務實力：在深度整合的平台帶動下，經常性收入占比持續提高；同時，AI採用與市場現代化（包括代幣化與全天候市場）等長期成長趨勢仍處於早期階段。

Markets are evolving rapidly as new technologies, asset classes, market structures, and resiliency requirements reshape the financial system. Nasdaq continues to be a leader in this transformation by building the trusted, resilient infrastructure that enables institutions and market operators to modernize responsibly to serve both institutional and retail investors.

隨著新技術、資產類別、市場結構與韌性要求重塑金融體系，市場正快速演進。納斯達克持續在此轉型中扮演領導者角色，打造值得信賴且具韌性的基礎設施，使機構與市場營運者能以負責任的方式推動現代化，服務機構與零售投資人。

Our role is to help design a durable investor experience with the goal to increase investor access while also protecting investors and the broader financial system through the markets we operate, the technology we provide to other markets, our index and analytics products, and our risk management solutions. Our competitive position reflects decades of investment in a deep client community, gold standard data, mission-critical technology platforms, and exceptional technical talent.

我們的角色是協助設計可長可久的投資人體驗，目標是在提升投資人可及性的同時，透過我們營運的市場、提供給其他市場的技術、我們的指數與分析產品，以及風險管理解決方案，保護投資人與更廣泛的金融體系。我們的競爭地位反映了數十年來在深厚客戶社群、黃金標準數據、關鍵任務技術平台與卓越技術人才上的投資。

Together, these advantages have created powerful network effects across our ecosystem. AI is enabling us to strengthen these advantages by enhancing the pace and scope of product capabilities that we can deliver to our clientele. Looking ahead, we're energized not only by the strength of our performance, but the breadth and depth of the dialogue we have with clients and the scale of the opportunity in front of us.

這些優勢共同在我們的生態系中形成強大的網路效應。AI正協助我們強化這些優勢，提升我們能交付給客戶的產品能力之速度與廣度。展望未來，令我們振奮的不僅是績效的強勁表現，還有我們與客戶對話的廣度與深度，以及眼前龐大的機會規模。

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

接下來，我把電話會議交給Sarah，請她更詳細說明財務結果。

Thank you, Adena, and good morning, everyone. In the second quarter of 2026, Nasdaq delivered exceptional results, headlined by solutions revenue growth of 17%, including the second straight quarter of double-digit revenue growth in all three financial technology subdivisions. We had diluted EPS growth of 25%, exceeding $1 in quarterly EPS for the first time in the company's history.

謝謝你，Adena，各位早安。2026年第二季，納斯達克交出卓越成果，其中以解決方案營收成長17%為亮點，且金融科技三個子部門已連續第二季皆達到雙位數營收成長。稀釋後每股盈餘（EPS）成長25%，公司史上首次單季EPS突破1美元。

Let's start with quarterly results on slide 11. We reported net revenue of $1.5 billion, up 15%, with solutions revenue of $1.2 billion, up 17%. Operating expense was $621 million, up 10%, leading to an operating margin of 57% and an EBITDA margin of 60%, both up two percentage points over the prior year period. This resulted in net income of $605 million, and diluted EPS of $1.07, up 25%.

我們先從第11頁的季度結果開始。我們公布淨營收15億美元，年增15%；其中解決方案營收12億美元，年增17%。營業費用為6.21億美元，年增10%，使營業利益率達57%、EBITDA利潤率達60%，兩者皆較去年同期提升2個百分點。因此淨利為6.05億美元，稀釋後EPS為1.07美元，年增25%。

Slide 12 shows the drivers of our 15% net revenue growth for the quarter. We generated 11 percentage points of alpha, the second consecutive quarter of double-digit alpha growth, driven by new and existing clients and product innovation. Meanwhile, beta factors contributed 4 percentage points of growth this quarter, driven by higher valuations in Nasdaq indices and higher derivatives volumes in index, and higher overall volumes in market services.

第12頁顯示本季淨營收成長15%的驅動因素。我們創造了11個百分點的超額成長（alpha），連續第二季達到雙位數alpha成長，主要由新舊客戶與產品創新帶動。同時，beta因素本季貢獻4個百分點的成長，來自納斯達克指數估值上升、指數相關衍生品成交量提高，以及市場服務整體成交量增加。

Let's review division results starting on slide 14. In Capital Access Platforms, we delivered revenue of $621 million, up 18%, with ARR growth of 8%. Data and Listings was up 9% for both revenue and ARR. Data revenue growth was strong and driven primarily by upsells, new sales, and usage. Listings revenue benefiting from the improving IPO environment and pricing increases, partially offset by delistings and lower amortization of prior period initial listing fees, which were marginally better than our expectations.

我們從第14頁開始檢視各事業部門表現。在資本接入平台（Capital Access Platforms）方面，我們營收達6.21億美元，年增18%，ARR成長8%。數據與上市（Data and Listings）之營收與ARR皆成長9%。數據營收成長強勁，主要由加購（upsells）、新銷售與使用量帶動。上市營收受惠於IPO環境改善與價格調升，但部分被下市與前期首次上市費用攤銷降低所抵銷；整體表現略優於我們的預期。

Index revenue was up 35%, and ARR, which covers a very small portion of revenue, increased 8%. Revenue growth was primarily driven by record average ETP AUM surpassing $1 trillion in the second quarter, bolstered by record net inflows of $109 billion over the last 12 months, including a record $51 billion in the second quarter. Volume-based revenue also contributed to growth with record derivatives contract volumes up 33% in the quarter.

指數（Index）營收年增35%，而ARR（僅涵蓋極小部分營收）成長8%。營收成長主要由平均ETP資產管理規模（AUM）創新高所帶動，第二季突破1兆美元；過去12個月淨流入亦創紀錄達1,090億美元，其中第二季淨流入創紀錄達510億美元。以成交量為基礎的營收亦推動成長，本季衍生品合約成交量創新高，年增33%。

Notably, volume growth outside of the US was very similar to growth in the US, reflecting the strength of the product ecosystem in regions around the world where perpetual style derivatives are already available. The volume growth was partially offset by the continued mix shift in derivatives volumes from higher priced E-mini contracts to lower priced Micro E-mini contracts.

值得注意的是，美國以外地區的成交量成長與美國相當，反映出在全球各地已提供永續型（perpetual style）衍生品的區域中，我們產品生態系的強勁動能。不過，衍生品成交量持續由價格較高的E-mini合約轉向價格較低的Micro E-mini合約，造成組合轉移（mix shift），部分抵銷了成交量成長帶來的效益。

In Workflow and Insights, revenue was up 5% in the quarter, with ARR growth up 6%.The revenue increase was driven primarily by analytics, mainly from eVestment and Data Link. Corporate Solutions revenue was essentially flat. Excluding the one-time revenue item related to a contract modification in our Index business, quarterly operating margin for the CAP division was 63%, up 4 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5%，ARR成長6%。營收增加主要由分析（analytics）帶動，主要來自eVestment與Data Link。企業解決方案（Corporate Solutions）營收大致持平。若排除指數業務中與合約修改相關的一次性營收項目，資本接入平台（CAP）事業部本季營業利益率為63%，較去年同期提升4個百分點。

Before we wrap on Capital Access Platforms, we are continuing to optimize our portfolio with two transactions. Earlier this week, we announced an agreement to sell Nasdaq Fund Secondaries to Nasdaq Private Market, where we remain an investor and strategic partner. This transaction brings together two highly complementary businesses and strongly positions Nasdaq Private Market to capitalize on the significant opportunity to provide secondary liquidity infrastructure for both private company shares and private fund interests.

在結束資本接入平台的說明前，我們正透過兩筆交易持續優化投資組合。本週稍早，我們宣布已達成協議，將Nasdaq Fund Secondaries出售給Nasdaq Private Market；我們仍將作為投資人與策略夥伴。此交易結合兩項高度互補的業務，並使Nasdaq Private Market能更有利地把握重大機會，為私募公司股票與私募基金份額提供次級流動性基礎設施。

And today, we are announcing that we have entered into an agreement to acquire Audacity, an AI-powered due diligence platform used by institutional asset allocators and managers across public and private markets. Audacity will be integrated into Nasdaq eVestment to provide a seamless experience across eVestment's institutional network.

此外今天，我們宣布已簽署協議收購Audacity；該公司為一個以AI驅動的盡職調查平台，供跨公私市場的機構資產配置者與管理人使用。Audacity將整合至Nasdaq eVestment，為eVestment的機構網路提供無縫體驗。

On a pro forma basis for the last 12 months, these two transactions would have combined to result in a net increase in revenue of approximately $4 million to Nasdaq. And both companies are still early stage. We did not provide purchase or disposition prices for the transactions as neither of them is material.

