Hubbry Logo
NasdaqNasdaqMain
Open search
Nasdaq
Community hub
Nasdaq
logo
8 pages, 0 posts
0 subscribers
Be the first to start a discussion here.
Be the first to start a discussion here.
Nasdaq
Nasdaq
Nasdaq
View on Wikipedia
from Wikipedia

Key Information

class=notpageimage|
Stock exchanges (listing venues) owned by Nasdaq, Inc.
Studio
Nasdaq compared to corporate profits
  Corporate profits after tax
  NASDAQ Index

The Nasdaq Stock Market (/ˈnæzdæk/ ⓘ; National Association of Securities Dealers Automated Quotations) is an American stock exchange, the second-largest by market capitalization on the list of stock exchanges, and the first fully electronic stock market. The exchange is based in New York City and is the most active stock trading venue in the U.S. by volume.[3][4]

The exchange platform is owned by Nasdaq, Inc., which also owns the Nasdaq Nordic stock market network and several U.S.-based stock and options exchanges. The exchange is the primary listing for many technology companies and also trades stock in many foreign firms, with China and Israel being the largest foreign sources.[5][6]

As of December 31, 2024, 4,075 companies listed securities on Nasdaq, including 1,383 listings on The Nasdaq Global Select Market, 1,366 on The Nasdaq Global Market, and 1,326 on The Nasdaq Capital Market.[6]

The Nasdaq Composite, Nasdaq-100, Nasdaq Financial-100 stock market indices are made up only of stocks listed on the Nasdaq.

History

[edit]

1972–2000

[edit]

Founding and Origins

[edit]
Former logo used from 1971 to 2014

Nasdaq, Inc. was founded in 1971 by the National Association of Securities Dealers (NASD), now known as the Financial Industry Regulatory Authority (FINRA).[7] "Nasdaq" (originally and still commonly spelled with all-capital letters as "NASDAQ") is an acronym for "National Association of Securities Dealers Automated Quotations".[8] On February 8, 1971, the Nasdaq Stock Market commenced operations as the world's first fully electronic stock market.[7] Initially, Nasdaq served as a "quotation system" rather than a platform for electronic trading.[9] Intel Corporation was one of the first major corporations to list its shares on Nasdaq; other major companies that have been listed on Nasdaq since its early years include Comcast and Applied Materials.[10]

Market Growth

[edit]

Since the launch of Nasdaq, many major companies trading on the over-the-counter (OTC) market began switching to Nasdaq. As late as 1987, the Nasdaq exchange was still commonly referred to as "OTC" in media reports[11] and also in the monthly Stock Guides issued by Standard & Poor's Corporation.[12] Over the years, it became more of a stock market with the addition of trade and volume reporting and automated trading systems. In 1981, Nasdaq traded 37% of the U.S. securities markets' total of 21 billion shares. By 1991, Nasdaq's share had grown to 46%.[13] In 1992, the Nasdaq Stock Market joined with the London Stock Exchange to form the first intercontinental linkage of capital markets.[14]

In 1996, the SEC issued a report alleging that Nasdaq market makers fixed prices by avoiding "odd-eighths" quotes (at the time, stock prices were quoted in increments of an eighth of a dollar) to artificially widen spreads. The report was followed by a new set of rules for how Nasdaq handled orders.[15]: 102, 126 

Online Trading

[edit]

In 1998, it became the first stock market in the United States to trade online, using the slogan "the stock market for the next hundred years".[16] The Nasdaq Stock Market attracted many companies during the dot-com bubble.

2000–2020

[edit]

Public listing and market change

[edit]

In a series of sales in 2000 and 2001, FINRA sold its stake in the Nasdaq. On July 2, 2002, Nasdaq, Inc. became a public company via an initial public offering, listing its own shares on the exchange (traded under the ticker symbol NDAQ).[17] In 2006, the status of the NASDAQ Stock Market was changed from a stock market to a licensed national securities exchange.[18] In 2007, it merged with OMX, a leading exchange operator in the Nordic countries, expanded its global footprint, and changed its name to the Nasdaq OMX Group.[19]

To qualify for listing on the exchange, a company must be registered with the United States Securities and Exchange Commission (SEC), must have at least three market makers (financial firms that act as brokers or dealers for specific securities) and must meet minimum requirements for assets, capital, public shares, and shareholders.

In 2011, after an announced merger of NYSE Euronext with Deutsche Börse, Nasdaq partnered with Intercontinental Exchange to launch a rival bid, but the bid was withdrawn on regulatory concerns.[20]

Acquisitions

[edit]

In December 2005, Nasdaq acquired Instinet for $1.9 billion, retaining the Inet ECN and subsequently selling the agency brokerage business to Silver Lake Partners and Instinet management.[21][22][23]

The European Association of Securities Dealers Automatic Quotation System (EASDAQ) was founded as a European equivalent to the Nasdaq Stock Market. It was purchased by NASDAQ in 2001 and became NASDAQ Europe.[24] In 2003, operations were shut down as a result of the burst of the dot-com bubble.[25] In 2007, Nasdaq Europe was revived first as Equiduct and was acquired by Börse Berlin later that year.[26]

On November 7, 2007, Nasdaq acquired the Philadelphia Stock Exchange, the oldest stock exchange in the U.S.[27]

Sustainability and leadership milestones

[edit]

On June 18, 2012, Nasdaq OMX became a founding member of the United Nations Sustainable Stock Exchanges Initiative on the eve of the United Nations Conference on Sustainable Development (Rio+20).[28][29]

In November 2016, chief operating officer Adena Friedman was promoted to chief executive officer, becoming the first woman to run a major exchange in the U.S.[30]

In 2016, Nasdaq earned $272 million in listings-related revenues.[31]

In October 2018, the SEC blocked the New York Stock Exchange (NYSE) and Nasdaq from raising certain market-data prices. This was the first time the commission rejected increases for the exchanges' stock market data feeds.[32][33][34]

In December 2020, Nasdaq announced that it would remove shares of four Chinese companies from indexes it maintains in accordance with Executive Order 13959.[35]

2021–present

[edit]

In September 2024, the European Commission said it had carried out an unannounced inspection at the offices of Nasdaq over potential anti-competitive practices.[36]

In October 2024, Nasdaq added artificial intelligence capabilities to its Calypso platform with the launch of XVA Accelerator, a tool for portfolio risk calculations. Calypso is used by banks and insurers for capital markets access and regulatory reporting.[37]

In March 2025, pending approval by the U.S. Securities and Exchange Commission, Nasdaq announced plans to introduce 24-hour 5-day a week trading on its United States exchange during the second half of 2026 in response to increased global demand for U.S. equities.[38]

Quote availability

[edit]

