納斯達克交易所 (NDAQ) 2026 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to Nasdaq third 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（Nasdaq）2026 年第三季業績電話會議。（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 third 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.

各位早安，感謝大家今天加入我們，一同討論納斯達克 2026 年第三季財務業績。在線上的是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。

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

在我們的準備發言之後，我們將開放問答。與本次電話會議一同發布的新聞稿與財報簡報可於投資人關係網站查閱。

I would like to remind you that certain statements we make on this call, including statements about our outlook, expectations, plans, and strategies are forward-looking statements. These statements involve risks and uncertainties, and our actual results could differ materially from those expressed or implied in these statements.

我想提醒各位，我們在本次電話會議中所做的某些陳述（包括關於我們的展望、預期、計畫與策略的陳述）屬於前瞻性陳述。這些陳述涉及風險與不確定性，我們的實際結果可能與這些陳述所明示或暗示者有重大差異。

A summary of the risks is contained in our press release and on a more complete description in our annual report on Form 10-K. These statements speak only as of today and we undertake no obligation to update them.

風險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。這些陳述僅截至今日有效，我們不承擔更新之義務。

We will discuss our financial performance on a non-GAAP basis, excluding the impact of acquisitions and divestitures and the impact of changes in FX. Definitions and reconciliations of our non-GAAP measures to the most directly comparable US GAAP measures 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，以及匯率（FX）變動的影響。我們的非 GAAP 指標與最直接可比的美國 GAAP 指標之定義與調節表，可於我們的財報簡報中查閱，亦可在投資人關係網站 ir.nasdaq.com 的「財務」專區所提供的檔案中找到。

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

接下來，我把電話交給 Adena。

Thank you, Ato, and good morning, everyone. Today, I will start with a review of our third 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三季的財務業績，接著檢視各事業部的營運表現。之後我會把電話交給 Sarah，請她更詳細地說明財務結果。

In the third quarter, Nasdaq delivered strong results across each of our divisions, building on the outstanding momentum from the first half of the year and reinforcing our position as a trusted transformation partner to our clients.

第三季，納斯達克在各事業部均交出強勁成果，延續上半年卓越的動能，並強化我們作為客戶可信賴轉型夥伴的定位。

Nasdaq is positioned to lead some of the most significant and enduring trends reshaping the financial system, many of which are still in the early stages of their impact. The investing landscape is undergoing significant change, from the continued growth of passive investing to expanding levels of direct retail ownership, creating opportunities that reinforce Nasdaq's role at the center of the capital markets.

納斯達克已具備領先地位，可引領多項正在重塑金融體系、且影響深遠且持久的重大趨勢；其中許多趨勢的影響仍處於早期階段。投資環境正經歷顯著變化，從被動投資持續成長到散戶直接持有比例擴大，創造了更多機會，並進一步鞏固納斯達克在資本市場核心的角色。

The shift towards more connected and always-on markets is gaining momentum, and Nasdaq is shaping the next generation of market infrastructure. At the same time, artificial intelligence is becoming increasingly foundational to how institutions make decisions, manage risk, and allocate capital; and Nasdaq is extending its leadership through solutions embedded across our platform.

市場正朝向更互聯、且隨時運作（always-on）的方向轉變，動能持續增強，而納斯達克正在塑造下一代市場基礎設施。同時，人工智慧正日益成為機構做出決策、管理風險與配置資本的基礎；納斯達克也透過嵌入我們平台各處的解決方案，延伸我們的領導地位。

The economic environment remains constructive for the progression of these key trends. The US economy continues to demonstrate resilience while managing through inflation and elevated interest rates and is supported by strong corporate earnings, healthy consumer spending, and continued investment in AI and digital infrastructure.

整體經濟環境仍有利於這些關鍵趨勢的推進。美國經濟在應對通膨與較高利率的同時，仍展現韌性，並受惠於強勁的企業獲利、健康的消費支出，以及對 AI 與數位基礎設施的持續投資。

Now I'd like to turn to our results. In the third quarter, we delivered $1.5 billion in net revenue, up 14% year over year, and Solutions revenue of $1.2 billion, up 18%. Our overall annualized recurring revenue, or ARR, grew 14% year over year to $3.4 billion.

接下來我想談談我們的業績。第三季，我們實現 15 億美元淨營收，年增 14%；解決方案（Solutions）營收為 12 億美元，年增 18%。我們整體年化經常性收入（ARR）年增 14%，達 34 億美元。

Expenses were $638 million, up 12%. We delivered 19% diluted EPS growth, driven by 16% growth in operating income and the benefit of our share repurchase program.

費用為 6.38 億美元，年增 12%。在營業利益成長 16% 以及庫藏股回購計畫帶來的效益推動下，我們稀釋後每股盈餘（EPS）成長 19%。

Within our divisions, Capital Access Platforms generated 20% revenue growth and 8% ARR growth. Financial Technologies delivered 16% revenue growth and 18% ARR growth. And Market Services delivered 2% net revenue growth.

就各事業部而言，資本取得平台（Capital Access Platforms）營收成長 20%，ARR 成長 8%。金融科技（Financial Technologies）營收成長 16%，ARR 成長 18%。而市場服務（Market Services）淨營收成長 2%。

Now turning to the divisional results, I will start with Capital Access Platforms, where I will first discuss Data and Listings.

接著談各事業部的表現，我將先從資本取得平台開始，並先討論數據與上市業務。

Our Listings franchise continued its strong momentum from the first half of the year. We welcomed 15 new operating companies raising $32 billion in proceeds, including eight of the top 10 largest IPOs in the quarter, contributing to a 79% win rate.

我們的上市（Listings）業務延續上半年強勁動能。我們迎來 15 家新的營運公司，募資所得達 320 億美元，其中包括本季前十大 IPO 中的 8 宗，帶動 79% 的勝出率。

On a year-to-date basis, we have a 74% win rate, including 56 new operating company listings, raising a total of $144 billion in proceeds. We look forward to welcoming Hilton to Nasdaq in early November following its announcement on October 20 that it plans to transfer its listing of common stock to the Nasdaq stock market.

以年初至今計算，我們的勝出率為 74%，包括 56 家新的營運公司上市，募資所得合計 1,440 億美元。我們期待在 10 月 20 日希爾頓（Hilton）宣布計畫將普通股上市地轉至納斯達克股票市場之後，於 11 月初迎接其加入納斯達克。

Our European listings business continued to drive growth in the Nordics, where we welcomed eight new operating companies, including IQM Quantum Computers, which was the largest European listing by market capitalization in the quarter.

我們的歐洲上市業務持續推動北歐地區成長，我們迎來 8 家新的營運公司，其中包括 IQM Quantum Computers，為本季以市值計最大的歐洲上市案。

While we have seen a modest soft leading in the IPO environment in recent weeks, with some companies in certain sectors reevaluating the timing of their IPOs, our listings pipeline remains robust. And we are well positioned to support the diverse group of companies preparing to enter the public markets across a wide range of sectors.

雖然近幾週我們看到 IPO 環境出現些許溫和走弱的跡象，部分產業的公司正在重新評估其 IPO 時點，但我們的上市案儲備（pipeline）仍然強勁。我們也已做好充分準備，支持多元公司群體在廣泛產業領域中，為進入公開市場做準備。

Our Data business achieved double-digit growth driven by the strong client demand for our gold standard data, powering AI solutions and the transition to always-on markets. During the quarter, we delivered a 34% year-over-year increase in the number of enterprise licenses across various client types and multiple geographies.

我們的數據（Data）業務在客戶對我們「黃金標準」數據的強勁需求帶動下，實現雙位數成長，並為 AI 解決方案及向隨時運作市場的轉型提供動力。本季，我們在不同客戶類型與多個地區的企業授權（enterprise licenses）數量年增 34%。

Our Index franchise achieved a record $141 billion in net inflows over the last 12 months and $49 billion in the quarter, driven by product innovation, global expansion, and growing investor demand for our products. We launched 32 new products in the quarter, including 10 insurance product launches, bringing total year-to-date launches to 97 products, ahead of our pace at this point last year.

我們的指數（Index）業務在過去 12 個月創下 1,410 億美元淨流入的紀錄，本季淨流入 490 億美元，主要由產品創新、全球擴張，以及投資人對我們產品日益增加的需求所帶動。本季我們推出 32 項新產品，其中包括 10 項保險產品上市，使年初至今的推出總數達 97 項，較去年同期進度更快。

50% of all products launched during the quarter were introduced outside the United States. Product innovation continues to generate significant growth for our Index business, with 35% of the trailing 12-month net inflows driven by products launched over the last five years.

本季推出的所有產品中，有 50% 是在美國以外地區推出。產品創新持續為我們的指數業務帶來顯著成長，過去 12 個月淨流入中有 35% 來自於過去五年內推出的產品。

We continue to experience early momentum from our partnerships with BlackRock and State Street, with combined AOM exceeding $1 billion. We also continue to grow our long-standing partnership with Invesco, expanding the Invesco Q2Q Innovation Suite through the launch of the Invesco and Nasdaq International Innovators 100 ETF.

我們與貝萊德（BlackRock）及道富（State Street）的合作夥伴關係持續展現早期動能，合計管理資產規模（AOM）已超過 10 億美元。我們也持續擴大與景順（Invesco）長期合作關係，透過推出「景順與納斯達克國際創新者 100 ETF」（Invesco and Nasdaq International Innovators 100 ETF），擴展 Invesco Q2Q Innovation Suite。

Turning to workflow and insights, our growth was driven by analytics with double-digit revenue growth in both eVestment and Data Link. This is supported by strong bookings growth and expanding client adoption.

接著談工作流程與洞察（workflow and insights），我們的成長主要由分析業務帶動，eVestment 與 Data Link 皆實現雙位數營收成長。這得益於強勁的訂單（bookings）成長以及客戶採用度的擴大。

The rising demand for AI-enabled solutions continues to fuel growth within eVestment. Year to date, 25% of eVestment bookings were related to AI use cases.

對 AI 賦能解決方案日益上升的需求，持續推動 eVestment 內部的成長。年初至今，eVestment 訂單中有 25% 與 AI 使用情境相關。

We expanded the coverage of eVestment's data assets to more than 95,000 private funds, a 19% increase from the end of 2025, strengthening our position as a trusted provider of institutional investment intelligence.

我們將 eVestment 的資料資產覆蓋範圍擴展至超過 95,000 檔私募基金，較 2025 年底增加 19%，進一步鞏固我們作為值得信賴的機構投資情報供應商的地位。

We also expanded eVestment's reach through a new partnership, Juniper Square, launching Capital Intelligence, which embeds Nasdaq Investment data directly into Juniper Square's workflows for their private market clients.

我們也透過一項新的合作夥伴關係擴大 eVestment 的觸及範圍，與 Juniper Square 合作推出 Capital Intelligence，將納斯達克投資資料直接嵌入 Juniper Square 針對其私募市場客戶的工作流程中。

In Data Link, we continue to expand distribution as clients develop AI-native workflows. For example, we recently entered a partnership with Robinhood to embed a new proprietary data set into its agentic trading platform. This gives investors access to sophisticated market sentiment and institutional-grade investor insights to power agentic decision-making.

在 Data Link 方面，隨著客戶開發 AI 原生工作流程，我們持續擴大分發。例如，我們近期與 Robinhood 達成合作，將一套新的專有資料集嵌入其代理式交易平台。這讓投資人可取得更精密的市場情緒與機構級投資人洞察，以支援代理式決策。

Turning to Financial Technology, we achieved another excellent quarter, delivering revenue growth of 16% and record ARR growth of 18%. Clients continue to choose our solutions to modernize and transform their organizations, driving resilient demand for our mission-critical technology with sales cycles, contract term lengths, and bookings mix remaining consistent.