以過去12個月的備考（pro forma）基礎計算，這兩筆交易合計將使納斯達克的營收淨增加約400萬美元。兩家公司目前仍處於早期階段。由於兩筆交易皆不具重大性，我們未提供其收購或處分價格。

Moving to Financial Technology on slide 15. Revenue was $539 million, up 15%, driven by double-digit growth across all three subdivisions. ARR growth was 16%. Our business continues to see strong demand across all FinTech subdivisions and high levels of client engagement. The division signed 58 new clients, 107 upsells, and seven cross-sells in the quarter, where sales continue to represent over 15% of the FinTech pipeline.

接著看第15頁的金融科技（Financial Technology）。營收為5.39億美元，年增15%，三個子部門皆呈現雙位數成長。ARR成長16%。我們的業務在所有FinTech子部門持續看到強勁需求與高度客戶參與。本季該事業部簽下58個新客戶、107筆加購（upsells）與7筆交叉銷售（cross-sells）；其中銷售（sales）仍占FinTech銷售管線（pipeline）逾15%。

Financial Crime Management Technology revenue grew 22% in the quarter, with ARR growth of 17% and net revenue retention of 110%. We signed 47 new SMB clients in the second quarter, reflecting continued momentum in the SMB client cohort. In enterprise, we signed two cross-sells, two expansions, and two renewals in the quarter, as well as one additional cross-sell and an extension early in the third quarter.

金融犯罪管理科技（Financial Crime Management Technology）本季營收成長22%，ARR成長17%，淨營收留存率（net revenue retention）為110%。第二季我們簽下47個新的中小企業（SMB）客戶，顯示SMB客群動能持續。在企業客戶方面，本季我們完成2筆交叉銷售、2筆擴充（expansions）與2筆續約（renewals），並在第三季初另完成1筆交叉銷售與1筆延長（extension）。

Regulatory Technology delivered revenue growth of 13% and ARR growth of 14%, reflecting strong performance across both Cervellis and Actimize. The subdivision delivered [90] clients, including three cross-sales and 63 upsells in the quarter. Capital Markets Technology revenue grew 14%, with ARR growth of 17%. The subdivision delivered seven new clients, including three cross-sales and 42 upsells.

監管科技（Regulatory Technology）實現營收成長13%與ARR成長14%，反映Cervellis與Actimize兩大業務皆有強勁表現。該分部本季新增[90]家客戶，包括三筆交叉銷售與63筆向上銷售。資本市場科技（Capital Markets Technology）營收成長14%，ARR成長17%。該分部新增七家新客戶，包括三筆交叉銷售與42筆向上銷售。

The quarter's strong performance reflects demand for data center services, as well as a pricing increase in trade management services. Continued execution at Calypso, including a strategic long-term renewal with a large global bank. Performance in the quarter was partially offset by lower professional services revenue.

本季的強勁表現反映了對資料中心服務的需求，以及交易管理服務的價格上調。Calypso持續落實執行，包括與一家大型全球銀行達成具策略性的長期續約。本季表現部分被專業服務營收下降所抵銷。

As a note, Capital Markets Technology revenue growth in the third and fourth quarter of 2025 benefited from a contribution from Calypso upfront revenue, which will create a tougher comp for capital market technology in the upcoming two quarters. Financial Technology quarterly operating margin was 46%, in line with the prior year period.

補充說明，2025年第三季與第四季的資本市場科技營收成長受惠於Calypso一次性預收（upfront）營收的貢獻，這將使未來兩季資本市場科技面臨較高的比較基期。金融科技（Financial Technology）本季營業利益率為46%，與去年同期一致。

Turning to Market Services on slide 16. We had record quarterly net revenue of $340 million, up 11%. Growth in the quarter was driven by record industry volumes across US equities and US options. Strong volumes across European equities and fixed income. We also continued to deliver alpha, as reflected in higher market share and higher capture in US equities. Index options revenue more than doubling versus the prior year period for the fourth straight quarter.

接著看第16頁的市場服務（Market Services）。我們本季淨營收創下3.40億美元的季度新高，年增11%。本季成長主要由美國股票與美國選擇權的全產業成交量創新高所帶動。歐洲股票與固定收益亦呈現強勁成交量。我們也持續創造超額表現（alpha），體現在美國股票更高的市占率與更高的捕獲率（capture）。指數選擇權營收連續第四個季度較去年同期翻倍以上。

Strong adoption of newly launched short-dated options products. Higher market share in European equities. This performance was partially offset by lower capture in US options, driven by a continued mix shift in the composition of order flow as new consolidators have entered our markets. And lower US tape plan revenue, primarily driven by lower audit revenue, following an industry-wide adjustment in the prior year period, which we had called out last year.

新推出的短天期選擇權產品採用度強勁。歐洲股票市占率提升。不過，本季表現部分被美國選擇權捕獲率下降所抵銷，原因是隨著新的匯聚商（consolidators）進入我們的市場，訂單流組成持續出現結構性轉移。以及美國行情帶（US tape plan）收入下降，主要是因去年同期全產業調整後審計（audit）收入較低所致，我們去年已提及。

Quarterly operating margin for the division was 64%, up 1 percentage point versus the prior year period. The financial system is undergoing one of its most significant periods of modernization in decades. The shift is visible across multiple dimensions.

該事業部本季營業利益率為64%，較去年同期上升1個百分點。金融體系正經歷數十年來最重要的現代化階段之一。這一轉變在多個面向皆清晰可見。

In the move towards 23/5 trading, the adoption of tokenized assets, the use of AI across financial infrastructure, and the development of new instruments such as perpetual style derivatives and prediction markets. This market evolution enables Nasdaq to expand its role across the financial ecosystem. Perpetual style derivatives are the latest example of a potential product innovation being considered by US regulators.

包括邁向23/5交易、代幣化資產的採用、AI在金融基礎設施中的運用，以及永續型（perpetual style）衍生性商品與預測市場等新型工具的發展。這樣的市場演進使Nasdaq得以擴大其在金融生態系中的角色。永續型衍生性商品是美國監管機構正在考量的潛在產品創新之最新例子。

Today, US regulatory approval has been limited to instruments outside the scope of Nasdaq's US markets. Should there be a consideration by the SEC and the CFTC to expand US approval across equity products, including options and equity-linked index products, even in an extreme case, we would still expect minimal crossover, representing less than 1% of our total revenue.

目前，美國的監管核准仍限於不在Nasdaq美國市場範疇內的工具。若SEC與CFTC考慮將美國核准範圍擴大至股票相關產品（包括選擇權與股票連結指數產品），即便在極端情境下，我們仍預期交叉影響極小，占我們總營收不到1%。

Over time, however, such innovations, to the extent they are durable, can create opportunities for us as they expand market access and increase demand for trusted and resilient market infrastructure. Nasdaq thrives in an environment that enables responsible innovation while remaining focused on protecting investors.

然而，隨著時間推進，這類創新若具持久性，將可為我們帶來機會，因其擴大市場可及性並提升對可信且具韌性的市場基礎設施之需求。Nasdaq在能促進負責任創新的環境中表現尤佳，同時仍專注於投資人保護。

Moving to expense on slide 17. We had operating expense of $641 million in the second quarter, an increase of 10%, driven by employee compensation, reflecting the timing of our annual compensation cycle, as well as incentive compensation driven by our strong revenue execution. Increased marketing expense due to a strengthening IPO environment, investment in technology to support revenue and drive innovation and growth, and severance costs.

接著看第17頁的費用。我們第二季營業費用為6.41億美元，年增10%，主要由員工薪酬帶動，反映年度薪酬週期的時點因素，以及因營收執行強勁而增加的激勵性薪酬。此外，因IPO環境轉強而增加的行銷費用、為支撐營收並推動創新與成長而投入的科技投資，以及資遣費用亦有所增加。

The second-quarter operating margin was 57% and the EBITDA margin was 60%, both up 2 percentage points versus the prior year period. We are updating our non-GAAP expense guidance for the year to a range of $2.530 billion to $2.570 billion from $2.485 billion to $2.545 billion, with two primary drivers of the increase.

第二季營業利益率為57%，EBITDA利潤率為60%，兩者皆較去年同期上升2個百分點。我們將全年非GAAP費用指引由24.85億至25.45億美元，上調至25.30億至25.70億美元，調升主要有兩項驅動因素。

Higher employee compensation, given the strong revenue performance we have experienced year to date, and increased marketing expense due to a strengthening IPO environment, with marketing expense having a larger effect within the quarter of the planned IPO.

