Adena Friedman

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.

Number one, how do you allow more companies to tap public investors if they're not profitable? So we changed the listing rules and allowed unprofitable companies to come public. Never had been happened before. So that was like a hard line that the markets had. And we said, let's change that. So that's number one.

Number one, how do you allow more companies to tap public investors if they're not profitable? So we changed the listing rules and allowed unprofitable companies to come public. Never had been happened before. So that was like a hard line that the markets had. And we said, let's change that. So that's number one.

Number one, how do you allow more companies to tap public investors if they're not profitable? So we changed the listing rules and allowed unprofitable companies to come public. Never had been happened before. So that was like a hard line that the markets had. And we said, let's change that. So that's number one.

And that unleashed the ability for all these tech companies, innovators to come to market and seek public capital. The second was how do you engage more of the what we call democratized access to the public markets by becoming a network instead of having it in a building, use technology.

And that unleashed the ability for all these tech companies, innovators to come to market and seek public capital. The second was how do you engage more of the what we call democratized access to the public markets by becoming a network instead of having it in a building, use technology.

And that unleashed the ability for all these tech companies, innovators to come to market and seek public capital. The second was how do you engage more of the what we call democratized access to the public markets by becoming a network instead of having it in a building, use technology.

And this is in 1971 and use network technology to go out and allow anyone in the country to connect into our exchange. and operate within the market successfully. And we did, it was technologically really, really groundbreaking. So that was how we started, but we didn't have anything to lose, right?

And this is in 1971 and use network technology to go out and allow anyone in the country to connect into our exchange. and operate within the market successfully. And we did, it was technologically really, really groundbreaking. So that was how we started, but we didn't have anything to lose, right?

And this is in 1971 and use network technology to go out and allow anyone in the country to connect into our exchange. and operate within the market successfully. And we did, it was technologically really, really groundbreaking. So that was how we started, but we didn't have anything to lose, right?

We were just, there's a difference in how you disrupt when you were just a startup and you're just trying to disrupt and you have nothing really to lose. Today, we are the steward of the capital markets around the world. So we have a lot of responsibility and obligation on resilience. So being hyper resilient is just table stakes for us, but you can still disrupt on top of that.

We were just, there's a difference in how you disrupt when you were just a startup and you're just trying to disrupt and you have nothing really to lose. Today, we are the steward of the capital markets around the world. So we have a lot of responsibility and obligation on resilience. So being hyper resilient is just table stakes for us, but you can still disrupt on top of that.

We were just, there's a difference in how you disrupt when you were just a startup and you're just trying to disrupt and you have nothing really to lose. Today, we are the steward of the capital markets around the world. So we have a lot of responsibility and obligation on resilience. So being hyper resilient is just table stakes for us, but you can still disrupt on top of that.

So what we thought about is for instance, markets have always operated inside of data center, our own data centers. Every market around the world operates inside their own data centers or defined data centers. How do we disrupt that and say cloud technology is the future of the world, how are we going to make sure we can operate in the future of the world?

So what we thought about is for instance, markets have always operated inside of data center, our own data centers. Every market around the world operates inside their own data centers or defined data centers. How do we disrupt that and say cloud technology is the future of the world, how are we going to make sure we can operate in the future of the world?

So what we thought about is for instance, markets have always operated inside of data center, our own data centers. Every market around the world operates inside their own data centers or defined data centers. How do we disrupt that and say cloud technology is the future of the world, how are we going to make sure we can operate in the future of the world?

How do you take markets from a fixed data center-centric world to a cloud world? And we rewrote our entire trade lifecycle technology, microservice architected, cloud native, And we then partnered with a cloud provider, AWS, to say, how do we actually bring first cloud technology into our data center, but then also push as much of our workloads out of our data center into cloud?

How do you take markets from a fixed data center-centric world to a cloud world? And we rewrote our entire trade lifecycle technology, microservice architected, cloud native, And we then partnered with a cloud provider, AWS, to say, how do we actually bring first cloud technology into our data center, but then also push as much of our workloads out of our data center into cloud?

How do you take markets from a fixed data center-centric world to a cloud world? And we rewrote our entire trade lifecycle technology, microservice architected, cloud native, And we then partnered with a cloud provider, AWS, to say, how do we actually bring first cloud technology into our data center, but then also push as much of our workloads out of our data center into cloud?

So we've been doing that for many years. And now with AI, we're well positioned to play offense on AI, We had a new AI-driven order type that came into the markets last year. It actually more than doubled the volume in that particular order type. We've launched GenAI co-pilots across our solutions in the software space.