A quote is the price of a stock as listed on an exchange. Quotes consist of bids, the price buyers are willing to pay, and offers, the price sellers will accept.[39] Nasdaq quotes are available at three levels:

  • Level 1 shows the highest bid and lowest ask—inside quote.
  • Level 2 shows all public quotes of market makers together with information of market dealers wishing to buy or sell stock and recently executed orders.[40]
  • Level 3 is used by the market makers and allows them to enter their quotes and execute orders.[41]

Trading schedule

[edit]

Nasdaq sessions in Eastern Time Zone are:

4:00 a.m. to 9:30 a.m.: extended-hours trading session (premarket)[42]

9:30 a.m. to 4:00 p.m.: normal trading session[42]

4:00 p.m. to 8:00 p.m.: extended-hours trading session (postmarket)[43]

The Nasdaq Stock Market averages about 253 trading days per year.[44]

Market tiers

[edit]

Within the NASDAQ Composite Index, the NASDAQ exchange has three different market tiers for listed companies:[45]

  • Capital Market (NASDAQ-CM small cap) is an equity market for companies that have relatively small levels of market capitalization.[45] Listing requirements for such "small cap" companies are less stringent than for other Nasdaq markets that list larger companies with significantly higher market capitalization.[46]
  • Global Market (NASDAQ-GM mid cap) is made up of stocks that represent the Nasdaq Global Market. The Global Market consists of 1,450 stocks that meet Nasdaq's strict financial and liquidity requirements, and corporate governance standards. The Global Market is less exclusive than the Global Select Market.[47][48]
  • Global Select Market (NASDAQ-GS large cap) is a market capitalization-weighted index made up of US-based and international stocks that represent the NASDAQ Global Select Market Composite (NQGS). This includes companies with the largest market capitalization within the NASDAQ Composite.[49] The Global Select Market consists of 1,200 stocks that meet Nasdaq's strict financial and liquidity requirements and corporate governance standards. The Global Select Market is more exclusive than the Global Market. Every October, the Nasdaq Listing Qualifications Department reviews the Global Market Composite to determine if any of its stocks have become eligible for listing on the Global Select Market.[50][51]

Difference between NYSE and Nasdaq

[edit]

After the NYSE, Nasdaq is the second largest stock exchange in the United States.[52][53][54] Nasdaq is a much younger organization than the NYSE, having been founded in just 1971.[55]

In addition to age and market capitalization, there are other key differences between the two exchanges:

  • Exchange systems. Before the COVID-19 pandemic, the NYSE maintained both an electronic trading system and a trading floor system staffed by live professionals who help conduct auctions.[56][57] Nasdaq has been an all-electronic exchange since its inception.
  • Market Types. The NYSE uses an auction market to set prices, while Nasdaq uses a dealer market.[58][59] In the NYSE auction market, buyers and sellers submit competitive bids simultaneously. When the buyer's bid and the seller's request match, a transaction occurs. In the Nasdaq dealer market model, all prices are set by dealers. Dealers continually update bid (sell) and ask (buy) prices throughout the trading day.
  • Listing fees. There is a big difference in listing fees on the major stock exchanges. Listing fees on the Nasdaq range from $55,000 to $80,000 for the lowest tier of the capital market.[60][61]
  • Sectors. Investors typically view the NYSE as an exchange for older, more established companies.[62] Nasdaq tends to be home to newer companies focused on technology and innovation.[63]

See also

[edit]

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Nasdaq

View on Grokipedia
from Grokipedia

The Nasdaq Stock Market is an electronic based in , founded in 1971 by the National Association of Securities Dealers as the world's first automated trading system, originally standing for National Association of Securities Dealers Automated Quotations. It specializes in listing growth-oriented companies, particularly in , , and other innovative sectors, providing liquidity, transparency, and resiliency to U.S. equities markets through fully without a physical trading floor. Operated by Nasdaq, Inc., the exchange lists over 3,000 companies and supports trading in , exchange-traded products, and derivatives, with the Index serving as a broad market benchmark tracking all domestic and international common listed on the platform. The Index, comprising 100 of the largest non-financial companies, highlights its focus on high-growth firms and has become a global symbol of technological innovation and market performance. Its pioneering electronic model revolutionized securities trading by enabling real-time quotes and decentralized market-making, expanding access beyond traditional floor-based exchanges like the . Nasdaq's defining achievements include fostering the growth of the sector during the internet boom and maintaining leadership in market amid expansions into services and international operations, though it has faced scrutiny over trading halts and glitches, such as during high-profile initial public offerings. The exchange's emphasis on innovation has positioned it as a key driver of for emerging industries, with ongoing adaptations to regulatory changes and technological advancements ensuring its role in modern financial markets.

History

Founding and Early Operations (1971–1990)

The Nasdaq Stock Market, originally known as the National Association of Securities Dealers Automated Quotations (NASDAQ), was created by the National Association of Securities Dealers (NASD) to provide an electronic quotation system for over-the-counter (OTC) securities. It commenced trading operations on February 8, 1971, marking the launch of the world's first fully electronic stock exchange without a physical trading floor. The system initially listed around 3,000 OTC securities and disseminated real-time bid and ask quotes to approximately 500 market makers through dedicated computer terminals connected nationwide. This automated approach contrasted with manual quote dissemination on "pink sheets," enabling faster access to pricing data and laying the groundwork for decentralized electronic trading. In its first year, Nasdaq supported trading volume of nearly 2 billion shares across these market makers, demonstrating early adoption despite the prevailing dominance of floor-based exchanges like the . The Index, introduced with a base value of 100 shortly before trading began, experienced modest appreciation amid broader market volatility in the early 1970s, reflecting initial focus on smaller, growth-oriented firms rather than blue-chip stocks. By the end of the decade, the index had risen to 151.14, a net gain of 51% from inception, though this trailed inflation-adjusted benchmarks due to economic challenges like the 1973–1974 recession. Nasdaq's early operations emphasized technological innovation to compete with established exchanges, attracting initial public offerings from technology pioneers such as in 1971. Listings grew steadily through the 1970s as the platform's efficiency drew smaller and mid-cap companies seeking lower listing costs and broader participation. A key milestone came in 1982 with the introduction of the Nasdaq National Market System (NMS), which launched on with 40 qualifying securities meeting stricter financial reporting and liquidity standards to enhance investor protections and market depth. This tiered structure, expanded in subsequent years, improved transparency by requiring real-time trade reporting and last-sale data, helping Nasdaq evolve from a quotation service into a more robust trading venue. By 1983, the Composite Index crossed 300 for the first time, signaling accelerating momentum amid deregulatory trends and rising interest in tech stocks.