其一是員工薪酬提高，反映我們年初至今所呈現的強勁營收表現；其二是因IPO環境轉強而增加的行銷費用，且行銷費用在計畫IPO所在季度的影響更大。

To note, in the third quarter of 2025, we collected a $5 million regulatory fine, which was recorded as a contra expense. As a result, we expect a tougher expense comparison in the upcoming quarter. We maintain our 2026 non-GAAP tax rate guidance of 22.5% to 24.5%.

補充說明，2025年第三季我們收取了500萬美元的監管罰款，並以費用抵減（contra expense）入帳。因此，我們預期下一季的費用比較基期將更為嚴峻。我們維持2026年非GAAP有效稅率指引為22.5%至24.5%。

Turning to capital allocation on slide 18. Nasdaq generated free cash flow of $477 million in the second quarter. Over the last 12 months, Nasdaq generated $2.2 billion in free cash flow at a conversion ratio of 97%. We paid a dividend of $0.31 per share, or $174 million in the quarter, representing a 31% annualized payout ratio.

接著看第18頁的資本配置。Nasdaq第二季產生自由現金流4.77億美元。過去12個月，Nasdaq產生22億美元自由現金流，轉換率為97%。我們每股配發0.31美元股利，本季合計1.74億美元，折合年化配發率為31%。

During the quarter, we repurchased a total of 4.1 million shares of our common stock for $356 million. In combination with the dividend, Nasdaq returned over $530 million to shareholders in the second quarter. In the first half, we have repurchased $903 million, compared to $616 million of repurchases in all of 2025. In July, we launched a $200 million to $250 million variable accelerated share repurchase plan, which will be completed in the third quarter. We finished the quarter with a gross leverage ratio of 2.6x, driven by EBITDA growth and a net repayment of approximately $162 million of gross debt.

本季我們以3.56億美元回購共410萬股普通股。加計股利，Nasdaq第二季回饋股東超過5.30億美元。上半年我們已回購9.03億美元，相較之下，2025年全年回購金額為6.16億美元。7月我們啟動2.00億至2.50億美元的可變加速股票回購（variable accelerated share repurchase）計畫，將於第三季完成。本季末我們的總槓桿比率為2.6倍，主要受EBITDA成長以及約1.62億美元總債務淨償還所帶動。

In closing, Nasdaq delivered another quarter of excellent execution. Our results reflect the strength of our business model, highlighted by growth-based revenue growth across all three divisions, expanding margins, rigorous capital allocation, and mid-20s EPS growth. As we enter the second half of the year, we are extremely confident in our opportunity. And we are focused on executing on our ambitious strategic objectives to deliver long-term value for shareholders.

最後，Nasdaq再度交出一季卓越的執行成果。我們的結果反映商業模式的強勁韌性，亮點包括三大事業部皆呈現以成長為導向的營收成長、利潤率擴張、嚴謹的資本配置，以及每股盈餘（EPS）年增達20%多。進入下半年，我們對自身機會極具信心。我們也將專注於落實具企圖心的策略目標，為股東創造長期價值。

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

接下來，我將開放問答（Q&A）。

(Operator Instructions) Ashish Sabadra, RBC Capital Markets.

(接線員指示) RBC資本市場（RBC Capital Markets）的Ashish Sabadra。

Thanks for taking my question. Really solid results. Adena, you mentioned several AI initiatives across all segments and significant client adoption of your AI solutions. How has your thinking evolved on AI monetization? Are you primarily focused on driving better sales momentum, retention, and pricing power, or do you also see opportunities to charge separately for AI capabilities? And then how do you envision AI monetization over the mid-term?

謝謝讓我提問。結果非常亮眼。Adena，你提到在各個業務板塊都有多項AI計畫，且客戶對你們AI解決方案的採用顯著提升。你們對AI變現的思考有何演進？你們主要著重於推動更好的銷售動能、留存率與定價能力，還是也看到就AI能力單獨收費的機會？另外，你們如何看待中期的AI變現路徑？

We actually take an approach that's product by product and frankly, capability by capability. In some cases, we are integrating the AI capabilities into the core product, and we would look to evaluate the pricing of that product over time based on the value we're providing to our clients. And that would be in the case of the Calibration Copilot and some of the work we're doing in Boardvantage and IR Insight.

我們實際上採取的是逐一產品、坦白說也逐一能力來看的方法。在某些情況下，我們會把AI能力整合進核心產品中，並會根據我們為客戶提供的價值，隨時間推進評估該產品的定價。例如Calibration Copilot，以及我們在Boardvantage與IR Insight上所做的一些工作。

But then we also have other capabilities where we are charging as a new module, but we are taking kind of a premium approach. With, for instance, in financial crimes, the Verafin and in Surveillance, the GenAI News Copilot within Surveillance and all of the digital workers within Verafin, we're basically offering a certain number of alerts for free, and then if they want to have the ability to have an unlimited number of alerts that they're working through the digital workers, then they would pay a subscription fee, basically an upsell.

但接著我們也有其他能力，會以新模組的方式收費，同時採取較偏高端的定價策略。例如在金融犯罪方面的 Verafin，以及監控（Surveillance）中的 GenAI News Copilot，還有 Verafin 內的所有數位工作者（digital workers），我們基本上會先提供一定數量的警示免費使用；若客戶希望透過數位工作者處理無上限數量的警示，則需支付訂閱費，基本上就是加購（upsell）。

And we do have our clients definitely signing up for the upsell. We're in the process of contracting many clients, actually, for the upsell. But we also want to make sure we're driving usage because it's the best way for them to prove value to themselves and for us to prove that we can charge successfully for these great capabilities.

而我們確實看到客戶在加購方案上簽約。我們目前其實正在與許多客戶進行加購方案的簽約流程。但我們也希望確保能推動使用量，因為這是他們向自己證明價值、也是我們證明這些卓越能力能成功收費的最佳方式。

We're in the very early innings of monetizing our AI capabilities, but we're very encouraged by the way that the clients are moving from free to a paid subscription. In terms of monetization overall, we're not providing any sort of details on that yet. But over time, we'll make sure that we continue to update you on the progress of our AI strategy.

我們在 AI 能力的變現上仍處於非常早期的階段，但看到客戶從免費轉為付費訂閱的趨勢，我們感到非常鼓舞。就整體變現而言，我們目前還不提供任何細節。但隨著時間推進，我們會持續向各位更新 AI 策略的進展。

Eli Abboud, Bank of America.

Eli Abboud，美國銀行。

Good morning. Thanks for taking the question. I was hoping to unpack the strong results in trade management services. I think you've flagged trade management services as the strongest performer in your capital markets tech business for a couple quarters in a row now. To what extent are you seeing new trading firms come into your data center versus existing clients demand more bandwidth? And then how much of this do you think is tied to the use of generative AI in trading?

早安。謝謝讓我提問。我想更深入拆解一下交易管理服務（trade management services）的強勁表現。我想你們已經連續幾季指出，交易管理服務是你們資本市場科技業務中表現最強的項目。你們看到的是更多新的交易公司進駐你們的資料中心，還是既有客戶需要更多頻寬？另外，你們認為這有多少與生成式 AI 在交易上的使用有關？

Sure. It is really coming from new and existing clients. It is definitely just demand for connectivity, for power, and for the ability for them to drive their trading strategies. I would not say that it's really GenAI-driven. A lot of trading strategies are algorithmic AI, and that's been in the markets now for a long time. It's definitely more from the fact that there's more trading, there are more strategies that people are deploying.

當然。這確實同時來自新客戶與既有客戶。主要就是對連線能力、電力，以及讓他們能推動其交易策略的能力之需求。我不會說這真的是由 GenAI 所驅動。許多交易策略是演算法式 AI，而這在市場上已經存在很長一段時間。更主要是因為交易量增加、以及人們部署了更多策略。

They're trying to make sure that they're looking at multi-asset class strategies and things like that really drive the usage of our connectivity services. And then also we did have a pricing increase earlier this year that's flowing through the financials as well, we mentioned in the first quarter, and that's also benefiting us. And one other thing I should mention on the AI strategy is also in data.

他們也希望確保能觀察多資產類別策略等，這些都確實帶動我們連線服務的使用量。另外，我們今年稍早也進行了一次價格調整，這也反映在財務數字上；我們在第一季提過，這也正在帶來助益。還有一點我想補充，關於 AI 策略也包含資料（data）。

We have been very intentional about making sure that our data is ready and available. It's kind of what we call AI-ready, to be able to be integrated into AI workflows. That would include our investment data as well as our Data Link data, which includes our market data. So by offering our data out through into these AI work and into the workflows, we are making it so that we have more demand, frankly, just for our data assets. So people should know that that's also part of our AI strategy.

