Good morning. Hi, I'm Ato Garrett, Senior Vice President, Investor Relations here at Nasdaq, and thank you for joining us today for our 2024 Investor Day at Nasdaq's headquarters in our New York City MarketS ite. We appreciate your time and focus. Before we begin, I want to read a few disclaimers, and as a reminder, please take a moment to check your cell phone and your laptop to put them to silent or do not disturb. I'd like to remind you that certain statements in this presentation and during Q&A may relate to future events and expectations, and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from these projections. Information concerning factors that could cause actual results to differ from forward-looking statements is contained in our periodic reports filed with the SEC. The presentation also includes non-GAAP financial measures, and you will find the appropriate reconciliations included in the presentation slides from today that are posted on our website. Please take a quick minute to review the safe harbor language on the screen now. Also, I'd like to share two notes on how we're presenting our financial information today. First, where noted, certain of our 2023 financial results are shown as pro forma, which means that we are showing the results as if they've included the full year 2023 results for Calypso and AxiomSL. As a reminder, our fourth quarter and full year 2023 results disclosed in our earnings call on January 31st only reflected two months of Calypso and AxiomSL following the completion of the acquisition. Second, we will start to include those results in our organic growth beginning in the first quarter of 2025. Now, I'll share a few logistics items for the day. First, our program is scheduled to run from about 8:00 A.M. until about 12:00 P.M. today. Second, we have a lunch served on-site, and within that, you'll see within the lunch area, we have a product showcase, so you can see some of our products in action later on, after the Q&A session today. And we have Wi-Fi here available, and the Wi-Fi network is Investor Day 2024, all one word, and the password is Rewrite Tomorrow with a capital R. I'm sorry, RewriteTomorrow2024, one word with a capital R. That information is also on the screens around the room. Looking at our agenda for today, we'll start off with a strategic overview of Nasdaq, provided by our Chair and CEO, Adena Friedman, with presentations on our business divisions from the leadership team. We'll also have two panels today. The first will focus on the technology foundations of Nasdaq, and the second will show how we bring our team together across our divisions to serve our customers. Our EVP and CFO, Sarah Youngwood, will close today with a financial presentation and overview of Nasdaq's profile and priorities. Between the prepared presentations, you'll see video testimonials from our customers that we'll also include in the webcast. At the end of the prepared program, we'll have a Q&A session. And with that, we'll kick things off with a short video, after which you'll hear from our Chair and CEO, Adena Friedman. Thank you. Well, I guess this says everything we have to, we have to talk about today. But no, just seriously, welcome, welcome, welcome to Nasdaq, and thank you very much for joining us this morning. I'm Adena Friedman. I'm the CEO and Chair of Nasdaq, and we are going to spend the morning with you, providing you a deeper dive into Nasdaq, an updated look into our business and our journey ahead. Today's message is all about growth, scalable, profitable, and durable growth. And we achieve that growth by being a trusted technology partner to the financial industry, providing mission-critical capabilities to help serve our clients all over the world. We are tied to four key industry-defining mega trends that we'll talk about, which provides us a very large total market opportunity for us to be able to achieve our growth and continue to expand our capabilities to serve our clients. As we execute on our strategy, we provide you, the shareholders, with a very exceptional financial profile and the ability for us to continue to expand our business successfully, to serve you, and to provide value to our shareholders. Let's start by grounding ourselves in our strategic framework. First, our purpose is to advance economic progress for all, and we do that by achieving our vision of being the trusted fabric to the world's financial system. There are two key words in our vision: trust and fabric. The trust has been gained over 50 years of serving as a critical market infrastructure provider in the U.S. and Europe, and really serving our clients very successfully, and serving a broad range of clients across corporates, investors, market participants, and other exchanges around the world with our technology. And then we've been able to transfer that trust over into becoming a very scaled technology partner to them, and someone who they feel that we’re here to solve their biggest challenges. And fabric comes from the level of service we provide. What kind of solutions do we provide that really bind the financial system together? And that comes to our value proposition. We provide world-leading platforms that enhance the liquidity, transparency, and integrity of the world's economy. And we're gonna spend a lot of time on those themes of liquidity, transparency, and integrity because they underpin everything we do. So today, as a scale provider and as a scale business, we have three key divisions. We have our Capital Access Platforms division, our Financial Technology division, and our Market Services division. We'll spend time with you on each of these areas of our business. Because we've made some big changes in the Financial Technology division and really broadened that, the capabilities there, we're actually gonna spend more time today on the Financial Technology division than on the others, just because there's a lot to educate you on, and we wanna make sure you have a deep look into that business and the leaders who are leading it. When we serve our clients, we have five key strategic differentiators that we think really define us and give us the right to win. The first is our technology leadership. We have been a disruptor in our industry and now an innovator in our industry for decades, and we are continuing to bring that technology leadership and innovation across all of our solutions. We've been a deep investor in cloud over the last 10 years, really driving and transforming our business into cloud-enabled services. We have, we have a deep history in AI, and we'll talk about how we're leveraging next-gen AI to continue to power our products and power our business. And we think that that continues to provide us with a scalable and very important differentiator. We couple that with our gold source data. We call it gold source data because it's generated, it's proprietary to us, and it's unique to us. It's generated off of our engines, whether those are our market engines, our analytics engines, our financial crime management engines. We have incredible data across our platform that we can then transform into actionable intelligence for our clients to create value. Speaking about our clients, we have amazing clients. We have the largest corporates in the world, the largest asset managers, the largest banks and brokers, and many of the largest exchanges turn to us for certain elements of their technology to power their markets. We bring to them expertise across regulatory expertise, market expertise. Because we're highly regulated ourselves, we have a lot of credibility when we're going out and talking to our clients about helping them manage their regulatory compliance, financial crime management, risk management, areas that we know deeply and we bring a lot of expertise to. Then lastly, we kind of envelop ourselves in this amazing brand of Nasdaq. Nasdaq today denotes independence, meaning we provide them independent and neutral capabilities that really help serve them as they're managing their lives in the capital markets and the financial markets. Innovation. We are extremely fortunate to have the most amazing innovators in the world who are listed on Nasdaq, and that then kind of brings it over to our brand as an innovator in our own industry. And integrity. Integrity, we bring integrity to every element of our business, and we now can help our clients make sure that they drive integrity across the financial system. And we've grown a lot. Actually, we started on this strategic pivot to become a scale technology provider back in 2017. At the time, we were making $2.4 billion in revenue. Today, on a pro forma basis, we make $4.3 billion of revenue. We've been able to generate 8% CAGR in revenue growth, and at a 53% margin, we've been able to expand our margin by 600 basis points over the period, showing that we have scalable growth capabilities. We also have very steady and growing cash flow. So we've been able to generate approximately 100% or greater cash flow conversion every single year during our journey. And so we've been investing in our platform while we're investing in shareholder value and driving results for everyone, both for ourselves, for the shareholders, for our clients. One point that I think is kind of a good way to show how much we've grown is in 2017, we generated $2.4 billion of revenue, and in 2023, we generated $2.4 billion in EBITDA. We do that via being a leader in every element of our business. I'm not gonna go through all of the points on this slide, but it really does show the scale, the marquee clients we serve with the leadership position that we have. We do believe that in every element of what we do, we are a leader. We wanna make sure that we maintain that leadership, we're an innovator, and we're a partner. And while we've been developing and deploying all of these great, these great capabilities across our clients, we've also been investing inside of Nasdaq. So with the scalability of our platform, we have been able to continue to drive investment into our own operations and modernizing every element of our business. So the first thing is we are three divisions, but One Nasdaq. We have a One Nasdaq approach to defining our operations, managing our business, and trying to create a very consistent experience for our clients. So the first thing is, we've gone through a process of implementing agile product development across every element of our business. We then have taken that, and like, really focused on driving a go-to-market approach that's modern and that really addresses our clients' needs. So we're bringing product, marketing, sales together, bringing really modern tooling to seek out new customers, drive them into our products, and make sure we're managing them successfully. That then drives to client listening so and client success. So as we are delivering for our clients and driving success, we have been modernizing all of our internal capabilities to listen to our clients. We call it institutionalizing client listening, making sure that we're able to bring the voice of the client into every element of our business, our operations, that then also drives the feedback loop back into the agile development lifecycle. And that results in being able to provide a very strong return on invested capital for our clients, like the solutions we provide give them a lot of value, then, of course, accrues to our value as well. And we're then able to measure ourselves as a modern technology company. We've been starting to provide you more KPIs that are designed to give you leading indicators, but also just metrics that underpin the operations of our business and the success of our platform. So as we've been doing all of this, we've created a really interesting flywheel across Nasdaq. So I'm gonna start by saying, we start with us as a market operator, and as I mentioned, these three key themes of liquidity, transparency, and integrity. Those are three themes that really underpin the role of a market. You know, so we provide liquidity, we make sure our engines are really the engine of liquidity, we make sure we have transparency out to our investors, and integrity across the market system. And we've been able to parlay that into a whole suite of capabilities for our clients. So we have, we have all three within our markets, and then as we go out and provide workflow and insights, tools, and index products, we're really driving transparency out to support corporates as they're managing their lives with their investors, to support investors as they're making asset allocation decisions, and providing transparent, investable products that have this great innovation underpinning with the Nasdaq brand out to the broader investor base. And then, as we go into our, our our financial technology division, we then focus in on integrity with our anti-financial crime solutions and our regulatory compliance, really driving integrity across the entire financial system. And the reason that they see us as a great partner to do that is because we started with our surveillance. So across the capital markets, we have the most scaled solution that allows broker-dealers to manage their lives in the markets and bring integrity to that, to that experience. That then allowed us to go and expand into the broader financial crime management, and then, of course, with regulatory compliance, it's a natural for us to be a partner to them in that area. That then drives right back to liquidity. So the Capital Markets Technology, whether it's providing Market Technology to other exchanges or risk management and trade analytics, capital management capabilities to the broker-dealer community through Calypso, all of that is designed to drive more liquidity back into the system. So free up capital by being really strong at risk management, having really modern technology to support the markets themselves, but then maximize the liquidity back into the system. So this is the flywheel that we see as underpinning how we've grown and expanded our company. We're driving ourselves towards these four key megatrends that underpin the industry. Hopefully, most of these look pretty consistent to you. We have been pretty consistent in talking about them. The first is modernizing markets. We now are a hyper-resilient, scaled, hyper-low latency, cloud-native trade lifecycle technology provider. We provide that to our own markets, and we've been rolling our next-gen trading platform out to our derivatives markets across the U.S. and Europe, while we've been providing that next-gen platform to our market technology clients across trading, clearing, and settlement. And we are really proud of the fact that we are driving that innovation across the industry, and we're seeing great pickup across the world because they know that we can make them more scalable, more nimble, and more responsive to their investors and their clients. With the transformation of the investment landscape, it means, as you all know, I mean, there's an ever-increasing amount of investable assets out in the world. But the way that those assets are being deployed is new and different over time. So the rise of passive, this unstoppable rise of passive investing, has clearly benefited us as a scaled index provider. But we also provide solutions that help active managers become more sophisticated in driving their investment strategies, making sure they're allocating their assets successfully across what is growing, what is expanding, what is gonna meet their their specific investment strategies. And then the drive towards sustainability. This is an area where corporates, banks, and investors continue to have a need for strong, data, consistent data, and new abilities to be able to measure and report on that data across all these various taxonomies, regulatory agencies, and different ways for. And as well as out to their, their clients, their employees, and others, so that they understand what they're doing to drive towards sustainability. And we are a very unique partner in helping them do that. And then lastly, with increasing investment in resilience and risk management, that is an area where we've been focusing on anti-financial crime. We now have, with Calypso, the ability to really modernize the way that people manage risk, and with regulatory reporting, bring resilience into the banks. Being resilient as a bank operator is number one, a core element of enabling them to grow. And so if we can provide great solutions to help them be more resilient and make sure that we're bringing more advanced technology to that capability, it gives them great value, it gives them the right to win, and it gives us the right to win as well by providing, being a partner to them. And then underpinning all of this is this unstoppable force of technology.... The cloud and AR is defining every element, every industry, every element of the capabilities that our clients are moving towards, and we are able to provide to them, and it's a huge area of focus for us as well. And because we're aligned to these mega trends, we now have a very large total addressable market and serviceable addressable market. Just want to take a minute to define those two. So our total addressable market is defined by looking at all of the solutions we have in the market today available for our clients, and looking at how much the clients are spending, both on internal build and vended spend, to be able to meet those obligations. So essentially, it is tied to what we have in market. The serviceable addressable market is only the vended spend. So we believe that this is a very good way to look at what our true market opportunity is, because in some cases, we are, in fact, replacing internal build. In other cases, we might be replacing in, vended spend. But in every case, we have a growing TAM and a growing SAM. So we have tailwinds across our total market opportunity, tailwinds across the serviceable addressable market, and in most cases, actually, in every case, the serviceable addressable market is growing faster. So what we're, what we're finding is clients want to have fewer partners, deeper partners, and they are relying on external partners more and more to provide bespoke, purpose-built solutions for them. So I'm gonna take a moment and take a step back to 2017 when we started on our journey, and say, what have we been able to achieve for our clients? How have we grown our platform? Today, what can we provide to them? Back in 2017, we started this strategic pivot. We asked ourselves: What are we great at? What are we not so good at? We did ask that, too. What do our clients expect us to be great at, and where do they see us as a natural partner? The last question is a really important one: What are the biggest challenges our clients are facing, and where do we have the right to win in serving them? We went out and started talking to customers, and I spent time, a lot of time with bank CEOs, COOs, and really tried to understand more deeply, how can we become a bigger and better partner? What we found was that they did see us as a partner. Because of our role as a market operator, we provide a critical service, but it was a very specific niche service to them on helping them establish trading capabilities and making sure that they have a great trading experience. And that included the integrity of trading across trade surveillance. But when I asked them what their biggest problems were, one CEO spent the entire meeting on anti-financial crime. All of it was about how they are managing that issue, how challenging the issue is, why the technology was not fit for purpose to help solve that problem for them. It was, "Thank you very much for helping us solve this one area within surveillance, but we have this much bigger issue, and this is where I'm spending a lot of my time." Another CEO or COO spent the time talking to me about post-trade processing, post-trade infrastructure, post-trade risk management, and and collateral management, clearing, all the things that help them navigate the public markets as well as OTC markets successfully, and how challenging it was to bring all of that together, to use modern technology to drive data management and capabilities, to make it so they could ultimately report to regulators successfully. It was really interesting. It was a great learning opportunity for me, and this is several years ago. We heard these messages consistently from clients. While we were a partner, they saw us being a partner across liquidity, transparency, and integrity. We were in a pretty niche field, and they were looking for someone who could be a bigger partner to them. So we then came back, did very deep dives across all of the areas of risk management, financial crime management, regulatory compliance, and looked at also across banks, brokers, investment managers, looking also at how these apply to market operators. Then, of course, in general, there's a corporate need for a lot of these capabilities as well. But I think that our view right now is that the corporate issuers primarily look to us to help them navigate the public markets, and we do a very complete job with that across IR governance and ESG. So today, on the back of the investments we've made and the way that we've expanded our business to be a modern provider, we are a complete solution provider to our clients across all the areas of liquidity, transparency, and integrity that really denote who Nasdaq is as a brand and where we have a right to win as a partner. And so we have a huge opportunity in front of us to continue to drive our solutions across the industry, to have a bigger impact on them and a bigger impact on our shareholders. So as we move forward, we have three key themes that you'll hear throughout the morning. We're gonna focus on integration, innovation, and acceleration. When we talk about integration, we're bringing Adenza into Nasdaq, but we're also making sure we have a divisional structure that really is integrated in providing a full suite of capabilities to our clients within each division and then across Nasdaq. So again, we call that three divisions, one Nasdaq. That integration also of Adenza is critically important. We started on day one, and we're well underway. But I do want to mention one thing, which is that we have chosen to retire the Adenza brand. We're going to maintain the Calypso and AxiomSL brands. They're industry-leading solutions with decades of history, and we believe that they're tremendous brands out there. But we are gonna leverage the Nasdaq brand with the solutions brands of Calypso and AxiomSL. So we might be saying Adenza a few times today, but over time, we're gonna be really focusing on the Calypso and Axiom SL brands. On innovation, we're, as we mentioned, continuing our cloud journey and really focusing now on all the benefits that our investments over the last 10 years have made, because we now have an amazing ability to leverage AI and bring more actionable intelligence and more capabilities across to our clients today. And then all of that then results in acceleration because we have the ability to have a single operating model, single team, evaluating our clients and opening up cross-sell opportunities. So let me go through each of these in a little more detail. With integration, these metrics really apply to the Adenza integration, and we expect to be able to action 70% of our synergies in 2024, for full year effect in 2025, and then complete the remaining 30% in 2025. So the net synergies of $80 million, we are well underway, and we expect to have the majority of them at action this year. The second is that we're accelerating our deleveraging. So we expect to be at 4x debt-to-EBITDA ratio, 9-12 months ahead of our original plan, and then down to 3.3x, at least 6 months ahead of plan. And that's really a focus on making sure that we are obviously, the power of the platform, but then coupled with deleveraging, activities. Sarah will spend more time with you on that later this morning. When it comes to innovation, at this point, we wanna get the AI tools in the hands of all our employees. We looked at 2023 as the year of experimentation with next-gen AI, generative AI. We've been a provider of AI capabilities now for many years. In fact, the Verafin platform, our financial crime management platform, was really born on the back of leveraging AI to solve that problem more successfully. We also have been leveraging algorithmic AI across our organization for several years now, and you'll hear some examples of that in the technology panel. But with generative AI, it's a whole new opportunity for us. We have put all of our data into a cloud framework that allows us, with modern data management, and it allows us to tap into those data sources, that gold source data, and bring out new value for our clients. And we're doing it both on the business, kind of how do we make ourselves more efficient and effective, and into the products, and how to make our products more efficient and effective. And we have five key themes that underpin our AI efforts. The first is coding companions. So as a software provider, how do we become more effective and efficient in