Nasdaq, Inc.

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Nasdaq, Inc.
NASDAQOMXlogo.png
Founded Feb. 8, 1971
Headquarters New York
Key People Adena Friedman, CEO
Employees 4,325 employees
Products Exchange offering products covering multiple asset classes
Twitter @Nasdaq
LinkedIn Profile
Facebook Nasdaq
Website www.business.nasdaq.com

Nasdaq (Nasdaq: NDAQ) is a global provider of trading, clearing, exchange technology, listing, information and public company services. Nasdaq is the creator of the world's first electronic stock market, and its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to more than 3,900 listed companies with a market value of approximately $12 trillion and approximately 18,000 corporate clients.[1]

Nasdaq offers more than 90 market data products across 70 different countries for 2.5 million direct customers.[2] It also provides surveillance and risk management technology to more than 75 brokers in over 80 countries, as well as to buy side and sell side firms.

Nasdaq's listings on its US, Nordic and Baltic exchanges represent more than $12 trillion in overall market value. Smaller companies can list on its First North market in Europe. In the Nordic region, Nasdaq owns and operates exchanges in Denmark, Finland, Iceland, and Sweden, as well as the exchange for commodities derivatives in Norway and a clearinghouse in Stockholm with a branch in Norway.[3] It also operates Nasdaq Private Market to help firms identify partners and support before they go public. [4]

The company operates six US equity options markets and two futures only markets, plus one OTC bond trading platform.

The company was ranked as the seventh largest derivatives exchange in the world by contract volume in 2016, according to the annual Futures Industry Association's (FIA) survey. Volume that year was 1.5 billion, down 4.4 percent from the previous year.[5]

Nasdaq's own market capitalization was $12.4 billion as of August 2017.[6]

History

Early Days for Nasdaq

Nasdaq was founded by the National Association of Securities Dealers, or NASD, which was charged with preventing market abuses after the Great Depression and wanted to create a way for investors to buy and sell stocks on a computerized, transparent, and fast system. Nasdaq was founded in 1971 as a wholly-owned subsidiary of FINRA, and the Nasdaq Stock Market debuted on February 8 of that year as the world’s first electronic stock market, listing more than 2,500 securities.[7].

The company underwent a restructuring in 1982, debuting its National Market System (NMS), later changed to Nasdaq National Market. The NNM added refinements such as making the price and volume information of each trade available 90 seconds after execution, as opposed to after the close of trading.

Nasdaq separated from the National Association of Securities Dealers in 1987. In 2000, NASDAQ membership voted to restructure and spin off Nasdaq into a shareholder-owned, for-profit company.[8]

In 2004, Nasdaq launched a new electronic closing process, the Nasdaq Closing Cross, which provided the industry with greater certainty in pricing major transactions and daily mutual fund Net Asset Values. The Closing Cross is used by markets around the world today to set the Nasdaq Official Closing Price (NOCP) for U.S.-listed securities.[9]

FINRA divested its ownership of Nasdaq in 2006, and The NASDAQ Stock Market became fully operational as an independent registered national securities exchange in 2007.[10]

Dot Com Boom, Bust And Technology

Nasdaq is credited with the invention of both electronic trading and the modern IPO. In the 1990s it revolutionized the equities trading world, introducing near-real time quotes for OTC stocks. It also helped usher in the era of public trading of technology companies like Apple, Microsoft, Oracle, Dell and Intel. During the technology company boom, or so-called "dot-com bubble," in the 1990s, Nasdaq benefited from the excitement over Internet and technology stocks. About 89 percent of all U.S. initial public offerings during 1999, for example, took place on Nasdaq, according to Nasdaq: A History of the Market That Changed the World by Mark Ingebretsen. But when the dot-com bubble collapsed in 2000, so did the Nasdaq Composite Index, losing 78 percent of its value that April. [11]

In 1991 Nasdaq became the first exchange to sell its technology to other exchanges, as well as the first to have an integrated derivatives trading and clearing system. In 1995, it became the first to sell market technology in Asia.[12] Nasdaq’s market technology is used by, among others, Hong Kong Exchanges and Clearing Limited, Singapore Exchange, Tokyo Commodity Exchange, Japan Exchange Group, Bursa Malaysia and SBI Japannext.[13]

Nasdaq's IPO, Bob Greifeld and Early Acquisitions

Restricted shares of Nasdaq were initially sold by the NASD in 2000 through a private placement offering.