我們一直非常有意識地確保我們的資料已準備就緒且可用。我們稱之為「AI-ready」，也就是能夠整合進 AI 工作流程。這包括我們的投資資料，以及我們的 Data Link 資料（其中包含市場資料）。因此，透過把我們的資料提供到這些 AI 工作與工作流程中，我們坦白說也讓市場對我們資料資產的需求增加。所以大家應該知道，這也是我們 AI 策略的一部分。

Thank you.

謝謝。

Alex Kramm, UBS.

Alex Kramm，瑞銀（UBS）。

I found it interesting that you mentioned perps proactively, I think three times, if I counted correctly on this call. Considering that you're pretty far away from that topic, I think, although I think you've gotten caught up in this narrative a little bit, just wondering, sounds like you're certainly evaluating what your role could be.

我覺得你們主動提到永續合約（perps）很有意思；如果我沒數錯，這通電話裡你們提了三次。考量到我認為你們其實離這個主題還挺遠的，雖然我覺得你們多少被捲入了這個敘事之中；我想問的是，聽起來你們確實在評估你們可能扮演的角色。

So maybe you can elaborate a little bit when you talk to regulators, how you think it's going to evolve, where you could potentially lend technology, offer some products yourself, and then maybe at the very least, are you getting some interest to maybe license the Nasdaq index to some overseas perps providers? And how do you feel about that in general?

所以也許你可以多談一點：當你們與監管機構溝通時，你們認為它會如何演進、你們可能在哪些地方提供技術、自己提供一些產品；以及至少，你們是否收到一些興趣，可能把納斯達克指數授權給一些海外的永續合約提供者？你們整體上對此有何看法？

I think perpetuals are definitely a topic that has come up obviously, and we did try to address it in terms of how do we see the overlap with our existing business today from a trading perspective. And from kind of just overall, what is a perpetual derivative? Where are they today? They're really outside of the scope of the Nasdaq world today.

我認為永續合約確實是一個顯然已經被提出的議題，而我們也嘗試從交易角度說明：它與我們現有業務在今天可能有哪些重疊。以及更廣泛地說，什麼是永續型衍生品（perpetual derivative）？它們目前在哪裡？它們其實在今天仍然在納斯達克世界的範圍之外。

If they were to come into the equities world, it would have to be the result of a joint regulatory approval from both the SEC and the CFTC. That's a different bar that would have to be passed. But we also provided you a hypothetical that, were they to cross that Rubicon and bring them into the equity space, we'd still see very little overlap. The -- kind of the qualities of perpetuals are very different than the qualities of options and futures in our space. I would say, just to kind of give you a little framing, and then I'll talk to you about the opportunity in front of us.

如果它們要進入股票（equities）世界，必須是 SEC 與 CFTC 共同核准的結果。那會是需要跨越的另一道門檻。但我們也提供了一個假設情境：若它們真的跨過那道盧比孔河、進入股票領域，我們仍然認為重疊會非常有限。永續合約的特性與我們領域中的選擇權與期貨的特性非常不同。我先提供一點框架，接著再談談我們面前的機會。

If you think about what do perpetuals solve in the crypto ecosystem, they solve the ability for investors to trade on margin, meaning they solve the ability to trade with leverage, and they provide a more elegant way to short crypto assets. Those two things are very, very accessible in the equities world today, and the benefit in the equities world with options is that you have convexity of return. It's not a linear return structure. The carrying costs are much lower.

如果你想想永續合約在加密生態系解決了什麼問題，它們解決的是投資人能以保證金交易，也就是能以槓桿交易，並且提供一種更優雅的方式來放空加密資產。而這兩件事在今天的股票市場其實都非常容易做到；此外，在股票市場使用選擇權的好處是你有報酬的凸性（convexity of return）。它不是線性的報酬結構。持有成本也低得多。

So it's just there's structural advantages that are already offered in the equities world that I think address a lot of the benefits that investors use perpetuals for in the crypto world. But when we look at it in terms of our opportunity in front of us, we have a few things. One is on technology. We are providing Surveillance technology, and also for trading technology.

所以我認為，股票市場本來就已提供一些結構性優勢，足以涵蓋投資人在加密世界使用永續合約所追求的許多好處。但從我們面前的機會來看，我們有幾個面向。其中之一是技術。我們提供監控（Surveillance）技術，也提供交易技術。

Our Market Technology, our Surveillance technology are relevant to markets that are looking to launch or provide perpetuals. And then also to trade perpetuals, so NTS. We also want to make sure that things like risk management and other technologies that Calypso offers, potentially regulatory reporting could also be covered. We do see it as an opportunity for us to expand our fintech division.

我們的市場技術（Market Technology）與監控技術，對於希望推出或提供永續合約的市場而言都具相關性。此外，交易永續合約也需要相關能力，例如 NTS。我們也希望確保像是風險管理以及 Calypso 所提供的其他技術，甚至可能包含監管申報（regulatory reporting），也都能涵蓋在內。我們確實將其視為擴大我們金融科技事業部（fintech division）的機會。

In terms of licensing the Nasdaq-100 or QQQ, those are conversations that we would have with our partner, CME, and others, to consider as we move forward.

至於授權 Nasdaq-100 或 QQQ，這些將是我們與合作夥伴 CME 以及其他方在往前推進時會進行的討論。

Very good. Thanks.

很好。謝謝。

Owen Lau, Clear Street.

Owen Lau，Clear Street。

Do you have more color on the roadmap of asset managers leveraging tokenized funds or assets as collateral? I think in the third quarter, you mentioned that two large asset managers completed tokenized collateral trades on the Canton Network. I'm wondering how Calypso can monetize it incrementally and the pace of adoption there.

你們能否就資產管理人如何運用代幣化基金或資產作為擔保品（collateral）的路線圖提供更多細節？我記得你們在第三季提到，有兩家大型資產管理人已在 Canton Network 上完成代幣化擔保品交易。我想了解 Calypso 如何在此基礎上帶來增量變現，以及那邊的採用速度。

Yeah, sure. The way that we're working with the industry is we want to make sure that Calypso, we already have this great collateral management capability in Calypso that's used by hundreds of firms around the world. So we provide them a very good way for them to determine what's the optimal collateral they should have in every collateral pool that they have to operate with.

是的，當然。我們與產業合作的方式，是希望確保 Calypso——我們在 Calypso 裡已經具備非常強大的擔保品管理能力，全球有數百家機構在使用。因此，我們為他們提供一個非常好的方式，讓他們能判斷在其必須運作的每一個擔保品池中，應該配置哪些最優的擔保品。

Now, what we're working on with Canton is to make sure that we can facilitate the movement of collateral in a tokenized form. We had two major asset managers, essentially, think of it as like a proof of concept that we executed in the second quarter to demonstrate that they take a tokenized money market fund that they've created, the asset managers created, and they're able to put it into the collateral network, through Calypso and transfer that collateral using Canton.

現在，我們與 Canton 正在推進的，是確保我們能夠促進以代幣化形式進行的擔保品移轉。我們有兩家大型資產管理公司，基本上可以把它視為我們在第二季執行的一個概念驗證（proof of concept），用來展示：他們把自己建立的代幣化貨幣市場基金（由資產管理公司所創建），透過 Calypso 放入擔保品網路，並使用 Canton 來移轉該擔保品。

It's basically a proof of concept on how do we turn Calypso, not only from collateral management to a collateral network in a tokenized form. And the way that we would charge for that going over time, because this is still a proof of concept, is it would be a new module. Think of it as an upsell, to offer the ability to actually manage collateral movement in addition to collateral management.

這基本上是一個概念驗證：我們如何把 Calypso 不僅從擔保品管理，進一步變成一個以代幣化形式運作的擔保品網路。至於我們會如何隨時間對此收費——因為這仍是概念驗證——會以一個新模組的形式。你可以把它想成加值銷售（upsell），在既有擔保品管理之外，提供實際管理擔保品移轉的能力。

That's the way that we've monetized it going forward. We're very excited because it was fun because the guys were there that day, and they basically came out of the room going, victory. It was pretty easy. Yep, the money moved. That was pretty neat. We definitely feel like we can be a part of that tokenization effort with the buy side and the sell side going forward.

這就是我們未來將其變現的方式。我們非常興奮，因為那天很有趣，當時那些人就在現場，他們基本上走出房間時說：勝利。這相當容易。是的，資金移動了。那真的很酷。我們確實覺得，未來在買方與賣方的代幣化努力中，我們可以成為其中的一部分。

Thank you.

謝謝。

Patrick Moley, Piper Sandler.

Patrick Moley，Piper Sandler。

Adena, I would love to get your thoughts on the IPO environment here. And then as you look out to the back half of 2027, how much of your IPO pipeline today is idiosyncratic mega deals versus what you would maybe view as a more durable broadening of the pipeline?