delivering software, as well as providing even higher code quality by having these coding assistants working with our engineering teams? The second is content creation, whether it's marketing content, legal content, whether it's also just looking at how we kind of bring our content into these large language models to make it so that it's more discoverable to our clients, to our... and even to our teams. So one example that Brenda will talk about is how we're actually bringing all of the content associated with our documentation on our products and make that just at the fingertips of our software engineers. The third is data discoverability. So how do we make sure that the data within our own organization is more discoverable, but also, how do we go out and be able to bring data together? So one of the areas we've been focusing on that is in our ESG products, making our ESG products even more valuable to our clients by bringing data from all over the world together and putting it at their fingertips. Workflow automation. You'll definitely hear more about this from Tal and Brenda in the financial technology area, where we're automating workflows within our tools. A lot of our tools have user workflows, and so we've been leveraging generative AI to make that a lot more efficient for our clients, which generates a higher value to them, which, of course, accrues to our benefit as well. And then lastly, algorithmic intelligence. This is an area where we've been focused for many years, as I mentioned, in our anti-financial crime suite, in our markets. And as we bring out new capabilities into our markets, it's an area of focus for us, and you'll hear about more about that in the market services section. And then lastly, accelerate. So the One Nasdaq panel today, later, we'll, which will bring together the sales and client leaders across our organization, and you're gonna hear about how we're all helping each other open doors and create opportunity for ourselves. And as we've gotten in, we now... And as we've been able to own Adenza, understand the power of AxiomSL and Calypso, understand we've had several voice-of-client tours and, and surveys, and other things to really understand how we can unlock opportunity within Nasdaq. We feel very confident in our ability to generate $100 million or more in cross-sell revenue by the end of 2027, for full year effect in 2028. You'll hear more about that today, and hopefully, you'll get a lot of confidence in how we're looking at bringing our solution suite to our clients across the world. So all of this underpins our medium-term outlook. We provided this medium-term outlook back in June, and we're continuing to reinforce that this is the medium-term outlook for the business. So we expect to be able to achieve 8%-11% growth in our solutions businesses over the medium term. And as we execute on our strategy on integrate, innovate, and accelerate, we should be able to move towards the higher end of that growth curve because within the range that we're providing, as we continue to drive more capabilities and more value to our clients. And we're gonna do that all while continuing to invest in the business, but by also generating operating leverage. As we execute on the Adenza integration, we should provide you even a little bit more short-term benefit on managing our expenses, and then we wanna continue to invest while also providing our shareholders a great return and a leverageable, you know, kind of operating leverage across the platform, so that we can continue to grow and scale the business and the margin. So to wrap up, as you are going to hear from our team today, we have a nice, big team with us today. These are the messages that I'm hoping that you will take away as you leave here later today. First is that we are a trusted partner to our clients and to the industry. We provide mission-critical capabilities that enhance the liquidity, transparency, and integrity of the world's economy. We are a modern technology provider, so we really take a tech-first, client-first approach to developing technology and delivering that technology in modern ways. We have decades of experience across regulatory expertise, markets expertise. We are a true partner to our clients as they're managing the complexities that they're having to handle across the various regulatory regimes and market regimes around the world. We have a strong track record of success in integrating acquisitions, and we're gonna be applying that playbook to making sure we have a very successful integration of Adenza or AxiomSL and Calypso. We have scaled revenue and recurring revenue that drives an exceptional financial profile and shareholder value to all of you. So with that, we're gonna watch a short video about one of our clients and how they see us as a technology partner in our markets, and then we're gonna invite the technology panel up to join us. So thank you very much. Technology is vital to everything we do at Citadel Securities. As we enter new markets, it's very important to us that our partners keep up with the pace of innovation. Nasdaq shares that DNA at its core, and we share a common vision of advancing technology across global capital markets. Citadel Securities first partnered with Nasdaq as a member of its exchanges over 20 years ago, so we have some history together. Then, as now, accessing deep pools of market liquidity has been fundamental to the success of our business. Since day one, our vision has been to apply technology and analytics to solve the greatest challenges in global capital markets. We believe strongly in the ongoing electronification of capital markets, that Nasdaq itself has been foundational to unlocking and advancing over its 50-year history. Since our initial partnership, we've gone from being solely an options market maker to now being one of the largest on-exchange market makers and active across a range of products on a global basis. And we're proud to today say that we are members of the Nasdaq's U.S. and EMEA Equity and Derivatives exchanges. We've worked with Nasdaq on a number of public policy initiatives and points of advocacy, always in the interest of ensuring that our capital markets remain as fair, resilient, and transparent as possible. Nasdaq provides the access, data, and technology to support the development of rich capital markets ecosystems, which in turn allows firms like Citadel Securities to come in and provide liquidity to those markets. We look forward to continuing to partner with Nasdaq going forward as we pursue our joint mission of progressing technological development across global financial markets. Thank you, Ato, and Adena, and welcome to the technology panel discussion today. My name is Brad Peterson, and over the last 11 years, I've been leading the technology organization at Nasdaq. I'm joined on the panel today by Brenda Hoffman and Hazel Dalton. Brenda is the CTO of Market Services and Financial Technology Division, which now includes Calypso, AxiomSL, our surveillance business, and our marketplace technology organization. Brenda has been with Nasdaq for over 8 years, and prior to that, she was the CIO and CTO of the TMX Group in Canada. I'm joined on stage by another Canadian, Hazel Dalton, hails from St. John's, Newfoundland, is the CTO of Verafin, which is our financial crime and management technology business. Hazel was with Verafin for 12 years and then joined us 3 years ago as part of the acquisition. So to get us started this morning, I wanted to talk about two strategic capabilities and advantages that aren't really that obvious from the outside. And the first one is we're very fortunate as a technology company to be in the same business as our customers. And if you think about it, it's, it's very rare to have that. And we're fortunate as we became a tech... When we entered the technology business, we did so in capital markets, which is geographically segmented. So we were able to refine our technology platform in the most demanding, the most active, and the most competitive markets in the world. So our customers, now that we have over 130 of them, that gave them great confidence. The heads of technology, who are oftentimes the key influencers or even the ultimate decision makers, they know that our system is resilient, it's global, it's scalable, and it's secure. We also built a capability over the last 10 years of running critical infrastructure globally. We have colleagues around the world that are working their normal hours, fully caffeinated. We don't have to worry about shift work, and they are helping us open and close the markets and do so for our customers as well. I mention this because many software companies, when they're delivering releases on-prem, their engineering organizations are not tuned to this always-on capability and culture. By running critical systems like we do, as we transition into SaaS-based, cloud-based services, that is something that is a unique capability we have. So I wanted to point that one out. The second one is we have a strategic advantage in that we have unique access and relationships with the best technology companies in the world. We get to work with AWS, Intel, AMD, Microsoft, and of course, NVIDIA now, on going deep with them, on finding strategic projects that are meaningful to both of us, and there's very little competitive overlap. And those companies love to work with us, and they love to work with us 'cause we're willing to go first, and we're leaders, and we take the leadership position in our industry. So as I sit here, I can't think of a company in the world that has the relationships that we have at Nasdaq with those firms, and it's one of the things that makes working at Nasdaq special for all of us here. So I'd like to turn to my panelists and ask, Brenda, maybe if you could talk a little bit about what the culture at Nasdaq and why it's so special for us. So it's pretty exciting. Our culture at Nasdaq, we embrace innovation and excellence at our very core, and so it's very fundamental with all of the talent here. We invent, we build, we innovate, and we are constantly improving what we're doing. We are early adopters, as Brad said. We are super early adopters of technology, and we lead in the industry, and so the teams, we're constantly challenging our teams and ourselves to stay at that leadership position. So we aggressively challenge ourselves to be there. So with all of that, what the beauty of it is, is we are able to attract and retain global talent, and that's pretty important for our organization. So- Absolutely. It's a lot of fun. Yeah, and we got you from the TMX. Hazel, so you've been here. Maybe some observations, since you joined. Absolutely. Yeah, we were really excited to join Nasdaq. We saw that as an opportunity to really grow and to really elevate our business. There's an innovator mentality here that drives us to take a leadership position in everything that we're doing. We understand how important it is to listen to our clients, and we understand that problem-solving and building technology to solve those problems is how we partner with those clients. We are willing to be early adopters. We understand that AI, the cloud, and we understand that the importance of data in driving both. We are willing to take the leading edge in order to improve our product and better serve our clients. Yeah, and so, we now have a couple of additions, as you know, with Calypso and Adenza. Excuse me, Calypso and AxiomSL. We're retiring the Adenza name. So I'm halfway there, so, still a work in progress. Halfway. But, yeah. So Brenda, you've been traveling around to all the offices, so what did you learn? What did you learn about their culture? Yeah. So, it's been great. I've had an opportunity to travel globally, meet the engineers, and the product teams from both AxiomSL and Calypso, and it's been great. And there's, you know, lots of really good things to talk about, but two big things that I wanna share is, first of all, the product discipline that we have for the two products is really very mature. It's allowed us to create a single integrated code stack, modular design, and what that allows us to do is when we install to our customers, we can install in a modular way. So it supports the land and expand approach to what we do, so that's really cool. And the other thing is, for that, we ensure that we only ever have two releases of the product available to the client. You might wonder: Well, why is that so important? It's important because it allows us to continually drive innovation and modernization and focus that into the leading product. A really, really good piece of how they've set up their teams to do that. Then the second thing that's really important is the domain expertise of the engineers is incredibly deep and very intricate in the industry. And what that has enabled us to do is, the engineers and the product teams are following the regulation and the changes in the regulatory frameworks, and they follow those intimately. As those new regulations are being published, we already have the modules for that new regulation. So it's pretty powerful to have the engineers following that intricately, and then when that thing comes, when that regulation is published, boom, we have, we have that, that module ready for our clients to take it out. So really super powerful. So it's- Excellent. Excellent. Well, let's switch topics to our foundational technology, and we've... As Adena mentioned, we have built core technology. So let's talk a little bit about that. I'll start with you, Brenda. Okay, great. Love to talk about this. So we have built and perfected our core message-based architecture and technology here at Nasdaq.... And what that means is, for many of our businesses, we are required to have technology that can perform at extreme levels. So throughput levels, latency levels that are all, ultra-low latent, extreme throughput, very tight determinism, mission criticality, security, and all of that embodied in resiliency. So all of those things that we require to run our markets, we have in our foundational structure of our messaging. And what many people do not know is that that underlying technology is used across many of our businesses. So it is used in the 25 markets that we own and operate, so that's in the Market Platforms division, Tal Cohen's division. So the equity markets in both North America and Europe are using it. The options markets also in North America and Europe are using it. And then in Nelson's business and Capital Access Platforms, we're using it in three major places. We're using it in the IPO experience and processing, and that's among the best in the world. We're using it in our global index platform, that's processing in excess of 4,000 indices, and we're also using it in our real-time data plant. So that's the leading in the industry, it's powering the industry, and we have billions of eyeballs looking at that every day. So it's really, it's really cool because we built it, we own it, we control it, and it's powering underneath all of those businesses. So it's- Yeah, and there's really very little third-party licensing in that, so that truly is our platform, and it drives great economics as well for us. Right. And we're planning on, and we're working now to take that expertise and that talent forward to our fintech clients and to AxiomSL and Calypso. Yeah. So, Hazel, we've been talking a lot about builders, and why is that important to us and also to our customers? Our customers aren't looking for a vendor. They're looking for a strategic partner who can work with them to solve problems. Our clients, our customers, understand what problems they're trying to solve, so it's critical that we listen to our clients. In our industry, with our technology and our team, we have the track record that allows us to really step into that position and be that strategic partner. As Brenda mentioned, we have built the core technology of the markets at Nasdaq. As we acquire new companies like Verafin, like Adenza, we are bringing in more builders who have their own domain expertise, who are bringing that culture of innovation and of building technology into the company. We have a long tenure. People come here, and they stay here, and that development expertise, that domain expertise, allows us to learn from each other and allows us to be a full strategic partner to our clients. There's... Maybe give a couple of examples where it's gone both ways that we've shared some of that expertise. Absolutely. I have two great examples. Okay. Verafin is moving into the tier one and tier two space, and as we work with financial institutions in that area, there's a requirement that we are able to do ad hoc disaster recovery in the cloud. Now, Nasdaq, I mean, Nasdaq is known for your resiliency. We've been able to pair our developers, our engineers, with Nasdaq engineers to really give us, again, that domain expertise to tell us how you have done it and the approaches you have taken, and that's allowed us to mature very rapidly in that area. On, up in the other direction, Verafin has a deep expertise in algorithmic AI. We've been working in AI for 20 years. We've been able to partner with the developers in the trade surveillance organization and bring that expertise into that product again in the cloud. Yeah. And another thing that I think when we were doing due diligence that I was very impressed with was your data consortium, and it was built on the cloud. So tell us a little bit more about how foundational that is to the success for you and the customers. Verafin started with smaller FIs in North America, so small banks, community credit unions. When you work with a community credit union, you learn very rapidly that the disparate systems are a barrier to an institution being able to do investigation, even within a single institution. So as Verafin worked with our 2,500 customers, as we brought them on board, we did deep dives into how their data is stored within a single FI. There are more than 70 banking cores in North America and a large number of ancillary systems, think wire, ACH, check, point of sale, teller systems. What Verafin is able to do, through a deep understanding of the data, is bring all of that data into a normalized model. And truly, we saw the power of being able to have a single view of one of our client's customers from an investigative and a crime detection perspective. We look at our data consortium now, both within a single FI, but also across our cloud, and that allows our AI analytics to take a big data approach and gain cross consortium insights that truly power our financial crime detection engine. So that's made you look like one of the biggest, financial institutions on the planet, so by looking at it and putting all those pieces together. So, Brenda, you've done some similar work as well to position us for the next wave of innovation with the data platform. So let's talk about that. Yeah. So, at Nasdaq, back in 2008, we had all of our data from all of our, our markets and all of our platforms on premise, and it was becoming increasingly more difficult to manage and maintain and scale that data. So back then, we started, and we created our, our data infrastructure and our data lake... and much like what Hazel said, what they did at Verafin, back then, we adopted the approach of everything that goes into that data lake has to be standardized and normalized. And so if you roll forward to today, that data lake today is, we are pumping over 200 billion messages a day into that data lake. And so if you think about that, that's 4 times what it was just four years ago in 2020, and we've been able to scale on that. With the standardization of all of that data, we've also been able to ensure that as we build a common, modern APIs to access that data, that's allowed us to build products quickly. It has allowed us to get to that data quickly, and there's a lot that we can do as we continue to modernize and standardize there. Yeah, and you've also driven the cost down 80% of storing those messages with that growth as well. So we've gotten scale out of it that way. Yes. So one of our themes is always optimization, optimization. So as technology and innovation progresses, we're watching that very intimately, and we're always looking to optimize on all of our technology, but in particular, in this large data lake, it's very important. Yeah, and one of the things pointing out that we're in the same business as our customers. So while we're using this technology, we're able to leverage that investment across ourselves and our customers. So it's really a true, a very unique situation for us. And so also, let's talk about cloud advancements. So for our markets, and I believe a couple of years ago, we were up here talking about that, so let's check in on that progress. Yes, we were. So, yes, last Investor Day, we were one day of a launch. We had our first day behind us. We are the first global exchange operator to take a major regulated market to cloud technology, and we did that back in 2022. And, of course, in doing that, We announced it in 2021, right? Yes. Yep. Yes. So we built teams. Everybody back then said it can't be done. Our 130 market operator clients, they wanted us to go first. And so we assembled a team of engineers, of our business people, of our lawyers to work with the regulator and with AWS, our preferred cloud partner, and we set out on a journey. And in just under 11 months, we were launching that market on cloud infrastructure. And what's very important about that journey is we created a blueprint, and the blueprint has been core to what we've done going forward. That blueprint, we can use it to continue to progress our markets, the 25 we own and operate, which we have done. And we have also that blueprint, then we're taking it to our fintech clients, and we're also taking it to AxiomSL and Calypso, looking at that blueprint because we want to accelerate the cloud adoption with those products. So the Maybe talk about the results. What did you do? People said it couldn't be done. Yeah. You couldn't run things that fast or... Yeah. So how did you do? So, we had better performance metrics running on cloud technology than we did on-prem. So, we had 10% improvement on our latency, and we also had tighter determinism. So, there were some improvements made, and it's been a great journey. We continue to roll our markets, as Adena mentioned, our modernization program and rolling to this platform. So Hazel, let's talk about... You were very early adopters of the cloud as well. So how'd you make that decision? We had a vision. We believed that we could help financial institutions fight crime. And coming back to our data consortium, we saw the power we had within a single financial, financial institution and believed and understood that the cloud could really take us to that next level and allow us to leverage big data analytics to analyze across our cloud, across multiple institutions. We had a goal of being a market leader, and the cloud enabled us to scale quickly. It enabled us to implement a continuous release cycle so that we could provide value on a continuous basis to our clients. And we weren't able to do that from St. John's, Newfoundland, which is a small corner of North America. It really showed that we had an ability, using the cloud, to go into any area of the world globally, because now we have the blueprint, we have the infrastructure, and the cloud exists across the globe. Yeah. So you have a consistent delivery mechanism globally and have some early opportunities in going across the pond to Europe right now. So let's shift. I think everyone is waiting for AI. So let's shift the topic to AI. Yesterday was the seventh anniversary of the formation of our AI organization and team at Nasdaq. And we now have, in every one of our businesses, we have, in our products, we have an AI capability in market. So we have made a lot of progress. We think about AI two ways. One is in our products and on our business. And really, in our products is an incredible opportunity for automation for our customers. A lot of the benefits of AI you'll hear are gonna accrue to our customers, who have a lot of workflow that is human-based. We also think it's quite attractive from a revenue growth standpoint. So that is in the product side. And then on the business and Adena mentioned this, is across almost every function of our organization. So we think about that as mainly a productivity improvement opportunity. And we first found success, Nelson's group in Capital Access Platforms was the early adopter of that. And we got motivated by machine learning, really having human equivalency with computer vision and then natural language processing capabilities. So we found early in product success with our investor sentiment studies, also automating our advisory services reports, and then in organizing and collecting ESG data. Things started to really take off in 2008 when there were open-source language models, and we saw the capabilities of those. They were producing good results, and we knew that this technology was advancing exponentially. So when ChatGPT and Anthropic