请 务必阅读 正文之 后的信 息披露 和重要声 明 industryId investSuggestion investSuggestionChange relatedReport 2021-08-02 2021-08-03 emailAuthor S0190521060001 assAuthor summary 2003 INET 2007 2010 2000-2023 8.32 38.95 CAGR 6.9%0.23 10.59 CAGR 18.0%2023 2023 10.99 17.70 9.87 28%45%25%2023 Adenza 74%1 2 3 2017 2017-2022 CAGR 31.1%CAGR 23.2%title title createTime1 2024 3 12 请 务必阅读 正文之 后的信 息披露 和重要声 明-2-1.-4-1.1.-4-1.2.-4-1.3.-5-1.4.-7-1.5.-9-2.-10-2.1.-12-2.2.-15-2.3.-20-3.-23-3.1.-23-3.2.-27-3.3.-29-4.-32-1.-4-2.-7-3 2000-2023.-8-4 2000-2023.-8-5.-8-6.-8-7 2011-2023.-8-8 2010-2023 ROE.-8-9 2011-2023 43 335.-9-10 2019 PE TTM 26x.-9-11.-9-12.-9-13 Adenza.-10-14.-12-15.-13-16.-13-17.-13-18.-13-19.-14-20 2022 50%.-14-21 2023 71.0%.-15-22.-16-23.-16-24.-16-25 1996.-17-26.-17-27 2023 IPO 192.-17-28 2023 IPO 149.-17-WUCXwPqNoNpOqOtQsPpQrQbRcM9PpNnNnPrNkPnNoNeRoPpM7NoOxPvPpMvNMYsPsQ 请 务必阅读 正文之 后的信 息披露 和重要声 明-3-29.-17-30.-17-31 2023 1218.-18-32 2023 IPO 7.-18-33 ETP.-19-34 eVestment.-20-35 Solovis.-20-36.-21-37 Adenza.-22-38.-22-39 GDP.-23-40 GDP.-24-41.-24-42.-25-43.-26-44 2022 4000.-26-45.-27-46 ECN NASDAQ.-29-47 2017.-31-48.-31-49.-32-1.-5-2.-10-3.-10-4.-11-5.-18-6.-18-7.-19-8 SPAC.-19-9 1971.-24-10 1971.-24-11 1982.-24-12.-25-13.-26-14.-28-15.-28-16.-29-17 2017-2022.-30-18 Adenza.-32-请 务必阅读 正文之 后的信 息披露 和重要声 明-4-1 1.1 2024 2 Borse DubaiThoma Bravo Investor AB The Vanguard Group MFS Investment Management 2023 57.5 8569 105 Azenda Azenda Azenda Thoma Bravo Holden Spaht 12 1 2024 2 1.2 Adena T.Friedman 20 Brendan Brothers 请 务必阅读 正文之 后的信 息披露 和重要声 明-5-1 Adena T.Friedman CEO 1993 INET OMX 2011 3 2014 6 CarlyGroup 2014 Tal Cohen 1999-2008 2008-2010 Chi-XAmericasCEO 2010-2016 Chi-XGlobalCEO 2016 4 Michelle L.Daly SECreporting Ann Dennison 2015 ESG Brad Peterson eBay Schwab Technology Services STS Schwab John A.Zecca Nasdaq Proxy Statement 2023 1.3 1971 2000 2000-2002 2000 SM 2001 Nasdaq EuropeSM 2002 2003-2006 2003 being the predominant U.S.stock market 1 2003 请 务必阅读 正文之 后的信 息披露 和重要声 明-6-ECN Electronic Communication Network 20%Brut ECN INET 2005 SEC NMS 2 2004 6 3 2006 1982 2007-2010 2007 OMX OMX 19.9%2008 OMX 22 10 2008 Nord Pool OMX 2011-2016 2010 SMARTS SMARTS 18 50 160 2011 OTC KASM SaaS Glide Technology Genium Risk 2013 Thomson Reuters IR PR Information Services Technology Solutions IR PR 2015 2016 NFF Nasdaq Financial Framework 请 务必阅读 正文之 后的信 息披露 和重要声 明-7-2017 2017 NPM Nasdaq Private Market 2017 eVestment Sybenetix PR 2 1.4 2000-2023 8.32 38.95 CAGR 6.9%0.23 10.59 CAGR 18.0%2005-2008 2018 2005-2008 Brut INET OMX 2018 请 务必阅读 正文之 后的信 息披露 和重要声 明-8-3 2000-2023 4 2000-2023 2010-2023 8.91 23.17 CAGR 7.6%60.1%2010-2023 46.4%5 6 ROE 