Nasdaq reports double-digit growth across all divisions, achieving net revenues of $1.1 billion, with strong performances in capital access platforms, financial technology, and market services. Strategic priorities include expanding efficiency programs, deleveraging, share repurchases, and surpassing $100 million in run-rate revenue from cross-sales. Operational highlights focus on product innovation and solutions for managing market complexity and volatility.

In the first quarter, Nasdaq welcomed 45 operating companies, raising $5 billion, and achieved an 82% win rate for eligible listings. Notable switches included Shopify, Thompson Reuters, and Domino's Pizza, contributing to crossing the $3 trillion threshold in combined market value for listing transfers. The company launched a new research and advocacy program to engage with the US administration on policy recommendations. Nasdaq's data business saw growth from new sales, upgrades, and higher usage, while the index business achieved record revenue growth. The financial technology division signed new clients and upsells, addressing challenges faced by financial institutions and market operators. An enhanced partnership with AWS aims to modernize the global financial ecosystem, starting with market operator clientele. Nasdaq's financial crime management technology, VeriFin, experienced robust demand and added 35 new SMB clients, with progress on AI-enhanced product functionality.

The Capital Markets Technology Subdivision advanced its international strategy, modernizing capital markets infrastructure in emerging economies and achieving 17 upsells. Notable deals include an upsell with an Asian exchange and a cross-sell with nuon, showcasing Nasdaq's role as a trusted partner. The first quarter saw significant momentum across the client base, with Calypso delivering multiple upsells. Despite volatile market conditions, Nasdaq delivered double-digit growth, record net revenues, and volumes in the US and European markets. The US market generated record net revenues for options and cash equations, with an increase in on-exchange market share. In Europe, strong results were seen in cash equations and equity derivatives. The second quarter began with unprecedented levels of message traffic and volumes, with Nasdaq's markets performing exceptionally well under enormous volumes and message traffic.

Despite short-term volatility and uncertainty impacting global GDP growth expectations, Nasdaq reports strong first-quarter performance with net revenue up 12.5%, driven by new clients, product innovation, and market services execution. The company highlights its role as a trusted partner for capital formation and risk management, emphasizing resilient growth across its diversified business segments.

Nasdaq reported strong Q1 results with double-digit revenue growth across all divisions and record net revenues, driven by increased market volumes and higher market share. The company saw solid demand for FinTech solutions and made progress in deleveraging, expanding the dividend, and repurchasing shares, while maintaining a focus on organic growth and capital allocation strategies.

Despite a significant decline in market values, the index business experienced growth, demonstrating its resilience. Key strategies include diversifying product offerings beyond the Nasdaq 100, expanding international and institutional clientele, and leveraging multiple performance drivers such as new product launches, inflows, derivatives volumes, and data revenue. These approaches ensure continued performance even in volatile market conditions.

Nasdaq plans to open a regional headquarters in Dallas, Texas, to better serve its 700 clients in the state, including 200 listed companies, aiming to provide both local support and access to global capital flows.

Despite the potential for compelling valuation opportunities due to macro uncertainty, the company is prioritizing organic growth and deleveraging over pursuing M&A deals. The focus remains on delivering for clients, driving organic growth, and meeting shareholder commitments from previous acquisitions, with a commitment to share buybacks and increasing dividends.

Despite macro headwinds causing delays in customer decision-making, the company maintains its revenue guidance ranges, particularly in financial technology, due to specific observed dynamics providing confidence in meeting year-end targets.

The speaker highlights robust sales growth, particularly within the SMB sector, and discusses advancements in financial crime management technology and market surveillance products. They also mention the expansion of partnerships, such as with AWS, to drive modernization and the strategic importance of their offerings, including collateral management, in managing market risks and regulatory needs. Despite facing some decision-making delays in larger companies, the overall demand and strategic nature of their FinTech solutions are keeping the business strong amidst uncertain times.

The company emphasizes the added value and ROI delivered to clients through embedded AI features, enhancing workflow automation and efficiency. Growth is particularly strong in the SMB sector, with increasing traction in Tier I and Tier II clients, highlighting the success of a 'land and expand' strategy. While sales cycles are lengthy, particularly in global expansions, there's high demand and constructive engagement in new markets, setting the stage for future growth contributions.

The company discusses the effect of strategic renewals on capital markets technology growth, noting delays in sales approval processes. They also address the enhanced partnership with AWS, exploring implications for infrastructure users' migration, changes in marketplace technology revenues, sales cycles, and the expansion of the addressable market.

The dialogue discusses the partnership between a market infrastructure provider and AWS to address challenges such as scalability, data organization, resilience, and adaptability for market infrastructure providers worldwide. Key objectives include enhancing scalability to accommodate growing market volumes, integrating AI capabilities for growth, maintaining secure infrastructure, and standardizing technology for streamlined connectivity and adaptability. The partnership aims to create a hybrid cloud solution that meets data sovereignty and regulatory requirements while offering benefits like cloud security, scalability, and modern data capabilities. This collaboration is expected to foster a more interconnected global market ecosystem and evolve the service offering from deployed software solutions to managed services. The implementation involves major decisions and regulatory approvals, with initial engagements already underway with exchanges in Johannesburg and Mexico, and plans to integrate Nordic markets subject to approval.

The discussion highlights the global nature of Axiom's business and its ability to manage thousands of regulatory changes annually, offsetting potential headwinds from US regulatory indecision. There's an emphasis on the potential for crypto market growth to serve as an incremental growth driver for regulatory technology (Regtech) and other services, despite the changing administration and a possibly higher regulatory backdrop on crypto. The speaker notes the consistent engagement with clients for regulatory readiness and the interesting opportunities presented by a new regulatory paradigm for crypto, including surveillance, collateral management, and tokenized capabilities.

The company experienced respectable growth in Arr additions, driven by trends in market modernization and connectivity services. Despite some clients taking longer to make decisions, the pipeline for both Calypso and market technology businesses remains robust.

The dialogue discusses the current IPO environment, noting a doubled number of IPOs in the first quarter compared to the previous year but caution due to market volatility. Companies are observed to be patient for the right market conditions, with a hope for more certainty in the second half of the year. Additionally, there's no significant shift in global companies' preference for listing in US markets versus foreign exchanges, highlighting the unique value propositions of each market.