launched Claude, we weren't surprised. We weren't surprised that those incredible capabilities were delivered. But our view is that as open source continues to follow those advancements, we see the open-source models continuing to offer a very attractive alternative and attractive way of putting anything that's gonna be high volume into a product. We think open source is gonna be the way to go. And we also therefore are designing because there's just so many entrants and so many models, that we're designing so we can swap out models as new ones come up. So that's our strategy there. I know, Hazel, from the beginning, you've been using AI in your product. So some of the use cases you guys are excited about. That's right. So Verafin's roots are in algorithmic AI. That's where we started 20 years ago. We moved through. We still use machine learning heavily today. We offer the ability for our customers to use champion-challenger models to tune our--to tune using their own data. And of course, the data that we have available to us in our data consortium truly allows us to allows our machine learning models to shine. Because, I mean, training data, of course, you feed your machine learning models, you give them a broader scope of data to look at, and you will get better results. We are leaning into generative AI today. We're using large language models to reduce time spent on research in our alert, our alert workflows, time spent on documentation, alert reviews. We believe that will have an attractive ROI, and you're going to hear more about that later today from Brendan Brothers when he talks about Financial Crime Management Technology. Excellent. And you have something in the product as well coming. Do you wanna talk about that? Yes, we are launching our first AI-powered order type in our equity market, and we'll be launching that in the first half of this year. It's called Dynamic M-ELO, and Kevin will be talking about it later today, so we're excited to get that organized and in. Yeah, and with the foundation you laid with cloud and the data, it's just taken a handful of folks to get that up and running. That's correct. Yes. So everything we talked about in terms of the cloud, organizing all of the data there in those data lakes, yes, some of these AI capabilities that we're building can quickly be brought to market because of the way we've got our infrastructure set up. So let's finish off on the business. Where are you most excited, obviously, in technology? You can talk- Yeah ... about that, that function. Yeah. So, we certainly believe and feel that the biggest benefits are gonna be within our tech teams. The technologists globally, even after... as well as when I was out talking to the AxiomSL and Calypso people, we're already using all of the tools, and the engineers are very excited. So we have three main categories. As Adena mentioned, we're using code companion tools, and in the different areas of technology, we're looking at different tools. In test automation, we're looking deeply there, test automation, including creating test scripts, running those huge regression beds, and also looking at the results of those and using AI to do that. So there's a lot happening there. And then also large language models. So we are, for products, Adena mentioned it as well, we are taking, for example, with our products, and we are pushing all of our product documentation, so all of the, the big technical specs that we have for docs, all the message API specs, all of those specifications, we're putting them up into large language models, and again, putting all that right to the fingertips of the engineers, and they're just loving it. So we are seeing that it's going to have some big efficiencies for the engineering team, so we're very excited about that. about half the company. Yes. Yeah. Well, as you can clearly see, we have progressed as a technology company. We have core fundamental technology. We've built data platforms and strategic data lakes, and we possess these incredible value-added, high-value datasets that are key ingredients for AI. So we will continue to challenge ourselves to innovate and to lead the industry. So thank you, and thank you to my panelists. ... We are really proud to become part of the Nasdaq 100. We were added to the Nasdaq 100 when it was first created in 1985, and technology has taken on an increased role throughout society. You continuously have to bring out new capability to support the industry and move things forward. We joined the Nasdaq 100 in 1993. The Nasdaq 100 validates that we're creating and delivering what our industries needs to be successful. Companies that are part of the Nasdaq 100 have an opportunity to reshape the future of technology. Well, being part of the Nasdaq 100, it means you're recognized as a special organization in a select group of 100 organizations out of all the public companies that are listed on Nasdaq. The QQQ index, really a group of tech companies shaping the future globally. It's an opportunity to participate in diversified technology growth and help investors and ecosystems see where innovation is coming from. I believe it's helped us to grow faster and ultimately lowered consumption and increased the reliability of supply chain for our customers. We've definitely grown, and we have benefited from being part of that index. It's good for the company, and it's good for the shareholders, and so for that, we're grateful. We're very proud of being part of Nasdaq, very proud of being part of Nasdaq 100. Well, that was really exciting. I'm Nelson Griggs. I'm Nasdaq's co-president, as well as head of our Capital Access Platforms division. Now, this division came together about a year and a half ago with the purpose of providing our investor clients and corporate clients more transparency. Although the capital markets backdrop has somewhat been more challenging than we anticipated during that last year and a half, we are as enthusiastic as ever about this division's ability to deliver scale and long-term, durable growth for our shareholders. Taking a look at our agenda, I'm gonna begin with the power of this division. Now, we have a strong track record of delivering solid revenue growth that's made up of significant amounts of annual recurring revenue, coupled with high-quality index AUM. This is backed by a very attractive and growing operating margin. Now, looking at how we serve our clients, we have a very broad portfolio of scale businesses, where our success is derived from trust, best-in-class platforms, as well as a very strong flywheel effect. We report to you on three subsegments, with the first being our foundational and leading data and listing franchise. We have the world's fastest-growing scaled index franchise, as well as our workflow and insight platforms that help both corporates and investors make more informed decisions through a series of software and data tools. And when we think about our client base and the penetration we have, it all begins with having one of the world's 100 top brands. This brand gives us access, it gives us credibility, and as we think about doing more with our clients, launching new products, expanding to new geographies, it starts with the brand. With listings, we now represent 21% of the world's global market equities capitalization. This is up 290% over the last 10 years, and that compares to just 60% growth from our closest US competitor, which I think you may know. We also have billions, billions of eyeballs on our data each and every day. Now, that is derived from a very strong core client base, but also delivered through the likes of your Apple iPhone, Microsoft Excel, Yahoo Finance. Throughout the world, our data is being leveraged more and more each and every day. Looking at our index business, we finished 2023 with assets under management of $473 billion. This compares to $396 billion average for 2023. So the growth in that business has been phenomenal. Looking at our workflow and insights businesses, both on the corporates and the analytics side, we have very strong penetration, which allows us more access, more credibility with clients, but there's also a significant room to run in both of these businesses, which we'll talk more about that as we go through the presentation. So we are fortunate to be capitalizing on three of the mega trends that Adena highlighted in her presentation. So I'm gonna give you a bit more context on each one. With passive investing, there has been a significant increase in total investable assets throughout the world, with passive being a major beneficiary of that. Now, we're in a very fortunate position inside this business to have the world's leading growth index and also the fastest-growing index franchise. Looking at how companies are looking to modernize and digitize their solutions, there's five key themes here that we address. There's still a big trend for clients to move from offline to online. There's a focus from clients when they think about how they're moving to more consolidation of their partners. And they're looking for nimble solutions in the cloud with modern delivery capabilities, such as APIs, and really, a, a company that has the vision around AI. And on sustainability, we still see tremendous growth in all of our product lines for sustainable ESG products and services. There was a recent study by Teneo that indicated 92% of corporate CEOs are sticking with their ESG agenda, and our solutions are being used by more and more clients each and every day. And when we look at the SAMs and TAMs for this division, we have a SAM of $10 billion with a TAM of $32 billion. Adena described in more detail the makeup of how we look at the SAMs and TAMs, but our division spent a very significant amount of time thinking about the SAMs and how our product market fit and what geographies we're going after to recognize this is really how we're gonna drive our product roadmaps and how we think about our go-to-market engine. So within workflow and insights, we have a $6 billion TAM. The index franchise has a $4 billion TAM, and with each of those, there's a component of sustainable ESG TAMs, which represents $3 billion. So these are fast-growing. In each case, the SAMs are larger than the TAMs, so we believe we're in the right markets or right, right areas with the right products today to, to grow our revenue on a stable basis. And as Adena mentioned, and you'll hear from some of my other colleagues, we are focused on integration, innovation, and acceleration. So for the last year and a half, this division has spent a lot of time thinking about our scale and how we're gonna operationalize the business to, to be more effective and also drive more margin into the business. That is gonna... That's a continuing basis as we think about role alignment, location strategies, and how we're again gonna optimize the ability of these two product lines coming together as one division. When we look at our go-to-market engine, there's a heightened focus at Nasdaq on our client understanding, our voice of client, really the revenue operations engine that we have that goes along with our marketing teams, our sales teams, client success. So we think about that large client base we have. How do we do more with those clients, expand new geographies, and attack, or bring on new logos to the platform? Now, obviously, it's been a more challenging buying environment in the corporate sector, where you've seen extended life cycles of the buying life cycle, but that's starting to kind of more normalize in our world. So we think the combination of our divisional alignment, as well as our go-to-market engine, gives us a lot of power in this division. Lastly, I wanna highlight that we sit on a tremendous amount of gold source proprietary data inside this division. We had a feeling of this opportunity, and we brought the group together, but we're seeing more and more opportunities to leverage this data to bring more opportunities to our clients and grow our product lines. So I'll talk more about that as we go through this presentation, but it all really starts with this expansive client base. And when we look at our client base and our ability to do more with our clients, we have today 15,000 global clients that are made up of 10,000 corporates and 5,000 investor clients. But as importantly, we have over 300,000 users that are going into our systems each and every day, that build up another data set for us to leverage. On top of that, we have over 200,000 corporate, investor, and investment strategy, or really, coverage on those client bases, corporates, investors, and investor strategies that give us millions and millions of data points. So when you think about scale in this division, it's a combination of two things. It's how we think of the go-to-market engine to do more with our current clients and bring on new logos, as well as the ability to leverage this massive data set to do more with our clients and gain additional insights. I'm gonna take a moment to describe that on this next slide. There's a lot here, so I'll move to the side here. Brad highlighted that our division was a very early adopter of both natural language processing, as well as predictive AI capabilities inside our products. So we think about the gold source data. This is on the left-hand side of this chart. This is just a sampling of all the data that we capture with inside our platforms. Now, the overwhelming majority of my products today, or our products, are really on a modern cloud architecture, where we have very sophisticated API delivery capabilities. The advancements in generative AI are allowing us to go into the data sets and bring new insights not only to our clients, but also to inform our own business decisions. This is very pertinent in the index business when we think about trends and the new products that we're bringing to market. But in addition to that, our really our goal here is how we think about new data sets inside of our products to make them stickier and more attractive to our client base, as well as developing new modules and new products for our clients. So moving now to our strategic priorities and how they're really aligned with these really mega industry trends. I'm gonna begin by talking you through the top three areas we're focused on for 2024 and beyond. We wanna continue to build on the tremendous data and listing leadership that we've had. Looking at how we're gonna grow our workflow and insights portfolio through this go-to-market execution and the engine we've created, as well as bringing more innovation into our products. And lastly, as mentioned, we have this amazing growth index franchise that we think we have a significant amount of room to run to grow our, our market penetration. I also wanna highlight on this slide that in 2022, when we were talking to you, we mentioned we have a $250 million ESG opportunity with inside Nasdaq, and we're well on our way to tracking towards that, and our product line is growing. The ways I'll highlight that is our corporates and investor clients are leveraging a series of workflow tools and modules from us to help them on their sustainable journey. But we also are finding new data opportunities with inside that client base as you think about all that we're capturing and the ability to create new, new data sets through generative AI. We have a aligned group of our corporate clients or our corporate business and the, the Puro asset, which is our carbon removal platform, and how we help clients think about where they are in their sustainable journey, leveraging carbon removals. We also have the opportunity inside the index business. There's been more definition bringing to what an ESG index is, both for our clients as well as for us. So that's a very, a growing part of the business for us. And lastly, when you-- we, we think about AxiomSL, they also have an ESG module inside of their, their platform. So all in all, we have a tremendous opportunity still within the ESG growth vector, and we're seeing ourselves tracking towards that long-term goal of $250 million. I'm gonna take a quick look now at the data and listing business. We've had significant market share gains on both product lines. Over the last five years, we've had a 74% average win rate for IPOs, and we've had $1.3 trillion in market cap transfer from our largest competitor. On the data business, we've been very focused on several themes, but one of which is moving our clients to more enterprise licenses. Over the last five years, we've had a 100% increase in our clientele using enterprise licenses. This is going from 30 to 60 and now represents about $75 million of that revenue line. We've also been very focused on how we expand to international, international markets. So this revenue has increased 55% over the last 5 years and now stands at roughly 43% of the data, business line revenue. So think about how we're going to execute in 2024. On the listing side, I'll, I'll pause for a moment and talk about the environment. I've been in the listing business now for 22 years, and you go through cycles of, of ups and downs. We've certainly been in a more challenging listing environment the last 2 years, but we do see activity picking up quite a bit. We are returning to not a, ten pitches a day, but at least 10 a week now. So the pipeline is building up. We are seeing a diverse group of clients thinking about going public. We have a combination of sectors on the retail side. We have a strong pipeline in healthcare biotech, which plays to our strength. Semiconductor companies. It's pretty diverse portfolio. I think key to this market, kind of getting that light switch turned on again and the momentum building, we have a handful, a good handful of companies going public in March and April. And the more success they have, we do believe the back half of the year starts to pick up a lot of momentum in listing business. When that does happen, we're certainly ready for it. Our strong brand associated with our clients of growth and innovation, the my tenured team and the ecosystem we have with the various influencers for listings, as well as we believe our best-in-class marketing and our unique corporate service assets, give us a very unique advantage to win, to continue to drive momentum. One quick highlight here I wanted to bring up was I hope you noticed that the last fall, we had a company named Linde switched to Nasdaq, almost a $200 billion market cap company. They were originally listed on Frankfurt and the New York Stock Exchange, and as they were moving their listing to solely in the US in 2023, they also opened up an evaluation of who their listing partner should be in the US. They have been a long-term corporate service client of ours, going back almost seven years. And when they looked at the ability to leverage our index franchise, the growth assets we have in terms of the branding, marketing, themes of innovation, they made the move to Nasdaq, and that was our largest market cap transfer in history, almost $200 billion. On the data side of the business, there's a lot of discussion with data vendors about moving to the cloud. We've been in the cloud for many years. This business all starts with leveraging our brand, but also creating a frictionless data experience for our clients with multiple deliver capability-- delivery capabilities that allows us to go into new geographies and offer new products. We've been talking to you for several years about our success in APAC to grow this business, and we continue to see that as an opportunity. But I wanted to highlight in 2023, we signed our first ever Basic enterprise license in the Middle East. Out of Saudi Arabia, a retail broker, Awaed, or a retail financial provider, Awad, signed a Nasdaq Basic client, and that's generated a lot of interest in that region. And we have many pockets like this in the world. We're able to lead in with the brand and talk about the ability to grow and partner with their businesses. So turning to workflow and insights, this business is made up of a significant amount of SaaS revenue, over 85%. We have very high client satisfaction with a net promoter score of 59%—59 over the entire solution set. Very large client base. We also have a lot of data that we capture, and this is one of the key areas where we're thinking about how we enhance our products through the use of AI. As an example, two examples, we capture on a yearly basis over 235 investor meetings in our CRM tool. This provides very rich, unique data that we can then provide to our clients on an anonymized basis about market trends and buying patterns. Inside our analytics business, we have over 30,000 investment strategies that we capture, and this allows us to think about how we can leverage that data on an anonymized basis in other products. So the quick example of this is that, we have the ability now to, with our data lake, to use investment data to inform our investor relations tools on the corporate side. Again, patterns of where market trends are going, ESG trends. So again, this idea of bringing more unique data sets to this, product set is, is pretty, pretty important to us and, and exciting. Now, we think about our success in, in 2024 and beyond here. This is where we're really focused on this go-to-market engine as we see, more normal buying power, or patterns return, new logos, cross-sell opportunities, global expansion. These are, all these tools are built on a modern architecture of, of cloud, enhanced data insights, AI acceleration. I want to give three quick examples of new products and modules that we launched in 2023. The Nasdaq Metrio platform is one of the world's leading ESG service to allow companies to capture, measure, and report out to multiple stakeholders their ESG metrics. We launched a tool called Sustainable Lens, which is a generative AI-powered tool to help companies benchmark their ESG metrics and report out again to shareholders. And with inside analytics, we have a module, a new module in there called ESG Lens, that allows our clients inside the analytics tool look at, monitor their ESG characteristics of their portfolio. So a quick highlight on this slide is as we think about grow and expanding inside our client base, we have a very large global investment manager that has been a client since 2006 for our investment assets, but they also use other providers as well as some homegrown services. And as we have launched these new modern API capabilities, it really caught their attention. So they did a full review of their services in 2023, and at the end of the year, they had really moved all of their homegrown as well as their other vendors onto the investment platform, where now they're taking all of our services, all of our modules. And this is now a top ten client. So as we look at to modernize our go-to-market engine across both the corporates and investors, we have a lot of opportunities like this to really grow our client base and grow the work we do with them. Now, turning to index, we want to provide a little bit more detail on the pie chart about how the revenue is derived. But over the last five years, it had very strong revenue growth, 21%. We've had $198 billion of net inflows into our index business, with $86 billion of that coming from non-Nasdaq 100 products. We take a very client- or customer-centric approach to the partners we work with. Today, we work with over 75% of the top 200 ETF sponsors. Today, even with the tremendous growth of the NDX, 70% of the revenue comes from Nasdaq 100 products, but still 30% coming from non-Nasdaq, non-Nasdaq 100 offerings. In addition to that, we have significant interest in the volume-based products, the futures products. So this is a real, real strong franchise that we have many different vectors to continue our growth profile here and kind of find that next, next leg. We look at the global expansion opportunities. It always starts with the Nasdaq 100, but then we'd find more ways to work with ETF providers. Inside the new clients, we have unique opportunities here. I'm gonna highlight the insurance annuity space, also the retail broker partnerships, and then there's enormous amount of emerging ETF providers. But coming back to the insurance annuity space, this is a very fast-growing market. There's over $2.5 trillion of investments inside the insurance annuity space, with $700 billion tied to index benchmarking and index products. Today, the Nasdaq 100, with really not much of an effort, has $40 billion of that. We have started a program to go after this market, and we believe, be a meaningful player and really get more... our fair share, hopefully more than our fair share, but there's a lot of room to run in the insurance annuity space. And lastly, when we think about new products, we're a leader in quantitative income thematics and then also Nasdaq extensions that we focus on. So a quick example here is with the BetaShares complex out of Australia. We were about 5 years ago tip of the spear came with the Nasdaq 100. They launched that product. It now has $3 billion in AUM attached to it. We also work with them on 17 other ETFs. This has now grown to about a $7.5 billion AUM opportunity, half