Also in 2000, Nasdaq created Nasdaq-Liffe Markets (NQLX) as a joint venture between Nasdaq and LIFFE to offer trading in security futures, including single-stock futures, on the LIFFE CONNECT platform. NQLX shut down in October 2004 because of lack of liquidity and consolidated its remaining contracts into positions at OneChicago.[14]

In June 2001, the company opened Nasdaq Europe, seeing it as a first step in implementing its global strategy in Europe. In November 2001 it announced a partnership between Nasdaq Europe and the Berlin Stock Exchange.

Trading restrictions expired in 2002 and shares began trading on the OTC Bulletin Board under the symbol NDAQ.

Robert Greifeld became the CEO of Nasdaq in 2003, when the company operated one equity market in the U.S., and led the company through a series of important acquisitions that expanded the company globally and into all asset classes. Rivalry between Greifeld's Nasdaq and John Thain's New York Stock Exchange heated up when the NYSE made a surprise purchase of the electronic exchange Archipelago in April of 2005, vastly upgrading its electronic offering when ECNs were on the rise. Two days later, Nasdaq acquired Instinet Group for $1.88 billion, giving it a greater share of the equity market.[15]

On Feb. 9, 2005, NASDAQ listed its shares on The Nasdaq Stock Market following an offering of secondary shares priced at $9 per share.

Greifeld set the exchange on a course for more acquisitions after its IPO, including two failed attempts to acquire the London Stock Exchange, the first in March of 2006.[16] A second hostile bid was rejected by the LSE's shareholders in November of 2006, and LSE executives spurned further discussions with Nasdaq executives.[17]

Nasdaq Acquires OMX: Goes Global Multi-asset

The company's biggest acquisition was the purchase of OMX AB, which operated the Nordic exchanges, on February 27, 2008, resulting in an expansion of the business from a U.S.-based exchange operator to a global company offering its exchange technology to marketplaces all over the world. The acquisition made Nasdaq OMX Group the world's largest exchange company, hosting the trading of 4,000 stocks world-wide, and allowed it to provide trading platforms supporting multiple asset classes, as well as listings, financial services technology, data and financial products.[18] Although OMX was little known to many U.S. investors at the time, some of the world's biggest brand names listed there, including Nokia and Volvo.[19]

Nasdaq removed OMX from its branding almost seven years after the acquisition of the Nordic exchange group.

As part of the transaction, NASDAQ OMX Group also became a 33.33 percent shareholder in DIFX, Dubai's international financial exchange. Borse Dubai was a 19.9 percent shareholder of NASDAQ OMX Group.[20]

Before the merger with OMX, the Nasdaq Stock Market (NASDAQ) listed itself as the world's second-largest cash equities platform by trading volume and the biggest electronic screen-based equity securities market in the U.S. in terms of listings and traded share volume.[21]

Nasdaq launched a second equity exchange in Jan. 2009 after it acquired the Boston Stock Exchange in August of 2008 for $61 million and renamed it NASDAQ OMX BX. [22]

The company continued to expand into other assets classes, moving into US equity options in March of 2008 after receiving approval from the Securities and Exchange Commission to launch the NASDAQ Options Market, an equity and index options market.

It also expanded into the business of trading and clearing commodities products, acquiring the clearing, international derivatives and consulting subsidiaries of Nord Pool ASA, the world's largest power derivatives exchange and one of Europe's largest carbon exchanges, in 2008. It later became part of NASDAQ OMX Commodities. In July 2012, it acquired NOS Clearing ASA, a Norway-based clearinghouse primarily for over-the-counter derivatives for the freight and fuel oil market, iron ore and seafood derivatives market.[23]

Nasdaq also acquired the Copenhagen Exchange, created in 1808, when it acquired OMX.[24]

Nasdaq Goes To Philly and Into Interest Rates

Nasdaq signed an agreement to acquire the Philadelphia Stock Exchange, the oldest stock exchange in the U.S., on November 7, 2007.[25]

Nasdaq then launched a futures exchange in January of 2009 after it acquired the Philadelphia Board of Trade (PBOT) in 2008 as part of its acquisition of the Philadelphia Stock Exchange. The renamed Nasdaq Futures Exchange (NFX) lists futures products, including interest rate swap futures, currency futures and sector index futures.[26]