Growth Amid Deregulation and Tech Boom (1990–2000)

The Index experienced substantial growth during the , rising from a closing value of 373.84 at the end of 1990 to a peak of 5,048.62 on , , driven by increasing enthusiasm for technology stocks. This surge reflected the exchange's alignment with emerging sectors like and , where market capitalization-weighted indexing amplified gains from high-growth listings. Trading activity expanded dramatically, with the dollar value of stocks traded on Nasdaq increasing from 11% of volume in 1990 to 81% by December 1999, underscoring Nasdaq's emergence as a dominant venue for equities. Regulatory reforms addressed longstanding criticisms of Nasdaq's dealer-driven model, particularly wide bid-ask spreads and opaque quoting practices exploited by small-order day traders via the Small Order Execution System (SOES). In 1997, the SEC's Order Handling Rules (OHR) required market makers to display customer limit orders improving the national best bid or offer and permitted direct access to electronic communication networks (ECNs), fostering greater transparency and . These changes, effective for all Nasdaq stocks by October 1997, narrowed quoted spreads, boosted the number of trade executions, and reduced average trade sizes, while a concurrent tick-size reduction from 1/8 to 1/16 of a further compressed costs for investors. Reforms also included SOES adjustments to curb rapid order flooding by traders, approved by the SEC amid legal challenges from day-trading firms. The decade's tech boom, fueled by commercialization and low interest rates during the post-World War II longest U.S. , propelled speculative investments in dot-com firms, many of which chose Nasdaq for its flexible listing standards suited to unprofitable growth companies. This period saw heightened volatility and valuations, with the index quintupling from 1995 to 2000 amid adoption of web technologies, though underlying profitability often lagged exuberant pricing. Nasdaq's electronic platform innovations, such as the 1990 introduction of SelectNet for negotiated large trades, supported this scalability without physical trading floors.

Post-Bubble Reforms and Public Listing (2001–2010)

Following the collapse of the , the Index plummeted 78% from its all-time high of 5,048.62 on March 10, 2000, to a trough of 1,114.11 on October 9, 2002, amid widespread failures of overvalued technology firms and eroded investor confidence. This downturn prompted intensified scrutiny of Nasdaq's dealer-driven market structure, which had facilitated wide bid-ask spreads and potential manipulations exposed in prior SEC investigations. To address these issues and align with broader market modernization, Nasdaq completed decimalization on April 9, 2001, shifting all equity quotes and trades from fractional increments (e.g., 1/16th of a dollar) to decimal pennies, which halved average spreads from about 6.25 cents to 3 cents initially and boosted quoted depth and trading volume by over 50% in the following months. Regulatory reforms accelerated Nasdaq's structural evolution away from its origins as a of the National Association of Securities Dealers (NASD). Demutualization efforts, initiated with NASD member approval in April 2000, separated Nasdaq's for-profit market operations from NASD's regulatory oversight to mitigate conflicts of interest and enable competitive financing. The SEC approved Nasdaq's registration as a national securities exchange on January 13, 2006, allowing it to operate independently as The Nasdaq Stock Market LLC. Full operational separation from NASD occurred on August 1, 2006, for Nasdaq-listed securities, with expansion to other exchange-listed issues by October 1, 2006; this shift enhanced Nasdaq's self-regulatory capabilities while contracting NASD (later FINRA) for certain surveillance functions at a cost of over $70 million annually. Concurrently, the Sarbanes-Oxley Act of 2002 imposed rigorous mandates on listed companies, including majority-independent boards and fully independent audit committees, which Nasdaq incorporated into its listing standards to restore transparency and deter frauds that had proliferated during the bubble. Nasdaq's transformation culminated in its public listing as a . In 2005, following , Nasdaq executed an (IPO) of its shares under the ticker NDAQ, marking its conversion from industry-owned entity to a publicly traded and enabling access to capital markets for expansion. This move, completed amid the implementation of Regulation NMS in 2005—which promoted fairer order execution and intermarket competition—positioned Nasdaq to challenge the New York Stock Exchange's dominance by fostering innovations and attracting international listings. By 2010, these reforms had stabilized Nasdaq's operations, with annual trading volume exceeding 1 trillion shares and a diversified base less reliant on listing fees.

Acquisitions, Expansion, and Recent Resilience (2011–2025)

In 2012, Nasdaq acquired the solutions, shareholder services, and public company solutions businesses from for $390 million, diversifying its revenue beyond core exchange operations into corporate client services. This move supported expansion in and offerings for public companies. In 2016, Nasdaq completed the acquisition of the International Securities Exchange (ISE), an electronic options trading platform, enhancing its capabilities and client efficiencies. Nasdaq continued aggressive growth in through subsequent deals. In September 2017, it purchased eVestment, a leading provider of institutional and used by asset managers and consultants, for $705 million in cash, bolstering its global information services segment. The 2023 acquisition of for $10.5 billion—comprising $5.75 billion in cash and 85.6 million shares of Nasdaq —represented the company's largest transaction, integrating Verafin's anti-financial crime detection, Calypso's trading and , and AxiomSL's regulatory reporting tools to target banks and brokers. These acquisitions shifted Nasdaq toward a SaaS-heavy model, with comprising a growing share of revenue. International expansion leveraged Nasdaq's existing Nordic and Baltic operations, integrated post-2008 OMX purchase, by enhancing cross-border trading and listings. By 2025, and Baltic exchanges supported over 1,100 listed companies across , , , , and the , unified under a single trading system for seamless membership. The company introduced 18 new international index products in Q3 2025 alone, expanding data accessibility for global investors. Nasdaq demonstrated operational and financial resilience amid market disruptions. Following the May 2012 IPO technical failures, which caused trading halts and a subsequent $10 million SEC penalty in 2013 for inadequate systems, Nasdaq invested heavily in platform upgrades, reducing outage risks. During the 2020 volatility, its electronic infrastructure handled record volumes without major failures. The Nasdaq Composite experienced a 33.1% decline in 2022 amid inflation and rising interest rates, followed by subsequent recovery that underscored the platform's ability to support market rebound without operational disruptions. rose from $3.44 billion in to $7.40 billion in 2024 and a trailing twelve-month figure of $8.17 billion as of September 2025, driven by diversified non-trading segments amid tech sector booms and interest rate pressures. In Q3 2025, solutions exceeded $1 billion quarterly for the first time, underscoring stability from recurring SaaS contracts despite broader economic headwinds like and geopolitical tensions.