of which is tied to ESG indices. So our ability here to do this throughout the world, we think, is significant, and we have a lot of opportunity to go ahead and find new partners, the right partners, and we get paid for the value that we bring to them. So I'm gonna wrap up with the thought here that our division is very well-positioned for future growth. We have a history of delivering strong annual recurring revenue, strong revenue growth, as well as expanding operating margin. When we think about back to the peak of the capital markets for us in 2021, and then the softness we've experienced the last two years, in those last few years, we've been able to maintain a revenue growth within our medium-term outlook, as well as expand the margin over that time. So our confidence comes from this unique product set we have and the opportunities around this combined corporate and investor franchise to really bring more and more to our clients. We're making investments in really the key mega trends we think are driving our clients' success. And the team is myopically focused on this revenue engine that we've created and how we bring scale and more margin opportunities to the business. So with that, we're going to take a short 10-minute break and come back with a video with another client, M&T Bank, and that's followed up by a presentation by my colleague, Tal Cohen. Thank you. To me, a trusted partner is somebody that shows up when you need them and when you don't. So looking forward to what's coming to us in the industry, how to solve our problems with us and for us. What Adenza allows us to do is think about the customer from two perspectives. So there's the internal customer when you think about regulatory reporting and how are we going to understand our data, and how do we connect that to the actual customer experience? And then there's the pure customer experience. Since the partnership first began, we had such a good relationship built. Adenza, all along the path, even since before we actually purchased any products from them, they were there all through the cycle of helping build a business case, making sure that we knew the value that they could bring, helping my team actually make that case. When we were thinking about LIBOR change, they came in and not only brought us a product that was enhanced based on the new requirements around calculations and the methodology, but they came in, pre-built a conversion tool, helped us get converted, came in with training materials, both for our users and for our operators. It completely accelerated the transition. When I talk about Adenza, when we're talking about how are we going to solve for new problems that are coming up, we natively go back to them first to see if they have a solution that we can look at, whether it be in Calypso or Axiom, or even when you think about Basel III, where they created a combined solution for that. But it's really about creating that partnership in a way that we know someone's gonna show up and already have a thought and an answer. It's really about somebody that's just as conscious of our regulatory environment as we are. They really are looking, "Okay, we're gonna build. We're not gonna wait." And they'll carry the weight of that R&D instead of leaving it on us. And it really helps us reduce timeline risk and be a lot more agile and flexible and proactive. Good morning. Good morning. I absolutely love that video. Before I get started, just a housekeeping announcement. We're running about 10-15 minutes late today, so as you look at the agenda, please account for that. I'm Tal Cohen, Co-President of Nasdaq, and I lead our Market Services and Financial Technology divisions. It's my absolute pleasure to talk to you about our newly established Financial Technology division. What I'm gonna cover today are as follows: How we'll deliver strong and consistent growth by solving our clients' toughest operational challenges. How we're well-positioned to lean into powerful structural trends that are growing our addressable market. How we'll catalyze cross-sell efforts and implement a one Nasdaq way of working together. Let's get started. On the left, you'll see that we've established three subdivisions under financial technology: financial crime management technology, Regulatory Technology, and Capital Markets Technology. On the right side, you'll note the exceptional financial profile of the new division. It's highly scaled, generates strong recurring revenue and impressive margins. The high average annual contract value underscores the mission-critical solutions we provide to our clients, and the strong growth and net retention figures highlight the scalable growth potential of this business. Now, I'm gonna show you and talk to you about some of the solutions that allow us to deliver value at scale. Each of these subdivisions are comprised of highly complementary and differentiated solutions that, when we bring them together, strengthen the overall value proposition of the Financial Technology division. Our financial crime management solution, Verafin, takes advantage of its AI capabilities and cloud deployment to detect emerging patterns in financial crime across its vast network of clients, to continuously improve the product and enhance the customer experience. Our regulatory solutions play a critical role in protecting our customers' integrity and reputation. Nasdaq Surveillance is the standard for the asset classes that it serves. No other solution is as comprehensive or serves as a diverse a client base across exchanges, brokers, and regulators. AxiomSL is the only true global and comprehensive reg reporting and compliance platform, covering over 55 countries and 110 regulators. Our capital market solutions are deeply embedded into our client workflows and are the backbone for the capital market operations that they serve. Calypso is a true front-to-back trade management platform that's global and multi-asset class, with particular strength in OTC products. It can be deployed on a componentized and modular manner that allows it to attract a broader set of clients than its main competitors. Marketplace technology, well, it offers best-in-class solutions across the full trade life cycle. You heard on our technology panel earlier, the performance and the resiliency of these solutions are truly unrivaled. Just as impressive are the institutions that make use of these world-class products. We bring to life what it means to be the trusted fabric through the global community of clients that we serve. Of the 3,500+ institutions we have the privilege of serving, we have over 95% of the globally systemic important banks, more than half of the world's largest exchanges. We're a leader in helping medium and small-sized banks across North America fight financial crime, and we have an impressive collection of 17 central banks and 18 government and regulatory agencies that we serve. That's a real growth area for us. We do all of that across 70 countries and six continents. After analyzing the overlap between Nasdaq and AxiomSL and Calypso's client base, what we discovered is that a majority of Nasdaq's clients do not have an existing relationship with either Calypso or AxiomSL. Only about a quarter of AxiomSL clients and Calypso clients have an existing relationship with Nasdaq. That presents us with a significant cross-sell opportunity that we're focused on unlocking, and we'll do so by deepening relationships across common customer personas within and across the subdivisions. A great example of this is market technology and Calypso often talk to the same economic buyer when dealing with market operators, the COO or head of markets. We'll also leverage Nasdaq's brand to elevate above individual customer personas when we believe a C-suite relationship can help unlock growth. Of course, we're gonna capitalize on the complementary nature of the solutions, both capability-wise and geography. If I bring us back to that common customer persona example, Market Tech has a fantastic presence across Asia Pacific with market operators for exchange traded products. That gives us a great opportunity to introduce Calypso's OTC and collateral management products into those same economic buyers. You're gonna hear a lot more about that in later presentations in terms of how we go about executing against that. So what I'd like to do is now turn to the powerful structural trends we're well positioned to capitalize on. A few consistent themes emerged throughout the course of extensive client conversations, surveys we've conducted, and a recent Voice of Customer tour with AxiomSL and Calypso clients. And they tie back to the megatrends that Adena mentioned. They really underpin, if you will, the megatrends that Adena spoke about, in particular, modernization and risk management. For our clients, it starts with streamlining and complying. What that involves is better managing the explosion of regulatory costs and obligations while simultaneously complying with heightened liquidity and capital requirements. They're looking for solutions that help them reduce the burden of operationalizing new and evolving regulations while optimizing liquidity and capital. Our front-to-back trade management solutions allows them to streamline workflows, and our comprehensive regulatory and financial crime solutions allow them to comply with confidence. Then they talked to us about simplifying and standardizing. What this involves is better managing the increasing complexity of their businesses while breaking down the internal silos that introduce financial and operational risk. They're looking for partners that match their footprint across geography and capabilities, because that allows them to scale and grow cost-effectively. That plays right into our strength, given the reach and the depth of our platforms. Last but not least, it's about modernizing and digitizing. We heard this over and over again, a real consistent theme. This talks to the struggle that our clients have in keeping pace with forces of disruption, whether it be increased competitive pressure or advancements in technology. They talked to us about needing partners that are technologically advanced and that have a deep understanding of their challenges and needs. Our expertise in workflow automation and the experience we have in adopting and integrating cloud, and now AI, into our products truly set us apart. Now, these translate into a large and attractive market opportunity for us. As you can see here, each of our subdivisions serve massive TAMs, and these massive TAMs are growing because of the structural forces I just shared with you. Then these structural forces are combining with evolving client needs to act as a catalyst for those same clients to convert operational spend into technology spend. That's why the SAM is growing faster than the TAM. That presents a unique and attractive opportunity for us, because not only will we grow by displacing competitors, but we'll grow through the conversion of in-house to vended solutions, which are typically Excel, spreadsheet, legacy technology-based, and we have the platforms to capitalize on this outsourcing trend. And then when you layer in a relatively low penetration of the SAM across the broad and comprehensive client base that we have, well, then we have an exciting land and expand opportunity that's a capitally efficient and profitable way to grow the business. AxiomSL, Calypso, and Verafin have all had great success in implementing this strategy. But just as exciting is what this growing market means for our cross-sell opportunity. There are a confluence of macro drivers that have strengthened our conviction, the $100 million-plus target we're providing today. And those confluence of drivers you see on the left-hand side, I talked about them, but it's worth repeating. We are leaning into the growing available market. These powerful secular trends are growing the demand for the solutions we provide, and there's a growing desire to partner with trusted brands. In many of the client conversations I had, this became really apparent to me. Clients would often phrase it as a question around cybersecurity, information security, and our mature posture is a real differentiator. And then, of course, there are the enablers or the actions we will take to successfully execute against this opportunity set, whether it's aligning incentives and goals to power that cross-sell, harmonizing the tools and processes that institutionalize client listening, and really power that go-to-market engine and really deepen the client relationships, or taking advantage of the client data management initiative that's enterprise-wide, that will unlock additional cross-sell opportunities longer term. And it is early days, but we've launched three cross-sell campaigns to date, and you'll hear more about that later. But what they're focused on is introducing AxiomSL and Calypso into the Nasdaq client base, and the One Nasdaq panel will cover that. Speaking of One Nasdaq, key to our long-term success is establishing an operating model with enterprise-wide functions across the division, including sales, client success, and technology, because that will facilitate cross-selling, drive deeper alignment throughout the entire division, and help us cross-pollinate best practices. As important as having the right operating model is our unrivaled and deep industry expertise. When we talk to clients, they want to partner with firms and brands that they trust, given how highly regulated they are, in many cases, systemically important. Key to establishing that trust and differentiating ourselves is our deep expertise across market structure, regulation, and a full trade life cycle. And that's both on a local and global basis. This is another one that stood out to me during customer conversations, where they shared with me, during my Voice of Customer tour, how our subject matter expertise is as valuable as the leading products that we offer. And we're unique as a technology provider, and you heard this earlier, because we're a highly regulated institution ourselves that consumes many of the solutions we offer our clients. That's instant credibility for us. And so ultimately, what One Nasdaq means to us, it's about establishing the culture and the mindset that's gonna fuel our future success. Now, I'd like to turn to three areas of continued investments that we're excited about. Underpinning these investments is our commitment to modernizing data management, as that's foundational to unlocking our full potential of cloud and AI ambitions. On cloud, we're integrating AxiomSL and Calypso's operational and technical teams into the Nasdaq global operating model. That's gonna take advantage of scale, and more importantly, the operational excellence that our teams have. That's gonna increase the quality of service and accelerate the adoption of their cloud solutions. On AI, we have both in the product and on the business initiatives on the go. I'll highlight just a few for you. We have a GenAI-enabled copilot for Verafin and surveillance that's designed to truncate analyst investigations. We do so by summarizing and contextualizing the extensive amount of information an analyst needs to gather once a system alert is generated, that they would otherwise need to manually gather. During the surveillance proof of concept, what we noted is we took down investigation times from 6 hours to 4 hours, 33% reduction. Really powerful. And that allows our customers to scale their surveillance operations and allows the analysts to focus on higher-value activities. Like I said, really powerful, and it's only the start. Then with respect to on the business, we have a number of POCs, or proof of concepts, that we're running with technology. Brendan mentioned a few of those, so I won't go into detail other than say that they're focused on modernizing code and expanding our automated testing capabilities. We're focused on accelerating the modernization of our products. We're streamlining market technologies, product portfolio by having teams focus on accelerating the adoption of our next-generation trade and post-trade solutions, which will improve margins. We're making targeted investments in AxiomSL and Calypso that we identified and accounted for at the time of the transaction, that are meant to capitalize on the growing demand for real-time analytics and improve the user experience, and that's gonna help us win more new logos. Verafin is investing in its fraud capabilities in real-time payments to take advantage of the growth in instant payments across the globe. Brendan will talk about that exciting opportunity for us. With all the ways that we can catalyze growth and differentiate ourselves, we're establishing a sustainable and winning formula for this new technology division. That's because whether we're powering an exchange's critical market infrastructure, or ensuring regulators can uphold the integrity of the largest and most important markets of the world, or helping global banks comply with ever-changing regulations, or more broadly, helping banks fight financial crime, or even providing the critical tools to central banks so that they can better manage liquidity and capital across the financial system, we're their trusted partner that solves their most pressing operational challenges, and we do it with leading and differentiated solutions that are complementary and comprehensive. And we do it for a global client base, and we know what it means to service and support mission-critical applications, given who we are, and our clients truly appreciate our deep expertise. And as a result, I'm really confident about the midterm growth outlook you see behind you of 10%-14%. And as we execute on our synergies and our cross-sell efforts, we will drive that towards the higher end. And so with that, I'm gonna... We're gonna see a short video and then welcome our subdivision leaders to talk more about the products. Thank you. Financial crime is a significant problem for banks, for customers, for the global economy. It's a growing industry. Fraudsters get $billions and $billions stolen from banks and customers, and it continues to evolve. When we think about the fraud landscape, there's one fundamental constant, and that is, there is no constant. Fraud continues to evolve and adapt. You can't have a technology solution in fraud that's static. As soon as you deploy a solution, the fraudsters are already, from day one, trying to get around it. And so we're looking for a partner who does not rest on their laurels, but who continues to look for solutions, innovative, creative solutions that go after where the fraud is going. Verafin's been a unique partner from the top to the bottom. They engaged us. They were willing to listen to what our challenges were. Some of my senior fraud managers met with Verafin, and Verafin asked the question: "What's the challenge today? What are the problems you're seeing in the fraud space?" My managers identified a significant growing threat, scams, business email compromise, and went to Verafin and said, "Hey, can you help us with the customer-side losses?" And so Verafin took those questions, went back and developed a solution, and with some back-and-forth engagement with my team, here we are with an impressive potential to help significantly reduce client-side losses. Data's really important. The fraudsters try to mimic what a good customer looks and sounds like, and so the more data we have, when you think about the customer journey, from applications, through transactions, through all the non-monetary transactions, all the way through disputes, all that wealth of data collected and used to determine whether or not we move forward is really important. So having the data together will help enrich our models and enrich our decision process. The Verafin tool provides fantastic value for us. Having a tool that uses a consortium-based database will really help us reduce customer losses, but there's other opportunities in mules and check fraud, so I think this is opening the door for a continued relationship. ...Hi, everyone. Can you hear me okay? Last minute panic about the microphone. I'm Brendan Brothers, and I head up the Financial Crime Management Technology Group. And the first time I saw that video, I was super pumped about our relationship with Citibank. They are going to be a strong partner for us as we think about trying to solve these really important problems around financial crime. I wanna talk today and give you a sense, you know, about that problem that we see. You know, when we think about our vision of protecting all the world's financial interactions, the problem of financial crime is large. It's a $3 trillion problem. We put out a paper at the end of last year that talks about this and, you know, specifically around the challenges that Citibank identified in that video, $500 billion in loss from a fraud perspective when we think about people falling victims to scams. These are huge, huge, important problems that we try very hard to solve every day. And those are the kinds of problems that motivate our team as we continue to look at these challenges. We have a comprehensive solution to the problem of financial crime. We look across both the money laundering and the fraud landscape, and we have components within our application which try to help identify different kinds of fraud, whether it's wire fraud, as we highlighted within the video, ACH fraud, check fraud, real-time payments fraud. When we think about money laundering and the illicit flow of funds that go through the financial institution, being able to stop those kinds of transactions, allow financial institutions to investigate, report those to their regulators and their financial intelligence units. In our SMB space, so in our smaller financial institutions, those clients will generally buy the entire platform, and they will use Verafin from start to finish. As you heard within the video, as we move into the enterprise space, this platform can be modular as well. It helps us with our land and expand in terms of, you know, our, our movement into these tier one and tier two financial institutions, which we'll talk about in just a second. A couple of times today, we also talked about the data that our platform sits on top of, and that's been a truly unique differentiator for us, particularly as we've had these conversations with the tier one financial institutions. Being able to use our platform to give them visibility into activity that they do not see within their own financial institutions, being able to see that risk, it's a very, very important component of our value proposition as we continue to move upmarket. We've had a strong financial profile over the past three years as we've been part of Nasdaq, showing 23% CAGR here on this slide, and our revenue is nearly all recurring. Financial institutions subscribe to our application, and they stay with us. We've got very strong retention across the entire business. I wanna talk about the two components of our, of our offering, of our, of our market, I should say. First, we'll talk about the small and the medium financial institutions, and then we'll talk about the enterprise clients. The small and medium institutions is the bedrock of our business. You know, we've heard this number earlier today, 2,500 financial institutions that use Verafin today. Last year, a strong growth year for us as we added 230 clients into this segment. And this, for us, is an area where we continue to see expansion in our client base. It's going to continue to be a strong growth area for us as we continue to move forward. But it's also an area that we're continuing to grow because, as I mentioned, these clients, once we sign them up, they're customers for life. As we continue to add value into the platform, we continue to be able to get access to a greater share of wallet in these financial institutions. Through continuously adding components, new modules, we're continuing to drive up prices on renewal and continuing to create that flywheel of growth within this segment. We also see this as a strong area for us to be able to add new capabilities into the application when we think about some of these kinds of areas, like real-time payments, for example. These can be new growth opportunities as we think about adding new modules into the application and actually selling those back into that existing client base. This is a very efficient area for us as well, as we think about an engine that we've built within the business from a sales, marketing, customer success perspective. It's a strong flywheel within our business. And that drives 112% renewal here. These customers, as I said, when they sign up, they sign up for life. We've also had very strong performance in the tier one and tier two space. 