談到金融科技（Financial Technology），我們再度交出亮眼的一季，營收成長 16%，ARR 創紀錄成長 18%。客戶持續選擇我們的解決方案以推動組織現代化與轉型，帶動對我們關鍵任務技術的韌性需求；銷售週期、合約期限長度與訂單組合皆維持一致。

In the quarter, we signed 54 new clients, 5 cross-sells, and 135 upsells. Our long-standing investments in our cloud capabilities continue to underpin our performance. This quarter, 85% of bookings across our fintech portfolio were for cloud-based solutions.

本季我們簽下 54 家新客戶、5 筆交叉銷售，以及 135 筆加購升級（upsell）。我們長期在雲端能力上的投資持續支撐整體表現。本季在我們金融科技產品組合中，85% 的訂單來自雲端解決方案。

Nasdaq achieved its highest ever ranking in Tartis RiskTech 100 this quarter, placing number two globally and earning 14 category awards across risk management, financial crime prevention, trade surveillance, and corporate governance. This achievement is a testament to our OneNasdaq strategy in action, building integrated capabilities that help clients solve their most pressing challenges.

本季納斯達克在 Tartis RiskTech 100 中創下歷來最高排名，全球名列第二，並在風險管理、金融犯罪防制、交易監控與公司治理等領域獲得 14 項類別獎。此一成就證明我們 OneNasdaq 策略的落實成效：打造整合式能力，協助客戶解決最迫切的挑戰。

In Financial Crime Management Technology, Nasdaq Verafin delivered 23% revenue growth, with ARR growth increasing 2 percentage points sequentially to 19%. During the quarter, we signed 45 new SMB clients and three enterprise deals, bringing the total enterprise signings to 12 year to date, exceeding the nine enterprise signings we delivered in the entirety of last year.

在金融犯罪管理科技方面，Nasdaq Verafin 營收成長 23%，ARR 成長率較前一季提升 2 個百分點至 19%。本季我們簽下 45 家新的中小企業（SMB）客戶與 3 筆企業級交易，使今年迄今企業級簽約總數達 12 筆，超過去年全年完成的 9 筆企業級簽約。

Nasdaq Verafin continues to accelerate AI innovation across both its products and operations, with more than 850 clients using our agentic AI workforce. Expanding those capabilities, we moved two new agentic workers into production in the quarter, the Agentic AML analyst for structuring and our first fraud-focused worker, the Agentic Fraud Analyst for ACH.

Nasdaq Verafin 持續在產品與營運兩方面加速 AI 創新，已有超過 850 家客戶使用我們的代理式 AI 勞動力。為擴展這些能力，我們本季將兩位新的代理式工作者投入正式上線：用於拆分交易（structuring）的代理式 AML 分析師，以及我們首位以詐欺為重點的工作者——用於 ACH 的代理式詐欺分析師。

Regulatory Technology delivers a sustained growth driven by a client demand for Nasdaq solutions that support modernization initiatives across cloud, AI, and digital assets. Overall, we signed 10 new clients, including two cross-sells and 86 upsells.

監理科技（Regulatory Technology）在客戶對納斯達克解決方案的需求帶動下維持持續成長，這些解決方案支援雲端、AI 與數位資產等現代化計畫。整體而言，我們簽下 10 家新客戶，其中包含 2 筆交叉銷售與 86 筆加購升級。

In AxiomSL, we delivered higher subscription revenue driven by strong client engagement and upsells. We continue to build momentum internationally, expanding geographic coverage with one of the largest private banks in Switzerland and adding a lead Brazilian bank as a client.

在 AxiomSL 方面，受惠於強勁的客戶參與度與加購升級，我們帶動訂閱營收提升。我們持續在國際市場累積動能，與瑞士最大私營銀行之一擴大地理覆蓋，並新增一家巴西領先銀行成為客戶。

We continue to see strong engagement from a wide range of banks across both size and geography as they prepare for the evolving regulatory landscape. For instance, we signed a G-SIB to a Basel III implementation this quarter. We also deepened our relationship with a super-regional US bank, which expanded its use of our cloud-based solutions to modernize its operations.

我們持續看到各種規模與不同地區的銀行在準備因應不斷演變的監理環境時展現高度參與。例如，本季我們與一家全球系統重要性銀行（G-SIB）簽署巴塞爾協定 III 的導入案。我們也深化與一家美國超區域性銀行的合作關係，該行擴大採用我們的雲端解決方案以推動營運現代化。

In surveillance, we saw strong demand as markets moved toward always-on operations, including client wins with Kraken, Kalshi, and APEC. These engagements highlight our role in helping emerging market operators safeguard market integrity and investor confidence at scale. We also expanded client adoption of our AI capabilities, signing new clients for Calibration Copilot and GenAI News Copilot while building a growing sales pipeline for our broader AI solutions.

在監控（surveillance）方面，隨著市場朝向全天候運作，我們看到強勁需求，包括贏得 Kraken、Kalshi 與 APEC 等客戶。這些合作凸顯我們在協助新興市場營運者以規模化方式維護市場完整性與投資人信心方面所扮演的角色。我們也擴大客戶對 AI 能力的採用，簽下 Calibration Copilot 與 GenAI News Copilot 的新客戶，同時為更廣泛的 AI 解決方案建立持續成長的銷售管線。

Capital Markets Tech continued its strong momentum, driven by robust growth in trade management services as well as new client wins and upsells in our software solutions. Across the business, we signed two new clients, including one cross-sell and 48 upsells. In Calypso, we're driving the platform across AI, post-trade, and digital asset capabilities, supporting clients as they modernize and automate critical workflows.

資本市場科技（Capital Markets Tech）延續強勁動能，主要由交易管理服務的穩健成長，以及我們軟體解決方案的新客戶簽約與加購升級所驅動。整體業務方面，我們簽下 2 家新客戶，其中包含 1 筆交叉銷售與 48 筆加購升級。在 Calypso 方面，我們推動平台在 AI、交易後處理與數位資產能力上的發展，支援客戶現代化並自動化關鍵工作流程。

We announced that HSBC is extending its 15-year partnership with Nasdaq, adding Calypso's comprehensive exchange-traded derivatives clearing capabilities. This new capability brings clearing across OTC, exchange-traded derivatives, and repos into a unified platform, helping HSBC manage margin, collateral, and risk more efficiently. This milestone reflects our continued investment in Calypso to provide the integrated technology, collateral efficiency, and AI-ready data foundation that clients need as markets move toward an always-on future.

我們宣布匯豐銀行（HSBC）延長與納斯達克長達 15 年的合作夥伴關係，並新增 Calypso 全面的交易所交易衍生性商品清算能力。此一新能力將場外（OTC）、交易所交易衍生性商品與附買回（repo）的清算整合至單一平台，協助匯豐更有效率地管理保證金、擔保品與風險。此里程碑反映我們持續投資 Calypso，以提供客戶在市場邁向全天候未來時所需的整合式技術、擔保品效率與 AI 就緒的資料基礎。

This quarter, we also launched agentic AI capabilities within Calypso, enabling clients to deploy and scale AI agents across the trade life cycle. These agentic capabilities will be critical as market infrastructure evolves toward an always-on environment. This new operating paradigm requires continuous risk management and real-time intelligence to help clients monitor, prioritize, and respond to events at scale.

本季我們也在 Calypso 內推出代理式 AI 能力，使客戶能在交易生命週期中部署並擴展 AI 代理。隨著市場基礎設施朝向全天候環境演進，這些代理式能力將至關重要。此一新的營運典範需要持續的風險管理與即時情報，協助客戶以規模化方式監控、排序優先順序並回應事件。

In market technology, the growing demand for always-on markets continues to fuel demand for our technology. This quarter, Bruce ATS signed an agreement to use Nasdaq's trading technology to power the first 24/7 US equities trading ecosystem. Expanding continuous US equities trading through the weekends through an institutional-grade ATS is a significant development for the markets. We're pleased to be Bruce's partner to achieve this next step.

在市場科技方面，對全天候市場日益成長的需求持續推升對我們技術的需求。本季 Bruce ATS 簽署協議，採用納斯達克的交易技術來支援美國首個 24/7 股票交易生態系。透過機構級 ATS 將美國股票的連續交易延伸至週末，對市場而言是一項重大發展。我們很高興成為 Bruce 的合作夥伴，共同達成這下一步。

Turning to market services, we continue to lead the industry in share and capture. The division delivered 2% revenue growth to $309 million, a record for the third quarter. Our performance was fueled by higher share and near-record capture in US equities. We also experienced higher volumes across US equity options, Nordic cash equities, and fixed income.

談到市場服務（market services），我們持續在市占與捕獲率方面領先業界。該事業部營收成長 2% 至 3.09 億美元，創第三季新高。我們的表現受惠於美國股票更高的市占與接近紀錄的捕獲率。我們也在美國股票選擇權、北歐現金股票與固定收益等領域看到更高的交易量。

Looking ahead, we remain on track to launch 23/5 trading on the Nasdaq stock market on December 6, 2026. This launch of expanded, nearly continuous weekday trading hours is an important step in the journey to always-on markets, enabling broader investor access and greater transparency for all market participants.

展望未來，我們仍按計畫於 2026 年 12 月 6 日在納斯達克股票市場推出 23/5 交易。此次擴大、近乎連續的平日交易時段上線，是邁向全天候市場旅程中的重要一步，可讓更廣泛的投資人參與並提升所有市場參與者的透明度。

Within market services, Nasdaq has established digital liquidity networks, which unifies the capabilities, investments, and solutions we've been developing to advance tokenization and always-on markets under one strategy.

在市場服務之內，納斯達克已建立數位流動性網路（digital liquidity networks），將我們為推進代幣化與全天候市場而持續開發的能力、投資與解決方案，在單一策略下加以整合。

Within digital liquidity networks, we closed our acquisition of LeveL Markets on October 15, adding the third largest alternative trading system, or ATS, in the US by trading volume. This acquisition strengthens our ability to deliver institutional-grade liquidity and execution solutions to our clients.

在數位流動性網路之內，我們於 10 月 15 日完成對 LeveL Markets 的收購，新增美國按交易量計算第三大的另類交易系統（ATS）。此項收購強化我們為客戶提供機構級流動性與執行解決方案的能力。

We now have new flexibility in serving our clients' needs in the existing US equity market environment through an off-exchange venue. We also have the ability to expand LeveL ATS to new markets and to connect its 2,500 institutional and retail brokerage clients to multiple global markets and asset classes through LeveL Connect.

透過場外交易場所（off-exchange venue），我們在既有的美國股票市場環境中，服務客戶需求的彈性已提升。我們也具備將 LeveL ATS 擴展至新市場的能力，並可透過 LeveL Connect，將其 2,500 家機構與零售券商客戶連結至多個全球市場與資產類別。

Additionally, we continue to work closely with DTCC as it prepares to launch its tokenization service this month, and we remain on track to launch the Nasdaq equity token in the first half of next year. Together, these efforts advance the modernization of US equity markets while putting issuers at the center of tokenization.

此外，我們持續與 DTCC 緊密合作，協助其準備於本月推出代幣化服務；同時，我們仍按計畫於明年上半年推出納斯達克股票代幣（Nasdaq equity token）。這些努力共同推動美國股票市場的現代化，同時讓發行人處於代幣化的核心位置。

Our third-quarter results demonstrate the durability of our strategy and our strong position at the intersection of the trends reshaping our industry. We remain focused on delivering trusted, scalable solutions that support both innovation and resilience across the financial system.

我們第三季的業績展現了我們策略的韌性，以及我們在重塑本產業趨勢交會點上的強勁定位。我們仍專注於提供值得信賴、可擴展的解決方案，以支持整個金融體系的創新與韌性。

Through the markets we operate, the technology we provide, and the intelligence and risk management solutions we deliver, we're partnering with clients to navigate an increasingly interconnected financial ecosystem.