Organizational and Governance Structure

Ownership, Leadership, and Key Milestones

operates as a publicly traded listed on its own exchange under the NDAQ, following its on November 13, 2002, which raised approximately $139 million and marked its transition from a of the National Association of Securities Dealers (NASD) to an independent for-profit entity. As of the most recent filings, institutional investors hold about 86% of outstanding shares, with no single entity controlling a majority; prominent holders include with 10.19% (58,182,426 shares), with roughly 10%, Wellington Management Group with 7.22%, and with significant stakes. This diffuse ownership structure reflects broad market participation, though high institutional concentration can influence governance through voting power on proposals. Leadership is headed by Adena T. Friedman, who assumed the role of President and Chief Executive Officer on January 1, 2017, after serving in various senior capacities including as a board member and head of corporate client group, and was elevated to Chair of the Board on January 1, 2023. Key supporting executives include Tal Cohen as President of Market Platforms, overseeing trading operations, and Sarah Youngwood as Executive Vice President and Chief Financial Officer, managing financial strategy and reporting. Friedman's tenure has emphasized technological integration and expansion into data analytics, building on her prior experience at Nasdaq from onward and at . The board comprises independent directors with expertise in finance and technology, ensuring oversight aligned with shareholder interests. Significant milestones in ownership and leadership include the demutualization process initiated in summer 1999, when Nasdaq announced plans to convert from a member-owned association under NASD to a for-profit structure to enhance competitiveness and capital access. NASD members approved this in April 2000 via a two-step restructuring, separating Nasdaq's exchange operations from NASD's regulatory functions. finalized in 2001, positioning Nasdaq as a standalone before its 2002 IPO, which distributed shares to NASD while retaining some NASD interest initially. Subsequent leadership shifts, such as Bob Greifeld's CEO tenure from 2003 to 2016 focusing on acquisitions like OMX AB in 2008, preceded Friedman's appointment amid post-financial crisis reforms. In 2023, Friedman's dual chair-CEO role consolidated authority, coinciding with strategic pivots toward AI-driven market tools. These developments underscore Nasdaq's evolution from a dealer-owned network to a diversified, shareholder-driven enterprise.

Regulatory Oversight and Compliance Evolution

The Nasdaq Stock Market, established in 1971 as an automated quotation system by the National Association of Securities Dealers (NASD), initially operated under the NASD's self-regulatory framework, with oversight from the U.S. Securities and Exchange Commission (SEC) pursuant to the Securities Exchange Act of 1934. This structure positioned the NASD as the primary self-regulatory organization (SRO) responsible for enforcing trading rules, market surveillance, and member compliance, while the SEC retained ultimate authority to approve rules, examine operations, and intervene in enforcement. Early challenges, including a 1996 SEC investigation into Nasdaq dealer bid-ask spreads that revealed potential collusion, prompted reforms such as the 1997 Order Handling Rules, which mandated limit order display and access to improve price competition and transparency. As Nasdaq pursued and for-profit status in the early , tensions arose over the integration of commercial interests with regulatory duties under the NASD umbrella, leading to efforts to separate functions and mitigate conflicts. In , Nasdaq filed to register as a national securities exchange, culminating in SEC approval that enabled full operational independence effective August 1, 2006, when it became a standalone SRO distinct from the NASD (later restructured as FINRA in ). This transition established Nasdaq , Inc., as its dedicated regulatory arm for overseeing listed companies, market makers, and brokers, with enhanced internal controls for surveillance and enforcement, while preserving SEC veto power over rule changes and periodic examinations. The shift addressed prior criticisms of blurred lines, as evidenced by NASD's 1995 governance committee recommendations to divorce from activities. Subsequent evolution has emphasized adaptive compliance amid technological and market shifts, including SEC-mandated Regulation NMS in 2005 for unified quoting and routing, and post-2010 measures for circuit breakers and faster reporting. Listing standards have tightened to safeguard investors, with 2011 enhancements for reverse merger scrutiny requiring OTC trading seasoning before uplisting, and 2021 rules imposing audit and disclosure mandates for IPOs from jurisdictions lacking PCAOB access, such as . Recent developments include 2023 cybersecurity incident disclosure requirements under SEC rules, and 2024-2025 proposals for accelerated delisting of sub-$0.10 stocks and elevated thresholds to curb dilution risks from SPACs and low-quality listings. These changes reflect a causal progression from scandal-driven transparency mandates to proactive standards addressing systemic risks like geopolitical audit barriers and rapid technological trading, maintaining Nasdaq's integrity under intensified SEC scrutiny.

Trading Operations and Technology

Electronic Trading Platform and Innovations

The Nasdaq Stock Market launched on February 8, 1971, as the world's first fully electronic , utilizing a computerized to disseminate real-time bid and ask quotations from multiple market makers, thereby eliminating the need for a physical trading floor and enabling nationwide connectivity among dealers in over-the-counter securities. This National Association of Securities Dealers Automated Quotations (NASDAQ) initially focused on automated quote to approximately 500 market makers, facilitating the trading of around 2 billion shares in its debut year through electronic linkages rather than . Trade executions, however, remained manual via telephone negotiations between dealers until vulnerabilities exposed during the October 1987 market crash—where liquidity evaporated amid rapid sell-offs—prompted enhancements in . In response to the 1987 crash, Nasdaq introduced the Small Order Execution System (SOES) to automate the execution of small retail orders up to specified tier sizes against market makers' quotes, ensuring automatic fills without negotiation and improving retail access during volatile periods. Complementing SOES, SelectNet was approved in January 1988 as an electronic order-routing service allowing market participants to direct orders to specific market makers for negotiated executions, marking a shift toward screen-based, dealer-to-dealer electronic communications. These systems addressed pre-crash criticisms of fragmented quoting and slow executions, with SOES handling automatic fills for orders as small as 200 shares in National Market System securities, thereby boosting market efficiency and volume. By the mid-1990s, such innovations helped Nasdaq capture nearly half of U.S. equity trading volume, driven by its embrace of computerized order handling over legacy floor-based models. Further advancements came with the rollout of SuperMontage, an order-delivery and execution system that aggregated and displayed multiple levels of quotes from market makers and electronic communications networks (ECNs), prioritizing best-priced orders to enhance transparency and reduce execution costs. In , Nasdaq integrated INET ECN , upgrading its core matching engine to support anonymous order books, sub-second latencies, and integration with high-speed feeds, which solidified its position as a leader in electronic liquidity provision. Contemporary innovations include Nasdaq's multi-asset matching engines, such as those in the Eqlipse platform, capable of processing over 13 billion shares daily with 99.99% uptime, customizable algorithms for price-time priority matching, and support for algorithmic and via APIs and low-latency connectivity protocols. These engines employ deterministic matching logic to pair buy and sell orders based on price, size, and time, while incorporating risk controls like dynamic circuit breakers to mitigate risks observed in events like May 6, 2010.