18 months or so, I was asked, "When will we sign our first tier one financial institution?" And I said, "In 2023." Last year, we signed 3 tier ones, and we signed 4 tier twos. So we've broken into this market, and we're really, really proud about that. In fact, as we think about this idea of landing in these financial institutions with our fraud capabilities, for example, one of these tier two institutions has actually gone ahead and expanded their relationship and brought a second component of Verafin on board already. So we see this as a very powerful growth engine within the business, driven as a starting point on the fraud side of the house, but certainly not limited to that. We've been able to execute proof of concepts with institutions like Citibank, for example, where we can show them tangible results in terms of increasing the amount of fraud that we're helping them catch, but also allowing them to be more efficient, reducing the number of alerts that they actually have to look at in order to actually catch that fraud. And by being able to show both of those to financial institutions, it creates a really, really compelling case, a really, really compelling return on investment case during that proof of concept, which simplifies our sales process in there. As I mentioned, we're excited about the land and expand opportunity that we have here. Starting with payments fraud, you know, as we heard in that video, when we think about business email compromise and the kinds of scams that our clients' customers are seeing every day, and then being able to expand that out into other areas of the application as well. That movement from proof of concept into signed clients and production customers is really powerful because not only can we show value during that proof of concept phase, we can also show value once those customers go into production. This is an example from one of those Tier Two clients. We executed a successful proof of concept with them, showed them the value that we could bring in terms of fraud detection, showed them the reduction in alerts that we could give them, and in the very first week that this Tier Two financial institution was in production, we caught all their fraud, $8 million in that first week that they could not catch in their legacy system. So it shows for us the power of this data set that we've built the application on, this unique capability that we have to be able to show them risk, not only within their own financial institution, but thinking about where their payments are coming from and going to, and being able to reduce the risk of those as well. We've heard already about AI and how we're strong believers in the use of advanced technology to try and solve these problems. In that financial crime report that I talked about earlier, one of the stats that I had on the slide was 70% of financial institutions are looking at AI to become more efficient and more effective as they think about their anti-financial crime programs in their financial institutions. One of the areas where we're leaning in on that is obviously within the generative AI space. When a user gets an alert in Verafin, all of our algorithmic AI has brought it to that point in time, right? So we've, we've generated the alert, and we've used amazing technology to be able to get to that alert. But then we wanna think about how we can make that user actually much more effective getting to an answer. Is this actually fraud? Is this money laundering? Is this something that I'd actually need to report to my financial intelligence unit? In combination with all the tools that we've built over the years, whether it's, you know, visual storytelling components, where we have, you know, geographic maps showing transactions and where they've occurred, you know, balance history charts, where we're able to see a customer's balance over time, adding in elements of generative AI, which can help the investigator go out and do open-source research, bring in information about counterparties that their customer is transacting with, bring in negative news, bring in all of these kinds of things that a user would typically have to go out and do manually, automating that process and combining that with the tools that we have in the application, we've seen on our customers a 90% reduction in investigation time compared to the first-generation systems that they're typically coming to us from. Just to put that in context, we've seen users that told us of 2-hour average investigation times that have been shrunk to 10 minutes in Verafin, and these financial institutions have thousands of alerts every month that they need to look at. So it's a strong and compelling case for automation and efficiency when we think about the anti-money laundering side of the house. And for us, when we think about, you know, how we're going to try and solve this financial crime problem, it actually allows us to work with our customers to focus on the actual harder problems that we have over here on the right-hand side. Things like terrorist financing, drug trafficking, human trafficking, advanced types of fraud that we're seeing. We're continuing to innovate and continuing to drive our investment in algorithmic AI to be able to help our customers solve these very, very hard problems. And again, uniquely sitting on top of that consortium data that we have. You know, $8 trillion in collective assets, visibility across thousands of financial institutions, which allow us to uniquely think about how to try and solve these problems differently than any other player out there in the market today. So I wanna wrap up and talk about the ways that we're excited about growth for the future. Our SMB space, we've talked about. There's tremendous opportunity still remaining within the U.S. small and medium segment, and there's tremendous opportunity for us to continue to think about expanding that share of wallet into those smaller financial institutions. Our upmarket expansion, we're just getting started. We've just seen, you know, kind of the fruits of our labor over the past years with that growth that we saw in 2023, and we're excited to see that continue, both in adding new logos in that Tier One, Tier Two segment, but also expanding our relationship with the financial institutions that are there. The problem with payments fraud, the problem with money laundering, these are not unique to the United States. These are global problems, and we're already in conversation with financial institutions from a global perspective. Canada, which is a bit funny because we're Canadian, but we treat that as an international market, the U.K., other jurisdictions around the world, where they have these same kinds of problems, and we see the same kind of value that we can bring to these financial institutions. And then last, but certainly not least, the exciting partnership now that we have with our new friends within Calypso and AxiomSL, and the opportunity not only to help introduce those products into our customer base in North America, but also for us to be able to work and think about how do we continue to bring our products internationally as well. It's an exciting time within the Financial Crime Management Division. We think, we've got great, growth ahead of us, and we're very excited, to share more with you on that today. So with that, I'm gonna hand it over to my colleague, Ed, and we're gonna learn a little bit more about regulatory technology. Thank you. Hi, good morning, everyone. So my name is Ed Probst, and I look after Regulatory Technology here at Nasdaq. No coincidence, I joined Nasdaq on November 1, 2023, the same day that Nasdaq completed the acquisition of Adenza. So I'm gonna take you through the two businesses that comprise our Regulatory Technology or RegT ech, for short, division. Firstly, AxiomSL. AxiomSL is the global leader in risk and regulatory reporting. One technology stack, which is... we call one product, six solutions, servicing the needs of risk, finance, treasury, compliance, operations across 55 countries, which creates a portfolio of over 5,000 regulatory reports, giving us ample opportunities to land and expand with our customers. And secondly, we have Nasdaq Surveillance, who is the market leader servicing both trade surveillance and market surveillance, which creates a tremendous network effect of working with both regulators and market participants. We do this across over 200 markets and data feeds and over 300 industry-standardized alerts... Now, the common denominator of both of these platforms is both of them have grown organically with our customers' needs. They are both mission-critical to our customers' workflows, and they're both promoting that same trend, the same trend, which Adena had mentioned earlier, of promoting safe, fair, and transparent markets. Now, a little bit about the numbers. Let me walk over to this side. So $389 million in revenue in 2023. Ultimately, within that, we experienced 11% growth of our ARR, which means we're walking into 2024 with $325 million in annual recurring revenues. Now, the distribution is really important. Regulation is very local. There are global themes which, of course, are common around the world, but regulators around the world take that and adapt it into their markets. So being present, having scale, having that knowledge of local markets is super critical. Now, we have that scale today, and together, being part of Nasdaq, we have a global footprint, which is only going to accelerate that growth. Whether it's expanding into Europe or Asia, leveraging the expertise and the experience of Calypso or Market Tech, or, as Brendan mentioned, helping to push downmarket with the expertise and experience of Verafin, we have a great opportunity to take the products we already have and to deploy them further across the world. So I'd like to set the stage a little bit with a couple of key achievements in 2023, which I think tell the story not only about what we've been doing but how our customers are viewing us. Firstly, and most importantly, we deployed thousands of regulatory updates around the world in 2023 to our customers. It was a tumultuous year in regulation, and this is both for new regulations, which are up and coming, or updates to existing regulations that our customers have and are constantly changing. Now, this creates a credibility factor, which is super important. These brands, AxiomSL, and Nasdaq Surveillance, are rock solid. Our customers trust us to be able to enable them to grow their businesses safely. We are a critical partner, and a proof point to that is our customers are serious about our cloud as well. 97% of customers joining us in 2023 joined on our cloud. So they're not only relying on us for that software, for the capabilities, but they trust us to operate these systems as well. So as mentioned, we're growing our footprint within this space, and we're also growing with our new customers onto cloud. We've seen our customers who began with us as an on-premise relationship shift to our cloud as well. One example of that is ABN AMRO is one of the oldest, AxiomSL customers with a significant on-premise deployment, shifted to our cloud in 2023. So we're not only growing with our customers, we're also growing with new customers. We expanded 30 new relations to 30 new logos in 2023, and we cross-sell and upsell 126 new extensions of this product family as well, as customers are continuing to gain value from what we can deliver. And as we've experienced over the years, the best and most predictable way to grow the business, as well as the most capital-efficient way to grow the business, is to extend the offerings within our existing base to offer value and help our customers do more with us. They have a tremendous wealth of information in sitting in our platforms. They've built operating models that are wired to how we operate, and we've delivered in 2023 more than 10 significant product extensions, which are helping them do just that. I think Nelson had hinted to earlier the fact that AxiomSL now has an ESG regulatory reporting offering, and I'm proud to tell you that in Q1 of 2024 alone, three global systemically important banks in Europe have adopted our ESG regulatory reporting solution. So we sit in the middle of... How do I get out of the way? Okay. We sit in the middle of a $4 billion serviceable addressable market with two market-leading platforms, and we're only 9% penetrated. So we're gonna focus on a couple of key things to really grow this business. Firstly, we're gonna do what we do best, which is we're gonna tap into evolving market and regulatory trends. We have a rich product roadmap, which is gonna help our customers' most critical and time-sensitive needs. Secondly, we're gonna lean into technology and innovation to help our customers modernize, become more efficient, more agile, and streamlined. In doing so, we're gonna convert their operational spend into technology spend. Thirdly, we're gonna further accelerate that cross-sell within creating that one Nasdaq, which we're gonna hear about later today. Now, a little bit about our rich product roadmaps. Firstly, on the AxiomSL side, we are in the early innings of a global regulatory reporting modernization wave. Regulators around the world are trying to get more frequent and granular information, and they're evolving their regulatory frameworks to do that. That's requiring significant investment in the industry. One great example of that is in the EU, there's a program which has been launched, called the Integrated Reporting Framework, where between 2024 and 2027, there's a complete holistic rework of regulatory reporting, and we're in the forefront of working with our customers and regulators in that initiative. Capital and liquidity was touched on a few times today. I think folks are familiar with Basel End game, Basel IV. In 2023, we went live with Basel IV in Canada and Australia, one of the only vendors in the world, perhaps the only vendor in the world, to take a global systemically important bank live through production successfully with Basel IV. In 2024, we're gonna be going live in Singapore, Hong Kong, and Japan with our customers. In 2025, we're gonna be going live in the EU, Switzerland, and the UK, and the United States. So there's a significant amount of work to be done in the coming years in that realm. As mentioned, we're gonna be going down market, leveraging our cloud, and it's good to note that we learned a lot about how to operate a cloud from our partners in surveillance, who build a true SaaS business across all their customers. We've accelerated our journey to helping our customers get onto our cloud through that experience. We're also selectively going into new markets. As mentioned, we are in 55 countries, 110 regulators, and that didn't happen overnight. That happened through a thoughtful, methodical acceleration of the product where it makes sense, and we have a couple of really good markets where we feel the markets are modernizing. The regulators there are looking to bring industrial enterprise strength, strength capabilities to their markets. One great example of that is the modernization happening in India. Now, from a surveillance perspective, you have to think about what the surveillance product does. You know, we're deployed in over 200 markets, and we are analyzing in the milli or nanoseconds what's happening in these market exchanges for both regulators and for market participants. And as we do a better job of rooting out market manipulators, market abuse, the manipulators themselves become more sophisticated, very similar to what Citibank mentioned on their video. And in response to that, they are trading in more complex trading modalities across multiple instruments to achieve their results. And we're at the forefront of helping our customers combat that. So we're releasing new capabilities for our customers, so they can detect fraud across related instruments to help their surveillance programs. We're expanding our coverage into over-the-counter derivatives, learning from our experience at Calypso, which is gonna again increase our upsell and broaden the capabilities and value we can offer our customers, as well as expanding into fixed income. We've optimized our alert calibration engine and introduced AI into the product, as Tal mentioned, to help that momentous problem of surveillance compliance. Our customers can typically have tens of thousands of surveillance alerts that they have to investigate on a regular basis. So reducing the time for them to go through that is hugely critical for them. We touched upon the technology and innovation work that we're doing, but I'll just add one additional point there, which is that we're working across the Fintech division to find opportunities to gel the products where it makes sense. One example of that is we built an adapter, which takes the market risk analytics from Calypso and brings them into the regulatory reporting framework for AxiomSL, which is hugely beneficial, especially when we think about Basel IV. So we have a great market, market-leading products. What are we doing to accelerate the growth? Well, firstly, we're laser-focused on our operating model, which is really all about integrate, innovate, and accelerate, as mentioned a few times today. We're creating a cohesive team across product and sales. We're making sure that we're listening to our customers. So our customers are super engaged. Super engaged customers are gonna be the ones that—that flourish and help us grow, which is going to be a critical part of our go-to-market. We have an, we have an institutionalized and industrialized sales team, which is being educated across products. We're bringing together the best of our capabilities across what we learned from AxiomSL and Calypso, as well as Nasdaq across digital marketing, thought leadership, to create cohesive campaigns, super smart product investments, and elevating our win rate. Lastly, we're very excited about the cross-sell, as you heard today. We have three cross-sell initiatives already underway, as Tal mentioned, which are helping bring AxiomSL's products into the Nasdaq family of customers, as well as Calypso's. And we're working on cross-training all of our salespeople, making sure they have the full understanding of the full client relationships, so they can further that journey and help us achieve that $100 million+ number. I'm super excited about the opportunities ahead, and I look forward to, to providing more information in the years to come. On that note, I will turn over to my colleague, Gilles Guillaume, who's gonna walk us through capital markets technology. Thanks a lot, Ed, and good morning, everyone. My name is Gilles Guillaume, and I have the pleasure to walk you through our Capital Markets Technology solutions, today. Our mission is very simple. We want to help all financial institutions navigate and actually take advant-- We service any financial institution in any geography for the bulk of their trading life cycle. So let's see what it means in terms of numbers. In 2023, we delivered 19 clients in the Fintech division, and that ratio has been extremely stable over time. Reason number two, we face a very large greenfield market, promoting our Calypso Treasury solution into the varying client base or promoting our present. And as you can see, we have 8% penetration rate in that serviceable addressable market, which tells a story about the potential to expand. The breadth of solutions that can be directly deployed in the collocated dynamic is extremely... They need to modernize because they face increased volatility, face higher volumes. They need to roll out new instruments, and they need to digitize the overall experience and their overall infrastructure. This is exactly what our roadmap brings to them. We bring to them new asset classes, such as digital assets or carbon assets. We enable them to tap our next-gen technological architecture, including cloud-native capabilities. So they literally transform the way they operate their markets and service their clients. On the Calypso front, our roadmap really services new needs around inflation and high interest rates and volatile interest rate environments, as well as enabling clients to roll out ESG instruments, such as carbon emission trading or sustainability-linked bonds and derivatives. The Calypso roadmap also brings AI-powered capabilities to accelerate risk analytics or make the post-trade operation teams more efficient. Last but not least, the Calypso roadmap will bring digital portals, so our clients can actually, digitize their own client interactions. And this is, of course, in addition to our flagship, treasury and balance sheet management segments, as well as a very high demand for regulatory and marketplace transformation, changes. I'm going to mention a few of them. I'm sure they will resonate. This year, we're gonna move to T+1 settlement, and there are implications on the client platforms. Client also need to tap Basel III, Basel IV. They need to cope with the transformation due to the LIBOR transition. They need to adopt new SWIFT methodologies. And so SWIFT is, for instance, a very active transformation agent at the moment. For that, they will need deliveries from our roadmap. Okay? So what I want you to take away from this slide is that we face a very large market, and there are strong forces that are pushing clients to adopt our solutions. So it's very exciting. I'm gonna finish this presentation with the last slide, wrapping up our strategy. So it's very simple. Takeaway number one, leadership. We are the partner of choice for trading and post-trade consolidation across asset classes. And as a leader, we fuel our roadmap with functional and technical innovation, so our clients can really transform the way they, they operate their solutions. In addition to that, we want to drive client transformation, and it's no surprise clients are at the center of this slide because they are at the center of our strategy. As Adena was mentioning, we want to solve our clients' biggest challenges, be it to adopt a new technological paradigm, to adapt to market transformation, to tap a new regulation, to offer new services. This is exactly what we provide to them today, and that we will keep providing, because there will be new challenges hitting the agenda. In trading, for instance, with the rise of retail investors or the creation of AI orders. In risk, Basel III and Basel IV will transform the market, or in post-trade and clearing. We see already a lot of conversations around the potential mandatory clearing of U.S. Treasuries. You have to understand also that SaaS is central to our client transformation strategy. We've been operating our client platforms on their behalf for more than 15 years, so they can release their energy and put their energy on growing their own business while we take care of their platforms. And of course, mechanically, this deepens our relationship and increases the stickiness of our solution. Last item and last takeaway for today, you've heard that already a number of times, but we've created a single team, a single sales team, to accelerate on the cross-selling opportunity. And so we've trained our sales so they can promote the extended range of solutions in every single client conversation they have. And beyond the sales team, we also integrated our strategy and marketing and communication teams, taking the best of Nasdaq and Adenza practices, so this organization is actually much more than the sum of its initial parts. With that, I want to thank you for your attention, and I'm going to hand over back to Tal Cohen for Market Services division. Thank you. Thanks, y'all. All right. Hello again. For our Market Services presentation, I'm gonna be joined by Roland Chai, EVP of European Market Services, and Kevin Kennedy, EVP of North American Market Services. Market Services encompasses our foundational transaction businesses that are central to our liquidity pillar that you heard about. So what we're gonna talk about today is how the two subdivisions, European Market Services and North American Markets, are leading and differentiated businesses. How we're focused on client-driven innovation to catalyze incremental growth, and how we're allocating capital in a disciplined manner against exciting initiatives where we have a strong right to win. I'm gonna get us started. Our impressive operating margins underscore the high-quality transaction revenues that we generate. And by running these businesses the right way, we've capitalized on our scale, and we deliver strong and consistent growth. We love these businesses, all of us, everybody who runs it, everybody at Nasdaq, we absolutely love these businesses, and we have the privilege of running the best markets in the world, and that's translating to sustained leadership for us. As you can see, across all of our key markets, we hold leadership positions, in part because of our continued investment in technology and innovation, our commitment to driving market modernization, and the deep market and industry expertise we bring to our clients. In fact, market services benefits from and powers a flywheel with other leading Nasdaq businesses. Our markets provide the blueprint for many of the innovations we commercialize, package, and offer our financial technology clients. Well, in my experience, running market technology, I've seen the power of that, being able to open doors because our customers around the world want to know how to do and can, can they share and benefit from that? Allows tech, ideation and innovation of ideas, and it gives us an incredible source of knowledge, where we can also take some of those products and services that happen around the world and be able to, bring those to our market, our own domestic markets. At the same time, with the product engineering capabilities and the technology capabilities that Brenda and Brad outlined, we build our own tech, and we're able to, quickly absorb and generate those products and deliver those to our liquidity venues, which also increases the amount of spend that our clients spend on those liquidity venues. Equally, as Nelson talked about, from capital access platforms, primary liquidity is extremely important in driving secondary trading. The incredible growth in IPOs, whether it's in America or Northern Europe, is extremely powerful in generating more secondary trading. Not least, the data, the ability to have proprietary data products and the analytics that is in the capital markets platforms, also allows us to create more data products and also proprietary index products, and Kevin will talk a bit about that in a second. So if we move on, I'd like to talk about what makes European markets unique. European markets, in Europe, we operate in the Nordics in an exceptional ecosystem. Retail households investment in public markets is exceptional. It is more than twice the average of other EU markets. That creates a very deep liquidity, and sticky liquidity pool, and one of the strongest small and medium enterprise financing markets in Europe. What that does is create a extremely high market share, 71% market share, which significantly outperforms other EU exchanges. At the same time, we have a diversified revenue base in our European markets. We derive revenue from both equities, fixed income, OTC, and also on net Nordic exchanges. But as well, we're able to generate revenue in times of rising interest rates from our fixed income derivatives. And now I'll hand over to Kevin to talk about North American markets. Thank you, Roland. By process of elimination, I am Kevin. Tal introduced us well. Our long-standing and foundational asset class is U.S. equities, and what we are seeing is continued growth. You can see that there's a 13% compounded growth rate since 2017. What we're also continuing to see is a fundamental shift in the way trading is being conducted. We are now seeing 46% of all trading being driven by Nasdaq-listed companies. 