Adena，我很想聽聽你對目前 IPO 環境的看法。另外，當你展望 2027 年下半年時，你們目前的 IPO 儲備案源（pipeline）中，有多少是具特殊性的大型交易（idiosyncratic mega deals），又有多少是你可能認為更具持續性、能帶動案源更廣泛擴張的趨勢？

Sure. Actually, it really is a broadening of the pipeline. So we just are seeing a lot of really great companies coming out across -- there are certain themes to it. We are actually as focused on a broader pipeline as we would be on some of the larger opportunities. I think it actually shows up a little bit in the second quarter where you had these really large marquee listings up.

當然。其實，這確實是案源在擴大。我們看到很多非常優秀的公司陸續出來，且橫跨——其中有一些主題脈絡。我們對更廣泛的案源關注程度，實際上不亞於對一些更大型機會的關注。我認為這在第二季也有些體現，當時有一些非常大型、具指標性的上市案出現。

Obviously, you had SpaceX, but we also had Cerebras, we also had Parabilis, and we had Quantinuum, and we actually had a major data center company come live on some very large raises. Had SK hynix in the third quarter.

很明顯，你有 SpaceX，但我們也有 Cerebras，也有 Parabilis，也有 Quantinuum，而且我們其實也有一家大型資料中心公司以非常大規模的募資上市。第三季還有 SK hynix。

So the pipeline is pretty broad across the themes of anything related to AI infrastructure and buildout, including power, and the things that will actually drive compute capabilities as well as we are seeing a pickup in healthcare and in biotech listings, which is very exciting given the fact we've had a dearth of that over the last two years, so we're very excited to see that.

因此，案源在主題上相當廣泛，涵蓋任何與 AI 基礎設施與建置相關的領域，包括電力，以及實際驅動運算能力的各種要素；同時我們也看到醫療保健與生技上市案回溫，這非常令人振奮，因為過去兩年這方面相對匱乏，所以我們很高興看到這個趨勢。

And then the defense industry is also seeing some really good companies come out. And then companies that serve the defense industry, not only like actual building the defense systems, but building the components to the defense systems like Arcsys and other compounders that are really interesting coming into the market as well.

此外，國防產業也有一些非常不錯的公司出來。還有服務國防產業的公司——不只是實際建造國防系統的公司，也包括製造國防系統零組件的公司，例如 Arcsys 以及其他很有意思的複合材料/複合製造商（compounders）也正在進入市場。

And then also, we also are seeing more consumer companies coming out into the market. So it's becoming more and more broad-based, and we're very excited about that.

另外，我們也看到更多消費類公司進入市場。所以它正變得越來越廣泛、越來越多元，我們對此非常興奮。

Alexander Blostein, Goldman Sachs.

Alexander Blostein，高盛。

I was hoping to zoom out and maybe talk about profitability and business as a whole. Nasdaq's put out a couple quarters of really good operating leverage now. And I understand there's some low-hanging fruit, higher incremental margin tailwinds in whether it's trading or index.

我希望把視角拉遠一點，或許談談整體獲利能力與整體業務。納斯達克最近幾季展現了非常好的營運槓桿。我也理解，在交易或指數等業務上，確實存在一些「低垂的果實」以及更高增量利潤率的順風。

But as you think about just where you are and the efficiencies from AI, whether it's on the top line or the bottom line, how do you think about the margins as a whole over the next couple of years, and where do you think they could ultimately go?

但當你思考目前所處的位置，以及 AI 帶來的效率——不論是在營收端或成本端——你如何看待未來幾年整體利潤率的走勢？你認為最終可能達到什麼水準？

Thank you, Alex. We've seen, as you have noted, for the first half of this year, really very strong performance. And what I think you are reminding everyone is the gap that we are creating between our revenue, especially in solutions as well as the operating expense.

謝謝你，Alex。如你所指出的，我們在今年上半年確實看到非常強勁的表現。而我認為你是在提醒大家：我們正在拉大營收（特別是解決方案業務）與營運費用之間的差距。

That has been something which we've been very consistent with, which is we fund our investments very well, and that's why you're seeing us with on the front foot as we are able to deal with information and becoming able to transform that into additional science and opportunities with our clients.

這一直是我們非常一致的做法：我們把投資資金配置得很好，因此你會看到我們能夠更積極主動，因為我們能處理資訊，並能把它轉化為更多的科學洞見與為客戶帶來的機會。

But we are also working on efficiencies, and we've been very good at doing that and scale over the years, and that will continue with GenAI.

但我們也在推動效率提升，而且多年來我們在這方面做得很好、也具備規模化能力；而這一點將會在生成式 AI（GenAI）之下持續延伸。

Simon Clinch, Rothschild & Co.

Simon Clinch，Rothschild & Co.（羅斯柴爾德）。

Adena, I was wondering if you could just elaborate a bit more. With all the AI tools you're rolling out to your clients and the good uptake you're getting from clients, could you give us a sense of how rapidly and how sophisticated your clients are at the outset at using these products, and how to think about the sort of momentum in that usage? Is it something that's really going to build over time, or are they actually coming at it with a fairly sophisticated approach already and sort of getting really stuck in straight away?

Adena，我想請你再多闡述一下。你們正在向客戶推出各種 AI 工具，而且客戶採用情況很好；你能否讓我們了解一下：客戶在一開始使用這些產品時，採用速度有多快、成熟度有多高？以及該如何看待使用動能的演進？這會是隨時間逐步累積的，還是客戶其實一開始就已經相當成熟，並且立刻就很深入地投入使用？

Yeah. Actually, it's interesting. I would say that the clients are downright eager to be able to take advantage of the automations we're able to deliver because for them, it's a direct return on investment to them to be able to be more efficient internally. First of all, the way that we're deploying the AI capabilities out to our products makes it very easy to adopt.

是的。其實很有意思。我會說，客戶非常渴望能利用我們所提供的自動化能力，因為對他們而言，能提升內部效率就代表直接的投資報酬。首先，我們把 AI 能力部署到產品中的方式，讓採用變得非常容易。

It's not hard for them to say, yeah, I would automate that workflow to make it so that I can investigate a potential criminal actor. I can make sure that I can see all the investigation. I can see all the sites of the sources that the AI generated. I can also have the AI write the report. I can review the report, and I can click and go right into and submit that report.

他們不難說：是的，我會把那個工作流程自動化，讓我能調查潛在的犯罪行為人。我可以確保我能看到整個調查過程。我可以看到 AI 產生的所有來源網站。我也可以讓 AI 撰寫報告。我可以審閱報告，然後點一下就能直接進入並提交該報告。

So it's a very easy use case. Like these are easy use cases for the clients to adopt. They also recognize that it saves up to 80% of their time. So it's also -- It's an easy sell, to be honest with you. We also bring our clients together. We actually recently had an event in Boston with 150 of our anti-financial crime clients, and we were walking them through the pipeline of additional agentic workers that we're bringing, and we thought maybe they'd say, well, we can only take so many.

所以這是一個非常容易的使用情境。像這些都是客戶很容易採用的使用情境。他們也認知到這能節省多達 80% 的時間。所以老實說，這也——很容易推動成交。我們也會把客戶聚在一起。我們最近在波士頓為 150 位反金融犯罪客戶舉辦了一場活動，我們帶著他們走過我們將推出的更多代理型工作者（agentic workers）管線，而我們原本以為他們可能會說：嗯，我們一次只能吸收這麼多。

Let's make sure that we pace ourselves here, because we're talking about some acceleration. Instead, they're saying, Yep, please bring it on, but let's work together to figure out how to make sure that we can show to our CFO and our CTO the clear return so that we can adopt these as fast as possible. So it was a really -- It was very encouraging.

我們要確保在這裡掌握好節奏，因為我們談的是某種加速。相反地，他們的意思是：對，請把它帶上來，但讓我們一起合作，想辦法確保我們能向我們的 CFO 和 CTO 清楚展示投資報酬，讓我們可以盡快採用這些工具。所以那真的是——非常令人鼓舞。

I think also, we are very mindful in how we orchestrate the AI into the tooling in terms from a security perspective, a resiliency perspective, so that it is. In terms of our clients, they're obviously doing reviews of us as we are introducing these tools, and we feel very good about the diligence they do on us before they adopt them. It's been pretty smooth so far.

我也認為，我們非常留意從資安角度、韌性角度，如何把 AI 編排進工具之中，確保它能夠達到要求。就我們的客戶而言，當我們導入這些工具時，他們顯然也在對我們進行審查；而且在他們採用之前所做的盡職調查，我們感覺非常好。到目前為止相當順利。

That's really great. Thank you very much.

這真的很棒。非常感謝。

Brian Bedell, Deutsche Bank.