2011-2023 22.9%27.2%ROE 8.0%12.5%ROE 7 2011-2023 8 2010-2023 ROE-40%-20%0%20%40%60%80%100%0500100015002000250030003500400045002000A2002A2004A2006A2008A2010A2012A2014A2016A2018A2020A2022A-20002004006008001000120014002000A2001A2002A2003A2004A2005A2006A2007A2008A2009A2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A2023A 02004006008001000120014001600180020002200240026002010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A2023A 0%20%40%60%80%100%2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A2023A 0%5%10%15%20%25%30%35%40%2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A2023A0%5%10%15%20%2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A2023AROE 请 务必阅读 正文之 后的信 息披露 和重要声 明-9-1.5 2011-2023 8 2011-2023 43.4 335.4 CAGR 18.6%2011-2021 2022 2019 PE TTM 26x 9 2011-2023 43 335 10 2019 PE TTM 26x 2013 2012-2022 6500 3.8 CAGR 19.4%2012-2022 36.0%2011-2022 28.4 2.4 11 12 0501001502002503003504002011-012012-012013-012014-012015-012016-012017-012018-012019-012020-012021-012022-012023-01 0204060801002019-022019-052019-082019-112020-022020-052020-082020-112021-022021-052021-082021-112022-022022-052022-082022-112023-022023-052023-082023-11 37.145x 31.742x26.339x 20.936x 15.533x 0%20%40%60%80%100%120%140%160%180%200%0501001502002503003504004502012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A 0501001502002503003504004505002011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A 请 务必阅读 正文之 后的信 息披露 和重要声 明-10-2 2011 4 3 2012 3 3 2013 4 2014 4 5 2016 1 3.7 2018 1 5 2019 10 5 2021 6 15 2022 2022 6.5 2 2023 Adenza 2023 10.99 17.70 9.87 28%45%25%2023 74%13 Adenza Nasdaq to Acquire Adenza 3(Financial Technology)(Regulatory Technology)Adenza AxiomSL SaaS Adenza Calypso 请 务必阅读 正文之 后的信 息披露 和重要声 明-11-(Capital Markets Technology)Trade management service(Market technology)2021 WorkX NFF(Capital Access Platforms)(Data&Listing Services)the Nasdaq Stock Market Nasdaq Nordich Nasdaq Baltic(Index)(Workflow&Insights)Analytics Corporate Solutions eVestment Solovis eVestment Nasdaq Fund Network Nasdaq Data Link Investor Relations Intelligence Governance Solutions ESG ESG Solutions(Market Services)(Trading Services)U.S.Tape Plans Wind 4 2019A 2020A 2021A 2022A 2023A 1122 1285 1566 1682 1770 541 572 678 727 749 223 324 459 486 528 358 389 429 469 493 609 637 772 864 1099 107 116 231 306 435 502 521 541 558 664 713 902 1005 988 987 91 79 77 48 39 请 务必阅读 正文之 后的信 息披露 和重要声 明-12-2535 2903 3420 3582 3895 1731 1922 2338 2546 2869 68.3%66.2%68.4%71.1%73.7%=+14 2022 2.1 2023 9.87 2018-2023 76.8%U.S.Tape Plans1 6 3 23.2%Nasdaq Clearing 2022 0.12/0.05/0.12/1 U.S.Tape Plans，0%20%40%60%80%100%2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 