46%. Where does that fit in? Well, 2017, 2018, 2019, and 2020, that number was 31%. What's driving this? What's driving this is investors are attracted to those innovative Nasdaq-listed companies. Combine that with the great work of our CAP team and our listings and our high win rate, and it's a perfect cocktail, perfect example of how the Nasdaq flywheel works. We are leaning into that. We benefit from that in various places. Our opening cross, our closing cross, and our innovative price discovery functionality. Brenda mentioned it earlier, but Midpoint Extended Life Order is one example. So we're able to realize the value of those assets we've invested in, the resiliency of them, and then we tie it all together, and what happens is you're left with the leading pool of liquidity in the U.S. stock market of 15% on our Nasdaq Cash market. Options. When it comes to options, we see an incredibly dynamic and complementary asset class to U.S. equities. What we're focused on here is leadership. We've led for many years during this exceptional period of growth. We've led in market share, we've led in capture, and we actually take a very strong leadership position, partnering in a... with a very trusted position with our regulator, the SEC, industry advisory groups, and we maintain that position because that leadership position is really important to us, as is growing the TAM. We do, we do operate six markets, and that puts us in a very unique, good position to cater to all various investors and clients, from institutional to retail, to those professionals that seek liquidity on days like today, when there's high volatility and days when there's low volatility through auctions. But we're there. We serve them, and we use tailored allocation models. We use bespoke pricing models to meet all of their needs, and we are uniquely positioned, really, really well positioned, to continue to lead this industry in the, in the years ahead. Disrupt, lead, innovate. We've been doing this since 1971. We've demonstrated this, and that journey continues. From our investments in cloud, to our continued investments in new asset classes. Roland will talk about the carbon asset class in a minute, and we have innovations in AI that we're focused on, as you heard a bit about today. This is aligned with our heritage, and it really is important to us, and we will continue that journey and allow us to continue to outperform and grow the total addressable market, which is very important to us in Market Services. So let me touch on just a few things early in the cloud journey, how that benefits us, and how it benefits the market and our shareholders. We have seen, in this time of ballooning message traffic, at Nasdaq alone, in the last five years, we are processing four times the message traffic than we used to. Again, 5.5 years, 4 times the message traffic. And we are uniquely positioned. Because of our cloud infrastructure, we have reduced our cost per message by 80%. 80%! So that is an incredible asset to have for someone that's running Market Services and for our shareholders. Another factor that's benefited us in the cloud journey as competitive advantages. As we're in the cloud infrastructure, we're able to adopt and adapt to emerging technologies like AI. Really important to us is to maintain a high level of credibility with our clients during this journey. We are extremely disciplined, we meet deadlines, we meet a high standard of quality assurance, and because of that, we've been able to modernize 4 markets on Fusion, our next-gen derivatives platform, 2 of which are already in cloud infrastructure. Lastly, for me, not Roland. Let me share some early returns on innovation and show that like in growth and index options, we are seeing tremendous growth, great opportunity, and we're seeing growth in trading contracts and revenue generated. AI has played a small part because we have something called the Strike Optimization Program, where we select short-term series. Short-term, think weekly, weeklies, two to three weeks out, maybe a month out. But especially in the Nasdaq product, we're able to tailor those strikes to meet client demand where we think it's going to be needed, whether the market's going to be down or up, or where there's actually interest, and create the optimal supply to meet that demand. Lastly, we are extremely encouraged after a...... After a long period of time working closely with our regulator, that we're going to roll out a dynamic artificial intelligence order type, the first one approved in the U.S. by the SEC, and it's a spin-off of what we have as the Midpoint Extended Life Order. This is much more dynamic on holding periods. It's called Dynamic M-ELO, but it's Dynamic Midpoint Extended Life Order, and it will roll out in the first half of this year. We are tremendously excited. With that, I will hand it back to my colleague. Thanks, Kevin. So carbon market is a great example of how we're using our expertise as a market operator and our technology capabilities to really accelerate market maturity for an asset class of the future. And we do this in three ways. One is we have Puro.earth, which is firmly at the heart of setting engineered carbon removal standards, to build trust for the trading of carbon products. Secondly, we are leveraging our capital markets platform technology and our mission-critical infrastructure to produce trading and registry platforms that we're selling to our financial technology clients. And thirdly, we're leveraging our data capabilities in our capital access market platform to pioneer data services and products that are essential for a carbon market to grow both transparency and liquidity. So in summary, you've heard Tal, Kevin, and myself talk about the Market Services division and what sets it apart. So there are three things that are at the core of it. One is we operate and we continue to scale a very robust franchise in equities and derivatives. Secondly, we use our capabilities and product engineering capabilities to rapidly bring to market products to grow revenue potential through index derivatives, as well as asset classes such as carbon markets. And thirdly, and not leastly, we're true to our core DNA as innovators because we're using our technological expertise to harness cloud and AI to generate operating leverage in the business. So when you look at all of those together, I think it's completely unique in my... In Nasdaq Market Services, to be able to not only own and operate some of the world's leading markets, but be able to transform and reinvent those markets and have the capability and the ambition to do so. Thank you very much. All right. Thank you. We're gonna take a short 10-minute break, and afterwards, we will come back and resume our program. Thank you. ... Oh, yeah, then it's me. Excellent. So, welcome back. I hope you had a refreshing break, and you have enjoyed what you have learned from the Nasdaq leaders so far. My name is Valerie Bannert-Thurner, and I'm the Chief Revenue Officer of our newly founded Fintech business. So as you have heard, both from Tal and Nelson before, we are hugely excited about the growth opportunities within each of our divisions. But in this panel now, we're gonna talk about something that Adena mentioned very much in the beginning of her presentation. We're gonna talk about the One Nasdaq approach. So we're gonna focus on how we can accelerate growth for Nasdaq, specifically through cross-selling. With me here today are Stephanie Champion from the Verafin Sales team, Dan Marigliano from our Markets team. We have Ben Fiszbein from the Fintech sales team in America, and Jeff Thomas, EVP from our Capital Access Platforms. So as we build the Fintech business and as we integrate the Fintech business into the overall Nasdaq context, we're really building a technology and a services business of a whole new size and scale. Within the Fintech business, we have around 3,500 clients, as you have heard from Tal before. 650 of those are banks and brokers, 250 are asset managers, and we have 130 marketplaces that we service. Within the Market Access platform and division, we are servicing 625 clients. These are all members of our exchanges, both in North America as well as in Europe. Our Capital Access Platforms division has over 15,000 clients, as you have heard from Nelson before, and 5,000 of those, again, are banks and brokers. They're part of the investment community, they're Fintechs, and they're asset managers. So when we step back and we looked at our entire client universe, and we looked at all the individual segments we service, but we also looked at the client personas that we work with. We looked at the people we have relationships with, the people we sell to, and we looked at our entire product portfolio that you have just heard about. We have identified a number of really exciting cross, cross-sell opportunities that can drive growth for Nasdaq. We're gonna focus initially on 3 areas. The first area is in the banking space. 280 banks in the U.S. are listed on Nasdaq. They all work with us, so they can access capital. Through the Verafin platform, we also help them fight financial crime, and now through the inclusion of the Calypso treasury platform, we can also help them with their funding and their investment decisions. The second area we're gonna focus on is the broker-dealer community. Broker-dealers are members of our exchanges, so we know them very well. They consume our data. But over many years already, and on a global basis, we have been servicing them with trade surveillance solutions and risk management solutions. So we already have technology touch points with them. Now, again, with the addition of the Calypso platform and AxiomSL platforms, we can also offer them regulatory reporting solutions, and we can offer them ETD and OTC trading and collateral and derivative trading and post-trade solutions, addressing more of their needs. Then thirdly, Tal mentioned that before. We also service 130 market operators today, and we already have a quite wide and comprehensive suite of solutions today. But we were always missing OTC and collateral management solutions to service them with. So now, with the addition of the Calypso platform, we actually have a pretty much comprehensive suite to address all of their technology needs. So when we look at all of these opportunities together, we're excited about the growth we can deliver towards Nasdaq, and we are committing to delivering at least $100 million in revenue from cross-selling within Fintech by end of 2027. Now, we believe there is more opportunity to grow when we look at the entire Nasdaq franchise and how we can cross-sell between the different and across the different divisions, and we'll start to measure and track that over time. So the first thing we had to do was to make sure that we knew from our clients that they actually wanted to buy more solutions from us, and that they wanted to interact with us in a new way, that they wanted to interact with us as Na-- One Nasdaq. So Tal and I just had the opportunity to visit our biggest and most strategic clients in Asia. Adena is regularly meeting with the senior executives of our client base, and we have also done a client survey, and this is what we have learned. First of all, our clients are very pleased with the formation of the Fintech business, and especially they're happy that the mission-critical solutions that we provide them with on a daily basis are now in the hand of a strategic firm, a firm who is committed to the liquidity and the transparency and the integrity of the financial ecosystem in the long run. The second thing we learned from our clients was that they very much appreciate working with people they know, they like, and especially that they trust. And they want to work with firms who know what it means to be a regulated entity. And thirdly, they actually want to build bigger and more strategic partnerships with us. And the reason they want to do that is so, so they can actually influence our product roadmaps. So if they can influence how we invest and how we innovate, that makes sure that we can align what we do with their current needs and their future needs. So for us, that was a really good validation to understand that our clients want to do more with us, that our products are well aligned with our clients' needs today and in the future, and that we can truly unlock that cross-sell potential. So my panelists and I are now gonna talk about how we're gonna go about that, and we're also gonna talk to you about initial proof points and really good examples that show you how we can unlock that incremental value... Ben, let's start with you. We are implementing a whole cross-sell framework. What does that mean for our clients, and especially what are we doing in terms of organization, but also in terms of tooling? So good morning, everyone. My name is Ben Fiszbein, and I'm heading sales for the Americas within the Fintech division, focusing specifically on the regulatory and capital market solution. So to answer your question, Val, cross-sell is really a core priority today. And to achieve our goal at unlocking this potential that we have, we are focusing on the sales organization and the tooling. On the sales organization front, we have established a centralized sales team, enterprise function, to basically allow the organization to be more efficient at reaching out to customers. Given we are, there is a strong overlap, basically, in the buying persona that we address, it makes sense to leverage those relationship within one single enterprise sales function. The other theme also within this sales organization that we worked on is on aligning basically our incentive plan to really boost the cross-sell effort, so it becomes a priority number one for our sales exec. The other aspect of the sales organization that we worked on is the training program that we have started. We basically are training our sales team to identify and also qualify further those cross-sell opportunities all across the organization. To support the sales organization, we're also working on the tooling, and there are two initiatives that I'd like to mention that we're gonna launch next month, that gonna really help us on the data and system front. The first one is we are going to provide to our enterprise sales team within the Fintech organization, a single customer relationship management application to really help log and track all customer interaction, including sales opportunities. So talking about institutionalizing the listening of clients, this will really help doing so. The other initiative I wanted to mention is, we are going to launch a customer advanced dashboard reporting tool within Nasdaq that's gonna help us get a 360 view of our customer relationships. So this will really help us unlock multiple cross-selling opportunities and track them better over time. As you have heard from Adena before, we've invested in the go-to-market process as a key driver for us to fuel growth. How do we adjust go-to-market process to support cross-selling? So what we've done is we worked a lot on this go-to-market process, and the goal for us is really to make sure that we're aligning the different teams that are part of that effort. So the sales team, the marketing team, the business development, and the strategy teams are relying on one single process basically, to come up with timely campaign, leveraging strong compelling events to really leverage to get the client's attention and make sure that we're gonna be reaching out on time to talk about relevant topics. So as an example, we discussed three cross-selling go-to-market campaigns that we have already initiated. Two of them are focusing on selling basically Calypso onto the Nasdaq customers. So, we're selling the Calypso treasury solution to the Verafin customers, and we're also leveraging the broker-dealer... sorry, the market operator clients to sell the Calypso credit management solutions. So those two campaigns rely on a very powerful competing event, which is basically the higher the high interest rate environment we are living in. So this is going to be really helping us to push those solutions to our customers. The third go-to-market cross-selling campaigns that we discussed also is about selling Axiom onto the U.S. broker-dealer ecosystem, and what we are leveraging here is the Fintech sales organization. The Adenza sales team has been cross-selling changes to make better informed trading decisions, which we have also tools for. Excellent. So in summary, we're building a large-scale software and, and technology business with many, many touch points across. We see already early, early responses of that. So we have about 100 opportunities in our pipeline, early stage, but actual cross-sell opportunities, and four deals we actually signed, cross-sell deals we signed since the acquisition. So with the opportunities we have, with the investment in the cross-sell framework and the implementation of that, and with this team, we're committed, and we are convinced we can actually drive that incremental growth and achieve our $100 million plus target by end of 2027. So you'll now hear from another client, Texas Capital Bank, and then Sarah Youngwood, our CFO, will give you the financial overview. Thank you very much. ...One of our foundational tenets is to be there for our clients through market and rate cycles. In a very challenging operating environment for all banks, we look forward to partnering with Nasdaq more against the entirety of our platform as we continue to improve. Nasdaq and Texas Capital have been working together for more than two decades, and our partnership has flourished over that period. After bringing Texas Capital public in 2003, we've supported the bank through critical initiatives, including modernizing their IR program to listing their new ETFs. The firm-wide transformation we announced on September of 2021 has resulted in our ability to serve clients throughout the entire corporate life cycles, having established commercial banking, consumer banking, corporate investment banking, and wealth management capabilities, equipped with talent, products, and services rivaling any money center bank. In addition to TCBI being listed on the exchange, we currently utilize Nasdaq for certain investor relations services. Nasdaq's fraud solution is ingrained within our core for financial crime detection. Additionally, in 2023, we launched the Texas Capital Texas Small Cap Equity Index ETF under the ticker TXSS. We also celebrate the launch of our broker-dealer, Texas Capital Securities, by ringing the closing bell at the MarketS ite in Times Square in May of 2022. More recently, we participated in a remote Nasdaq bell ringing ceremony with Texas Governor Greg Abbott at the Governor's Mansion in 2023, with other publicly owned Texas-headquartered companies, many of who are our clients. It's been remarkable to see Texas Capital's transformation, from reimagining how they serve their clients to expanding their new products and services, all leveraging technology. We're very proud to be a partner of Texas Capital and look forward to supporting their continued success and growth as a Nasdaq-listed company. Our partnership with Nasdaq will continue to mature as we continue to transform into the premier financial services firm, headquartered in Texas. Good morning, everyone. You've heard today from Adena, the business, and our tech leaders, how Nasdaq is ideally positioned to deliver on integrate, innovate, and accelerate. Across all of our divisions, whether it is capital access platforms, fintech or market services, we have made the investments in growth and in resiliency that are enabling us to accelerate our journey as a tech company. I'm gonna use my time with you today to showcase how our business strategy translates into financial excellence and shareholder value. I am extremely proud to be part of Nasdaq. We are a trusted... Expenses, free cash flow, and capital. A strong consumer, as soft landing is expected. But through all this, in blue, that's us, you have seen us have an 8% CAGR and our operating and EBITDA margins at the bottom are also up by 1 percentage point to 53% and 56% respectively. Now, let's look at the combined company's drivers of growth for 2023, and it is alpha that is driving growth. In fact, beta, which is in the first column here, is -0.5%. With a tougher volume environment, particularly in Europe, as well as the impact of delistings, partially offset by macro components of index. All the other factors are alpha. We are expanding relationships with our existing client base. That is +6%, mostly in recurring subscription revenue, including the full year impact in 2023 of 2022 sales, pricing, and upsells. We have a high retention, that's a low churn of 1.5%. Our new clients, cross-sell, and other innovation add 2% in-year, and that also fuels 2024 and the medium-term outlook. This is led by our new clients, index inflows, new products, and that also includes the new IPOs with a high win rate. For market services, we see 0.5% growth also, and that is despite the high competition that we have seen, as well as the very strong position that we have. So in total, a solid story for 2023, and it is alpha that is driving growth. As we think about the drivers of revenue growth going forward, the cloud adoption by AxiomSL and Calypso is a positive in the medium term. Today, we have clouds there at 15% and of revenue, and 23% of ARR, and it is 50% of new ACV. Brad, and Brenda, and several have explained to you how we can accelerate. Nasdaq, you have seen us have a strong progress in SaaS as percentage of our ARR, and we talked about 38% last year. As we integrate, we start on a pro forma basis at 35%, and then we have this opportunity to continue to accelerate from there. We are delighted with this progress on the cloud because it is a positive for Nasdaq economics. Specifically, the ARR that's at the bottom, and very important, is full cloud 1.5 times more than on-prem. What's happening here is that we are capturing some of the time that is otherwise done by our clients in on-prem deals, and it is coming into our revenue as part of now our serviceable revenue, in fact, our own revenue. It is a win-win for our clients and for us. Also enhance the opportunities to upsell and benefits that accrue to us as a result. On this page, I would like to show you what have medium-term revenue growth outlook for Adenza would be in the low-to-mid-teens. Then we said at the fourth quarter earning to expect ARR in the mid-teens. So we expect to stand by this outlook, and in fact, we expect to stand by