NFX currently offers trading in electricity, Henry Hub natural gas, Brent Crude oil, WTI Crude oil, heating oil and gasoil. [27]

Nasdaq's expansion into interest rate derivatives began with the launch of NASDAQ OMX NLX in London on May 31, 2013. (It was later rebranded Nasdaq NLX). The market started trading initially with six products including German Bund, Bobl and Schatz contracts and Euribor, sterling and long gilt futures in direct competition with the two biggest exchanges in the region. But the market struggled to gain volume and was shuttered in 2017. [28][29]

Nasdaq also gained further exposure to the fixed income markets on July 1, 2013, when it acquired the electronic Treasuries trading platform eSpeed from BGC Partners Inc. The platform — which trades two-, three-, five-, seven-, ten- and 30-year instruments — became part of Nasdaq OMX's Transaction Services business. [30] [31] [32] [33]

The exchange branched out further in 2013 with its acquisition of Thomson Reuters’ investor relations, public relations and Multimedia Solutions businesses. That same year the company also acquired eSpeed, a provider of electronic trading of U.S. Treasury Securities.

Greifeld & Sprecher Bid For The Big Board

NASDAQ OMX Group and Intercontinental Exchange (ICE) attempted to acquire NYSE Euronext in 2011 for $11.3 billion, but withdrew its bid after the U.S. Department of Justice threatened an antitrust lawsuit. [34] [35]

In 2013, Nasdaq OMX Group acquired Thomson Reuters’ investor relations, public relations and Multimedia Solutions businesses.[36]

Facebook IPO Fallout

Facebook listed its IPO on Nasdaq on Friday, May 18, 2012, but trading in the stock was delayed and technical glitches led to confusion, incomplete orders and mispricing. [37] When trading began at 11 a.m. the Nasdaq system was overwhelmed by 496,000 orders that sent Nasdaq’s computers into a continuous loop that made it impossible to establish a correct opening price for Facebook stock.

In May of 2013 the SEC levied a $10 million fine against Nasdaq OMX regarding the problematic Facebook IPO . The SEC cited “poor systems and decision making” both before and after the Facebook initial public offering. In addition to the $10 million fine, Nasdaq had already agreed to pay $62 million to the brokers who lost money because of the problems.[38]

In April 2015, Nasdaq OMX agreed to pay $26.5 million to settle a class-action lawsuit over the Facebook IPO. The suit said Nasdaq broke the law in failing to disclose technology weaknesses in its IPO systems and failing to properly design and test them for the Facebook offering. It was the first time a court had sustained a class action suit against a stock exchange.[39]

As part of the fallout from the IPO, in January 2014 Nasdaq said it no longer wanted to run the securities information processor, or SIP, the marketwide quote service that broke down and froze thousands of its U.S. stocks on August 22, 2013. [40] However, Nasdaq later reconsidered and made a bid for the contract in 2014, becoming one of two finalists to run the SIP, the other being Tradeworx Inc.’s Thesys Technologies LLC. [41] In November 2014 Nasdaq beat out Thesys and won the right to keep running the SIP, with a mandate to create a subsidiary to manage it.[42]

ISE Purchase, Technology Enhancements and Adena Friedman as new CEO

In 2015, Nasdaq entered the growing world of blockchain technology when it demonstrated a blockchain proof-of-concept. Using Nasdaq Linq, the exchange's new blockchain technology platform, a customer successfully completed its first private market transaction using blockchain technology, making it possible for private shares to digitally represent a record of ownership.[43]

In 2016 Nasdaq unveiled the Nasdaq Financial Framework, which brought together all the elements of its fintech onto a single platform.

The company also introduced cloud-based services, including its IR Insight and the IR webhosting platform.[44]

In 2016, Nasdaq made one of its biggest acquisitions when it bought the International Securities Exchange from Deutsche Boerse Group, giving Nasdaq a total of six options exchanges.[45]

Adena Friedman took over as CEO from Robert Greifeld in January of 2017.

Company Overview

The company has four main divisions: Market Services, Corporate Services, Information Services and Market Technology.