请 务必阅读 正文之 后的信 息披露 和重要声 明-13-15 16 17 18 0100200300400500600700800900100011002018A 2019A 2020A 2021A 2022A 2023A U.S.Tape Plans 0%20%40%60%80%100%2018A 2019A 2020A 2021A 2022A 2023A U.S.Tape Plans 0.130.140.110.12 0.120.110.120.11 0.110.120.05 0.05 0.050.060.0500.020.040.060.080.10.120.140.162018A 2019A 2020A 2021A 2022A/$1,000/请 务必阅读 正文之 后的信 息披露 和重要声 明-14-Nasdaq PHLX The Nasdaq Options Market Nasdaq BX Options Nasdaq ISE Nasdaq GEMX Nasdaq MRX 6 2023 31%19 The Nasdaq Stock Market Nasdaq BX Nasdaq PSX 3 The Nasdaq Stock Market ATSs 2023 3 16.5%ATSs Finra TRF Trade Reporting Facility 53.2%20 2022 50%0%10%20%30%40%50%0123452012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2023ANasdaq PHLX The Nasdaq Options MarketNasdaq BX Options Nasdaq ISE OptionsNasdaq GEMX Options Nasdaq MRX OptionsNASDAQ 0%10%20%30%40%50%60%012345672018A 2019A 2020A 2021A 2022A 2023A ADV 请 务必阅读 正文之 后的信 息披露 和重要声 明-15-Nasdaq Nordic Nasdaq Clearing Nasdaq Baltic Nasdaq Nordic Nasdaq Baltic ETF 2023 71.0%21 2023 71.0%NFI 5600 Nasdaq Commodities Fish Pool Nasdaq Oslo ASA Nasdaq Canada CXC Nasdaq Canada CX2 Nasdaq Canada CXD 2.2 2023 7.49 5.28 4.93 42.3%29.8%27.9%19%14%13%67.0%70.9%78.1%76.9%71.5%71.0%0%10%20%30%40%50%60%70%80%90%012345672018A 2019A 2020A 2021A 2022A 2023A 请 务必阅读 正文之 后的信 息披露 和重要声 明-16-22 23 24 Nasdaq TotalView Level 1 Nasdaq Basic Nasdaq Canada Basic API the Nasdaq Stock Market Nasdaq Nordic Nasdaq Baltic 80-90 Wind 1996 2023 3413 1976 0200400600800100012001400160018002018A 2019A 2020A 2021A 2022A 2023A 0%20%40%60%80%100%2018A 2019A 2020A 2021A 2022A 2023A 请 务必阅读 正文之 后的信 息披露 和重要声 明-17-28.02 35.75 2023 Nasdaq Nordic Nasdaq Baltic 1218 IPO 7 25 1996 26 Wind Wind 27 2023 IPO 192 28 2023 IPO 149 Wind Wind 29 30 Wind 2023 Wind 2023 050010001500200025003000350040001990A1992A1994A1996A1998A2000A2002A2004A2006A2010A2012A2014A2016A2018A2020A2022ANYSE NASDAQ 050,000100,000150,000200,000250,000300,000350,000400,000450,0002006A2009A2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A2023ANYSE NASDAQ02004006008001000120014001990A1992A1994A1996A1998A2000A2002A2004A2006A2008A2010A2012A2014A2016A2018A2020A2022A NYSE NASDAQ050010001500200025001996A1998A2000A2002A2004A2006A2008A2010A2012A2014A2016A2018A2020A2022A NYSE NASDAQ 请 务必阅读 正文之 后的信 息披露 和重要声 明-18-31 2023 1218 32 2023 IPO 7 Entry Fee All-Inclusive Annual Fee IPO 27 1500 5 1500 7.5 SPAC 8 4.7-17.35 5/SPAC$29,500$25,000 1,500$50,000$5,000 1,500$75,000$5,000 SPAC$80,000$5,000 6 ADR 1,000$52,500$52,500 1,000-5,000$65,500$59,500 5,000-7,500$85,000$70,500 7,500-10,000$113,500$94,000 10,000-12,500$141,500$94,000 12,500-15,000$157,500$94,000 