Market Tiers, Listing Standards, and Procedures

The Nasdaq Stock Market operates three tiers—the Nasdaq Global Select Market, Nasdaq Global Market, and —each with escalating initial listing standards to match companies' scale, financial maturity, and profiles. These tiers, governed by Nasdaq Listing Rules in the 5000 Series, require applicants to meet at least one of multiple financial benchmarks alongside distribution, , and criteria before approval. The Global Select Market targets established issuers with the most rigorous thresholds, while the serves emerging firms with more accessible entry points. Financial requirements across tiers emphasize viability through alternatives like income, equity capitalization, , or asset-based tests. For the Global Select Market, the income standard demands aggregate pre-tax of $11 million over three fiscal years, including $2.2 million in each of the two most recent years; the equity standard requires stockholders' equity of $55 million, total assets of $80 million, and of $160 million; the standard mandates $550 million in or $850 million under variants; and the assets/equity standard specifies $80 million in assets with $55 million equity. The Global Market lowers these to, for example, $1 million aggregate income under the income test, $15–$30 million equity with $75 million of unrestricted publicly held shares (MVUPHS), or $75 million in both assets and for the assets/ option. The further relaxes thresholds, such as $750,000 in one or two of three years, $4–$5 million equity, or $50 million of listed securities. Distribution and liquidity standards ensure broad ownership and tradability: the Global Select requires 450 total round-lot shareholders (or 2,200 if trading volume is low), 1.25 million unrestricted publicly held shares, $45–$110 million MVUPHS, a $4 minimum bid , and three registered market makers; the Global Market specifies 400 shareholders, 1.1 million shares, $8–$36 million MVUPHS, a $4 bid , and three to four market makers; while the demands 300 shareholders, 1 million shares, $5–$37.5 million MVUPHS, a $3–$4 bid (with phase-in options), and three market makers. Corporate governance mandates apply uniformly, including a majority-independent , an of at least three financially literate independent members, a , and compliance with and nominating committee independence rules under the 5600 Series. Companies can achieve a direct listing by meeting Nasdaq's initial listing standards, including at least $15 million market value of publicly held shares (varying by tier), 1.1 million or more public shares, a $4 minimum share price, 300-400 round-lot holders, and strong corporate governance requirements.
TierIncome Standard (Aggregate Pre-Tax Earnings)Equity Standard (Key Thresholds)Market Value Standard (MVUPHS or Cap)
Global Select$11M (3 yrs); $2.2M each of last 2 yrs$55M equity; $80M assets; $160M cap$550M–$850M cap; $45M–$110M MVUPHS
Global Market$1M (1–2 of 3 yrs)$15M–$30M equity; $75M MVUPHS$75M–$150M cap; $8M–$36M MVUPHS
$750K (1–2 of 3 yrs)$4M–$5M equity$50M listed securities value; $5M–$37.5M MVUPHS
Listing procedures begin with gathering SEC CIK, proposed symbol, and CUSIP numbers, followed by account creation on the Nasdaq Listing Center portal. Applicants then submit an electronic Listing Application, Listing Agreement, Certification, and supporting documents like and SEC filings, accompanied by non-refundable fees—$295,000 for Global Select or Global tiers, $50,000–$75,000 for (with SPAC variants at $80,000). Nasdaq assigns a listing analyst within days for , typically spanning 4–6 weeks: initial submission and symbol reservation in week 1, staff evaluation and queries in weeks 2–3, applicant responses in weeks 3–6, and conditional or final approval thereafter, contingent on SEC registration effectiveness and ongoing compliance verification. Post-listing, companies face continued standards mirroring initials but with monitoring for bid price ($1 minimum), MVUPHS ($5–$15 million by tier), and commitments, with grace periods and appeal processes for deficiencies.

Trading Schedule, Contracts, and Data Accessibility

The Nasdaq Stock Market operates regular trading hours from 9:30 a.m. to 4:00 p.m. Eastern Time (ET) on weekdays, excluding U.S. federal holidays such as , , , , , Juneteenth, Independence Day, Labor Day, , and . These holidays do not extend to the following trading day; for example, the market operates normally on February 17, 2026, following the Presidents' Day closure on February 16, 2026. The opening at 9:30 a.m. ET corresponds to 8:30 p.m. Bangladesh Standard Time (BST), marking the opening candle—the first trade and price formation—on regular trading days (Monday to Friday, excluding holidays). On Christmas Eve falling on a weekday, the market opens at the regular time of 9:30 a.m. ET and closes early at 1:00 p.m. ET. includes pre-market sessions from 4:00 a.m. to 9:30 a.m. ET and after-hours sessions from 4:00 p.m. to 8:00 p.m. ET, facilitated electronically with participation from market makers and electronic communication networks (ECNs), though and volatility can differ significantly from core hours. The overall system accepts orders from 4:00 a.m. to 8:00 p.m. ET on business days. Nasdaq supports trading in various contracts, including equity options with hours aligned to core market times (9:30 a.m. to 4:00 p.m. ET), and index futures such as the E-mini , primarily cleared through the . The E-mini , with a multiplier of $20 times the Index, trades nearly 24 hours a day from to on CME Globex, enabling hedging and on Nasdaq-listed technology-heavy components. These contracts settle quarterly to the price and provide leveraged exposure without direct stock ownership. Market data accessibility is provided through Nasdaq Data Link, offering APIs for real-time and historical feeds including quotes, trades, and depth via products like TotalView, which delivers full unmatched by aggregated feeds. Users access data via RESTful APIs, WebSocket streams, or downloads in formats compatible with Python, , and Excel, with premium datasets requiring subscriptions while basic end-of-day data remains free. Direct feeds and vendor integrations ensure low-latency distribution, though access levels vary by user type (e.g., non-display for ).

Indexes and Market Benchmarks

Primary Indexes and Their Composition

The (COMP) encompasses all domestic and international common listed exclusively on the , excluding preferred , convertible debentures, ETFs, and securities. As of October 2025, it includes 3,330 components, providing a broad benchmark for the exchange's overall performance with a heavy emphasis on and growth-oriented companies. The index employs a market capitalization-weighted , where larger companies exert greater influence on its movements, reflecting the exchange's composition dominated by innovative sectors rather than traditional industries. The Index (NDX), another flagship benchmark, selects the 100 largest non-financial companies listed on Nasdaq based on full , incorporating both domestic and international issuers across multiple share classes where applicable. Eligible securities must meet and listing criteria, with annual reconstitution in to refresh the roster and quarterly rebalancing to adjust weights, preventing excessive concentration in any single constituent—capped such that no company exceeds 24% and the collective top five do not surpass 40% of the index. This modified capitalization-weighted approach highlights sectors like , consumer discretionary, communication services, and , which collectively represent the majority of its weighting, underscoring Nasdaq's role in tracking high-growth, non-bank entities. The Nasdaq CME Crypto™ Index (NCI™), rebranded in January 2026 through a partnership with CME Group, serves as a regulated benchmark for institutional-grade cryptocurrency exposure and derivatives innovation. It emphasizes transparency and governance via vetted exchanges, custodians overseen by a joint governance committee, and a published methodology including eligibility criteria, liquidity thresholds, weighting rules, and quarterly reconstitution.