Key People

Products

Equities

Nasdaq operates three U.S. cash equity exchanges. There are some 3,500 companies listed on Nasdaq exchanges globally.[49] Market participants can trade non-Nasdaq listed securities on Nasdaq exchanges.

Nasdaq lists US equities as well as Canadian, Nordic, and Baltic Equities, and ETPs.[50]


Indexes

Nasdaq’s Global Index Family offers more than 41,000 indexes covering different asset classes that in sum represent some 98 percent of the investable global equity market. [51]

Nasdaq’s premier index is their eponymous Nasdaq 100, launched in 1985, which includes the top 100 non-financial companies listed on the Nasdaq Stock Market. The index was modified in November of 1998, in order to make the index suitable for the basis of an exchange-traded fund. This paved the way for the launch of QQQ or the NASDAQ-100 Index Tracking Stock, today known as the PowerShares QQQ.

Nasdaq’s PSX exchange was revamped in 2014 to specifically focus on exchange-traded funds, though ETFs are traded on a number of Nasdaq exchanges.

Fixed Income

In the United States, Nasdaq offers trading in U.S. Treasuries — 2, 3, 5, 7, 10 and 30-year — via its eSpeed trading platform.[52]

Nasdaq Nordic offers more than 1,000 different Swedish and Danish fixed income products such as Swedish government bonds and Danish mortgage bonds as well as products from Finland and Iceland.[53]

Through Nasdaq Baltic, Nasdaq offers access to Latvian and Lithuanian government bonds as well as corporate bonds. [54]

Nasdaq’s London-based interest rate platform, Nasdaq NLX, offers futures trading on German 2, 5, and 10 year government debt, as well as 3-month Euribor, 3-month sterling and long gilts.[55]

Nasdaq OMX Armenia offers some trading in corporate bonds.[56]

Commodities

Nasdaq’s commodity offerings, via Nasdaq Commodities, are predominantly power-related, such as natural gas, electricity and fuel oil. The exceptions to the power-theme are shipping, seafood, and ferrous metal contracts. The energy and emission component of Nasdaq Commodities stems from the 2008 acquisition of Nord Pool ASA (which formed the basis for Nasdaq Commodities), and the metals, freight and fuel asset classes came from the 2012 acquisition of NOS Clearing ASA.[57]

NFX, launched in September 2015, is Nasdaq's US-based energy derivatives market with contracts on oil, natural gas and US power.

Options

Nasdaq operates six options markets with a variety of pricing structures, offering trading in equity options, index options, options on ETFs, and foreign exchange options.

Nasdaq offers dollar settled FX options on seven currencies: the Japanese yen, Swiss franc, New Zealand dollar, euro, Canadian dollar, British pound and Australian dollar.[58]

In Europe, Nasdaq exchanges also offer trading in fixed income options, equity options, and index options.

Futures

Nasdaq offers commodity futures through its NFX platform.

Futures on equities, indexes, stocks and fixed income are available across an array of Nasdaq’s exchanges.

Contract Volume

Year Total Annual Derivatives Volume Percent Change
2016 1,575,700,250 (-)4.4%
2015 1,045,646,992 (-)8.9%
2014 1,127,130,071 (-)1.4%
2013 1,142,955,206 2.5%
2012 1,115,529,138 (-)13.9%
2011 1,295,641,151 17.8%
2010 1,099,437,223 34.8%
2009 815,545,867 --

Equity Volumes

Year Total Annual Equities Volume Percent Change
2016 7,779,127.0 6.8%
2015 7,280,752.2 --

Source: World Federation of Exchanges

2016

Exchange Volume Percent Change
Nasdaq PHLX 582,093,570 (-) 6.6%
Nasdaq Options Market 283,822,637 (-)1.1%
Nasdaq Exchanges Nordic 91,077,429 (-)8.9%
Nasdaq ISE GEMX 89,189,491 (-)24.2%
Nasdaq MRX 6,432,661 N/A
Nasdaq NFX 31,950.258 806%
Nasdaq BX (Boston) 29,872,954 (-)5.2%
Nasdaq Commodities 3,530,916 17.2%
Nasdaq NLX 524,278 (-)33.3%

Source: FIA Annual Volume Survey


Clearing

NASDAQ operates its own clearinghouses and provides clearing and other post-trade technology to marketplaces around the world.

