Adena Friedman

And that was making it so that trillions and trillions of dollars were dependent on that price to be the right price, to really be a good reflection of the market. And the result of that was we just weren't keeping up with the times. And so we said, OK, it's time for us to build an auction to close the market. But we'd never built an auction before at NASDAQ, ever.

And that was making it so that trillions and trillions of dollars were dependent on that price to be the right price, to really be a good reflection of the market. And the result of that was we just weren't keeping up with the times. And so we said, OK, it's time for us to build an auction to close the market. But we'd never built an auction before at NASDAQ, ever.

And that was making it so that trillions and trillions of dollars were dependent on that price to be the right price, to really be a good reflection of the market. And the result of that was we just weren't keeping up with the times. And so we said, OK, it's time for us to build an auction to close the market. But we'd never built an auction before at NASDAQ, ever.

And today, of course, auctions are a huge part of markets. But at the time, we had none. And I raised my hand and I said, Bob, I really want to work on this project. I want to lead this project. And I was the head of data, not the head of trading. But I really wanted it. Some skepticism in that moment, perhaps?

And today, of course, auctions are a huge part of markets. But at the time, we had none. And I raised my hand and I said, Bob, I really want to work on this project. I want to lead this project. And I was the head of data, not the head of trading. But I really wanted it. Some skepticism in that moment, perhaps?

And today, of course, auctions are a huge part of markets. But at the time, we had none. And I raised my hand and I said, Bob, I really want to work on this project. I want to lead this project. And I was the head of data, not the head of trading. But I really wanted it. Some skepticism in that moment, perhaps?

Well, it was more like, well, and look, this is actually a huge transparency opportunity. We're going to build data. It's going to be a critical component of this. Please, can I take this project? And he gave it to me. And there was a big time commitment, meaning we had to get it done within a certain period of time.

Well, it was more like, well, and look, this is actually a huge transparency opportunity. We're going to build data. It's going to be a critical component of this. Please, can I take this project? And he gave it to me. And there was a big time commitment, meaning we had to get it done within a certain period of time.

Well, it was more like, well, and look, this is actually a huge transparency opportunity. We're going to build data. It's going to be a critical component of this. Please, can I take this project? And he gave it to me. And there was a big time commitment, meaning we had to get it done within a certain period of time.

Because every year in June, there's the largest closing event of the year, which is the Russell rebalance. And at that time, it was a huge event. And a couple of years earlier, we'd actually had a problem on that day. And so we knew that we had to execute this thing flawlessly and we needed to get it live and we needed to get it proven before that day occurred.

Because every year in June, there's the largest closing event of the year, which is the Russell rebalance. And at that time, it was a huge event. And a couple of years earlier, we'd actually had a problem on that day. And so we knew that we had to execute this thing flawlessly and we needed to get it live and we needed to get it proven before that day occurred.

Because every year in June, there's the largest closing event of the year, which is the Russell rebalance. And at that time, it was a huge event. And a couple of years earlier, we'd actually had a problem on that day. And so we knew that we had to execute this thing flawlessly and we needed to get it live and we needed to get it proven before that day occurred.

So it was an opportunity for me to build a team take an idea and turn it into reality to figure out how to code it, to engage the industry, the buy side and the sell side, to figure out how does this work for everyone, to have the best talent inside of Nasdaq come with me to help define what this looks like. I had incredible people on the team working with us.

So it was an opportunity for me to build a team take an idea and turn it into reality to figure out how to code it, to engage the industry, the buy side and the sell side, to figure out how does this work for everyone, to have the best talent inside of Nasdaq come with me to help define what this looks like. I had incredible people on the team working with us.

So it was an opportunity for me to build a team take an idea and turn it into reality to figure out how to code it, to engage the industry, the buy side and the sell side, to figure out how does this work for everyone, to have the best talent inside of Nasdaq come with me to help define what this looks like. I had incredible people on the team working with us.

And then we had to build it and deploy it and deploy it at scale. So flash forward to the Russell rebalance, the big day. And I remember I was in our market watch division, which is where we kind of watch everything happen as we get to the close. And we actually had, I believe, 500 million shares trade in the close that day, in the closing auction. And that happened in two seconds.

And then we had to build it and deploy it and deploy it at scale. So flash forward to the Russell rebalance, the big day. And I remember I was in our market watch division, which is where we kind of watch everything happen as we get to the close. And we actually had, I believe, 500 million shares trade in the close that day, in the closing auction. And that happened in two seconds.

And then we had to build it and deploy it and deploy it at scale. So flash forward to the Russell rebalance, the big day. And I remember I was in our market watch division, which is where we kind of watch everything happen as we get to the close. And we actually had, I believe, 500 million shares trade in the close that day, in the closing auction. And that happened in two seconds.

right and it was both pins and needles excitement you know anxiety and it was just wonderful and it worked so well and i think that that whole project got me much closer to bob got much closer to the entire technology division really helped me develop my skills as a leader and an influencer and engage the industry um and so it on at that moment bob then made me the head of strategy right after that there you go yeah that was my defining moment so safe to say

right and it was both pins and needles excitement you know anxiety and it was just wonderful and it worked so well and i think that that whole project got me much closer to bob got much closer to the entire technology division really helped me develop my skills as a leader and an influencer and engage the industry um and so it on at that moment bob then made me the head of strategy right after that there you go yeah that was my defining moment so safe to say