this outlook also in 2024, despite the higher renewal cycle that we had in 2023, especially for Axiom SL. So I'm gonna wrap up this section on revenue growth and its acceleration with the solutions outlook. So let's start here with $31 billion sum. Hopefully, by now you know this number. It is growing at 8%. In the middle is $3.3 billion, our solutions revenue, just about 10% penetration of that sum. That's low. We have a diversified client base and strong opportunities. I'm gonna give you just a few examples because the business has really given you tons of example. Quarter date, we had a year that had, I just showed you, a macro environment that was not part—we delivered the 8% for solutions. We have a large sum. We have a growth of our sum, which is at the low end of the outlook. We have a low penetration of that sum, and fifth, we have a $100 million plus in Fintech cross sales, as well as the $250 million in sustainability revenues, which generate upside within our medium-term outlook. So now let's continue our journey with the financial discipline that we have, and I'm gonna cover expense, free cash flows, and capital allocation. One thing that is rare, but is true here at Nasdaq, is that we are continuing to operate a transformation while delivering operating leverage. As you know, in 2023, we kept our strong operating margin flat while supporting our investments. In the charts, you're seeing the structural and other inflation pieces, up 3%, not surprising, given what you know about the environment, offset by efficiencies of 1%, partially. Then the 3% is very strong, and that enables us to support the volume-related growth as well as the investments. As you think about the efficiencies, there are two programs to drive those operational efficiencies. First, the divisional realignment program. When we noted it, we said we would have $30 million of expense savings in addition to the revenue benefits, and that's by the end of 2024. We are ahead of schedule, with approximately 75% action so far in 2023, of which we saw $15 million benefiting the expense story in 2023. Second, at the bottom, the $80 million Adenza net cost synergies targeted to be actioned by year end 2025. We are actioning this year, as you've heard already, 70% by year end, and that will be realized in P&L, partly in 2024 and fully in 2025. The in-year benefits of these two programs provide operational leverage that are included in our 2024 expense guidance, and we've put it back in the outlook in the back of the presentation. Now moving to the medium-term outlook, you see ongoing efficiencies, including the benefit of our divisional efficiencies continuing, our location strategy, the benefits of scaling in the cloud, and AI efficiencies related to on the business that we have. We also, at the bottom, continue to invest and support our growth, and here we focus on unit economics as well as a rigorous framework to invest. All of this leads to the 5%-8%, which is 300 basis point better than the solutions revenue growth, and with the Adenza synergies, providing additional operating leverage in the short term. This expense outlook and our CapEx also reflect the fact that both Nasdaq and Calypso and Axiom have been well invested. And as such, we don't need to catch up either in expense or in CapEx. So now we've spoken about revenue, expense, CapEx, and that leads to free cash flow. As we consider our capital plan, we have the benefit of $1.6 billion of free cash flow. That free cash flow has compounded at 14% since 2017. We have a 114% conversion ratio. That is higher than any peer group you can find for us, give you a choice. We also like the consistency of that conversion rate because it is at or above 100% every single year since 2017. So with the benefit of our strong free cash flow, here are our capital priorities: Focus on organic growth and deleveraging. We invest to support growth with a focus on our investment opportunities on a rigorous framework. So what we're gonna do is, first of all, we have a complete set of solutions. We have the right to win. We have a tech platform that enables us to be viewed as a strategic partner by our clients, and with that, we have clear objectives and disciplined execution, and that gives us runway. We're gonna execute in that runway to deliver organically the medium-term outlook that we have discussed today. We have line of sight towards that. If at some point in the longer term, we considered M&A, we would evaluate each transaction for value add to shareholders on a deal-by-deal basis versus other uses of capital. Moving to the second box, with deleveraging, we're gonna hit the 4x, about 9-12 months ahead of goal, and the 3.3x at least 6 months ahead of schedule. Third, we remain committed to a progressive dividend. And lastly, share repurchases remain part of our framework to offset solutions for employee vesting. And as we consider when to also offset the dilution from the acquisition, for now, we conclude that deleveraging is the way to go, with debt paydown and accretion dilution being fairly consistent in terms of accretion and the debt being accretive to free cash flow. So I'm gonna come back to the different pieces that I have. So in the first column, we talked about the organic investments. Nasdaq has a very strong history of being a hallmark of trust and innovation, and that doesn't happen without consistent investments in technology across horizons. Many of you listening today are portfolio managers, and we consider ourselves, here on the right, to be portfolio managers, too. We allocate our resources across products and horizons with a focus on ROIC. In the Horizon 0, this is the base, this is the foundation, this is stable stake. This is what it takes to operate an exchange at the speed we talked about, to remain modern, to have cyber, to have trust. This is cloud data infrastructure. Horizon 1 and 2 represent investments that have a very strong ROI. For example, 2x over 3 years in Horizon 1, or over 5 years for Horizon 2. Those are growth accelerators, and they drive also expense efficiencies. For example, if we talked about AI, you heard actually Brad on the panel now give the example of the very few resources that it took on an incremental basis to drive the ability to generate some of those AI outcomes, and that's what we're talking about here. The horizon three is the future. It contributes to the long term. As an innovator, we need to stay ahead. When we tried AI seven years ago, when Adenza tried big compute five years ago, we actually didn't have a path to profitability, and yet we did it. Today, those have moved into horizon one and two, and that drives the future profitability that we can have. Similarly, we're gonna continue to invest in the future to power leadership for years to come. Second, on the focus on deleveraging, what you've seen is that we have put in place $1.9 billion in maturities that were short-term when we did the deal, and that was no coincidence. We wanted to make sure that we had the optionality to facilitate deleveraging. And in fact, you saw us in the fourth quarter, we paid $260 million of the term loan, and therefore, you see that we have $1.6 billion near-term maturities that are left. In the longer term, you are seeing that we go all the way to 35 years with some very attractive rates, and we also have a 4.1% pretax weighted average cost, and we are focused on balance sheet management, whether it's fixed versus floating or cross currencies. We consider all of that as very important to be well and conservatively managed. Third, on the dividend, you see the 11% CAGR and that's over the past 3 years, we continue to ramp towards our 35%-38% payout ratio outlook by 2027. As such, we are increasing our dividend to $0.24 per share. That's an increase of $0.02. And from there, you can expect us to continue to be progressive as we continue to grow our free cash flow and our net income. So before we wrap up, I'd like to bring all of this together. Over the past 7 years, we have delivered 16% CAGR in total shareholder return, and we are positioned to continue to deliver sustained shareholder value add. We are integrating AxiomSL and Calypso, which will result in accelerated growth and margin expansion, and you've seen the 70% of Adenza transaction this year. We are operating our business with capital discipline, free cash flow conversion, focus on organic investments, and deleveraging. We are positioned to deliver profitable growth and to reaffirm our medium-term outlook with a sum of $31 billion, growing at 8% for solutions, a model that is diversified and focused on alpha generation, and our cross-sell opportunities, as well as our sustainability opportunities. We have a page in appendix, which has all of the color that we have provided today across all of the presentations and all of the outlook. In summary, we couldn't be more energized about Nasdaq's future. Since our strategic pivot in 2017, we have made deliberate investments to create a financial technology powerhouse that now stands amongst the most trusted global brands, and one in 15 in terms of financial excellence. We have evolved from an exchange and market operator to a scalable platform company. We have an incredible track record of executing on integrations and organic growth, and we are well positioned to deliver on integrate, innovate, and accelerate. We're well ahead as we integrate. We constantly innovate. Our early adopter culture drives us to stay ahead. We've got data, cloud, AI, that generates scalability, speed, trust, and profitable growth. We are ready to accelerate, and as always, we are relentlessly focused on delivering shareholder value. I am thrilled to have joined Nasdaq at this important moment in time in our journey, and we are just getting started. Before we move to Q&A, I just want to thank all of you for coming here. It's really nice to meet the ones that I had not met in person before, and to re-meet those that I already know. And, I'm gonna invite to the stage Adena, Brad, Nelson, Tom, and Brendan, and we're gonna take Q&A. We are gonna have Ato moderating, so raise your hand and wait for the speaker, and we're gonna go through that. Ato has been... Are we live? Yeah, we are. You're right in the middle. Okay. So we only have five of these tools, so I'm gonna stand over here, and I'll MC the Q&A. We figured this out before. Okay. And Ato will make sure that he- Yep. He calls on everyone, and you want to go through kind of the... Yep. Yeah. Thank you for that. Just a couple of housekeeping items for the Q&A session. Just please have your hand up. We will get a mic runner over to you, and then when the mic is there, please introduce yourself, the company you represent, and then feel free to ask your question. All right, and with that, we'll start here in the front. Well, the only reason why I sat here. All right. Thank you. Alex Kramm, UBS. I wanna start where you ended, which was capital discipline. A lot of information. I think the one thing I missed a little bit is more stringency, if that's a word, on future M&A. I know you got your hands full in the near term, but I think the commentary around future deals are gonna be, I guess, evaluated on a case-by-case basis, still sounds a little bit wobbly. So I remember pre-2020 Investor Day, you had very stringent ROIC IRR targets, and then obviously you got rid of those before Verafin. But now that you've done all these deals, why not come back and say, "Look, we're gonna do some small deals, trust us on those, but on bigger things, we're gonna put ourselves in a very tight box that you can evaluate, and trust us, I guess, for the next few years, as you have delivered? I'll take that. First of all, we are focused on organic growth. We have a lot of runway in front of us from a capital management perspective and from an execution perspective to deliver for our clients while we deliver to shareholders without considering M&A. ... If we consider any M&A as we're going through this process, and, you know, our goal would be like an ongoing basis to get below three times leverage. As we have done in the past, we've delevered down below three times on prior deals. We have a long runway now to be able to execute organically. If we do small deals, they'll be very small, and they're not going to have an impact on our capital plan around deleveraging and buying back shares. So I just want to make it very clear, our focus is on organic growth and organic future. So later on in the future, if we consider larger M&A, we will have, you know, we'll have future opportunities to talk about what specifically we mean in terms of value creation, but we said value creation for shareholders on a deal-by-deal basis. And that means each one of the deals, we'll have to look, we'll have to look at that in terms of the incremental value we provide to our shareholders as compared, as Sarah said, to other uses of capital, deal by deal. And I think that's as far as we're going to go right now, because we're really not focused on it. We're really focused on delivering organically. Let me go to this side here, on the left. Owen Lau, Oppenheimer. So first of all, thank you for putting all this information together. This is very helpful. I have a question about comms. Looking ahead, how would you benchmark Nasdaq against... Like, what kind of companies do you think you would compare Nasdaq against? Would that be information services company or exchanges or enterprise software? And how should investors think about your comm going forward? Yeah, I'll let Sarah start with that answer. Yeah. I put on the page specifically the peer group that traditional people might have wanted to compare us to, like exchanges, but also the ones that we would compare ourselves to, which is info services in particular. It's really important to think about why I focus on those. I focus on it because when you look at the strong growth and strong margins and strong free cash flow, you've got to look towards those type of companies to deliver that. The other commonality is having a foundation and translating that data that comes from the foundation into all of the opportunities that we have described today. Yes, so we would definitely align ourselves around the information services businesses. But we do obviously have elements of our business that are aligned to exchanges, elements of our business aligned to enterprise tech. So I think that really, as you're starting to see more of our peers, but also the broader peer set in the information services business, kind of broaden out the scope of their capabilities across software, data analytics, and some regulated businesses, I think that you're going to find that there are more of us that you can kind of compare us to over time. Great. We'll go in the back. Great. Thank you. Mike Cyprys, Morgan Stanley. Thanks again for all the information today. Maybe just on the solutions businesses, 8%-11% that you're targeting, you're suggesting you could, perhaps achieve towards the high end of that, of that range. So maybe you could speak to your confidence, the timeframe around that. What parts of the business do you think could be the biggest contributor in terms of getting to that higher end of the range? What are the levers that could be most meaningful? And, and maybe just on the Adenza synergies contributing, probably part of that there, maybe you could speak to where you're most optimistic. Yeah. So I, I'll start, but I, I can have our peers, or my peers here help me out. So generally speaking, as you can see, actually, from our past, like in any given year, we could have a year where we exceed our outlook. And I think that that's, that's going to be helped with a, you know, helpful market backdrop, a helpful economic backdrop. We have had, in the last couple of years, a more challenging economic backdrop, and we still stay within the range, but at the lower end. With a helpful market backdrop, that can kind of move up in the range, and we do have good leverageability there. But as we look at our own alpha execution, and we just kind of assume that we have a consistent market backdrop, and we can kind of continue to accelerate the business, I think that the opportunities within Fintech are very significant, and you could have years where we really accelerate across, whether it's, you know, growing up market with Verafin, growing internationally with AxiomSL into Asia, let's say, because we have a lot, a really strong presence in market tech there. And then actually, really, the Calypso platform is showing an enormous amount of opportunity because of the fact that it's very modular. It's addressing a lot of capital markets risk management needs. I would have to say, within just the Fintech division, there's just a lot of engines there that could have these breakout years that I think could help us to the higher end. And then, of course, more structurally, cross-selling. You know, if we land and expand and land and expand across our cross-sell clients, that obviously gives us acceleration. And then the last thing is Index. Index is, it's an amazing business. We've given it a medium- to high-single-digit growth rate despite a pretty high SAM growth, because the last couple of years, the market backdrop has been less constructive, and we want to make sure we're always able to operate within the bands that we provide you. But that, in any given year, can have a breakout year as well. I don't know if there's anything else you want to add there. I think you covered it. But I mean, one is the operating model also. Yeah. What we're designing inside of Nasdaq will help catalyze all these opportunities, drive them faster into the organization, and allow them not only to identify, but action them faster than we otherwise would on the operating model. And then, like you said, there's just a number of levers that I feel really good about, whether it's regulatory folks trying to take advantage of risk management, and the global opportunity that we have in front of us. I'm seeing lots of opportunity in different geographies, emerging economies that give me hope that we can actually broaden out the Fintech division in terms of where we can sell and who we're selling to. Okay. With that, let's go to the middle there with Craig. ... guys for hosting Investor Day. Since we have Brendan on stage, I had a Verafin question, and I want to kind of cross what you said about Citi versus B of A. But at Verafin, you have dominant market share with smaller banks, and the opportunity is sort of larger banks. Yeah. But larger banks already have a huge network of data, so maybe there's a little bit of desire not to let smaller banks free ride on them. So I wanted to hear, what is the sales pitch to large banks, and what kind of made you successful at Citi? Right. So if you think about what keeps any compliance or fraud, you know, person who's in charge of fraud at these financial institutions about, it's the things that they don't know about. And the power of the network that we can deliver to our clients, particularly in the tier ones and tier twos, is we can give them visibility into things that they don't have visibility on today. So the network that we built out across our small and medium clients, you have to think about not just the clients of those banks, but who they're actually interacting with. So we have this network of over 500 million counterparties, where some of those are in our SMB clients, but a lot of those are at financial institutions across the U.S. and globally that don't use our product today. When we can leverage that at these tier ones, so we can go to a tier one, and we can say: Okay, we can help you detect fraud, you know, based upon your own data, but when we add in the ability to see risk outside your walls, that's a strong and compelling pitch to these financial institutions because they know what they can do today. What they're looking for is they're looking for additional insight that they can't get out of their own data holdings, and we're actually able to provide them that because we've been able to create that, that data lake across 2,500 financial institutions. But, Craig, I would add a couple of things. Okay, so what I'm hearing is that there's a competitive issue that you're thinking that the larger banks are concerned about competing with smaller banks, vice versa. I've seen a just structural shift in the approach that banks are taking around financial crime. So in a lot of areas, I agree, you know, there's a lot of areas of competition. In the more recent years, and it really has been really in the last five years, I would say, there's been this shift in attitude of, we all have to solve this problem. Mm. This is an industry problem. This is not an area where we want to compete with each other. We just want to increase integrity because it's costing us all a lot of money, and it's undermining confidence in the system. And so it really is a shift. I mean, it's been really interesting. I'm talking about it at the CEO level, the COO level. They're really coming together and saying: This is a problem we have to solve together. And what I really think about when I look at Verafin, like, for instance, we were able to go in and provide to one bank kind of a 30% reduction in false positive just by the fact they're able to tap into our consortia data as opposed to just looking at their own data, and that's at a large-scale bank. That means within their four walls, they see a lot of things, but they don't see everything. Mm-hmm. You know, we have a chance to help them see everything, and that really makes a difference. And I, I have to say, it really is... It's interesting to see how the industry- Yeah is evolving in that area. The most important thing then is that's a flywheel. It is. Every institution that joins adds more power to the network, allows us to be able to detect fraud better, allows us to be able to do that more effectively. That's right. Yeah. Maybe we go in towards the back with Dan. Thanks. Dan Fannon, Jefferies. You know, last year, I think in multiple quarters, you talked about elongated sales cycles in workflow and I think insights. I'm just curious if there's any update in terms of the business trends within those units. Yeah, I think the start of Q4 was where we started to see, particularly on the asset manager, asset owner side, those abate to a degree, as well as it started to pick up again to the end of the quarter and on the corporate landscape. So we're seeing that flow through again to Q1. I don't say it's a full light switch where they're you know dramatically shrinking, but they certainly have. We condensed the timeframe of sales cycles. The budgetary process has gotten less stringent, and I think both corporates and investors are starting to look at what they missed out on the last few years and starting to be a more of a productive you know buying opportunity for us or selling opportunity. We'll go Alex. Hey, good morning. Alex Blostein from Goldman Sachs. Thanks for all the presentation again. I had a question around pricing, when it comes to AxiomSL and Calypso historically. How much of the growth has pricing increases contributed? And I guess as you look forward, what is the opportunity that you see on price across those platforms? And I guess, importantly, when it comes to cost-benefit analysis of the customer, can you talk a little bit about your pricing and how that compares to them, either doing that internally or going with somebody else? You want to start? Yeah, absolutely. So I, I'll take it by product, by product. So we always want to deliver value when we're increasing pricing. So when we're providing new versions of either Calypso or Axiom itself, we're always trying to add more value. You might have heard Ed talk about it. We have over 5,000 reports in the Axiom library. We're constantly investing there. We're constantly improving our firmwide capital and liquidity capabilities. So we're trying to educate the customer on that, and so when a renewal comes up, we're having a great conversation with the customer about the value that we're adding as part of the price increase that comes with any renewal. And then, as they take individual modules, and that's the beauty of both Axiom and Calypso, they can take it on a module-by-module basis. They can figure out what they need. And then if I just switch to Calypso for a second, as I talk about modules, one of the things we notice in due diligence and now through our client conversations is our biggest competitors in the Calypso space, you generally have to take almost all of the solution or much of the solution, where we can go in there and be very exacting about providing treasury or, sorry, collateral management or post-trade. So that allows us to get in, so we have a number of points that we can get into a bank pretty quickly without having a big spend to start with. So I think we have an advantage in the way that we get in, and then, obviously, on pricing, we're going to try to demonstrate value, and a big part of that also is cloud. As we invest in the cloud and we take on more services for our clients, we manage more and become a bigger partner of theirs, there'll