透過我們所營運的市場、我們提供的技術，以及我們交付的情報與風險管理解決方案，我們正與客戶攜手，協助其在日益互聯的金融生態系中前行。

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

接下來，我把電話交給 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 third quarter of 2026, Nasdaq delivered excellent results, headlined by diluted EPS growth of 19%, Solutions revenue growth of 18%, and ARR growth of 14%, including record fintech ARR growth of 18%.

謝謝你，Adena，各位早安。在 2026 年第三季，Nasdaq 交出優異成績，亮點包括稀釋後每股盈餘（EPS）成長 19%、Solutions 營收成長 18%，以及 ARR 成長 14%，其中金融科技 ARR 更創下 18% 的歷史新高。

Let's start with quarterly results on slide 11. We reported net revenue of $1.5 billion, up 14%, with Solutions revenue of $1.2 billion, up 18%. Operating expense was $638 million, up 12%, leading to an operating margin of 57% and an EBITDA margin of 60%, both up 1 percentage point over the prior year period. This resulted in net income of $5D88 million and diluted EPS of $1.04, up 19%.

我們先從第 11 頁的季度業績開始。我們公布淨營收 15 億美元，年增 14%，其中 Solutions 營收 12 億美元，年增 18%。營業費用為 6.38 億美元，年增 12%，使營業利益率達 57%、EBITDA 利潤率達 60%，兩者皆較去年同期提升 1 個百分點。因此，淨利為 5D88 百萬美元，稀釋後 EPS 為 1.04 美元，年增 19%。

Slide 12 shows the drivers of our 14% net revenue growth for the quarter. We generated 10.5 percentage points of alpha, supported by new and existing clients and product innovation. Meanwhile, beta factors contributed 3.5 percentage points of growth, driven by higher valuations in Nasdaq indices, higher derivatives volume in index, and higher overall volume primarily in US options.

第 12 頁顯示本季淨營收成長 14% 的驅動因素。在新舊客戶與產品創新支持下，我們創造了 10.5 個百分點的 alpha。同時，beta 因素貢獻 3.5 個百分點的成長，主要由 Nasdaq 指數估值走高、指數衍生品成交量增加，以及整體成交量上升（主要來自美國選擇權）所帶動。

Let's review division results starting on slide 14. In Capital Access Platforms, we delivered revenue of $641 million, up 20%, with ARR growth of 8%. Data and Listings revenue and ARR were both up 10%. The move towards always-on markets and expanding AI use cases are supporting client demand for a data franchise, and we expect them to be durable trends for years ahead.

我們從第 14 頁開始檢視各事業部門表現。在 Capital Access Platforms，我們實現營收 6.41 億美元，年增 20%，ARR 成長 8%。Data and Listings 的營收與 ARR 皆年增 10%。市場朝向全天候運作（always-on）以及 AI 應用情境擴大，正支撐客戶對資料業務（data franchise）的需求；我們預期這些將是未來多年持續的長期趨勢。

The strongest revenue growth in this quarter was driven primarily by upsells, new bookings, pricing and usage. Listings revenue benefited from IPOs and pricing increases, partially offset by 2025 delistings and lower amortization of prior period initial listing fees, which were consistent with the last quarter.

本季最強勁的營收成長主要由加購（upsells）、新訂單（new bookings）、定價與使用量所驅動。上市（Listings）營收受惠於 IPO 與調價上調，但部分被 2025 年下市（delistings）以及前期首次上市費用攤銷降低所抵銷；這與上一季一致。

Index revenue was up 39% with 15 percentage points of growth driven by alpha. ARR, which covers a very small portion of Index revenue, increased 10%. Revenue growth was primarily driven by a record average ETP AUM which surpassed $1.1 trillion in the third quarter.

指數（Index）營收年增 39%，其中 15 個百分點的成長由 alpha 驅動。ARR（僅涵蓋指數營收中非常小的一部分）增加 10%。營收成長主要由平均 ETP 資產管理規模（AUM）創新高所帶動，第三季已突破 1.1 兆美元。

The performance was bolstered by record net inflows of $141 billion over the last 12 months, including $49 billion in the third quarter. We are driving strong momentum in the Nasdaq 100 franchise, which is supported by secular growth in passive investing with strong retail ownership and further market share expansion.

表現亦受過去 12 個月創紀錄的淨流入 1,410 億美元所支撐，其中第三季為 490 億美元。我們正推動 Nasdaq 100 產品線（franchise）的強勁動能，受惠於被動投資的結構性成長、強勁的零售持有，以及市占率進一步擴張。

Volume-based revenue was also a contributor to growth, with record derivatives contract volumes up 70% in the quarter and amidst the continued mix shift in derivatives from higher-priced E-mini contracts to lower-priced micro E-mini contracts.

以成交量為基礎的營收亦對成長有所貢獻；本季衍生品合約成交量創新高、年增 70%，同時衍生品持續出現組合轉移（mix shift），由價格較高的 E-mini 合約轉向價格較低的 micro E-mini 合約。

In Workflow and Insights, revenue was up 5% in the quarter, with ARR growth up 6%, driven by double-digit revenue growth in both eVestment and Data Link, while corporate solutions revenue was essentially flat. Quarterly operating margin for the division was 64%, up 3 percentage points versus the prior year period.

在 Workflow and Insights，本季營收年增 5%，ARR 成長 6%；其中 eVestment 與 Data Link 皆呈現雙位數營收成長，而企業解決方案（corporate solutions）營收則大致持平。該部門本季營業利益率為 64%，較去年同期提升 3 個百分點。

Before we wrap on capital access platforms, an update on our portfolio optimization. In addition to the previously announced sale of Nasdaq fund secondaries to Nasdaq private markets and the acquisition of DaCity, which was closed in the third quarter, we announced the wind-down of our sustainability advisory business and the sale of Nasdaq material to osapiens, which closed on August 19. In the third quarter, the net effect of these three items would have been a net increase in the Workflow and Insights pro forma adjusted revenue growth rate of approximately 50 basis points.

在結束資本接入平台（capital access platforms）之前，更新一下我們的投資組合優化進展。除先前宣布將 Nasdaq fund secondaries 出售給 Nasdaq private markets，以及第三季完成交割的 DaCity 收購案之外，我們也宣布結束永續顧問業務，並將 Nasdaq material 出售給 osapiens，該交易已於 8 月 19 日完成交割。若以第三季計算，這三項事項的淨影響，將使 Workflow and Insights 的備考（pro forma）調整後營收成長率淨增加約 50 個基點。

Moving to Financial Technology on slide 15. Revenue was $529 million, up 16%, driven by double-digit revenue growth across all three subdivisions with record ARR growth of 18%. Our business continues to see strong demand across all fintech subdivisions, with cloud deals accounting for 85% of ATV bookings in the quarter.

接著看第 15 頁的金融科技（Financial Technology）。營收為 5.29 億美元，年增 16%，三個子部門皆呈現雙位數營收成長，ARR 更以 18% 創下歷史新高。我們的業務在所有金融科技子部門持續看到強勁需求，本季雲端交易占 ATV 訂單（bookings）的 85%。

The division signed 54 new clients, 135 upsells, and 5 cross sales in the quarter. Cross sales continue to represent over 15% of the fintech pipeline.

該部門本季簽下 54 家新客戶、135 筆加購（upsells）以及 5 筆交叉銷售（cross sales）。交叉銷售持續占金融科技銷售管線（pipeline）的 15% 以上。

Financial Crime Management Technology revenue grew 23% in the quarter with ARR growth of 19% and net revenue retention of 111%. We signed 45 new SMB clients in the third quarter, contributing to 26% year-to-date ACV bookings growth versus the prior-year period and reflecting sustained demand in the SMB segment.

金融犯罪管理技術（Financial Crime Management Technology）營收本季成長 23%，ARR 成長 19%，淨營收留存率（net revenue retention）為 111%。我們在第三季簽下 45 家新的中小企業（SMB）客戶，帶動今年迄今 ACV 訂單（bookings）相較去年同期成長 26%，反映 SMB 區隔需求持續強勁。

In Enterprise, we signed two cross-sales and one expansion. Enterprise clients signed in the second half of 2025 progressed through their implementations during the quarter, contributing to the sequential improvement in revenue and ARR growth.

在企業（Enterprise）方面，我們簽下兩筆交叉銷售與一筆擴張（expansion）。於 2025 年下半年簽約的企業客戶在本季推進導入（implementation），帶動營收與 ARR 成長的環比改善。

Regulatory Technology delivered revenue growth of 13% and ARR growth of 15%, reflecting strong performance across both surveillance and AxiomSL. The subdivision delivered 10 new clients, including 2 cross-sells and 86 upsells in the quarter.

監管科技（Regulatory Technology）實現營收成長 13%、ARR 成長 15%，反映監控（surveillance）與 AxiomSL 兩者皆有強勁表現。該子部門本季新增 10 家客戶，其中包含 2 筆交叉銷售與 86 筆加購（upsells）。

Capital Markets Technology revenue grew 14%, with ARR growth of 19%. The subdivision signed two new clients, including 1 cross-sell and 48 upsells.

資本市場技術（Capital Markets Technology）營收成長 14%，ARR 成長 19%。該子部門簽下兩家新客戶，其中包含 1 筆交叉銷售與 48 筆加購（upsells）。

The quarter's strong performance reflects the pricing increase in trade management services, which we announced earlier this year; demand for data center service and an elevated level of testing; demand for market technology driven by infrastructure modernization in exchanges; and continued execution at Calypso despite a tough comp on revenue growth in the quarter due to upfront revenue in the prior-year period. This was partially offset by lower professional services revenue, which was part of the difference between revenue and ARR growth.

本季的強勁表現反映：我們今年稍早宣布的交易管理服務（trade management services）調價上調；資料中心服務需求與測試量維持高檔；交易所基礎設施現代化帶動的市場技術需求；以及儘管因去年同期一次性前收（upfront）營收使本季營收成長比較基期偏高，Calypso 仍持續穩健執行。上述部分被較低的專業服務（professional services）營收所抵銷，這也是營收與 ARR 成長差異的一部分原因。

As a reminder, Capital Markets Technology revenue growth in the fourth quarter of 2025 benefited from a contribution from Calypso upfront revenue, which will create a tough comp for Capital Markets Technology in the upcoming quarter. Financial Technology quarterly operating margin was 46%, up 1 percentage point versus the prior year period.

提醒一下，2025 年第四季資本市場技術營收成長受惠於 Calypso 的一次性前收營收貢獻，這將使資本市場技術在下一季面臨較具挑戰的比較基期。金融科技本季營業利益率為 46%，較去年同期提升 1 個百分點。

Wrapping up the divisions with Market Services on slide 16. The division delivered net revenue of $309 million, up 2% and representing a third-quarter record. Growth in the quarter was driven primarily by alpha in US equities with extremely strong capture due to the lower volatility environment as well as higher market share in both US And European equities, with an additional beta contribution from higher industry volumes in US options and European cash equities.

最後看第 16 頁的市場服務（Market Services）。該部門淨營收為 3.09 億美元，年增 2%，並創下第三季新高。本季成長主要由美國股票的 alpha 所驅動；在較低波動環境下，我們的捕捉率（capture）極為強勁，同時在美國與歐洲股票的市占率提升；此外，beta 亦受惠於美國選擇權與歐洲現貨股票（cash equities）產業成交量上升。

This performance was partially offset by exchange and capture in US options, which was a strong $0.09 but rounded down due to the continued mixed shift in the composition of order flow towards consolidators in a lower volatility environment; lower capture in European equities due to a pricing change for retail volumes in support of market share; and lower revenue in Canadian equities due to market volatility in commodities.

此表現部分被以下因素抵銷：美國期權的匯兌與捕獲（capture）表現強勁，達到0.09美元，但由於在較低波動環境下，訂單流組成持續呈現混合轉移、更多流向整合商（consolidators），因此四捨五入向下；因為為支持市占率而針對零售成交量進行定價調整，導致歐洲股票的捕獲率下降；以及因大宗商品市場波動，導致加拿大股票收入下降。

Our leading positions in both equities and options provide a natural balance across market conditions. As volatility and trading activity evolve, we benefit from a diversified portfolio that is not dependent on a single market environment.