Methodology, Calculation, and Usage

The Index employs a -weighted , incorporating all eligible common stocks listed exclusively on the , including domestic ordinary shares, American Depositary Receipts (ADRs), and interests, while excluding closed-end funds, exchange-traded funds (ETFs), preferred stocks, and warrants. Eligibility requires at least one day of trading with a Nasdaq Official Closing Price, with no additional thresholds for , liquidity, float, geography, or sector. Weights are determined daily using the security's Last Sale Price multiplied by its Total (TSO), ensuring the index reflects the relative economic size of constituents without individual caps. The index value is calculated continuously during trading hours (9:30:01 a.m. to 5:16:00 p.m. ET) based on Last Sale Prices, disseminated every second, with the official closing value potentially adjusted until 5:15:00 p.m. ET for late price corrections; corporate actions are handled via a market cap adjustment method per Nasdaq guidelines. Reconstitution and rebalancing occur daily at market open, reflecting real-time listing changes without advance announcements. In usage, the Nasdaq Composite serves as a comprehensive benchmark for the performance of Nasdaq-listed equities, particularly tracking and growth-oriented sectors, and is employed by asset managers, financial advisors, and providers for constructing diversified portfolios and broad-market investment products. The Index utilizes a modified market capitalization-weighted approach for its 100 largest non-financial constituents listed on Nasdaq's Global Select or Global Market tiers, selecting securities such as common stocks, tracking stocks, and ADRs while excluding financial firms (per ), real estate investment trusts (REITs), special purpose acquisition companies (SPACs), and those with insufficient seasoning (less than three months listed), (three-month average daily traded value below $5 million), or float (below 10%). Weights derive from times TSO, subject to quarterly caps limiting any single company to 24% and the aggregate of those exceeding 4.5% to 48%, with annual adjustments tightening to 14% per security, 38.5% for the top five, and proportional reductions for others to mitigate concentration risk. Calculation mirrors the Composite, using Last Sale Prices updated every second during trading hours, with rebalancing effective after the third Friday of March, June, September, and December, alongside annual reconstitution post-December's third Friday and special rebalances if caps are breached. The functions primarily as a benchmark for large-cap growth and innovation-driven equities, underpinning exchange-traded products like the , futures contracts such as CME Group's E-mini Nasdaq-100, and options for hedging or , enabling investors to access concentrated exposure to and sectors. Both indexes support price return variants, with total return versions incorporating dividends, and are computed via standardized equity index formulas emphasizing last-sale pricing to capture intraday market dynamics, though official values prioritize end-of-day data for settlement purposes.

Comparative Analysis

Key Differences from NYSE

The Nasdaq operates as a dealer market where multiple market makers compete to provide by quoting bid and ask prices for securities, facilitating trades through electronic networks without a central physical location. In contrast, the (NYSE) functions primarily as an auction market, matching buy and sell orders directly via a that combines with floor-based specialists (designated market makers) who maintain orderly markets for assigned stocks. This structural difference stems from Nasdaq's inception in as the world's first fully electronic exchange, eliminating the need for a trading floor, whereas the NYSE, established in 1792, retained a physical floor until progressively adopting electronic elements, with hybrid trading formalized in the mid-2000s. Nasdaq's listing standards are tiered into three levels—Global Select Market, Global Market, and —with quantitative criteria such as minimum of publicly held shares starting at $50 million for the top tier and $5 million for the , alongside requirements for at least 450 round-lot holders in higher tiers. The NYSE imposes stricter initial listing thresholds, including a minimum aggregate of publicly held shares of $100 million (or $60 million under certain standards), at least 2,200 total shareholders or 500 round-lot holders, and higher profitability or equity tests, favoring more mature enterprises. Listing fees on Nasdaq are typically 70% to 80% lower than on the NYSE, contributing to its appeal for smaller, growth-oriented firms, particularly in and sectors, while the NYSE attracts larger, established blue-chip companies. In terms of market metrics, Nasdaq processes higher daily trading —exceeding 4 billion shares as of recent —due to its electronic efficiency and concentration of volatile, high-turnover , compared to the NYSE's focus on stability with lower relative but greater total of listed companies, around $25 trillion versus Nasdaq's $20 trillion in 2023. NYSE-listed have exhibited tighter bid-ask spreads and lower intraday volatility in empirical studies, attributed to the mechanism's , though Nasdaq's competitive dealer system enables faster execution for . Between 2000 and 2024, over 500 companies, representing $2.7 trillion in , delisted from the NYSE to Nasdaq, often citing cost savings and technological alignment.

Nasdaq in the Global Exchange Landscape

Nasdaq ranks as the second-largest stock exchange globally by market capitalization, totaling $29.9 trillion as of July 31, 2025, behind only the New York Stock Exchange's $31.7 trillion. This positioning underscores its dominance in technology and growth-oriented listings, attracting international firms seeking U.S. investor access, with over 3,285 listed companies including significant foreign entities from regions like Asia and Europe. Through Nasdaq Inc., the exchange extends its operations beyond the U.S. via subsidiaries managing Nordic and Baltic markets, encompassing exchanges in Stockholm, Copenhagen, Helsinki, Reykjavik, Tallinn, Riga, and Vilnius. These platforms serve as gateways for European growth companies, with Nasdaq First North alone listing more than 550 firms targeting Nordic and international capital. This European footprint enhances Nasdaq's role in cross-border trading, though it represents a fraction of its primary U.S.-centric volume. Nasdaq's technological infrastructure further amplifies its global influence, with platforms and services adopted by exchanges in over 50 countries and integrated into more than 90 venues worldwide to optimize securities trading. In terms of trading volume, while U.S. equities dominate—Nasdaq capturing around 20-25% of consolidated U.S. tape volume in recent data—its electronic model competes with traditional floors like those of the London Stock Exchange or Euronext, emphasizing speed and innovation over physical presence. Globally, Nasdaq's focus on high-growth sectors positions it as a key venue for tech-driven capital formation, contrasting with volume-heavy commodity exchanges in Asia, such as Shanghai or Tokyo.