be a pricing increase for that, but clients will see real value. And again, the example is for Calypso, a bank might have five, 10, 15 people just there to manage implementations, upgrades, because it's across the entire organization. Our ability to reduce their key man risk, their total cost of operations over time is significant. So our pricing increase is just a small piece of the benefit that we can deliver. And I think when we, when we announced the Adenza transaction, we said that about half the revenue comes from upselling clients on new modules and capabilities, and half of it comes from both pricing, cross-sells, and new sales, so and new, new logos. So we are really still getting the majority of our revenue from upselling new clients and cross-sells, right? So I just want to make sure that that's clear. Brian Bedell in the back. Thanks very much. Brian Bedell, Deutsche Bank. Question for Sarah and Adena. Just if you can talk about the nature of on-prem versus SaaS and what you see as the future direction of your new wins in those two areas, and maybe talk about, as you break into tier one and tier two even more, are they more likely on-prem? And also, as you get market share within your SAMS and TAMS, is that more of a replacing other vendors or actually going from an in-source solution to your outsource solution? I'm actually going to hand that to Tal. Tal? So I Yeah. Yeah. So basically, he had a lot of questions. Sorry, all wrapped up. So it has to do a lot with, number one, when we're going into the largest banks, are they more likely on-prem or in cloud? And number two, as we're thinking about that cloud conversion- Yeah ... how are we, you know, what's the sales cycle like? And how what's the value proposition? But also, even with the mid-sized banks, is it more that they're moving towards cloud, you know, naturally, or are we kind of making sure that they we're going with a very specific value proposition? It's not quite what you said, but we'll start there. Yeah. So to start with, on both AxiomSL and Calypso, we're always going in with choice. So we're providing that customer a choice, and we're showing the value proposition of our cloud offering versus our on-prem offering, make sure that that client has a decision. What you saw up there is on the Axiom side, we're having great success with new logos. Those new logos, for a large extent to them, are in the mid-size category. So we're actually having success, number one, moving downstream, and two, implementing cloud for those clients. The reason is, these clients are struggling to keep pace with the changes in regulation. So every time there's a change in regulation, which if you're a $200 million-$200 billion bank, there's a lot coming your way. So cloud really offers you the ability to scale in a way that you couldn't do it on your own. You just don't have the resources, you don't have the attention that you could do it on yourself. So that on Axiom side, we're seeing success. On the tier one side for Axiom, we're starting to engage the larger institutions in these conversations. It is part of a bigger infrastructure play for the banks. The key with banks on the tier one side is have they made the investment to modernize their financial data warehouse? Because you really can't take advantage of our cloud unless you've made the modernizations internally. So if they've modernized and have control over their data, and they have a great financial warehouse, and they know their data, we can have a great cloud conversation with the tier ones. You'd be surprised there's some work that they need to do there. Just going to Calypso. Calypso is different because as we said before, right now, Calypso on-prem is an integrated code base. The version management is really top-notch. It's only two versions that are out there today, and it's componentized and modular. So while the uplift is significant, it's not as significant as some others. So when I think about then the timeline question of like on-prem for Calypso versus cloud for Calypso, generally the same, and the reason they're the same is because there's a lot of integration points for Calypso into these banks. So that's the number one conversation when we have with Calypso. It's not really us. Again, it's the banks and saying: How many systems are we integrating with? And it could be 20, 30, 40 systems that we're integrating with, right? And so that will, that will drive the timeline more than cloud versus on-prem, and obviously, their willingness to invest. But once they're in cloud, the one thing about Calypso that's really, really powerful is the, the upgrade's almost painless. We take that on, and if you know any of the larger competitors, the biggest complaint they have with their competitors are the upgrades. And so our ability to go in there and say, "All right, we understand there's going to be a project here to integrate, but once we're integrated, key man risk, total cost of ownership, all these upgrades, and if you take more modules, look how easy it is for you to take these more modules." A really, really powerful argument for us, and again, we can upsell as we go, where others don't have that flexibility. I wouldn't mind asking Brendan, so as you're going into the tier ones and tier twos, so you are cloud only. Right. And I know you've been actually contemplating getting into the tier ones and tier twos over time, and in fact, in the past, you've had some, some desire from clients to say: Can we just, can we just take something on-prem? Talk to us about, like, that journey and now the conversations you're having with tier ones and tier twos versus maybe ten years ago. Yeah, I, I think there's been a marked shift, particularly over the past several years, in fact, in terms of the openness to cloud. And I think part of the reason is because of the unique value that can be delivered as they look at cloud-based solutions. So what we do in terms of our payments, risk scoring, can't be done unless it's in the cloud, and it's a combination of not only being in the cloud, but it's also, ... an architecture where the banks have to contribute in order to be able to use the system as well. So they need to contribute their frauds back into the system, which we can then use for machine learning, we can use for feedback within the system. So it's, it's two conversations which we've actually, you know, been walking along the banks with. One is the comfort with the cloud, which, you know, as Stephanie mentioned earlier today, I think a big, a big bonus for us as being part of Nasdaq is that trust, right? Okay, Verafin is a Nasdaq company. We're more comfortable with, you know, the idea of moving towards the cloud, and then also the ability of saying, "Okay, not only are we gonna go to the cloud, but we're also going to share our fraud data into the system, which then makes it better for everybody. There was another piece- Yeah to that was whether it's internal or competitors. Oh, right. Yeah, so if you wanna- Yeah. With Axiom, it's really internal. I mean, there is no true competitor to Axiom on a global basis. So often the conversation is, and I was just at a client the other day, and they're trying to figure out how to marry an internal solution with Axiom. And the beautiful thing about Axiom is we can do that. So we can do last mile reporting for a client, they can do calculations, so we can work with clients. And over time, what I've seen, in the short time we've been together, is it's not hard to convince them over time to say, "Well, actually, if there's regulation, that means it becomes standardized, and if it's standardized, I should just outsource that to you. Why am I doing that? Why do I have people doing that for me?" So that's on the Axiom side. On the Calypso side, like I said, it's a bit more competitive on the Calypso side, but we've done a really, really great job on the tier twos and tier threes globally on the front to back side. So we can power, if you will, tier twos and tier threes, especially on the OTC side, starting with post-trade and then moving our way up. That's where we've had really great success, but it's slightly more competitive on the Calypso end. For our next question, let's go to the back and then middle. Hi, thanks for taking the questions. Michael Cho from JPMorgan. Adena, I just wanted to follow up on the capital allocation point that we discussed earlier. I mean, we frequently talk about Nasdaq being the trusted fabric to financial institutions, and we realize a lot can go in there when we talk about that framework. So I think you had a slide that you showed a grid in terms of Nasdaq's capability focus and where you're headed in the future. I guess, one, is that the right grid to think about Nasdaq's capability focus, both organic and inorganic, if we just look forward over the next five to 10 years? And then, two, just a near-term question, as we think about faster deleveraging and faster efficiencies post-Adenza, are there some areas that take higher priority in terms of allocation, as we go forward? Well, first and foremost, as I said before, we're extremely focused on organic growth. So I have to say that we're really focusing on how we can maximize what we have today and continue to expand what we do today organically. So we have these engines of development now. We have a modern development methodology. We have the very modular technology across every element of our business, whether it's in Capital Access Platforms, Fintech, or Markets. So we do really feel like we have an ability to kind of grow and expand. In terms—I think you mean in terms of, like, all of the different elements, capabilities we offer, then the different client sets. That, we feel, is a very complete suite of solutions, and you can see we're pretty early. I mean, we... For instance, within, we were actually just talking about this earlier today. There are certain sophisticated corporates that have very sophisticated treasury operations that could really benefit from Calypso's treasury platform, but that wasn't on the grid. You know, we didn't show that yet because we're just starting to figure out how do we, how do we have maybe go after that market? But that's not in the cross-sell campaigns that we talked about so far. But so we have runway within the, our capabilities to continue to grow and expand the impact. Another example is investment managers. And this is just a, an interesting fact, I think, you know, five years ago, actually, AxiomSL and Calypso had almost no revenue coming from the investment management space. Today, it's about 10%. So they have a really nice growth vector inside of investment managers because they're facing a lot more regulation, and they're having to be much more sophisticated in their internal trading operations. So we do feel like we have good growth runways on an organic basis. And then lastly, in, you know, across whether it's index, we have really a great way for us to expand our clientele globally, be more getting more into institutional clients, especially capturing everything we have within Investor Intelligence to help serve those clients. And then I think with Anti-Fin Crime, we have just an enormous runway of growth around the world. So we feel really good about complete suite of solutions, lots of growth opportunities for us, and it does cut across liquidity, transparency, and integrity. Those are the themes that we're gonna stick with as we continue to expand our business. Hopefully, that answered your question. We still have one more question in the back. It looks like we have. Thank you. Christian Bolu, Autonomous Research. Maybe for Tal. Just provide more color on Adenza's margin profile, over 50% margins, which is well above all the businesses you have in that segment, and I think compares to Google. So it seems like a pretty robust margin profile. What is Adenza doing that's different from other enterprise software businesses? Is there any different CapEx that will bring that down over time? And then, as you kind of look at Adenza versus, again, your other businesses, is there something you can transplant into those businesses to make other businesses get that kind of margin profile? Yeah, that's a great question, and maybe I'll tag team with Sarah on this one. It's really interesting because when we first met Adenza and talked to AxiomSL and Calypso, I said, I turned to Adena and I said, "They're doing exactly what we wanna do. This is where we wanna take our business." And that was in the first meeting where we saw they had an enterprise-wide operating model that allowed them to catalyze a pipeline really effectively. They were leaning into, like, a location strategy and understanding how to service their clients globally from different locations in a really cost-effective manner with high value. And so those are the two things we noticed right away. And then the third was the fact that they, they have these great products, but the way that they actually sell these products and the, and the way that they educate the customers, the way that they actually cultivate and nurture that pipeline was really, really strong as well. So those are things that we're bringing to the new division, in the financial technology division. So the operating model I talked about takes a lot of the great attributes that Adenza had, and we're gonna apply them here. And it's the enterprise functions, it's how we think about cross-selling. It's the tools that we use. All of that really kind of building off a position of strength. And then when we looked at them, we said, "Well, the first two things you have to ask yourself is, are we the right owners, and can we accelerate their growth?" And we felt very, very strongly that we're the right owners, and we can accelerate their growth for a couple of reasons. One is AI and cloud. They were leaning into that. That's a business they've gone into over the last couple of years, and we've shared our expertise and our experience there, that we think we can help them with cloud and AI. The second thing we thought about is just the operational expertise that we have at Nasdaq, that we can apply over these great products. So we're an exchange, we're highly regulated, we understand incident management, we understand how to service these kinds of clients on a global scale. And so taking our operating model, pieces of it, applying parts of their operating model, fusing those together, really, really powerful for us. And then lastly, the, one of the first questions you always ask yourself: Is there a cultural fit? You know, can you work with these people in five years? Do you feel really good about the asset you own and the people you're working with? And we asked ourselves that question over and over again, and the answer is resoundingly yes. And that's why you see the management team that we've established, it's a real true combination of AxiomSL, Calypso, and Nasdaq. It's a real coming together, and we're integrating on day one. Before we even got out of November first, we already had plans, we were advancing them, and we understood exactly how we wanted to work as a team, which is, I think, pretty unique. Mm-hmm. The only thing I would add is 58% is that EBITDA margin. I also mentioned that neither at Nasdaq nor at Adenza do we see a need for a catch-up. That's really important because it's not like a moment in time, it is a sustainable 58% EBITDA margin. Other questions? Next question. Any other questions? Do we have any coming from online? I don't know if that... No. A couple, a couple in this area. Maybe in the back, Kyle? Just a couple follow-ups on the cloud conversation that we had before on Adenza. Just wanted to clarify, how much cloud migration do you expect over that 3- to 5-year period, in your embedded in your targets versus the 15% that you kind of laid out for 2023 for the Adenza businesses? And just also a clarification point, it sounds like there could be some variability at, on an annual basis as you kind of embark on this cloud migration, although that's not gonna be the case for 2024 specifically. So for reported revenue growth, that low- to mid-teens%, is that still a good way, a good way to think about both ARR and reported revenues over that 3- to 5-year time horizon, as well? Yeah. So in 2024, we do see an impact because there was a very high cycle of on-prem renewals in 2023, but not enough of an impact not to be confirming that we will be within the medium-term outlook that we have given. And when you look at the evolution, you see that 23% of the ARR is today on on-prem, sorry, on cloud, which means that when you... It's gonna evolve because you have 50% of the new ACV that is actually on cloud. So, like, that's how it's gonna grow from that base of 23%. Yeah, I think it's gonna take several years. We're not gonna give you specific targets year by year. But I would just say, as Sarah said, about 40%-50% of new bookings is coming in cloud- Yeah - against a, you know, a 23% base in ARR and a 15% base in total revenue. Yeah. So it's gonna be a one of those moving trains that moves up over time, and it allows us, therefore, to have. We do have variability between, as we said, the total revenue versus ARR growth of low- to mid-teens versus mid-teens, partly because of the fact that you've got these kind of renewal cycles and elements of that on-prem part, and also the migration to cloud, but partly also because of the implementation revenue, which is about 20% of the revenue, can have a big year, and can have a little bit more variability. So we just have that delta just to make sure that we're showing that there's both a migration to cloud and there's some other revenue streams that come in that can have different characteristics to it. But hopefully, that helps. Okay, I think there was someone right in front of you, if you wanna- There we go. A couple of them. Hi, Eli Boud from BofA. I was hoping you could go a little bit into more detail on the annual contract values for the tier one banks versus some of the older tier two and tier three customers, and kind of where those contracts could expand into. Like, where do you view the ceiling for those partnerships? And then, and then lastly, on, like, the recognition element, I think you've said in the past that there's going to be some time until that actually starts to flow into revenue. An update on, like, the status of those contracts actually come flowing through into the- Yeah, and that was specific to financial crime management. Mm-hmm. So, I'm gonna start with Brendan, if you wanna talk about the ACV delta and the timing. Yeah. So, ... Within the Tier ones and Tier twos, from time of contract signing to revenue recognition, we see that around nine months, sometimes to 12 months, which is the implementation time for, on that first contract, to be able to get the data flows up and running, to go through training, onboarding, and to get them into production. With the Tier twos, where we've already started to expand, that can be shorter, depending on the product that they're buying and whether or not we already have the data, or whether or not we need to go and source more data. So it does depend, but in general, it can be quicker to get to recognition of revenue on a second or third opportunity as opposed to the first one. What was the other question? I'm not sure. So just ACV- Oh. ACV delta. ACV. Yeah. So, within the Tier ones, again, as the idea of land and expand, where they're not buying the entire platform, as we're walking into these financial institutions and selling, for example, our payments fraud or our ACH fraud, those can be contracts, you know, that might be $1 million ACV, for example, compared to, you know, six figures or lower within the smaller institutions when we think about the entire platform. But then we see every subsequent product that we're able to sell into those tiers and Tier ones and Tier twos around the same kind of ACV. So as we look at the overall total share wallet, you know, that land portion is only scratching the surface of the, the total wallet that we see as being available to us- Yeah- To be able to capture ... I think there's one great fact, which is when you look at just Tier one banks, they comprise about 50% of the financial crime management spend, versus every other bank in the United States. So and yet, the vast majority of Verafin's revenue today is coming from the small to medium banks, and we're just starting to get land and expand into the Tier ones. I think there was a stat up there that the average ACV for Verafin is around $100,000, a little over $100,000, whereas the, you know, the Tier one, Tier twos, as you're saying, are... We're landing at around $1 million, I would just say- Yeah ... as we're going into that sector, so hopefully that helps. I think that with Adenza, it's much more scaled. I mean, we're talking about large and medium banks and brokers all over the world, and it's a little bit more consistent. And I think we put up there, it's a $1.1 million ACV per client across Adenza, I mean, across Fintech ex Verafin. Right. So we actually took Verafin out and listed it separately just because it has such a big group of clients at that lower end. We wanted you to see all of Fintech. That includes market technology as well as all the, you know, all of the Adenza capabilities, as one ACV number, and then we showed Verafin as a separate one. Yep. Very helpful. Thanks. Mm-hmm. In the front, Patrick? Yeah. Hi, Patrick Moley, Piper Sandler. I was hoping you could talk a little bit about how you're managing the overhang with the Thoma Bravo ownership now. Is there any potential for an organized secondary offering? You just speak a little bit about that. Well, so Thoma Bravo has come into our stock as a 15% holder. Holden Spaht is on our board, so they are coming in as a strategic investor. You know, they do have certain lockups. We, we, we do not have any conversations with them regarding their plans around that, and I think that for us, it's a matter of bringing them in, making sure they understand our business really, really well. Holden's been a great contributor to the board already. And in fact, you know, they've been working with us on thinking about the, the metrics, you know, internal metrics on how we drive to modern software metrics across all of Nasdaq, and really helping us think that through and also, you know, showing why they matter, why they work. You know, what's that... That's part of their playbook, and so they've been really engaged with us. But we don't have any specific comments on, on any sort of organized secondaries. I think we have one more question in the back, in the middle. Hi. Thanks again, Michael Cho from JPMorgan. I just wanted to follow up on Verafin, Brendan. You know, clearly there's plenty of opportunity ahead as you move up market and land and expand there as well. But the proprietary data is clearly a core value proposition, or that data network is the core—one of the core value propositions of Verafin. So I guess in the context of... And I think, Adena, you mentioned a comp set as info services, right? And so again, in the context of that core value proposition from Verafin, are there thoughts or are there considerations in terms of, you know, looking further ahead to be able to monetize that proprietary data set that Verafin captures today? I would, I would just say that we are focused on trying to solve the problem of financial crime. So as we see use cases within that realm of trying to protect all the world's financial interactions, that's the places where we think that, that value, that, that data is most valuable. We've only used today, as an example, of payments fraud, you know, using that data to be able to risk rate where money is going to or coming from outside of the financial institution. But we know, for example, in the check fraud problem here in the U.S., we've also seen, you know, great utility in that shared data set in terms of being able to identify check fraud, which is a, you know, a, a growing problem here within the U.S. There are use cases within the AML landscape as well when we think about peer profiling across institutions. We've only illustrated today, kind of in our story, that land and expand from a payments fraud perspective, but across financial crime, there's a number of use cases where that data is very powerful in allowing us to build out a unique solution to those things that we showed on that grid. Any more questions in the room? Okay. Okay. Well, thank you all very much. We really appreciate the time that you spent with us. We now have the ability for you to see some of our products, and then we have the product demos, which will be fun. We call it Innovation Alley. So you can kind of touch and feel some of the products that we have while we also enjoy lunch together. You should have your table number on there. We're leaving them open, right? No. No, it's- No. Yeah, so you have a table number. I would just say, though, you know, we have table numbers. Just come and make sure that you settle yourselves, but then also take... Feel free to walk around, and talk to people. Thank you very much. Thanks so much for coming.