我們在股票與期權兩方面的領先地位，能在不同市場狀況下提供天然的平衡。隨著波動度與交易活動演變，我們受益於多元化的投資組合，而非依賴單一市場環境。

We continue to manage effectively the balance between capture and market share across our markets. We maintained a strong lead over our closest competitor in US multi-listed options with a year-to-date market share gap of over 500 basis points, combined with a lower sequential decline in capture. Further, we are well aligned with industry growth vectors, including the off-exchange segment with the acquisition of LeveL, the continued expansion of index options, and the launch of 23/5 trading.

我們持續有效管理在各市場中捕獲率（capture）與市占率之間的平衡。在美國多重上市期權方面，我們相較於最接近的競爭對手仍維持強勁領先，年初至今市占率差距超過500個基點，同時捕獲率的環比下滑幅度更小。此外，我們也與產業成長動能高度一致，包括透過收購LeveL切入場外（off-exchange）領域、指數期權的持續擴張，以及23/5交易的推出。

Quarterly operating margin for the division was 61%, down 5 percentage points versus the prior-year period primarily due to revenue performance and a $5 million contra-expense benefit in the prior-year period which we previously mentioned.

該事業部季度營業利益率為61%，較去年同期下降5個百分點，主要由於營收表現，以及我們先前提及的去年同期5百萬美元的費用抵減（contra-expense）利益。

Before we wrap on Market Services, as Adena mentioned, we closed the acquisition of LeveL on October 15 and launched Digital Liquidity Networks which will unify the capabilities, investments, and solutions which we have been developing to advance tokenization and always-on markets under one strategy.

在結束市場服務（Market Services）之前，如Adena所提，我們已於10月15日完成LeveL的收購，並推出數位流動性網路（Digital Liquidity Networks），將我們為推進代幣化（tokenization）與全天候市場（always-on markets）所開發的能力、投資與解決方案，統一納入同一策略之下。

The LeveL revenue contribution for the fourth quarter is expected to be $7 million to $8 million, and the expense are included in our updated expense guidance. Moving forward, we will report revenue from LeveL and Digital Liquidity Networks within other revenue in our Market Services division.

預期LeveL在第四季的營收貢獻為700萬至800萬美元，相關費用已納入我們更新後的費用指引。展望未來，我們將在市場服務事業部的其他收入（other revenue）中，揭露來自LeveL與數位流動性網路的收入。

Moving to expense on slide 17. We had operating expense of $638 million in the third quarter, an increase of 12%, driven by employee compensation, reflecting our strong revenue execution and severance costs; increased marketing expense due to a strengthening IPO environment; and investments in technology to support revenue and drive innovation and growth. The third quarter operating margin was 57%, and the EBITDA margin was 60%, both up 1 percentage point for the prior year period.

接著看第17頁的費用。第三季營業費用為6.38億美元，年增12%，主要由員工薪酬增加所帶動，反映我們強勁的營收執行力與資遣成本；由於IPO環境轉強而增加的行銷費用；以及為支援營收並推動創新與成長而進行的科技投資。第三季營業利益率為57%，EBITDA利益率為60%，兩者皆較去年同期提高1個百分點。

We are updating on non-GAAP expense guidance for the year to a range of $2.550 billion to $2.580 billion from $2.530 billion to $2.570 billion with two primary drivers. We are raising the top end of the range to reflect expected costs from the recently closed acquisition with the two transactions contributing about equally to the increase, and we are raising the midpoint due to the combination of the impact of the recent M&A and the strong revenue performance we have experienced here to date. We maintain our 2026 non-GAAP tax rate guidance of 22.5% to 24.5%.

我們將全年非GAAP費用指引由25.30億至25.70億美元，上調至25.50億至25.80億美元，主要有兩項驅動因素。我們上調區間上緣，以反映近期完成收購所預期的成本，且兩筆交易對增幅的貢獻大致相當；同時，因近期併購（M&A）的影響與迄今為止強勁的營收表現，我們也上調區間中點。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 $616 million in the third quarter. Over the last 12 months, Nasdaq generated $2.3 billion in free cash flow at a conversion ratio of 98%. We paid a dividend of $0.31 per share, or $173 million in the quarter, representing a 30% annualized payout ratio.

接著看第18頁的資本配置。Nasdaq第三季產生自由現金流6.16億美元。過去12個月，Nasdaq產生23億美元自由現金流，轉換率為98%。本季我們每股支付0.31美元股利，合計1.73億美元，代表年化配發率為30%。

During the quarter, we repurchased a total of 3.6 million shares of our common stock for $323 million. In combination with the dividend, Nasdaq returned nearly $500 million to shareholders in the third quarter. Through the first three quarters of the year, we have repurchased $1.2 billion, almost doubling the $616 million of repurchases in all of 2025.

本季我們以3.23億美元回購合計360萬股普通股。加計股利，Nasdaq在第三季向股東返還近5億美元。今年前三季，我們已回購12億美元，幾乎是2025年全年6.16億美元回購金額的兩倍。

Additionally, in October, we launched a variable notional accelerated share repurchase plan of $315 million to $385 million. It will be completed in the fourth quarter. We finished the quarter with a gross leverage of 2.5 times.

此外，我們於10月啟動一項名目本金可變的加速股票回購（variable notional accelerated share repurchase）計畫，規模為3.15億至3.85億美元。該計畫將於第四季完成。本季結束時，我們的總槓桿倍數為2.5倍。

In closing, Nasdaq delivered another quarter of excellent execution. Our third-quarter results, in combination with our performance in the first half of the year, demonstrates the strength of our business model and strategy, our position as a trusted transformation partner to our clients, and our leadership in helping to shape the next generation of financial markets.

最後，Nasdaq再度交出一季卓越的執行成果。我們第三季的結果，結合上半年表現，展現了我們商業模式與策略的強韌性、作為客戶可信賴轉型夥伴的定位，以及我們在協助塑造下一代金融市場方面的領導地位。

As we enter the fourth quarter and move towards the New Year, we are extremely confident in our opportunity. And we remain focused on executing on our strategic objectives and delivering long-term value to shareholders.

隨著我們進入第四季並邁向新的一年，我們對自身機會極具信心。我們也將持續專注於落實策略目標，並為股東創造長期價值。

With that, I'll open the floor for Q&A. Thank you.

接下來，我將開放問答。謝謝。

(Operator Instructions) Ashish Sabadra, RBC Capital Markets.

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

Adena, you highlighted several agentic AI solutions across your portfolio, and AI is obviously driving greater demand for your data and workflow platform. Can you elaborate further on how AI is becoming a source of competitive differentiation and how that dynamic is translating into the upsell and cross-sell momentum across your platform?

Adena，妳在產品組合中強調了多項代理式（agentic）AI解決方案，而AI顯然也正在推動市場對你們資料與工作流程平台的更高需求。能否進一步說明AI如何成為競爭差異化的來源，以及這種動態如何轉化為你們平台上的加購（upsell）與交叉銷售（cross-sell）動能？

Sure. Yeah, thank you. We really appreciate that question. We are really focused on making sure that we deliver data that is AI ready and we deliver capabilities within our software solutions that really thrive towards agentic capabilities for our clients.

當然。是的，謝謝。我們非常感謝這個問題。我們非常專注於確保提供可供AI使用（AI ready）的資料，並在我們的軟體解決方案中提供能力，讓客戶能真正朝向代理式能力（agentic capabilities）蓬勃發展。

And as you can see, we're starting to broaden out how we're doing that and where we're delivering that. So starting actually in cap with the eVestment and Data Link, in our market data, we have created MCP connectors to allow our clients to absorb and ingest the data in a really flexible way to allow them to integrate them into agentic workflows.

如你所見，我們正開始擴大我們的做法，以及我們交付這些能力的範圍。因此，從資本市場平台（cap）中的eVestment與Data Link開始，在我們的市場資料方面，我們建立了MCP連接器（connectors），讓客戶能以非常彈性的方式吸收並匯入資料，使其能整合到代理式工作流程中。

I do want to say we're very careful in how we deliver that, making sure we can track and trace it and also understanding the use cases that our clients are using the data for. But it is definitely driving -- I wouldn't say upsells, but just demand for our products, for sure.

我也想說，我們在交付方式上非常謹慎，確保我們能追蹤與溯源（track and trace），同時也理解客戶使用這些資料的使用情境（use cases）。但這確實正在帶動——我不會說是加購，但肯定是對我們產品的需求提升。

And we've mentioned a couple stats. 25% of the new bookings for eVestment related to AI use cases is an example. And then Data Link, which is -- oftentimes, the partners are using this data for agentic workflows, and I think Robin has a good example of that.

我們也提到過幾個數據。例如，eVestment與AI使用情境相關的新訂單（new bookings）占比達25%。另外，Data Link——很多時候合作夥伴會將這些資料用於代理式工作流程，我想Robin對此有一個很好的例子。

And then within fintech, we have a whole range of capabilities we're delivering. And we mentioned that we have over 850 users now of the agentic workers within Verafin. And we have over 70 clients signed now to paying deals. So they have signed contracts to make sure that they're paying for those solutions.

此外，在金融科技（fintech）方面，我們正在交付一整套能力。我們提到，目前Verafin中的代理式工作者（agentic workers）使用者已超過850名。而且目前已有超過70家客戶簽署付費交易。也就是說，他們已簽訂合約，確保會為這些解決方案付費。

And we have a nice pipeline of opportunity to continue to upsell our clients with those capabilities. So we're really excited about the momentum there.

我們也有相當不錯的機會管線，能持續以這些能力向客戶進行加購。因此，我們對這股動能感到非常振奮。

I think we mentioned in prior quarters, it's kind of a freemium model. So now, we're actually propagating that freemium model into Calypso and surveillance. And we're introducing agentic workers and agentic AI into Calypso for risk management and into surveillance for basically workflow management on alerts. And those are just starting.

我想我們在前幾季提過，這有點像是freemium模式。所以現在，我們正把這個freemium模式延伸到Calypso與監控（surveillance）。我們正在把代理式工作者與代理式AI導入Calypso，用於風險管理；並導入監控領域，基本上用於警示（alerts）的工作流程管理。而這些才剛開始。

So we're building a pipeline. I think we mentioned that we've been selling more of those solutions through surveillance. Calypso, we just announced it a couple of weeks ago at Sibos. It had a really, really strong -- resounding, actually -- support from the clients. So we're excited about building pipeline there.

所以我們正在建立一個銷售管線。我想我們提過，我們透過監管（surveillance）通路銷售更多這類解決方案。Calypso，我們就在幾週前的 Sibos 上剛宣布。客戶給予非常、非常強烈——其實是相當一致且響亮的——支持。所以我們對於在那裡建立管線感到很興奮。

And then lastly, I should mention a broader strategy, which is, as clients are thinking about how they're going to deploy AI, they're moving more and more of their own infrastructure into cloud. And so we are seeing an uptick in cloud signings within our fintech solutions.

最後我也要提到一個更廣泛的策略：當客戶在思考要如何部署 AI 時，他們正把越來越多自有基礎設施移到雲端。因此，我們看到在我們的金融科技解決方案中，雲端簽約量有所上升。

I mentioned we had 85% of bookings in cloud, and that allows us to be more of a managed service provider, which of course delivers an uplift in the ACV that we're signing. So we feel -- all in, we're really driving and playing into the demands that our clients are needing. And I think we're delivering ahead of what they would expect. I mean, their level of support is really, really high.

我提過我們有 85% 的訂單（bookings）是在雲端，這讓我們更能以託管服務供應商的角色提供服務，而這當然會推升我們簽下的 ACV。所以我們覺得——整體而言——我們確實在推動並回應客戶的需求。而且我認為我們交付的成果超出他們原本的預期。我的意思是，他們的支持度真的非常、非常高。

Michael Cho, JPMorgan.