Economic Impact and Achievements

Facilitation of Innovation and Capital Formation

The Nasdaq Stock Market serves as a primary venue for initial public offerings (IPOs) by innovative companies, enabling them to raise substantial for , development, and expansion. In the first half of 2025 alone, Nasdaq hosted 142 IPOs that collectively raised $19.2 billion, with a significant portion involving technology and growth-oriented firms seeking funds to scale operations and invest in . This access to public equity markets allows venture-backed startups to transition from private funding to broader bases, providing to early supporters while injecting capital into high-risk, high-reward ventures that drive sectoral advancements. Nasdaq's tiered listing structure, including the Nasdaq Capital Market for smaller issuers, lowers entry barriers compared to traditional exchanges, attracting nascent innovators in fields like , software, and semiconductors without requiring the extensive track record demanded elsewhere. This framework has historically supported for companies at critical growth stages; for example, the exchange's model, introduced in 1971, facilitated efficient matching of , reducing costs and enabling faster capital deployment for listed firms. By 2025, Nasdaq's policy advocacy, such as recommendations for streamlined regulations, further aims to balance protections with for emerging issuers, countering regulatory hurdles that could stifle early-stage . Prominent listings underscore Nasdaq's role in nurturing innovation ecosystems. The Index, tracking 100 large non-financial companies, features leaders like Apple (listed 1980), (1986), Amazon (1997), and , which have leveraged IPO proceeds and subsequent equity issuances to fund breakthroughs in , services, and . These firms' access to public markets has enabled sustained investment in proprietary technologies, with Nasdaq's transparent, automated platform providing ongoing liquidity that sustains long-term capital inflows—evidenced by the index's composition of entities responsible for substantial portions of U.S. filings and R&D expenditures in tech sectors. Empirical outcomes include accelerated product development cycles and market disruptions, as capital raised through Nasdaq listings directly correlates with increased innovation outputs in listed companies' portfolios. Overall, Nasdaq's mechanisms have contributed to a virtuous cycle of , where public listings democratize investment in unproven ideas, yielding returns that recycle into new ventures. This process underpins broader economic dynamism, as evidenced by the exchange's facilitation of over 3,500 venture capital-backed IPOs historically, predominantly in , which have amplified gains across industries. While self-reported by exchange operators, these patterns align with observable showing Nasdaq-listed innovators outperforming in capital efficiency metrics during growth phases.

Contributions to U.S. Economic Growth and Tech Sector

Nasdaq's , launched on February 8, 1971, revolutionized capital markets by enabling faster, lower-cost access to public equity for growth-oriented companies, particularly in , thereby accelerating and expansion. Unlike traditional floor-based exchanges, Nasdaq's automated system facilitated efficient matching of buyers and sellers, reducing transaction frictions and attracting firms seeking rapid scaling without the stringent listing hurdles of legacy markets. This structure has channeled billions in into tech ventures, supporting , development, and job creation that underpin broader gains. The exchange's focus on technology and biotech listings has positioned it as a primary engine for the U.S. tech sector's ascent, with over 50% of its weighted composition in as of . Nasdaq-listed companies have raised substantial through initial public offerings (IPOs), exemplified by 142 IPOs generating $19.2 billion in the first half of alone—the highest such volume since 2021. Historically, this has enabled transformative firms to deploy resources toward disruptive technologies, contributing to sector-led GDP expansion; equity markets like Nasdaq mobilize savings into productive investments, fostering efficient and long-term growth. Quantitatively, Nasdaq's reached 103% of U.S. GDP by late 2024, surpassing highs and reflecting the tech sector's amplified economic footprint amid surges from digital . The Index, tracking over 3,000 stocks with tech-heavy weighting, has delivered annualized returns averaging around 15% from 2015 to 2025, correlating with corporate earnings growth and broader market advances that signal robust capital efficiency. These dynamics have bolstered U.S. competitiveness, with Nasdaq facilitating the tech industry's role in driving approximately 40% of recent GDP acceleration through AI and software advancements, though such estimates derive from market analyses emphasizing causal links via investment inflows.

Controversies and Criticisms

Historical Scandals and Market Manipulation Probes

In the mid-1990s, the U.S. Securities and Exchange Commission (SEC) and Department of Justice (DOJ) launched investigations into Nasdaq market makers for alleged to maintain artificially wide bid-ask spreads, a practice known as the "quoting scandal." An academic study published in 1994 by economists William Christie and Paul Schultz analyzed trading data and found that for many Nasdaq stocks, market makers systematically avoided quoting prices in odd-eighth increments (e.g., $10 1/8), which would have allowed narrower spreads of 1/8 point; instead, quotes clustered in even-eighths, effectively enforcing a minimum 1/4-point spread and increasing trading costs for investors by an estimated $1 billion annually. The DOJ's probe, initiated in 1994, culminated in July 1996 with criminal charges against 24 major Nasdaq securities firms, including accusations of conspiring to fix prices through coordinated quoting practices and retaliating against market makers who attempted narrower spreads. The SEC's parallel civil investigation revealed that the National Association of Securities Dealers (NASD), which then regulated Nasdaq, failed to adequately supervise these practices, including unreported trades and coordinated price movements. In August 1996, the SEC censured the NASD, imposed a $6 million fine (half suspended), and mandated reforms such as improved surveillance and public disclosure of quote data. These probes led to significant settlements: in 1996, firms entered agreements with the DOJ, agreeing to antitrust training and compliance programs; civil suits resulted in a $900 million class-action settlement by 30 firms in December 1997 to compensate affected investors for inflated spreads dating back to the early . Additional fines followed, including a 1999 SEC agreement with brokers for Nasdaq trading abuses tied to the same era, totaling millions in penalties. The scandals prompted regulatory changes, such as the SEC's 1997 Order Handling Rules requiring market makers to display customer limit orders, which narrowed spreads and enhanced transparency, though critics argued remained lax thereafter. Subsequent probes have occasionally implicated Nasdaq entities in manipulation-related issues, but none matched the scale. For instance, in , the SEC charged a former Nasdaq managing director with on non-public merger information, yielding $175,000 in illicit profits, though this was an individual case rather than systemic. More recently, Nordic Nasdaq exchanges faced fines for surveillance failures enabling , such as a 2024 SEK 100 million penalty on for inadequate monitoring of unauthorized trades, highlighting ongoing vulnerabilities in oversight. These incidents underscore persistent challenges in preventing collusive or manipulative behaviors in dealer-driven markets like Nasdaq's, despite post- reforms.