NASDAQ Clearing offers clearing of the following asset classes:

  • Equity and index derivatives on the Nordic and Baltic markets
  • Fixed income derivatives on the Nordic markets
  • Commodity derivatives on Nordic power, emission rights, gas, German and Dutch power as well as physical contracts for the British electricity market and derivatives on these.
  • OTC trades done outside the regulated markets and reported to the clearinghouse for clearing.[59]

In March 2014, Nasdaq became the first market infrastructure owner to receive approval for its clearing house to operate under stricter new European regulations designed to tighten oversight of derivatives markets. The new regulations are part of a move to mandatory clearing of derivatives trades in Europe, which is set to go into effect in 2014. The approval came from the Swedish Financial Services Authority, after the European college of regulators overseeing the application gave its assent the previous week. [60]

Acquisitions and Agreements

  • NASD merged with the American Stock Exchange in November 1998, creating "The Nasdaq-Amex Market Group." The American Stock Exchange remained as an active exchange.[61]
  • Nasdaq made two failed attempts to acquire the London Stock Exchange in 2006; the last offer expired on February 10, 2007.[62]
  • Nasdaq acquired the Philadelphia Stock Exchange, the oldest stock exchange in America, in 2007.
  • On Aug 29, 2008 Nasdaq completed the acquisition of the Boston Stock Exchange (BSE) for $61 million. [63]
  • NASDAQ received SEC approval to launch its new equity and index options market, the NASDAQ Options Market, on March 12, 2008.
  • On Oct. 21, 2008, Nasdaq acquired the consulting and clearing units and international derivatives products of Nord Pool of Oslo for about 2.3 billion Norwegian kroner ($412 million). [66]
  • In 2010, Nasdaq acquired FTEN, a company that provides real-time risk management solutions.[68]
  • Also in 2010, Nasdaq acquired SMARTS Group, a market surveillance technology provider. The acquisition was part of Nasdaq's strategy to diversify its commercial technology business and enter the broker surveillance and compliance market. SMARTS became part of Nasdaq's Market Technology business.[69]
  • On February 8, 2012, Nasdaq launched a spot gold futures contract in partnership with Ikon Global Markets, a futures commission merchant registered with the CFTC.[70]
  • On March 6, 2012, Nasdaq announced NASDAQ OMX Nordic's creation of the Genium INET all-asset and cross-market technology platform, with asset classes from all eight markets in Sweden, Finland, Denmark, Norway, Iceland, Lithuania, Latvia and Estonia available.[71]
  • Nasdaq launched its interest rate derivatives platform NASDAQ OMX NLX in London on May 31, 2013. [72]
  • Trading Technologies International, Inc. (TT) connected to NASDAQ OMX NLX in December 2013, allowing Nasdaq customers to use TT's X_TRADER order software. TT connected to Nasdaq OMX eSpeed on March 4, 2014. [76] Early in December of 2013, TT launched connections to the NASDAQ OMX Nordic market and NASDAQ OMX NLX.[77]
  • In January of 2015 Nasdaq acquired Dorsey Wright, a US index provider and analytics group, bringing it further into the market for indexing and exchange-traded funds.[78]
  • On June 9, 2015 Nasdaq and Trading Technologies International, Inc. (TT) announced that TT would connect the exchange's German power and Nordic benchmark power market contracts, among other European operations, through a new platform with mobile capabilities. [79]
  • The company acquired SecondMarket Solutions in November of 2015 and combined it with the NASDAQ Private Market to facilitate the exchange of shares for private companies. The expanded NASDAQ Private Market business is headquartered in San Francisco and New York and headed by Bill Siegel, CEO of SecondMarket.[80]
  • Nasdaq acquired Chi-X Canada, an alternative market in Canada for the trading of Canadian-listed securities, from Chi-X Global in 2016. The deal expanded Nasdaq's North American equities trading business beyond the U.S.[81]
  • On June 30, 2016, Nasdaq acquired the International Securities Exchange for $1.1 billion.[82][83] [84]
  • On July 25, 2017, Nasdaq announced it acquired Sybenetix for an undisclosed amount. Sybenetix uses algorithms and artificial intelligence to spot market manipulation. It was the first acquisition during Friedman's tenure as CEO.[85]
  • On September 5, 2017, Nasdaq announced it would purchase eVestment, an analytics provider, for $705 million.[86]

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