Michael Cho，摩根大通（JPMorgan）。

I just want to continue on the same line of discussion here around AI and maybe Verafin, more specifically, but just more from the pricing angle. I mean, Adena, you talked about the 850 Verafin clients using the agentic workforce. I think that's up from 500 a quarter or two ago.

我想沿著同一條脈絡，繼續談 AI，或更具體一點談 Verafin，但主要是從定價角度來看。我是說，Adena，你提到有 850 家 Verafin 客戶在使用代理式（agentic）勞動力。我記得這比一兩季前的 500 家有所增加。

But also, it feels like, more broadly, that the world is probably becoming a bit more accustomed to paying more for AI. And so I know you've called out 70 paying clients, but how are you really thinking about the broader pricing road map for these agentic solutions, whether it's Verafin or more broadly across Nasdaq, really in terms of maybe pace and magnitude from here?

但同時，更廣泛來看，感覺市場可能也逐漸更習慣為 AI 付更多費用。因此我知道你提到有 70 家付費客戶，但你們究竟如何思考這些代理式解決方案（不論是 Verafin 或更廣泛的 Nasdaq）的整體定價路線圖——尤其是從現在起在推進速度與幅度方面？

Yeah, we're all -- the entire industry is at the beginning of a trend, so we want to make sure that the very first thing we do is build trust with our clients and therefore build adoption from our clients. And so that's why we've chosen an intentional approach to giving them a capability, with some limits on it, where they can try and -- try before you buy.

是的，我們——整個產業——都處在這個趨勢的起點，所以我們要確保第一件事是與客戶建立信任，進而帶動客戶採用。因此我們刻意採取一種方式：先提供他們一項能力、並設有一些限制，讓他們可以先試用——先試再買（try before you buy）。

And I think that's been -- I think we're really starting to prove that out to be a successful approach within Verafin. As I mentioned, we do have the 70-page clients. We have a really nice pipeline.

我認為——我們確實開始證明——這在 Verafin 內部是一個成功的方法。如我所提，我們確實有 70 家付費客戶。我們也有相當不錯的銷售管線。

We're also signing them to shorter-term contracts. And that's actually been both ways. I think what -- the clients are looking at this and saying, let me make sure that it's really going to drive the efficiency I want; and us saying, well, we want to make sure that we know that these capabilities have a lot of value. We're going to be able to prove really strong return on investment for these products.

我們也以較短期的合約與他們簽約。而這其實是雙向的。我想——客戶在看這件事時會說，先讓我確認它真的能帶來我想要的效率；而我們則會說，我們也要確保我們知道這些能力具有很高的價值。我們將能為這些產品證明非常強的投資報酬率（ROI）。

And so we want to make sure that we have the flexibility to continue to get paid for the value we're providing as we expand the agentic workforce with our clients. And so I think that we're just now getting to the point where we feel really good about the monetization strategy we have.

因此，我們要確保在與客戶一起擴大代理式勞動力時，我們具備彈性，能持續就我們提供的價值獲得報酬。所以我認為我們現在才剛到一個階段：我們對目前的變現策略感到非常有把握。

And now we're able to replicate that with some of the other fintech solutions as we're driving agentic capabilities in those solutions. And you're going to continue to hear us rolling out new agentic capabilities across fintech and in cap in the quarters to come.

而現在，當我們在其他一些金融科技解決方案中推動代理式能力時，我們也能複製這套做法。接下來幾季，你們會持續聽到我們在金融科技以及資本市場（cap）領域推出新的代理式能力。

But I also would say in the data space, we are upcharging. So if you are taking our data through an MCP connector, we are upcharging for the MCP connector. And we've done that in the past where if it's a new delivery method, we will pay upcharge for that delivery method. And that's a way for us to get some immediate revenue.

不過我也想說，在數據領域，我們正在加價（upcharge）。所以如果你透過 MCP 連接器取得我們的數據，我們會就 MCP 連接器加收費用。而我們過去也做過類似的事：如果是新的交付方式，我們就會針對該交付方式加收費用。這是我們取得一些即時收入的方法。

And then over time, as we understand how they're expanding the use cases and we're driving our data into more expanded AI capabilities, we'll look at different pricing models that will support that as well.

然後隨著時間推進，當我們更了解他們如何擴展使用情境，並且我們把數據導入更擴展的 AI 能力時，我們也會評估不同的定價模型來支援這些需求。

Patrick Moley, Piper Sandler.

Patrick Moley，Piper Sandler。

Adena, I just had one on the SEC's innovation exemption that was announced a month or so ago. We've seen the first TSV filings coming in. So I was just hoping to get your thoughts on that innovation exemption and how you think Nasdaq is positioned.

Adena，我有一個問題是關於美國證券交易委員會（SEC）大約一個月前宣布的創新豁免（innovation exemption）。我們已經看到第一批 TSV 申報進來。所以我想聽聽你對這項創新豁免的看法，以及你認為 Nasdaq 的定位如何。

And then on the issuer side, how have your conversations with listed companies gone around tokenized equities? Are they aware that this affects them? And then do you have any idea what percentage of your listed companies you think would be interested in potentially tokenizing equity at this point?

另外在發行人端，你們與上市公司就代幣化股票（tokenized equities）的對話進展如何？他們是否意識到這會影響到他們？以及你是否有任何概念：你認為你們的上市公司中，大概有多少比例在現階段可能會對股權代幣化感興趣？

Sure. Yeah, I think in a way, those are two distinct conversations, but they're related, obviously. So if we think about the innovation exemption as it stands and how it's constructed -- and we've been very clear with the SEC on our views on it. Our view is that the innovation exemption does not -- while it allows the issuers to opt out, the overall construct of the innovation exemption we think is -- we're not supportive of, I'm going to say it that way.

當然。是的，我認為某種程度上這是兩個不同的對話，但顯然彼此相關。所以如果我們來看目前的創新豁免及其設計方式——我們也已經非常清楚地向 SEC 表達我們的看法。我們的看法是：創新豁免雖然允許發行人選擇退出，但就創新豁免的整體架構而言，我們認為——我們不支持，我就這樣說。

So it sits outside of all the general rules that govern the trading venues that trade US equities today. So it doesn't -- none of the trades get reported to the tape. There's no transparency into those venues at all. There's no way for issuers even to understand how to manage their own insider trading programs if they have this trading that's happening outside the confines of Reg NMS.

因為它處在目前規範美國股票交易場所的所有一般規則之外。因此，它不——所有交易都不會回報到行情帶（tape）。對那些場所完全沒有透明度。甚至連發行人都無從了解：如果有這種在 Reg NMS 範圍之外發生的交易，他們要如何管理自己的內線交易計畫。

And our view is that tokenization, we should be focused as an industry on tokenizing all of the trading, not trying to create this sidecar experimentation. But the good news is I think the SEC did limit the extent to which these innovation exemptions can have an impact on equities.

而我們的觀點是：就代幣化而言，產業應該把重點放在把所有交易都代幣化，而不是試圖創造這種側掛式（sidecar）的實驗。但好消息是，我認為 SEC 確實限制了這些創新豁免對股票可能造成影響的程度。

The most important thing is that there are hard limits on the trading in terms of 25 basis points for stocks that are essentially in the rest of 1,000 and 250 basis points for smaller companies. So there's not going to have a huge impact on our business. It's just the notion of it and how we go about creating change in the industry.

最重要的是，在交易方面有硬性上限：對於基本上屬於「其餘 1,000 檔」的股票，上限是 25 個基點；對於較小型公司，上限是 250 個基點。所以它不會對我們的業務造成很大的影響。重點只是這個概念本身，以及我們要如何在產業中推動變革。

I think it's important for us to work together. There was no comment period for this either, and so we feel -- since they're asking for comments now, I think we're providing them. So we have been having conversations with their issuers, making sure they understand the risks as we see it.

我認為我們一起合作很重要。而且這件事也沒有徵詢意見期，所以我們覺得——既然他們現在在徵求意見，我想我們就提供意見。因此我們一直在與我們的發行人對話，確保他們了解我們所看到的風險。

We have made a public statement that we will not be including our stock into TSCs. So if the TSC reaches out to us, we will opt out.

我們已公開聲明，我們不會把我們的股票納入 TSC。因此如果 TSC 聯繫我們，我們會選擇退出。

And as we then pivot the conversation with issuers to, well, how would tokenization work, how can it benefit them, we then talk more about the efforts that we're undertaking, which is that we're building the Nasdaq equity token standard. We're working with ETCC and other post-trade providers. We're working with Kraken to innovate in this space to deliver a underlying tokenized equity that goes down to the QSIP and the master security file and also offers real-time settlement through an ecosystem.

當我們接著把與發行人的對話轉向「代幣化會如何運作、能如何讓他們受益」時，我們就會進一步談到我們正在推動的工作，也就是我們正在建立納斯達克（Nasdaq）股權代幣標準。我們正與 ETCC 及其他交易後（post-trade）服務供應商合作。我們也與 Kraken 合作，在這個領域進行創新，提供一個底層的代幣化股權，能一路對應到 QSIP 與主證券檔（master security file），並透過一個生態系提供即時結算。

And the really neat thing is that with the level ATS now, when we distribute the tokenized equities out through Kraken, they will use LeveL ATS to execute those equities, those equity orders. So it's a really nice, elegant solution; and then we'll instantaneous settlement through another partner.

而真正很棒的一點是，現在有了 LeveL ATS，當我們透過 Kraken 分發代幣化股權時，他們會使用 LeveL ATS 來執行這些股權、這些股權訂單。所以這是一個非常好的、優雅的解決方案；接著我們也會透過另一個合作夥伴實現即時結算。

And so that's a really interesting, innovative way, but it also allows the issuer to have line of sight into those investors. So the Nasdaq equity token actually delivers the ability for us to track and trace to provide not down to like who it is, but just to have the issuer understand that the token are sitting where and how do they communicate to them and how do we allow for things like proxy to happen in a more elegant way.

因此這是一種非常有趣、創新的方式，但它也讓發行人能夠看得到這些投資人。所以納斯達克股權代幣實際上提供了追蹤與溯源的能力——不是細到「是誰」，而是讓發行人理解這些代幣分別放在哪裡、他們要如何與其溝通，以及我們要如何讓像是委託書（proxy）這類事情能以更優雅的方式發生。

So a long answer, but we really care about this and we're working very hard to drive it through the center of markets and then also to offer this as part of our global solutions from a technology perspective. As markets move to always-on, we think that this is a core part of the demand drivers across our fintech solutions, our Index business, and our Data business.

所以這是一個比較長的回答，但我們非常重視這件事，也正非常努力把它推進到市場的核心，同時也從技術角度把它作為我們全球解決方案的一部分來提供。隨著市場走向 24/7（always-on），我們認為這將是推動我們金融科技解決方案、指數業務與數據業務需求的核心驅動因素之一。

Owen Lau, Clear Street.

Owen Lau，Clear Street。

And I do want to follow-up with these tokenization debate. There are some companies publicly pushing back on tokenizing the shares, and Nasdaq could do the same thing as well. Do you think your approach on tokenization can convince yourself and maybe some other companies to eventually tokenize their shares?

我確實想就這個代幣化的辯論追問一下。有一些公司在公開場合反對把股份代幣化，納斯達克也可能做同樣的事。你認為你們的代幣化做法，能說服你們自己、也許也能說服其他一些公司，最終把他們的股份代幣化嗎？

And I know you did talk some -- like you explained some of their answers already, but I want to get a better sense about how you think about your way can convince them to tokenize the shares. Thanks a lot.

我知道你剛剛已經談到一些——你也解釋了他們的一些答案，但我想更清楚了解，你怎麼看待你們的方法能如何說服他們去把股份代幣化。非常感謝。

Sure. In the conversations, they actually have been very constructive conversations. Because it's an opportunity for us both to discuss -- to make sure they understand and are aware of the TSVs that are asking to tokenize their shares, but also that we get a chance to educate on what is tokenization and how can it be beneficial to them and why should they care.