德意志銀行 Brian Bedell。

Great to see the really strong revenue progress across the solutions businesses. I did want to talk about the actual markets business and more of a broader picture question, Adena. Just your views on the future of Regulation NMS, just given with the SEC proposals out. Then more broadly, just the evolving market structure. Clearly order protection's going to be important for your views, I'm sure.

很高興看到解決方案業務在各方面都有非常強勁的營收進展。Adena，我確實想談談實際的市場業務，以及一個更宏觀的問題。鑑於 SEC 的提案已經出爐，你對 Regulation NMS 未來的看法是什麼？再更廣泛一些，就是市場結構的演變。很明顯，訂單保護（order protection）對你的觀點會很重要，我想也是。

But how about your views on strengthening the NBBO, allowing exchanges to sub-penny price, for example, and then how would that interact with tokenizing securities in terms of tokenized securities trading alongside certificated form? I think you said you plan to start that in the first quarter of next year. If you could just talk about the timing on that.

那你怎麼看強化 NBBO、例如允許交易所以次分（sub-penny）報價？以及這會如何與證券代幣化互動——也就是代幣化證券與憑證形式（certificated form）並行交易？我想你說過你們計畫在明年第一季開始。如果可以的話，請談談這方面的時程。

Sure. Yeah. It's a big topic. So let's start with Reg NMS and the Order Protection Rule, which we call OPR, just so everyone knows, but I use that acronym. The Order Protection Rule has been in place now for 20 years. And interestingly, I was at Nasdaq before the Order Protection Rule was put in place. At that time, we were not in favor of introducing that rule into the markets.

當然。是的。這是一個很大的題目。那我們先從 Reg NMS 和訂單保護規則（Order Protection Rule）開始，我們稱之為 OPR，讓大家知道我接下來會用這個縮寫。訂單保護規則至今已實施 20 年。有趣的是，在訂單保護規則上路之前，我曾在納斯達克任職。當時我們並不贊成把這項規則引入市場。

So as we have a long history of understanding it, understanding the effect of it, the consequences that come from it, and Reg NMS, there's some benefits to what Order Protection Rule has brought, which is, of course, all the markets now are intimately networked together to create a lot of resiliency. And in the markets. There's also more fragmentation of order flow. It has kept us from being able to innovate, because coincident with the Order Protection Rule, it basically says that everything has to be price time ordered.

因此，我們長期以來一直在理解它、理解它的影響，以及它所帶來的後果；就 Reg NMS 而言，訂單保護規則確實帶來一些好處——當然，現在所有市場都緊密互聯，形成很高的韌性。而在市場方面。但它也造成了更多的訂單流分散化。它也讓我們難以創新，因為訂單保護規則基本上要求一切都必須依「價格—時間」排序。

And it doesn't allow for us to have a more flexible structure around should it be price size. If you get size done, can you do that a penny away from the inside and still be compliant with best ex? But if you take away the Order Protection Rule and you think, okay, now we can innovate. We have three markets exchanges. We should be able to drive and experiment with different market models to see how they serve the client's needs.

它不允許我們在結構上更有彈性，例如是否可以採用「價格—數量」。如果你能完成大筆成交，是否可以在距離內盤（inside）差一分的地方成交，仍然符合最佳執行（best ex）？但如果拿掉訂單保護規則，你會想：好，現在我們可以創新了。我們有三個市場交易所。我們應該能推動並試驗不同的市場模型，看看它們如何滿足客戶需求。

Today, also, it's really a two-tiered market between on-exchange and off-exchange. We really can't compete in the off-exchange space. We can't segment order flow. We can't do a lot of things that we think will serve investors better. And by loosening up the Order Protection Rule and saying, Well, let's allow more innovation to come in, it allows us to think about how we can serve clients in a different way in working with the SEC.

另外，今天其實是一個兩層式市場：交易所內（on-exchange）與交易所外（off-exchange）。我們真的無法在場外空間競爭。我們無法分割訂單流。我們也無法做很多我們認為能更好服務投資人的事情。而透過放寬訂單保護規則、並表示「讓更多創新進來」，就能讓我們在與 SEC 合作時，思考如何以不同方式服務客戶。

So we see some benefits, but we also have to make sure we don't lose sight of the benefits OPR's brought in terms of the resilience of the ecosystem, the transparency of the best bid and offer, and making sure that investors are protected in the process. So that's a big body of work that we'll be working on with the SEC and with our clients.

所以我們看到一些好處，但也必須確保不要忽略 OPR 帶來的優點：包括生態系的韌性、最佳買賣報價（best bid and offer）的透明度，以及確保投資人在過程中受到保護。因此，這是一大塊工作，我們會與 SEC 以及我們的客戶一起推進。

Outside of that, if you think about tokenized equities, we have two projects going on with tokenized equities. One is to collaborate with the DTCC as they're trying to make sure that they allow for the settlement of tokenized shares. All of that's post-trade.

除此之外，如果你談到代幣化股票（tokenized equities），我們目前有兩個代幣化股票的專案在進行。其中一個是與 DTCC 合作，因為他們正努力確保能夠進行代幣化股份的交割結算（settlement）。這些都屬於交易後（post-trade）環節。

And then the other is to work with Kraken to say, is there a new model that can be created leveraging the Nasdaq token design and having a flow-through of the token through to instantaneous settlements and having the actual rights and everything related to the equity conveyed to the client, to the end investor with instantaneous settlement.

另一個則是與 Kraken 合作，探討是否能建立一種新模型：運用納斯達克的代幣設計，讓代幣能一路貫通到即時結算（instantaneous settlements），並把與該股票相關的實際權利與所有事項，在即時結算下轉移給客戶、也就是最終投資人。

For that, we do expect that to be something we launch in early next year with Kraken. Kraken, it's been a great partner, but it is not exclusive to them in terms of our ability to distribute that to other trading venues. And so we're in the midst of it. I think it actually has combined with 23/5 trading. It really opens the aperture and accessibility of equities to more investors. So we see it as a net positive to us and to the industry in general.

就這個專案而言，我們預期會在明年初與 Kraken 推出。Kraken 一直是很棒的合作夥伴，但就我們將此能力分發到其他交易場域而言，並不僅限於他們獨家。所以我們正在進行當中。我認為它其實也與 23/5 交易結合在一起。它確實擴大了股票對更多投資人的可及性與可接觸範圍。因此我們認為，對我們以及整個產業而言，整體是正面的。

It's great color. Thank you very much.

這些補充非常有幫助。非常感謝。

Dan Fannon, Jefferies.

Jefferies 的 Dan Fannon。

I wanted to follow up on Verafin and the momentum in that business. Curious about progress outside the US. And then as you think about the longer or the medium-term target of mid-'20s growth, what do you think is a reasonable time period to hit those numbers?

我想追問一下 Verafin 以及該業務的動能。想了解在美國以外的進展如何。另外，當你們思考中長期目標、也就是 20% 中段（mid-'20s）的成長時，你認為達到那些數字的合理時間區間是多久？

Sure. So outside the United States, we continue to engage with marquee clients in Europe and demonstrate and prove out our solution. I would say sales cycles are slow. When you're trying to land in an entirely new jurisdiction, it just takes a long time to get through the internal processes within the large banks. But we have been able to prove true value to them through our proofs of concept.

好的。在美國以外，我們持續與歐洲的指標性客戶（marquee clients）接洽，並展示、驗證我們的解決方案。我會說銷售週期偏慢。當你要在一個全新的司法管轄區落地時，穿越大型銀行內部流程本來就需要很長時間。但我們已經能透過概念驗證（proofs of concept）向他們證明真正的價值。

So it's really more a matter of just getting through the internal process and to say that this is a worthwhile investment for them versus the many other things that they're dealing with in their own regulatory environment. But we do actually still have a lot of confidence in our ability to go in and land and expand there. It's just taking longer to make sure that we're showing some B-type clients.

所以更重要的是把內部流程走完，並讓他們認定這是一項值得的投資；相較之下，他們在自身監管環境中還要處理許多其他事情。但我們對於在那裡「先落地、再擴張」（land and expand）的能力，仍然非常有信心。只是要花更久時間，確保我們能展示一些 B 類型客戶。

In terms of the medium-term outlook, one thing to just remind you of is we did mention earlier this year that we had a lot of the signings of our enterprise clients in the second half of last year. And it takes around a year to really onboard them fully, and to recognize the recurring revenue that comes from them. So we would anticipate that the ability to show the benefit of the second half of the year's signings would start to flow in the second half of the year this year. And so that helps.

