Adena Friedman

So what are their problems? What are their needs? How are they navigating those problems? But also what new capabilities can be brought to change the trajectory of how they manage those problems? The second is, and then you listen to your employees and you listen to regulators and you listen to legislators.

So what are their problems? What are their needs? How are they navigating those problems? But also what new capabilities can be brought to change the trajectory of how they manage those problems? The second is, and then you listen to your employees and you listen to regulators and you listen to legislators.

So what are their problems? What are their needs? How are they navigating those problems? But also what new capabilities can be brought to change the trajectory of how they manage those problems? The second is, and then you listen to your employees and you listen to regulators and you listen to legislators.

It's super important to engage the ecosystem to understand them so that you can understand their motivations, their incentives, their worries, all of that. And you then bring that back in and say, okay, well, how do we then frame out a solution? And we are a solutions provider and we do sit at the center of the capital market, certainly, and now the broader system. So

It's super important to engage the ecosystem to understand them so that you can understand their motivations, their incentives, their worries, all of that. And you then bring that back in and say, okay, well, how do we then frame out a solution? And we are a solutions provider and we do sit at the center of the capital market, certainly, and now the broader system. So

It's super important to engage the ecosystem to understand them so that you can understand their motivations, their incentives, their worries, all of that. And you then bring that back in and say, okay, well, how do we then frame out a solution? And we are a solutions provider and we do sit at the center of the capital market, certainly, and now the broader system. So

how can we then leverage that technology, change the way that they think about that regulatory obligation, hopefully help steer, but recognizing we're an influencer, in some cases we're a driver. When it comes to technology and what we can control, we're driving the industry down a road. But we also have to recognize that they deal with stakeholders too.

how can we then leverage that technology, change the way that they think about that regulatory obligation, hopefully help steer, but recognizing we're an influencer, in some cases we're a driver. When it comes to technology and what we can control, we're driving the industry down a road. But we also have to recognize that they deal with stakeholders too.

how can we then leverage that technology, change the way that they think about that regulatory obligation, hopefully help steer, but recognizing we're an influencer, in some cases we're a driver. When it comes to technology and what we can control, we're driving the industry down a road. But we also have to recognize that they deal with stakeholders too.

So if you drive too fast and you drive too hard, tissue rejection. Right. So you have to kind of think about how do you pace it? How do you explain it? How do you communicate it? How do you then find those first steps that make them trust you and then start to go a little faster?

So if you drive too fast and you drive too hard, tissue rejection. Right. So you have to kind of think about how do you pace it? How do you explain it? How do you communicate it? How do you then find those first steps that make them trust you and then start to go a little faster?

So if you drive too fast and you drive too hard, tissue rejection. Right. So you have to kind of think about how do you pace it? How do you explain it? How do you communicate it? How do you then find those first steps that make them trust you and then start to go a little faster?

Well, first, I would say on that last point, in terms of those firms that are trying to compete, they're also our largest clients.

Well, first, I would say on that last point, in terms of those firms that are trying to compete, they're also our largest clients.

Well, first, I would say on that last point, in terms of those firms that are trying to compete, they're also our largest clients.

But recognize, binary thinking doesn't work in the financial industry. There's a lot of shades of gray between they're a competitor versus they're a client versus they're a partner. There's a lot of opportunity for you to partner with firms that might compete in one space and partner in another. So we are very much a view of, let's be multidimensional.

But recognize, binary thinking doesn't work in the financial industry. There's a lot of shades of gray between they're a competitor versus they're a client versus they're a partner. There's a lot of opportunity for you to partner with firms that might compete in one space and partner in another. So we are very much a view of, let's be multidimensional.

But recognize, binary thinking doesn't work in the financial industry. There's a lot of shades of gray between they're a competitor versus they're a client versus they're a partner. There's a lot of opportunity for you to partner with firms that might compete in one space and partner in another. So we are very much a view of, let's be multidimensional.

Yeah, or we call it coopetition. So I like that better because it's a little more optimistic. But at the same time, so that's just something to point out. But as a disruptor, so we were truly a disruptor when NASDAQ started in 1971. All trading occurred in a manual format in one building. And so, and with some firms piped in, we said, okay, so how do you, there's two ways we disrupted.

Yeah, or we call it coopetition. So I like that better because it's a little more optimistic. But at the same time, so that's just something to point out. But as a disruptor, so we were truly a disruptor when NASDAQ started in 1971. All trading occurred in a manual format in one building. And so, and with some firms piped in, we said, okay, so how do you, there's two ways we disrupted.