當然。在這些對話中，其實都是非常具建設性的對話。因為這讓我們雙方都有機會討論——一方面確保他們理解並知道有哪些 TSV 正在要求把他們的股份代幣化；另一方面我們也有機會去教育：什麼是代幣化、它如何能對他們有利、以及他們為什麼需要在意。

And I can say that as we've pivoted from a discussion with TSV to what is the Nasdaq equity token, what are we building, and how will it create a better way for them to be able to manage their shares in the public markets and communicate with investors, they actually get -- I'm going to say, some at least get excited. Some are neutral, but some get excited about it.

我可以說，當我們把討論從「TSV 的訴求」轉向「什麼是納斯達克股權代幣、我們在打造什麼、它將如何為他們在公開市場中管理股份與與投資人溝通創造更好的方式」時，他們其實會——我想說，至少有些人會感到興奮。有些人持中立態度，但也有些人對此感到興奮。

And we have had a couple of clients say, well, we would like to be an early adopter of the Nasdaq equity token. So that's great for us because it's allowing us to kind of have a level of engagement that's important. And we'll see.

而且我們確實有幾位客戶表示，他們希望成為納斯達克股權代幣的早期採用者。這對我們來說很棒，因為這讓我們能夠建立一種重要的互動深度。我們再看看後續發展。

We're going to launch in the first half of next year, so we have some time to continue to work on it and engage those issuers as to like, what is it we're delivering to them and how can they -- how does the platform work. We're also partnering with some really important key partners that are part of the core infrastructure of the markets today, and we look forward to having further opportunity to announce that going forward.

我們計畫在明年上半年推出，所以我們還有一些時間可以持續打磨並與這些發行人互動，例如：我們究竟要交付什麼給他們、以及平台如何運作。我們也正在與一些非常重要的關鍵合作夥伴合作，他們是當今市場核心基礎設施的一部分；我們也期待未來有更多機會對外宣布相關進展。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛（Goldman Sachs）。

I was hoping to go back to some of the discussion around the anti financial crime business and just to think through two things. One, the ARR seems to be growing at an accelerating pace. You obviously highlighted a number of sizable wins, including a couple of enterprise wins as well within that business.

我想回到一些關於反金融犯罪（anti financial crime）業務的討論，並從兩個面向來思考。第一，ARR（年度經常性收入）看起來正以加速的速度成長。你們也明顯提到了一些相當可觀的勝利案例，包括該業務中也拿下了幾個企業級（enterprise）案子。

Can you maybe expand on where you're seeing the incremental demand for these services and maybe weave that in with some of the cybersecurity risks that we continue to hear about that's partially related to AI as well and how that could inform your longer-term growth algorithm in that business?

你能否進一步說明你們看到這些服務的增量需求主要來自哪裡？也請把這點與我們持續聽到的資安風險（其中部分也與 AI 有關）結合起來談談，這又將如何影響你們在該業務的長期成長算法（growth algorithm）？

Sure. So the incremental -- I think first is, as we're moving up market into enterprise, the strongest entry point for us is fraud and in the fraud space. And what's great is that we can basically implement our layer on top of whatever existing ASC system they already have.

當然。我想先談增量需求——首先，隨著我們往上打進企業級市場，我們最強的切入點是詐欺（fraud），也就是在詐欺領域。很棒的一點是，我們基本上可以把我們的那一層能力疊加在他們既有的任何 ASC 系統之上。

So we can just make their alerting better, take down their false positives. Every time we run a proof of concept with the client, we can demonstrate like clear, measurable ROI, which is terrific on reducing false positives and increasing fraud found. And so it's a very -- I don't think easy, but it's a very straightforward way for us to enter in and help them.

所以我們可以直接讓他們的警示（alerting）變得更好、降低誤報（false positives）。每次我們與客戶做概念驗證（proof of concept），我們都能展示清楚、可量化的 ROI，這在降低誤報與提高偵測到的詐欺量方面都非常出色。因此，這是一種——我不會說很容易，但確實是非常直接的方式，讓我們能切入並協助他們。

I think the AI and the ability for criminals and networks to use AI to really amplify their activities is making this a very urgent problem. It's a $500 billion-plus problem in the world, just fraud alone, $4.4 trillion in AML. And so this is such an urgent issue and an area where we've seen a complete change in the attitude of banks towards.

我認為 AI，以及犯罪分子與犯罪網路利用 AI 來大幅放大其活動的能力，正讓這成為一個非常迫切的問題。光是詐欺，在全球就是一個超過 5,000 億美元的問題；而 AML（反洗錢）則是 4.4 兆美元。因此這是一個極其迫切的議題，也是一個我們看到銀行態度徹底轉變的領域。

This is a collective action problem. We need to solve as an industry. We can't do it alone. And so the value of our consortia data lake is becoming extremely, extremely valuable.

這是一個集體行動問題（collective action problem）。我們需要以產業的方式來解決。我們無法單打獨鬥。因此，我們的聯盟（consortia）資料湖的價值正變得極其、極其重要。

The other thing is we can use it, GenAI, now into that consortia data lake, and we've been adding new data sources into it as well that allows us to see criminal networks much more holistically. And we're able to look at what would be seemingly unrelated fraud alerts and bring them all together and realize this is a criminal ring.

另外一點是，我們現在也能把 GenAI 用到這個聯盟資料湖中；同時我們也持續把新的資料來源加入其中，讓我們能更全面地看見犯罪網路。我們能把看似彼此無關的詐欺警示串接起來，並把它們整合後發現：這其實是一個犯罪集團。

We found one criminal ring that was across 1,000 accounts in 45 institutions that had different topologies of behavior. I mean, they were executing different criminal activities. And we're able to see that now that we can then deliver that into our clients and say, this is not just an isolated SARS. This is something that is part of a bigger ring. And they can do joint SARS reporting.

我們曾發現一個犯罪集團，橫跨 45 家機構的 1,000 個帳戶，而且其行為拓樸（topologies of behavior）各不相同。我的意思是，他們在執行不同的犯罪活動。而我們現在能看見這一點，接著就能把這些資訊交付給客戶並告訴他們：這不只是單一、孤立的 SARs（可疑活動報告）。這是更大犯罪集團的一部分。而他們也可以進行聯合 SARs 申報。

So it's really quite exciting, and I think the large banks realize that they can't do it alone anymore. So that's what been driving both the demand but also a sense of urgency, that they have to solve the problem differently.

所以這確實非常令人振奮。我認為大型銀行也意識到，他們再也不能單靠自己來做這件事了。因此，這同時推動了需求，也帶來一種迫切感：他們必須用不同的方式來解決這個問題。

Alex Kramm, UBS.

Alex Kramm，瑞銀（UBS）。

Can we dive a little bit deeper into the capital markets technology strengths? I know there's a few things that you've talked about already, some of the pricing changes, but it does seem like this quote in particular, if I try to back into like new sales, continues to be really strong.

我們能否更深入探討一下資本市場科技（capital markets technology）的優勢？我知道你已經談到幾件事，例如一些定價調整，但看起來特別是這一塊，如果我試著回推到像是新銷售（new sales）的表現，仍然非常強勁。

So maybe just talk about where that's coming from and how sustainable you think this acceleration is. Because, again, some of these things you probably were one-timers, like pricing increases. But as we think about next year, it seems like if this momentum continues, they can continue to be upside to your targets.

所以也許請談談這股動能是從哪裡來的，以及你認為這樣的加速有多可持續。因為再說一次，其中一些因素可能是一次性的，例如提價。但當我們展望明年時，看起來如果這股勢頭延續，對你們的目標仍可能持續帶來上行空間。

Sure, yeah. So, capital markets tech has the three components, Alex, and TMS continues to be a strong driver of growth. As you said, we did announce that we had a pricing action earlier this year. It's effective Jan 1, so it's been in effect all year; and that's certainly creating lift.

當然，可以。所以，資本市場科技有三個組成部分，Alex，而 TMS 仍然是成長的強勁驅動力。如你所說，我們確實在今年稍早宣布過一次價格調整。它自 1 月 1 日起生效，所以今年全年都已生效；這當然帶來了拉抬效果。

The second thing is there's just demand for connectivity, demand for new forms of connectivity. We also have some new innovations we've brought into our infrastructure around liquid cooling, and we're still benefiting from some of the expansion that we've done in the data center the last couple of years.

第二點是，市場對連線的需求很強，對新型態連線的需求也很強。我們也在基礎設施中導入了一些新的創新，例如液冷技術；同時，我們仍在受益於過去幾年在資料中心所做的一些擴建。

And then in recent quarters, this quarter, next quarter, and actually, I think one of the quarters earlier this year, there's some benefit of elevated testing. So it's not just us who do migrations, but we have other systems inside our data center where they're managing through migrations.

再來，在最近幾個季度——本季、下季，實際上我想今年稍早其中一季——也有一些來自測試量偏高的助益。所以不只是我們在做遷移，我們資料中心內還有其他系統也在管理遷移流程。

And we allow -- we offer testing for fee, and that actually is creating an uplift in revenue this quarter. You'll see it again next quarter. It starts to trail off a little bit in Q1, but that's episodic. So I do want to that's not all, that some of that comes and goes. But the overall demand for TMS is high, and we've been innovating to offer new capabilities.

而我們允許——我們提供付費測試服務，這在本季確實帶動了營收上揚。你們下季也會再看到。到了第一季會開始稍微回落一些，但那是階段性的。所以我確實想強調，這不是全部；其中一部分會來、也會走。但整體而言，TMS 的需求很高，而我們也一直在創新以提供新的能力。

Then in Calypso, very exciting what we're doing to innovate there. I do want to emphasize actually the launch of the exchange traded clearing solution. That is a brand -- almost a brand new product. We had like very, very narrow capabilities in exchange traded clearing before, and HSBC has been a great partner to work with us to build out a complete capability there that really allows us to go to market with a new -- essentially, a new module, a new product within Calypso and be much more comprehensive in allowing people to manage risk.

接著在 Calypso 方面，我們在那裡的創新非常令人振奮。我也想特別強調我們推出的交易所交易清算（exchange traded clearing）解決方案。那幾乎是一個全新的產品。我們過去在交易所交易清算上的能力非常、非常有限，而匯豐（HSBC）一直是很棒的合作夥伴，與我們一起把那裡的完整能力建構出來，讓我們能以一個新的——本質上是 Calypso 內的一個新模組、新產品——推向市場，並在協助客戶管理風險方面做到更全面。

Our view is always on markets in AI are going to make it so that the convergence of markets and asset classes geographies is going to be amplified very significantly. And so risk management -- you can't just look at risk management in one asset class anymore. You've got to look at it across, whether it's OTC or exchange-traded; and it's got to be global. And then you have to use agentic capabilities to manage risk in real time and take action in real time over time.

我們的觀點一直是：市場與 AI 的發展將使市場、資產類別與地理區域的融合被非常顯著地放大。因此風險管理——你不能再只看單一資產類別的風險管理。你必須跨資產類別來看，不論是 OTC 或交易所交易；而且必須是全球性的。接著你還必須運用代理式（agentic）能力來即時管理風險，並隨時間推進在即時狀態下採取行動。

So all of the capabilities we're building in Calypso are related to that in addition to tokenization, and it's been a big investment year for us. But we see it unlocking durable demand.

所以我們在 Calypso 建構的所有能力，除了代幣化之外，也都與此相關；而今年對我們而言是投資很大的一年。但我們看到它正在釋放出可持續的需求。

And then the last thing in market tech is we have market -- we're continuing to find really great opportunities in market tech. We mentioned Bruce, but we have other markets that are using us for managed services. And we're continuing to help them modernize their platforms and moving to cloud. So I would agree, Alex. I think it's a really good demand environment right now.