就中期展望而言，有一點提醒大家：我們今年稍早提到，去年下半年我們簽下了許多企業級客戶（enterprise clients）。而要把他們完整上線（onboard）大約需要一年，並開始認列由他們帶來的經常性收入（recurring revenue）。因此我們預期，去年下半年簽約所帶來的效益，會在今年下半年開始逐步反映出來。所以這會有所幫助。

And then we also have, of course, 11 new signings so far this year. Upsells do actually are able to be implemented faster than new sales, so there is some benefit from that. So we still continue to underwrite the medium-term outlook for the business.

然後，當然，我們今年截至目前也有 11 筆新簽約。加購（upsell）確實比新銷售更快落地實施，因此在這方面有一些好處。所以我們仍然持續為業務的中期展望進行承保評估。

Great. Thank you.

很好。謝謝。

Michael Cyprys, Morgan Stanley.

Michael Cyprys，摩根士丹利。

Great. Thank you for taking the question. Wanted to ask about MarketTech. Just curious how you're thinking about new and emerging opportunities for the MarketTech business in the world of DeFi, where firms like Hyperliquid are enabling third-party builders and developers to deploy their own exchange and markets on their protocol. I guess, what's the opportunity for a Nasdaq chain and blockchain-native MarketTech offering?

很好。謝謝讓我提問。我想問一下 MarketTech。我很好奇，在 DeFi 的世界裡，像 Hyperliquid 這樣的公司讓第三方建置者與開發者能在其協議上部署自己的交易所與市場；對於 MarketTech 業務的新興機會，你們是怎麼思考的？我想問的是：Nasdaq 鏈以及原生於區塊鏈的 MarketTech 產品，機會在哪裡？

Yeah. So we don't have a Layer 1. I mean, that's not something that we've chosen to invest in, but we work with multiple Layer 1s. Our view is that first we should be interoperable. We're a horizontal market operator. We believe in a horizontal infrastructure, really on driving and maximizing accessibility to investors. So everything we're building, we're building for interoperability across multiple Layer 1s.

是。所以我們沒有 Layer 1。我的意思是，那不是我們選擇投入資本去投資的方向，但我們與多個 Layer 1 合作。我們的看法是，首先我們應該具備互通性（interoperable）。我們是橫向的市場營運者。我們相信橫向的基礎設施，核心在於推動並最大化投資人可及性。因此我們正在打造的一切，都是為了能在多個 Layer 1 之間互通。

In terms of like native DeFi venues, that's not a space that we've actually engaged in from a MarketTech perspective. We've been more engaged with what I would call more central limit order book-style digital asset ecosystem players, as well as providing surveillance for those types of players. But the native DeFi, where it's just peer-to-peer, is an ecosystem that's still very nascent, and I would say has some structural differences that are pretty significant.

至於像原生 DeFi 場所那樣的領域，從 MarketTech 的角度我們其實尚未涉入。我們更多是與我所稱的、較偏中央限價委託簿（central limit order book）風格的數位資產生態系參與者合作，同時也為這類參與者提供監控（surveillance）。但原生 DeFi，也就是純點對點的模式，仍是非常早期的生態系，而且我會說它在結構上有一些相當顯著的差異。

And our view might limit its use case, but right now we're much more focused on working more within more established markets and new exchanges that want to take a more established approach to driving markets in the digital asset ecosystem.

而我們的看法可能會限制其使用情境；但目前我們更聚焦於在較成熟的市場中合作，以及與希望以更成熟方式來推動數位資產生態系市場運作的新交易所合作。

Thank you.

謝謝。

Benjamin Budish, Barclays.

Benjamin Budish，巴克萊。

I was wondering if you could talk a little bit more about the strength you're seeing on the data sales side. I'm just curious what you're seeing in terms of customer types. You mentioned there's some usage-based components, if you could unpack maybe how big that is.

我想請你多談一點你們在資料銷售端看到的強勁表現。我很好奇你們在客戶類型方面看到什麼趨勢。你提到有一些是按使用量計費的組成，能否拆解一下大概占比有多大？

Then lastly, you mentioned some advantages to the data business from always-on market. So how do you see that as maybe another catalyst or where Nasdaq may be uniquely positioned to benefit from that trend? Thank you.

最後，你提到「永續運作（always-on）」市場對資料業務的一些優勢。那你怎麼看這會不會成為另一個催化劑，或 Nasdaq 在這個趨勢下有哪些獨特的受益定位？謝謝。

Sure. Yeah. So there are really three trends that are continuing to drive demand for our data, and it's the Nasdaq market data as well as third-party data that we distribute out through our Data Link platform. One is definitely AI use cases, and that's where -- and including investment, where people are integrating our data into AI workflows. We're not selling our data to core training models. We're selling them to applications that are leveraging AI.

當然。是的。目前確實有三個趨勢持續推動我們資料的需求，包括 Nasdaq 市場資料，以及我們透過 Data Link 平台對外分發的第三方資料。第一個絕對是 AI 使用情境，其中也包含投資領域，人們正把我們的資料整合進 AI 工作流程。我們不是把資料賣給核心訓練模型。我們是賣給運用 AI 的應用程式。

We have very good visibility and ability to monitor usage, by the way. But AI use cases is one, and we just, as we mentioned, we launched the MCP protocol to make it much even smoother for AI-driven workflows to be able to pick up and use our data. And the way that we charge for that, by the way, there will be an upcharge for the MCP layer in addition to the license fee for the data.

順帶一提，我們對使用量有非常好的可視性與監測能力。但 AI 使用情境是一個；而且如我們提到的，我們推出了 MCP 協議，讓 AI 驅動的工作流程更順暢地取得並使用我們的資料。另外，我們對此的收費方式是：在資料授權費之外，MCP 這一層會再加收費用。

In terms of -- The second trend is digital assets, whether it's outside the United States, the notion of tokenized equities, but also just the ability for them to integrate market data into other digital asset ecosystems. So we're definitely seeing more demand there.

第二個趨勢是數位資產，不論是在美國以外的市場、代幣化股票（tokenized equities）的概念，或是他們把市場資料整合進其他數位資產生態系的能力。所以我們確實看到那邊的需求在增加。

And then the third is 23/5 trading, having more and more international demand for our data. That's been a long-term trend for us, particularly in Asia. but it's extending now into the Middle East and other parts of the world where they're getting ready for US equities to be available, be traded in their home market hours. Retail brokers are signing up to make sure that that data's available to them on a real-time basis. So it's all three of those trends are driving sales right now.

第三個是 23/5 交易，帶動我們資料在國際上的需求愈來愈多。這對我們來說一直是長期趨勢，特別是在亞洲；但現在也延伸到中東與世界其他地區，因為他們正準備讓美國股票能在其本地市場時段提供並交易。零售券商正在簽約，以確保他們能即時取得那些資料。所以目前就是這三個趨勢共同推動銷售。

Okay, great. Thank you, Adena.

好的，很棒。謝謝你，Adena。

Michael Cho, JPMorgan.

Michael Cho，摩根大通。

Sarah, I just have a quick modeling question. You called out some tough comps, I think for capital markets back in the second half. Hoping you can flesh that out a little bit. I recall the few points of growth, but there's a number of moving pieces, and then you had a price increase in trade management as well. So just trying to get a sense of how those things offset for the second half of the year.

Sarah，我有一個快速的建模問題。你提到資本市場在下半年會有一些比較艱難的比較基期（tough comps）。希望你能再多說明一點。我記得有幾個成長點，但變動因素不少，而且你們在交易管理也有一次價格上調。所以我想了解一下，這些因素在今年下半年會如何互相抵消或對沖。

And then if I could just squeeze one more in. I just want to make sure I heard correctly on Verafin. The ARR uplift from the large deal signed late last year is still yet to come? Just want to make sure I heard that. Thanks.

另外如果我可以再塞一個問題。我想確認我對 Verafin 的理解是否正確。去年年底簽下的大型合約所帶來的 ARR 提升，還尚未反映出來？只是想確認我有沒有聽對。謝謝。

Yeah. I'll just say yes to your last question, and that's what Adena covered in terms of like, we are looking at a 12-month implementation from the second half of last year. In terms of the tough comps for capital markets tech, we had some Calypso upfront, and you remember that those can be lumpy in both the third and the fourth quarter of 2025. I just wanted to make sure that I reminded you that as you look at your models.

是的。我先回答你最後一個問題：是的；正如 Adena 提到的，我們是以去年下半年起算、約 12 個月的導入期來看。至於資本市場科技的艱難比較基期，我們有一些 Calypso 的一次性前期收入（upfront），你也記得這些在 2025 年第三季與第四季可能會比較不均勻（lumpy）。我只是想提醒你在做模型時把這點納入考量。

And of course, you've seen very, very strong Calypso upfront, actually during this first half. Those things come in phases. We have great momentum in the business, but as you think about the specific type that generates the upfront, which is the renewal, I wanted to make sure you had that indication. Other than that, we have the trade management services pricing increase, which that continues to accrue to us as you go forward, since it's an annual increase.