15,000$182,500$94,000 02004006008001000120014002008A2009A2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A2023A 0501001502002008A2009A2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A2023A IPO 请 务必阅读 正文之 后的信 息披露 和重要声 明-19-7 ADR 1,000$49,500$49,500 1,000-5,000$65,500$59,500 5,000$85,000$59,500 8 SPAC$81,000 2018-2023 ETP 22.4%2023 388 ETP AUM 4730 Global Index data Service Global Index Watch/Global Index File Delivery Service Nasdaq Dorsey Wright NDW Smart Beta 33 ETP Analytics Corporate Solutions 0501001502002503003504004505002018A 2019A 2020A 2021A 2022A 2023A ETP AUM($BN)请 务必阅读 正文之 后的信 息披露 和重要声 明-20-eVestment Solovis Nasdaq Fund Network Nasdaq Data Link Nasdaq Fund Network 35,000 Nasdaq Data Link API Investor Relations Intelligence Governance Solutions ESG ESG Solutions Nasdaq IR Insight ESG ESG ESG SaaS OneReport ESG Metrio 34 eVestment 35 Solovis 2.3 Trade management service(Market technology)Adenza Calypso 2021 WorkX NFF Nasdaq Financial 请 务必阅读 正文之 后的信 息披露 和重要声 明-21-Framework 2022 55 120 36 Adenza Calypso AxiomSL Calypso AxiomSL Adenza Adenza 请 务必阅读 正文之 后的信 息披露 和重要声 明-22-37 Adenza Nasdaq to Acquire Adenza Adenza AxiomSL SaaS FRAML Fraud Detection&Anti-Money Laundering 2300 170 50 38 请 务必阅读 正文之 后的信 息披露 和重要声 明-23-3 3.1 GDP 70 1971(The National Association of Securities Dealers Automated Quotations)1971 1982(National Market System NMS)1992 39 GDP Wind 0%20%40%60%80%100%19471949195119531955195719591961196319651967196919711973197519771979198119831985198719891991199319951997199920012003200520072009201120132015201720192021,()请 务必阅读 正文之 后的信 息披露 和重要声 明-24-40 GDP 41 Wind 2023,SIC Wind Wind 9 1971 100 50 100 300 2,10 1971 250 200 1600 11 1982 200-200 100 100 100 50 300 300 2 4-10-80-500 0 50,000 100,000 150,000 200,000 250,000()05101520252011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A2023A 请 务必阅读 正文之 后的信 息披露 和重要声 明-25-42 2000 2000 2008 12 1975-1997 1+1982-1985 1+1997-2007 1()+2 3+1985-1997 1()+2()+2007-1+2+3+1997-1+2+3 4+Nasdaq Global Select Market Nasdaq Global Market Nasdaq Capital Market 请 务必阅读 正文之 后的信 息披露 和重要声 明-26-2 13 1=1100=220 125 4500 450 2200 4 2=2750 12=5.5 1=1.1 125 1.1 1 1.1 450 2200 550 1 110 4 3 12=8.5 1=9000 125 4500 450 2200 550 1 110 4 4 1.6 8000 5500 4 1 100 1500 110 800 400 3 4 2 3000 110 1800 400 3 4 2 3 7500 110 2000 400 4 4 4 7500 1 3 2 7500 110 2000 400 4 4 1 500 1500 2 100 300 3 4 3 2 400 1500 5000 100 300 3 4 2 3 400 500 1 3 2 75 100 300 3 4 3 43 44 2022 4000 2024 1 2 169.13.5 1.7020406080100120140160180 268,656 4544 2715050,000100,000150,000200,000250,000300,000 0500100015002000250030003500400045002005A2006A2007A2008A2009A2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A 