最後在市場科技（market tech）方面，我們仍持續在市場科技領域找到非常好的機會。我們提到 Bruce，但也有其他市場使用我們的託管服務（managed services）。我們也持續協助他們將平台現代化並遷移到雲端。所以我同意你，Alex。我認為目前的需求環境真的很好。

Brian Bedell, Deutsche Bank.

德意志銀行（Deutsche Bank）的 Brian Bedell。

My question is on tokenization. I think you answered really well. So I'm going to just add one in a different frame, and that's the digital liquidity networks and then the addressable markets that you identified in the Investor Day earlier this year, the $3 billion to $6 billion TAM from tokenization by 2030. If you can just comment on whether you see more visibility into that TAM. And do you see this as more of an opportunity for your solutions businesses versus market services and maybe which areas?

我的問題是關於代幣化。我覺得你剛才回答得很到位。所以我想換個角度再補問一題：關於數位流動性網路（digital liquidity networks），以及你們在今年稍早投資人日所提到的可服務市場——到 2030 年由代幣化帶來的 30 億到 60 億美元 TAM。能否請你談談，你是否對這個 TAM 有更高的可見度？以及你是否認為這更像是你們解決方案業務的機會，而非市場服務（market services），以及可能落在哪些領域？

Yeah. Actually, in the nearer term, we actually see it as being, actually, more of a driver towards data and our solutions businesses. And then over time, as we develop out the Nasdaq tokens -- the Nasdaq equity token and build that platform and start to offer capabilities on top of that platform, we see that as a revenue, a new revenue opportunity that would sit within market services.

是的。其實在較近的期間，我們確實認為它更會成為推動資料與我們解決方案業務的驅動因素。而隨著時間推進，當我們把 Nasdaq tokens——Nasdaq 股權代幣（Nasdaq equity token）——開發出來、建好那個平台，並開始在該平台之上提供各種能力時，我們認為那會是一個營收來源、是一個新的營收機會，並會歸屬在市場服務之內。

But I think that was -- and then the last thing is, of course, tokenization, if it's done right and it's done across asset classes and unlocks collateral and makes it so that markets are more liquid and markets are more accessible to more investors, you're increasing the liquidity of markets, which will obviously have a tailwind to market services.

但我認為——最後一點當然是，如果代幣化做得正確，並且能跨資產類別推動，解鎖擔保品（collateral），讓市場更具流動性、也讓更多投資人更容易參與，你就是在提升市場流動性，而這顯然會對市場服務形成順風。

But to me, that's like a little bit of -- I don't want to say a lagging indicator, but it's a little longer-term than I've got to get my infrastructure ready for always on and I need to get my infrastructure right for tokenized collateral. Those are things that have a, we think, near-term demand driver within Calypso and Market Tech and in trace balance.

但對我來說，那有點——我不想說是落後指標，但它比「我必須把基礎設施準備好以支援 24/7（always on）」以及「我需要把基礎設施建好以支援代幣化擔保品」這些事情更偏長期一些。我們認為這些事情在短期內會在 Calypso、Market Tech 以及 trace balance 之中形成需求驅動。

We see ad visibility into the TAM. We understand where it could come from. We have now like very specific points of execution that we are starting to articulate to you as to where are we focusing on driving tokenization. Always on markets, tokenization, they're all related to each other.

我們確實對 TAM 有可見度。我們理解它可能從哪些地方產生。我們現在也有非常具體的執行重點，開始向各位清楚說明我們將把代幣化的推動聚焦在哪裡。24/7 市場（always on markets）、代幣化——它們彼此都是相互關聯的。

LeveL becomes a part of that, the equity token design, Calypso's digital assets capabilities and AI capabilities, trade surveillance in terms of demand there, and then, of course, increased demand for our data as the markets globalize. We see all of those things coming together to create our ability to execute against the TAM.

LeveL 會成為其中一部分，股權代幣設計、Calypso 的數位資產能力與 AI 能力、交易監控（trade surveillance）在需求面的推動，然後當然還有隨著市場全球化而帶來對我們資料的需求增加。我們看到這些因素正在匯聚在一起，讓我們有能力去落實並對應這個 TAM。

Ben Budish, Barclays.

巴克萊（Barclays）的 Ben Budish。

I was wondering if you could talk a little bit about the growth in the E-mini, the Nasdaq 100 futures franchise. It looks like the micros, as you alluded to, have been growing off the charts. Curious what you're doing to invest behind that, thoughts on the sustainability. Maybe you could talk a bit about the platforms this is coming from. And do you see any potential opportunity to translate this into maybe some more growth at NDX, which I know has also been a bit of a priority for you?

我想請你談談 E-mini——納斯達克 100 期貨（Nasdaq 100 futures）業務的成長。看起來如你提到的，micro 合約的成長非常驚人。我很好奇你們為此做了哪些投資，以及對可持續性的看法。也許你可以談談這些量主要來自哪些平台。另外，你是否看到任何潛在機會，能把這股動能轉化為 NDX 的更多成長？我知道那也一直是你們的優先事項之一。

Yeah, great. Well, so as you know, we have a really wonderful partnership with CME, and they do a terrific job. I think I was reading their -- they had earnings yesterday, so I was reading their comments. And they talked about the growth of direct retail investors into their platform.

好的，很好。如你所知，我們與 CME 有非常出色的合作夥伴關係，而他們做得非常棒。我想我昨天在看他們——他們昨天公布財報，所以我在看他們的評論。他們談到直接零售投資人進入其平台的成長。

They are very focused on creating more accessibility to retail for their futures franchise, and it's obviously showing up in the numbers. I mean, a 70% increase in volumes is really spectacular, but it's also -- as you said, it's also coming from some of those smaller price.

他們非常專注於提升其期貨業務對零售客戶的可及性，而這顯然反映在數據上。我的意思是，成交量成長 70% 真的非常驚人，但同時——如你所說——其中也有一部分是來自那些較小面額的合約。

So like as they make the notional value of each futures contract cheaper, it makes it so it just opens up a new avenue towards retail. And I think that's very intentional and very smart in how they're doing that. And they are connected to a whole range of retail platforms to be able to execute that. So the partnership is as strong as ever.

因此，當他們把每份期貨合約的名目價值做得更便宜時，就等於為零售端開闢了一條新的途徑。而我認為他們這麼做非常有意圖，也非常聰明。而且他們與一整套零售平台相連結，得以落實執行。所以這個合作關係依然一如既往地強勁。

And then you're right about NDX. Because if you also -- NDX and I would say 23/5 trading are amplifiers of demand for the option -- well, for the futures, for the ETF, for the underlying. And then over time -- we don't currently have extended hours and options, but we would expect over time that options hours will expand, and that will give us a chance to expand the NDX franchise.

然後你對 NDX 的看法是對的。因為如果你也把——NDX 以及我會說的 23/5 交易——視為對期權需求的放大器——嗯，對期貨、對 ETF、對標的資產的需求也是。而且隨著時間推進——我們目前還沒有延長時段的期權交易，但我們預期隨時間期權交易時段會擴大，這將給我們機會擴大 NDX 的業務版圖。

But the NDX franchise, just in US market hours, is continuing to grow; and it is a flywheel between the underlying, the ETF, the option, and the future. Strategies can be executed and more sophisticated strategy can be executed. So I think they all play off each other really nicely.

但 NDX 的業務版圖，即便只在美國市場交易時段內，也仍在持續成長；而且它在標的、ETF、期權與期貨之間形成一個飛輪效應。策略可以被執行，而且更複雜的策略也可以被執行。所以我認為它們彼此之間的互相帶動非常良好。

Michael Cyprys, Morgan Stanley.

Michael Cyprys，摩根士丹利。

Just another one on tokenization. You've outlined several initiatives, including tokenized equities, collateral mobility. So just curious, as you're engaging with customers today, where are you seeing the clearest commercial demand for tokenization today? Can you elaborate a bit on some of the milestones that you're working towards over the next 12, 18 months?

再問一題關於代幣化。你們概述了幾項計畫，包括代幣化股票、擔保品流動性。所以我想了解的是，當你們今天與客戶互動時，你們在哪些領域看到目前對代幣化最明確的商業需求？能否再多談一些你們在未來 12 到 18 個月正努力達成的里程碑？

And I think you mentioned instant settlement, if I heard you right, on the NASDAQ token. Just curious how you think about the financial system's ability to fund instant settlements given the substantial benefits from netting today.

另外我想我聽你提到 NASDAQ 代幣的即時交割（instant settlement），如果我沒聽錯的話。我也好奇，你如何看待在目前淨額結算（netting）帶來巨大效益的情況下，金融體系要如何有能力為即時交割提供資金？

Yeah, that's actually a great question. I want to make sure I cover that.

是的，這其實是個很好的問題。我想確保我會涵蓋到這一點。

The more immediate opportunities sit in this idea of collateral management, collateral mobility, because it's not just equities that are getting tokenized. The treasuries that are getting tokenized. Money market funds are getting tokenized. Money is getting tokenized.

更即時的機會在於擔保品管理、擔保品流動性這個概念，因為被代幣化的不只是股票。美國公債正在被代幣化。貨幣市場基金正在被代幣化。貨幣也正在被代幣化。

And so all forms of collateral are moving -- and repos are getting collateral out of tokenized. So all forms of collateral are moving into a tokenized state. And that allows for the opportunity for banks to think about moving their money from one collateral pool to another in a much more seamless way.

因此，各種形式的擔保品都在移動——而回購（repo）也正在把擔保品代幣化。所以各種形式的擔保品都在走向代幣化狀態。這讓銀行有機會思考，如何以更無縫的方式，將資金從一個擔保品池移轉到另一個擔保品池。

Nasdaq Calypso is the premier provider of collateral management capabilities to the industry around the world. And then we have a partnership with Baton Systems that -- basically, they connect into clearing houses and clearing pools, and they can move the collateral from one to another. And they're working with us to move that in a tokenized state.

Nasdaq Calypso 是全球業界首屈一指的擔保品管理能力供應商。此外，我們與 Baton Systems 有合作——基本上，他們可連接清算所與清算資金池，並能將擔保品從一個池移到另一個池。他們正與我們合作，以代幣化狀態來進行這種移轉。

We actually also was able to demonstrate that. So we had a proof of concept with two major investment management firms leveraging Canton to move collateral from one collateral pool to another. And it worked instantly and it worked perfectly. So that proof of concept was a really good one.

我們其實也已經能夠示範這件事。我們與兩家大型投資管理公司做了一個概念驗證（proof of concept），利用 Canton 將擔保品從一個擔保品池移到另一個擔保品池。結果是即時完成，而且運作得非常完美。所以那個概念驗證非常成功。

I was checking to make sure I could name them. So it was Vanguard and Wellington. So it was really exciting to have such a large and premier asset managers working with us on this. So that's the most immediate.

我剛剛在確認我是否可以說出他們的名字。所以是 Vanguard 和 Wellington。能有這麼大型、頂尖的資產管理公司與我們一起合作，真的令人振奮。所以這是最即時的部分。

I do want to get to the point of instant settlement. So let me be clear in terms of -- what we think is netting is very important in US equities, very important. We trade about $1 trillion a day. So having to gross up trading in equities is an incredibly expensive proposition. It's not something that the industry feels that that's -- and it's also a huge benefit.

我也確實想談到即時交割這一點。所以我先把話說清楚——我們認為淨額結算在美國股票市場非常重要，非常重要。我們每天交易大約 1 兆美元。因此，若要把股票交易改成總額結算（gross up），成本會高得驚人。產業界並不覺得那是——而且淨額結算本身也是一項巨大的好處。

There's so many reasons why netting is important, and that generally comes with batching the clearing. The question is, do you need to do it all T plus one? Can you batch intraday? Can you batch even at the end of the day and just start to eliminate more and more of the risk, the overnight risk and the time risk associated with the clearing?

