The New Era of the Stock Market with Nasdaq CEO Adena Friedman | All-In Summit 2025
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Who is Adena Friedman and why is she a key figure in finance?
Over the last year to date, up 14%. Over the last year, Nasdaq shares up 40%. Over the five year period, more than doubled up over 100%. You've been on a real tear.
She is often on the list of not just the most influential women in finance, but just the most influential.
We are here to advance economic progress for all.
Ladies and gentlemen, please welcome NASDAQ CEO Adina Friedman.
Welcome.
Thanks for coming. How are you seeing off?
How is Nasdaq expanding beyond a traditional stock exchange?
It's great to see you. Hey Daniel. Great, it's great to be here.
Welcome. Thanks for coming out.
What a day you've been having.
Yeah, so you caught some of the action earlier today, right? I did, I did.
I've been watching from behind the scenes. It's been amazing to watch. You've been
hanging backstage. Did you have a favorite moment or speaker?
Oh, I I I never like to pick favorites. At Nasdaq we don't pick favorites. Um we have great companies, but obviously Renee is a wonderful Nasdaq listed company that and I've gotten to know him very well with ARM. So I would say I always have great conversations with that. Adina,
sorry, but NASDAQ's more than a market. I think I wanted to start with this real important question because when when we were talking, I didn't realize that Nasdaq was more than just the Nasdaq market that we all know. Maybe just for the for the audience, you could just share a little bit more about the broader business.
Sure, thank you.
What is Nasdaq’s new tokenized‑securities platform and why does it matter?
Well, so first of all, we are really proud of our foundation as a market. But as we started to grow and expand the business, first of all, you know, when I became CEO, we had about two and a half million billion dollars in revenue. Today, or as of the end of last year, we had a little over two and a half billion dollars of EBITDA. So we've grown and expanded the business quite dramatically. And how we've done that is taking our core as a market and saying, what more can we do for our clients? So we are an architect. Of modern markets. We provide our technology to our 17 markets and we sell it to 135 other markets around the world. So market infrastructure is our business and we do that globally. Then the second is really being powering that innovation economy, like companies like Renee, you know, ARM, and other great companies.
So we've expanded that. So our index business now has about $700 billion of assets under management that are tied to those great innovators. In addition to creating better abilities for companies to navigate the public markets and investors to find investments.
And you had a big announcement today.
And then the third is is also building trust in the across the financial system. And that is anti-financial crime technology, market surveillance technology, other technologies that the banking industry and the and the broker dealer industry really need to manage their lives in the markets. And you're right, we had a big invest we had a big um a big announcement today. Which almost
Vlad foreshadowed before you actually Yeah and and actually Yeah. And and actually
it goes right back to that first pillar of being, you know, being the architect of modern marketing. You want to
tell people what uh You think we should? Yeah, yeah.
Okay. So uh so this morning we announced that um we're going to be bringing tokenization into our markets. So making sure that equities are tokenized and traded on market, in the markets, not in a side a side sleeve, but actually in the the core markets.
So the eventual goal or is it today? Twenty four by seven, three sixty five, equities, just let it rip constantly.
I mean I think we are all moving in that direction. We announced several months ago that we're moving to twenty four five. So we're moving that way. So Saturday and
Sunday not.
Not not for equities yet. I think that you know we have to we're we're walking before we run. Um but I think that getting to twenty four-five is a major advancement for the US equities markets. And then on top of that, now with tokenization, if we can introduce that also into the markets, it allows us to really think about streamlining the post-trade processing, bringing and modernizing elements of the markets that have a lot of friction.
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Chapters
8 chapters
1
Who is Adena Friedman and why is she a key figure in finance?
0:00–0:44
2
How is Nasdaq expanding beyond a traditional stock exchange?
0:44–1:30
3
What is Nasdaq’s new tokenized‑securities platform and why does it matter?
1:30–4:07
4
How can the IPO market be re‑engineered to get companies public faster?
4:07–8:31
5
What are the next‑generation market products Nasdaq predicts (options, SPVs, secondaries)?
8:31–12:18
6
What is the current state of the U.S. stock market and how does the NY Fed influence it?
12:18–15:25
7
Where are the biggest systemic risks in today’s markets (real‑estate, leverage, crypto)?
15:25–19:22
8
How is Nasdaq approaching private‑market liquidity and SPV structures for late‑stage companies?
19:22–28:17
Speakers
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