请 务必阅读 正文之 后的信 息披露 和重要声 明-27-3.2+1934 SEC National Securities Exchanges Regulation NMS 3 2023 30%58%45 2007 2008 BSE Nasdaq BX OMX Nord Pool ASA Nasdaq Commodity 2015 NFX Depository Trust And Clearing Corporation,DTCC Nasdaq Nasdaq Clearing Nasdaq CSD 3 0%10%20%30%40%50%60%70%050010001500200025002001A2002A2003A2004A2005A2006A2007A2008A2009A2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A2023A 请 务必阅读 正文之 后的信 息披露 和重要声 明-28-14 2008 Philadelphia Stock Exchange(PHLX)2008 Boston Stock Exchange(BSE,BX)2008 Nord Pool 2008 International Derivatives Clearing Group IDCG 2010 Nord Pool 2010 North American Energy Credit and Clearing Corp.2012 NOS Clearing 2013 TOM The Order Machine 2013 eSpeed 2016 Chi-X Canada ATS Nasdaq CXC 2016 International Securities Exchange,ISE 15/Nasdaq Stock Market Nextshares Nasdaq BX Nasdaq PSX Nasdaq CXC Nasdaq CXC2 Nasdaq CXD Nasdaq Nordic Nasdaq Baltic Nasdaq First North/Nasdaq PHLX ETF weekly options quarterly options FLEX Option Nasdaq BX Option ETF Nasdaq Option Market ETF Nasdaq ISE ETF Nasdaq GEMX ETF Nasdaq MRX ETF Nasdaq Derivatives/Nasdaq Clearing Nasdaq Nordic Nasdaq Oslo ASA Nasdaq CSD Nasdaq Baltic 请 务必阅读 正文之 后的信 息披露 和重要声 明-29-3.3 1971 1980 2004 Brut ECN 2005 Instinet INET INET ECN SuperMontage 80%NYSE OMX 46 ECN NASDAQ NMS 2017 2017-2022 14.29 25.52 CAGR 12.3%CAGR 31.1%CAGR 23.2%16 2010 SMARTS SMARTS 2010 ZVM webcasting 2010 FTEN RTRM 2011 RapiData 请 务必阅读 正文之 后的信 息披露 和重要声 明-30-2011 Glide Technology 2012 BWise BWise72%2014 BWise 2012 Mergent Indxis NASDAQ OMX Global Indexes ETF 30%2013 Thomson Reuters 2015 DWA 2016 Marketwired 2016 Boardvantage 2017 eVestment 2017 Sybenetix 2018 RedQuarry 2018 Quandl 2019 Cinnober 2020 OneReport ESG 2020 Solovis 2021 Verafin SaaS 2021 Puro.earth 2021 QDiligence 2022 Metrio ESG 2023 Adenza 17 2017-2022 2017A 2018A 2019A 2020A 2021A 2022A CAGR 910 1055 1124 1287 1568 1684 13.1%499 534 543 574 680 729 7.9%171 206 223 324 459 486 23.2%240 315 358 389 429 469 14.3%79 98 107 116 231 306 31.1%2411 2526 2535 2903 3420 3582 8.2%1429 1598 1737 1928 2344 2552 12.3%Nasdaqs Updated Corporate Structure Adenza 请 务必阅读 正文之 后的信 息披露 和重要声 明-31-47 2017 TAM Total addressable market 180 127 304 63 SAM Serviceable addressable market 76 33 100 29 2023 6 12 Thoma Bravo Adenza 48 请 务必阅读 正文之 后的信 息披露 和重要声 明-32-49 Adenza Acquisition Update 18 Adenza 2022Q4$m 2023Q4$m$m Adenza$m 82 170 88 17%74 149 229 80 3%75 231 399 168 8%149 84 215 131 19%114 36%54%18 pct 4 pct 77%Adenza 36%40%4 pct-ARR 811 1350 539 10%458 4 1 2 3 请 务必阅读 正文之 后的信 息披露 和重要声 明-33-12 300 50 500 15%5%15%-5%5%-5%/1934 15a-6/36 15 200135 6 SK 32 01-08 100020 5001 T2 52 518035