淨額結算重要的原因很多，而這通常伴隨著批次清算（batching the clearing）。問題在於，你是否需要全部都在 T+1 來做？你能否在日內做批次？甚至能否在收盤時做批次，並開始逐步消除更多與清算相關的風險、隔夜風險以及時間風險？

And I think that's a real possibility with tokenization. If you put it into a more elegant form and money can move and stocks can move more easily, then you can start to think about how you bring settlement up faster. But in the meantime, there's also the opportunity for us to work on a very innovative capability where you would have gross trading.

而我認為代幣化讓這成為一個真正的可能性。如果把它放到更優雅的形式，資金可以移動、股票也能更容易移動，那麼你就可以開始思考如何把交割速度提升。但同時，我們也有機會去打造一項非常創新的能力，在那裡你會採用總額交易（gross trading）。

So this is pre-funded or essentially gross settlements, real-time retail trades. So you have to think about it as like in a retail ecosystem with much smaller trade sizes and a different way of managing accounts, the crypto world is already pre-funded in cash anyway.

也就是預先入金（pre-funded）或本質上是總額交割（gross settlements）的即時零售交易。所以你必須把它想成：在零售生態系中，交易規模更小、帳戶管理方式也不同；而加密世界本來就已經是以現金預先入金的方式在運作。

So it's a continuation of that model, but with tokenized equities; and that's what we're doing with Kraken. And we would then settle them through a very innovative custodian solution that we're working on with a partner. So I think it's very, very exciting to see how we can think differently about the future of markets this way.

所以這是那個模式的延伸，只是換成代幣化股票；而這正是我們與 Kraken 正在做的事。接著我們會透過一個非常創新的託管解決方案來完成交割，這是我們正與合作夥伴共同開發的。所以我認為，看到我們能以這種方式重新思考市場的未來，真的非常、非常令人興奮。

Dan Fannon, Jefferies.

Dan Fannon，Jefferies。

Adena, I was hoping to get your updated thoughts on large-scale M&A in the current environment and then, more broadly, as you think about capital return priorities as we look beyond the ASR and into 2027.

Adena，我希望聽聽你對目前環境下大型併購（M&A）的最新看法；另外更廣泛地說，當我們在 ASR 之後、展望到 2027 年時，你如何看待資本回饋的優先順序？

Go for it, Sarah.

交給你了，Sarah。

So we have, as you know, very strong free cash flow, over $2 billion, that enables us to do a lot on [Movato].. And being at 2.5 times, so within our leverage target range, you've seen us continuing to be focused on organic growth.

如你所知，我們的自由現金流非常強勁，超過 20 億美元，這讓我們在 [Movato] 上能做很多事。而且在槓桿倍數 2.5 倍、也就是在我們的槓桿目標區間內的情況下，你也看到我們持續專注於有機成長。

And so needless to say that you're seeing the execution on that organic growth this quarter. You're seeing the very large sum and time opportunities that we have. So a lot to do there and we're well invested in that regard.

因此不用說，你在本季看到了我們在有機成長上的執行成果。你也看到了我們擁有非常龐大的規模與長期機會。所以那裡有很多事情可做，而我們在這方面也已投入充足資源。

We've seen us do partnerships. We've seen us do tuck-ins. And so whether it's DaCity or whether it's LeveL, those are very additive; and we've talked about those. And we might do bolt-ons also.

你也看到我們做了合作夥伴關係。你也看到我們做了小型併購（tuck-ins）。所以不論是 DaCity 或是 LeveL，這些都非常具有加乘效果；我們也談過這些。而我們也可能會做一些補強型併購（bolt-ons）。

And I've talked about our share repurchase program. We love buying our stock. It has been a core part of our program. And $1.2 billion, which is twice what we did approximately last year just in three quarters is really participating in the EPS both formula for us.

我也談過我們的庫藏股回購計畫。我們很喜歡買回自家股票。這一直是我們計畫的核心部分。而 12 億美元——大約是我們去年在前三季所做的兩倍——確實在每股盈餘（EPS）的公式中為我們帶來貢獻。

And we're very, very happy to return capital to shareholders in that very equitable form, especially given how attractive from that point of view, it's the only point of view, the stock price is. So as a buyer of our stock, we love doing it. So a lot of flexibility, a lot of opportunities, and we are continuing to evaluate for shareholders.

而且我們非常、非常樂於以那種非常公平的方式向股東返還資本，尤其是從那個角度來看——那也是唯一的角度——我們的股價非常有吸引力。所以作為我們股票的買方，我們很喜歡這麼做。因此有很大的彈性、很多機會，我們也會持續為股東評估。

Jeff Schmitt, William Blair.

Jeff Schmitt，William Blair。

How much runway remains for cloud migrations across Axiom and Calypso? And could you remind us just how much those migrations affect contract values in your ability to sell AI modules?

Axiom 和 Calypso 的雲端遷移還剩下多少「跑道」？另外能否提醒我們，這些遷移對合約價值以及你們銷售 AI 模組的能力會造成多大影響？

Yeah. So I think it's actually -- points to a really good one. So in terms of the runway, it's actually a fair amount of runway because we have a lot of established clients in both of those products that have been on-prem clients for a long time. And so as they're renewing -- and those renewal cycles are long, right? So we could sign a client for anywhere from, I would say, anywhere from, the shortest being, three; but most of the time, five to seven years and sometimes 10.

是的。所以我認為這其實——點到了一個非常好的重點。就跑道而言，確實還有相當長的跑道，因為這兩個產品都有許多既有客戶，長期以來都是本地部署（on-prem）客戶。因此當他們進入續約——而續約週期很長，對吧？我們可能會與客戶簽約，短則我會說最短三年；但多數情況是五到七年，有時甚至十年。

So they come along in waves. But during that renewal, we really work towards getting them into a cloud state. But those migrations are big and it requires a lot of conversation with the client.

所以他們會一波一波地到來。但在續約期間，我們會非常努力地推動他們進入雲端狀態。不過這些遷移規模很大，也需要與客戶進行大量溝通。

So we still have a long runway. We tend to say that it's about a 1.5 uplift -- times uplift on ACV as we move into a cloud migration because we then become a managed service provider to them. And so we're doing more for them to manage their infrastructure and they're not having to do as much. It is turning out to be about that.

所以我們仍然有很長的跑道。我們通常會說，當我們推進雲端遷移時，ACV（年度合約價值）大約會提升 1.5 倍，因為我們之後會成為他們的託管服務供應商。因此我們會替他們做更多基礎設施管理工作，而他們不需要做那麼多。目前看起來大致就是這個幅度。

In terms of the -- yeah, so actually, one thing that we also focus on is, what is the percentage of SAS revenue to our total ARR? And that's slowly creeping up. We're at 38%. It's slowly creeping up as we continue to move more and more of our ARR -- our annualized clients to cloud.

就——是的，另外我們也關注的一件事是：SaaS 收入占我們總 ARR（年度經常性收入）的比例是多少？這個比例正在緩慢上升。我們目前是 38%。隨著我們持續把越來越多的 ARR——也就是我們年化的客戶——遷移到雲端，這個比例會逐步上升。

In terms of AI workflows, great question. Because we basically are delivering those AI capabilities in the cloud form, right? So it doesn't necessarily -- like for Calypso, you don't -- I don't think I have to be a full cap cloud client to be able to take advantage of the AI layer we've created.

至於 AI 工作流程，這是個好問題。因為我們基本上是以雲端形式交付這些 AI 能力，對吧？所以不一定——例如對 Calypso 而言，你不——我不認為你必須是完整的雲端客戶，才能利用我們打造的 AI 層。

But generally speaking, we deliver our AI capabilities through our cloud-based solutions. So it's important to make sure that we innovate in our products and we deliver those innovations in a modern state that allows our clients to innovate as well. We just don't want to choke them off. And particularly Calypso, we don't want to make it a prerequisite necessarily; but for other products, we will.

但一般而言，我們是透過雲端解決方案來交付 AI 能力。因此，確保我們在產品上持續創新，並以現代化的狀態交付這些創新，讓客戶也能創新，這點很重要。我們不希望把他們卡住。尤其是 Calypso，我們不一定想把它設為必要前提；但對其他產品，我們會這麼做。

Simon Clinch, Rothschild & Co Redburn.

Simon Clinch，Rothschild & Co Redburn。

I guess a broader question here, and this maybe ties in with some of the comments made about capital allocation and also the feedback loop between solutions and the market services business.

我想這是一個更廣泛的問題，可能也呼應了先前關於資本配置的評論，以及解決方案業務與市場服務業務之間的回饋循環。

I mean, with all the conversations we've had about tokenization and this future of market, it feels like we're going to a market environment where eventually, your customers will have a huge amount of choice in how they do their trades, how they implement their needs.

我的意思是，隨著我們就代幣化以及市場未來進行的各種討論，感覺我們正走向一個市場環境：最終，你們的客戶在如何進行交易、如何落實其需求方面，將擁有大量選擇。

And I was wondering, how do you expect that to alter the mix of business Nasdaq has today between the solutions and market services? Should we expect any sort of shift in that dynamic over the next decade or so? Just curious about your thoughts on that.

我想請教的是，你預期這會如何改變納斯達克目前在解決方案與市場服務之間的業務組合？未來十年左右，我們是否應該預期這種動態會出現某種轉變？只是想聽聽你的看法。

Well, actually, if we just look at the growth drivers underpinning solutions businesses versus markets, we've had really nice strong growth in markets. And we actually expect with -- as we move to globalized markets and tokenized markets, we will have an uplift in liquidity that should come from those activities because that's a big driver of why it's so attractive, is opening up the accessibility of markets.

嗯，實際上，如果我們只看支撐解決方案業務相對於市場業務的成長驅動因素，我們在市場業務上有非常不錯且強勁的成長。而且我們確實預期，隨著我們走向全球化市場與代幣化市場，流動性會因這些活動而提升；因為其吸引力的一大驅動因素，就是提升市場可近性。

But our solutions businesses generally are growing at a rate that's faster than our markets businesses on a longer-term basis. Our indexes is, for instance, 39% growth in the quarter. But just imagine that the growth of index alone is really at a very high rate. And we expect -- we just see a lot of demand drivers there to underwrite the innovation economy and investors' appetite for that.

但從較長期來看，我們的解決方案業務整體成長速度通常快於市場業務。例如，我們的指數業務本季成長 39%。但你可以想像，單就指數的成長就已經是非常高的速度。而且我們預期——我們看到那裡有很多需求驅動因素，能支撐創新經濟，以及投資人對此的偏好。

So we would expect our -- and then the last thing is, of course, in all of our software and data solutions, those are intimately linked with the ability to actually increase the liquidity, right? So all of that's that flywheel.

所以我們會預期我們的——最後一點當然是，在我們所有的軟體與數據解決方案中，這些都與提升流動性的能力緊密相連，對吧？所以這一切就是那個飛輪效應。

And I can't sit there and say what exactly the mix of business is going to be. But as a general matter, our solutions businesses are becoming a bigger part of our business over time just based on the relative growth rate. And in the future, we have growth opportunities in both elements of our business that's really strong and exciting.

我無法坐在這裡說未來業務組合究竟會是什麼樣子。但一般而言，隨著相對成長率的差異，我們的解決方案業務會隨時間推移在整體業務中占比變得更大。而在未來，我們在業務的兩個面向都有非常強勁且令人振奮的成長機會。

We have completed our Q&A session for today. At this time, I'd like to turn the call back over to Adena Friedman, President and CEO, for closing remarks.

我們已完成今天的問答環節。此時，我想把電話交回給總裁兼執行長 Adena Friedman，請她做結語。

Great. Thank you. Well, our third-quarter results reflect the disciplined execution of our strategy and reinforced our role as a trusted transformation partner to the global financial system. I want to thank all of you for joining the call today and have a great day. Thank you.

很好。謝謝。我們第三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的角色。感謝各位今天參與電話會議，祝各位有美好的一天。謝謝。

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

謝謝。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。再見。