當然，你也看到我們在今年上半年其實有非常、非常強勁的 Calypso 前期收入。這些通常是分階段進來的。我們的業務動能很強，但當你思考會產生前期收入的特定類型（也就是續約）時，我想確保你有這個訊號。除此之外，我們還有交易管理服務的定價上調；由於那是年度調整，所以會在往後持續累積反映到我們的收入上。

Thank you.

謝謝。

Alex Kramm, UBS.

Alex Kramm，瑞銀。

Just one quick follow-up. Over the last few weeks, there's been a lot more headlines around how AI is driving financial crime higher. Just wondering to what degree you're hearing that from your clients as you engage with them around Verafin. Not sure if what you offer today kind of addresses those kind of new types of financial crime, but just wondering to what degree we could maybe see some uplift in the future as you hopefully fight that.

我只有一個快速追問。過去幾週有更多新聞標題在談 AI 如何推升金融犯罪。我想了解一下，當你們與客戶就 Verafin 互動時，在多大程度上有聽到他們提到這點。我不確定你們目前提供的方案是否已能涵蓋這些新型態的金融犯罪，但想了解一下，未來在你們協助對抗這些問題時，是否可能看到一些成長動能（uplift）。

Sure. Yeah. We definitely are hearing that from clients. We've been hearing that for some time. I think there's a few different styles. One is deep fakes, and they're getting very good, but that's really kind of using better deep fake technology to perpetrate the types of financial crimes that we've seen for quite some time in terms of romance scams, elderly scams, things that are very insidious, but they're just getting better at them.

當然。是的。我們確實也從客戶那裡聽到這些。我們已經聽到一段時間了。我認為大概有幾種不同的手法。其中一種是深偽（deepfakes），而且它們做得非常逼真；但本質上是利用更好的深偽技術，去犯下我們已經見過相當長一段時間的各類金融犯罪，例如愛情詐騙、針對長者的詐騙等，這些都非常陰險，只是他們在這些手法上變得更厲害了。

So I think the work that we're doing inside the engine of the alerting engine is also really, really exciting, I have to say. Leveraging GenAI allows us also to look through the data in new ways and capture different signals within the data, and that is something that we've been very focused on. And again, we talked about this, because we're also driving the AI across the business in terms of how they develop technology, how they are able to mine the data to look for new things.

所以我必須說，我們在警示引擎內部、也就是警示引擎核心所做的工作，同樣非常、非常令人振奮。運用生成式 AI 也讓我們能以新的方式檢視資料，並在資料中捕捉不同的訊號，而這一直是我們非常專注的方向。而且我們也談過，因為我們也正在把 AI 推動到整個業務中，包括他們如何開發技術、如何挖掘資料以尋找新的事物。

We are very excited about the efficacy of our ability to root out new forms of financial crime, and also just to be better at connecting data across the network. Just as a reminder, the data sits inside a consortia data lake comprised of all 2,800 financial institutions. We process somewhere in the range of 1 billion to 1.5 billion transactions a week. That's a lot of data.

我們對於自身在揪出新型態金融犯罪方面的成效感到非常振奮，同時也能更擅長把整個網路中的資料串聯起來。提醒一下，資料存放在一個由全部 2,800 家金融機構組成的聯盟資料湖中。我們每週處理約 10 億到 15 億筆交易。這是非常龐大的資料量。

So using AI to be able to root out different new behaviors, we can look at new patterns that are emerging, but also to look across the network of clients in new ways is really quite exciting in terms of what we're going to be able to deliver to our clients going forward. But it is a changing landscape, so we have to stay on top of it and support our bank clients in that way.

因此，運用 AI 來揪出各種新的行為，我們可以觀察正在浮現的新模式；同時也能以新的方式在客戶網路之間進行跨網路的檢視，這對於我們未來能為客戶交付的內容而言，確實非常令人振奮。但這是一個不斷變化的環境，所以我們必須保持領先，並以這種方式支援我們的銀行客戶。

The only other thing I would mention also is in the cross-asset class work that we're doing in SMARTS. The other thing that you're also seeing is more sophistication of criminal behavior in the capital markets as they're using largely algorithmic data on AI to perpetrate crimes across asset classes and use more sophisticated strategies that way.

我另外還想提到的是，我們在 SMARTS 所做的跨資產類別工作。你也會看到，資本市場中的犯罪行為正變得更為精密，他們大量運用演算法資料與 AI，在不同資產類別之間犯案，並以更複雜的策略來進行。

Our new cross-asset class capability in SMARTS is actually uses a different alerting technique to make it so we can look at behaviors differently. It's not just rules based, it's signals based. And that also creates new ways for us to fight that criminal behavior as well.

我們在 SMARTS 的新跨資產類別能力，實際上採用不同的警示技術，讓我們能以不同方式來觀察行為。它不只是以規則為基礎，而是以訊號為基礎。這也為我們對抗這些犯罪行為創造了新的方法。

All right. Very good. Thanks for the color.

好的。非常好。謝謝補充說明。

Eli Abboud, Bank of America.

Eli Abboud，美國銀行。

I wanted to dig into the impact of 24/7 trading on your FinTech businesses and the runway that's left there. How many of your clients are already taking the 24/7 version of your solution across regulatory and capital markets tech? What does the ASV uplift look like when a client transitions to 24/7 trading?

我想深入了解 24/7 交易對你們 FinTech 業務的影響，以及那裡還剩下多少成長跑道。你們有多少客戶已經在監管科技與資本市場科技方面採用你們解決方案的 24/7 版本？當客戶轉換到 24/7 交易時，ASV 的提升幅度大概會是什麼樣子？

Yeah. So we only have a very small handful of clients who are using our 24/7 architecture. Eqlipse was built to support 24/7 markets. A lot of them are 23/7, some are 24/5, some of them are even 23.5/7. They also want to have a day, some period of time where they can deal with maintenance and also a crossover of the day. So -- but we do have a small handful who actually use us on a 24/7 basis.

是的。目前只有非常少數的客戶在使用我們的 24/7 架構。Eqlipse 的設計就是為了支援 24/7 市場。其中很多是 23/7，有些是 24/5，有些甚至是 23.5/7。他們也希望能有一天、或某段時間用來處理維護，以及進行日切換。所以——但我們確實有少數客戶是以 24/7 的方式使用我們的。

In terms of that infrastructure, though, like outside of looking at it for a client, we've also talked to our own clients about what would it take to think about moving mainstream markets like Nasdaq or any of the national exchanges, and thinking about that on a 24/7 basis as opposed to 24/5.

就那套基礎設施而言，除了針對單一客戶來看之外，我們也和自己的客戶討論過：若要把像納斯達克（Nasdaq）或任何全國性交易所這類主流市場，從 24/5 轉為以 24/7 的方式運作，需要做到什麼。

And I can tell you that it's a major lift for our clients and for us, just because the architecture is different, and you'd have to replicate a lot of architecture to make it so you can basically operate without a maintenance window. And that is just a fundamental architectural difference.

我可以告訴你，這對我們的客戶以及對我們而言都是一項巨大的工程，因為架構不同，你必須複製大量架構，才能基本上在沒有維護視窗的情況下運作。而這就是一個根本性的架構差異。

And -- but I have to say that as we are engaging with clients, there is a growing pipeline of demand for moving to 24/5 all the way to 24/7. So we know we can deliver it. We have delivered it. We just want to make sure that we're working with them on the investment it would be needed to do it, both for them and their clients.

而且——但我必須說，隨著我們與客戶互動，從轉向 24/5 一直到 24/7 的需求管線正在增加。所以我們知道我們能交付。我們也已經交付過。我們只是想確保與他們一起評估並推進所需的投資，這些投資不僅是他們需要的，也包括他們的客戶所需要的。

Got it. Thank you.

了解。謝謝。

Thank you. That concludes our Q&A session. At this time, I'd like to turn the conference back over to Adena Friedman, President and CEO, for closing remarks.

謝謝。問答環節到此結束。此時，我想把會議交回給總裁兼執行長 Adena Friedman，請她做結語。

All right. Our second-quarter results reflect the disciplined execution of our strategy and reinforce our role as a trusted transformation partner to the global financial system. I want to thank you all for joining today, and have a great day.

好的。我們第二季的業績反映了我們對策略的紀律性執行，並強化了我們作為全球金融體系值得信賴的轉型夥伴之角色。感謝各位今天的參與，祝各位有美好的一天。

Thank you. This concludes today's conference call. Thank you for attending. You may all disconnect.

謝謝。今天的電話會議到此結束。感謝各位出席。各位現在可以掛線。