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adena friedman

T3 · host / generalist

CEO of Nasdaq since 2017, joined as intern 32 years ago. Led transformation from US exchange operator to global financial technology provider across market technology, anti-financial crime, and data solutions.

2 calls·2 names·50% bull·last heard last year·In Good Company with Nicolai Tangen
track record

no scored calls yet — needs a stated position or a categorical verdict, with a matured window vs SPY

top calls

highest conviction · one per company
1sthigh conviction
$NDAQNasdaqposition

Friedman outlines Nasdaq's transformation into tech-driven financial infrastructure platform

Nasdaq has evolved from a US exchange operator into a global technology provider serving 135 markets and 3,600 firms, with 57% EBITDA margins, 102% cash flow conversion, and a Rule of 67 profile, driven by market technology, anti-financial crime solutions, and cloud migration with AWS.

In Good Company with Nicolai Tangen2025-05episode →
2ndmedium conviction
$AMZNAmazon

Nasdaq partners with AWS to migrate markets to cloud, improving scalability and latency

Nasdaq has moved its markets to AWS cloud technology over the past couple of years, improving scalability, latency, and key market characteristics, with plans to expand this to Nordic markets and global market technology clients.

In Good Company with Nicolai Tangen2025-05episode →

most discussed · click a bar to filter

  • $NDAQ
  • $AMZN

recurring themes

  • Payments & Banking Infrastructure3
  • Public Markets & Valuation3
  • AI Infrastructure1
  • Private Markets1
  • Financial Technology1
2 total
$NDAQ
···
Nasdaq
HIGHadena friedman·In Good Company with Nicolai Tangen·last year·Adena T. Friedman - Nasdaq | Investment Conference 2025 | Norges Bank Investment Management· position
Friedman outlines Nasdaq's transformation into tech-driven financial infrastructure platform
Nasdaq has evolved from a US exchange operator into a global technology provider serving 135 markets and 3,600 firms, with 57% EBITDA margins, 102% cash flow conversion, and a Rule of 67 profile, driven by market technology, anti-financial crime solutions, and cloud migration with AWS.
"So just a quick recap of our finances over the last year. So we've grown about 10% in the last year. We have a 57% IBIDA margin. So that if we were a SAS company, we'd be a rule o…"
0:30
$AMZN
···
Amazon
MEDadena friedman·In Good Company with Nicolai Tangen·last year·Adena T. Friedman - Nasdaq | Investment Conference 2025 | Norges Bank Investment Management
Nasdaq partners with AWS to migrate markets to cloud, improving scalability and latency
Nasdaq has moved its markets to AWS cloud technology over the past couple of years, improving scalability, latency, and key market characteristics, with plans to expand this to Nordic markets and global market technology clients.
"So we have AWS as a partner. They've come into our data center. We've we've been moving our markets to cloud technology now for a couple of years and it's been a great experience…"
15:07
9
Payments & Banking Infrastructuretailwind
AI-driven consortium data cuts $150B US fraud loss, boosting GDP
Verafin's consortium of 2,500 banks sharing 1B weekly transactions enables AI to detect fraud and money laundering far more effectively, potentially recovering $150B annual US fraud losses and adding 50bps to GDP.
8
Public Markets & Valuationtailwind
Sweden's 37% retail equity ownership models ideal market ecosystem
Sweden combines broad retail participation, strong pension capital, tax-advantaged accounts, and global flows to create a self-reinforcing market ecosystem that other countries could replicate.
8
Payments & Banking Infrastructurerisk
Dark pools capture 45-50% of volume; lit venues need level playing field
With half of trading occurring in opaque dark pools that don't contribute to price discovery, exchanges must create competitive parity to attract order flow back to lit markets.
8
AI Infrastructuretailwind
Nasdaq deploys AI for market capacity planning, order types, and financial crime detection
Nasdaq uses AI algorithms for dynamic capacity planning handling 550B daily messages, AI-driven order types to enhance investor experience, and generative AI via Verafin to automate entity research and suspicious activity reporting across 2,600-bank data consortium.
7
Private Marketsmixed
Regulatory burden drives companies private; Nasdaq builds private market bridges
Structural regulatory burden makes public listing less attractive, pushing companies to private markets, while Nasdaq counters with Nasdaq Private Market and investment tools to maintain relevance across both spheres.
7
Financial Technologytailwind
Nordic capital markets model demonstrates retail participation flywheel via tax-advantaged accounts
Sweden's ISK program (1% annual tax on holdings, no cap gains) drove straight-up equity ownership since 2012, creating retail ecosystem that fuels 1,200 Nordic listings and 450 IPOs in five years, offering a blueprint for Europe's capital markets union.
7
Payments & Banking Infrastructuretailwind
High-frequency traders are essential modern market makers providing constant liquidity
HFT firms commit capital continuously, enabling instantaneous execution and price discovery for all participants, earning small spreads as compensation for risk-bearing.
7
Public Markets & Valuationmixed
Mega-cap concentration reflects tech-driven economy, not market dysfunction
The dominance of a few tech giants in market indices is the natural result of technology becoming the economy's primary growth driver, while 5,000 other Nasdaq-listed companies continue innovating across sectors.