Forced Diversity Policies and Regulatory Pushback

In December 2020, Nasdaq proposed amendments to its listing standards requiring most domestic issuers to have, or explain the absence of, diverse board representation, defining diversity to include at least one director who self-identifies as female and one who self-identifies as an underrepresented minority or LGBTQ+. Companies with five or fewer directors needed only one diverse member under the same criteria, while the rules also mandated annual disclosure of a board diversity matrix detailing directors' self-identified , race, ethnicity, and LGBTQ+ status in SEC filings. Nasdaq justified the measures as advancing a "diversity imperative" to enhance and investor , citing studies it claimed showed correlations between board diversity and firm , though critics later contested the causal and highlighted risks of superficial compliance or mismatched qualifications. The U.S. Securities and Exchange Commission (SEC) approved the rules on August 6, 2021, by a 3-2 vote, determining they were consistent with the Exchange Act's goals of promoting fair and orderly markets despite dissenting commissioners arguing insufficient evidence of investor protection benefits and potential overreach into private governance. Compliance deadlines were phased, with larger companies required to meet standards by August 2023 and smaller ones by 2025, but implementation was halted amid legal challenges. Opposition emerged swiftly from conservative advocacy groups, state attorneys general, and representatives, who filed in the U.S. District Court for the Eastern District of in 2021, contending the rules exceeded SEC authority under the Exchange Act by imposing ideological mandates unrelated to market integrity, compelled speech in violation of the First Amendment, and equal protection issues under the Fourteenth Amendment. Critics, including legal scholars, argued the policy functioned as de facto quotas fostering , potentially prioritizing demographic traits over merit and exposing firms to litigation risks without proven economic upside, as empirical reviews found no robust link between mandated diversity and outperformance. The district court dismissed constitutional claims but upheld the Exchange Act challenge in November 2022, prompting SEC appeal; a Fifth Circuit panel reversed in October 2023, finding the approval non-arbitrary. However, on en banc rehearing, the full Fifth Circuit vacated the SEC's approval on December 11, 2024, ruling it arbitrary and capricious for failing to address evidence of investor harm, inconsistently applying disclosure standards compared to other rules, and straying from the Exchange Act's core investor-protection mandate into social engineering. Nasdaq subsequently repealed the rules, with SEC approval effective February 4, 2025, relieving listed companies of compliance while leaving voluntary diversity efforts intact amid broader scrutiny of similar mandates. The decision has fueled debates on regulatory overreach in diversity initiatives, with proponents decrying it as a setback for inclusion and opponents viewing it as a check against unsubstantiated coercion in corporate boardrooms.

Volatility Amplification and High-Frequency Trading Issues

(HFT) on the Nasdaq, facilitated by its electronic , has been linked to amplified intraday volatility through mechanisms such as rapid order cancellations and feedback loops in provision. Algorithms executing trades in microseconds can withdraw quotes en masse during stress events, exacerbating price swings beyond fundamental drivers; empirical analysis shows HFT activity correlates with a 30% average increase in volatility across affected markets. The May 6, 2010, exemplified these risks, where HFT contributed to a rapid market plunge and partial recovery within minutes, with Nasdaq-listed stocks experiencing drops up to 60% in individual names before rebounding. Investigations by the CFTC and SEC concluded that HFT firms, responding to an initial large sell order in E-mini S&P 500 futures, accelerated the depletion of order queues, leading to Nasdaq volatility 6.7 times greater than broader indices. This event highlighted causal chains where HFT speed intensifies imbalances: heightened volatility prompts faster algorithmic reactions, further eroding and amplifying declines. Critics argue Nasdaq's design, including low-latency access and maker-taker pricing, incentivizes predatory HFT practices like quote stuffing—flooding markets with orders to manipulate perceptions—which distorts and raises systemic risks. While proponents claim HFT narrows spreads, studies indicate it doubles intraday volatility in some cases without proportional long-term efficiency gains. Nasdaq's 2025 decision to discontinue a high-speed service for select clients followed SEC scrutiny over potential unfair advantages, underscoring ongoing concerns about HFT's role in uneven and crash propensity.

References

  1. https://www.investopedia.com/terms/n/nasdaq.asp
  2. https://www.fidelity.com/learning-center/smart-money/what-is-nasdaq
  3. https://www.nasdaq.com/solutions/nasdaq-stock-market
  4. https://corporatefinanceinstitute.com/resources/career-map/sell-side/capital-markets/nasdaq/
  5. https://www.nasdaq.com/solutions/global-indexes/nasdaq-composite
  6. https://indexes.nasdaq.com/Index/Overview/COMP
  7. https://www.nasdaq.com/solutions/global-indexes/nasdaq-100
  8. https://www.nasdaq.com/about
  9. https://www.tradersmagazine.com/news/the-history-how-nasdaq-was-born/
  10. https://www.nasdaq.com/articles/nasdaq%253A-50-years-of-market-innovation-2021-02-11
  11. https://www.sechistorical.org/museum/galleries/msr/msr03b_nasdaq.php
  12. https://www.nasdaq.com/market-activity/statistical-milestones
  13. https://www.latimes.com/archives/la-xpm-1999-nov-04-fi-29596-story.html
  14. https://www.chase.com/personal/investments/learning-and-insights/article/history-of-nasdaq
  15. https://www.finra.org/rules-guidance/notices/84-26
  16. https://www.facebook.com/Nasdaq/photos/in-june-1982-nasdaq-debuted-the-national-market-system-nms-offering-investors-en/10159103457037429/
  17. https://www.fedprimerate.com/nasdaq-composite-history.htm
  18. https://finbold.com/guide/dot-com-bubble-crash/
  19. https://www.goldmansachs.com/our-firm/history/moments/2000-dot-com-bubble
  20. https://www.sec.gov/news/studies/techrp97.htm
  21. https://www.marketsmedia.com/embracing-transparency-how-secs-order-handling-rules-redefined-market-making-by-jay-biancamano-fidessa/
  22. https://www.researchgate.net/publication/227345753_The_Effect_of_the_SEC%27s_Order-Handling_Rules_on_NASDAQ
  23. https://www.govinfo.gov/content/pkg/GAOREPORTS-GGD-98-194/html/GAOREPORTS-GGD-98-194.htm
  24. https://www.goldmansachs.com/pdfs/insights/goldman-sachs-research/25-years-on-lessons-from-the-bursting-of-the-tech-bubble/redaction.pdf
  25. https://www.investopedia.com/terms/d/dotcom-bubble.asp
  26. https://www.plansponsor.com/nasdaq-decimal-conversion-complete/
  27. https://www.sec.gov/news/testimony/052401tslu.htm
  28. https://www.iosco.org/library/pubdocs/pdf/ioscopd112.pdf
  29. https://www.sec.gov/news/press/2006-9.htm
  30. https://ir.nasdaq.com/news-releases/news-release-details/nasdaq-becomes-operational-national-securities-exchange
  31. https://www.sec.gov/news/extra/mktstr-invites/nasdaq102902.htm
  32. https://www.friedfrank.com/uploads/siteFiles/Publications/NYLJ-Outside%2520Counsel%2520Gelfond-Barkan.pdf
  33. https://www.federalregister.gov/documents/2006/08/08/06-6708/in-the-matter-of-the-application-of-the-nasdaq-stock-market-inc-and-the-nasdaq-stock-market-llc-for
  34. https://ir.nasdaq.com/news-releases/news-release-details/nasdaq-completes-acquisition-international-securities-exchange
  35. https://www.nasdaq.com/articles/just-how-badly-did-stock-markets-perform-in-2022
  36. https://www.macrotrends.net/stocks/charts/NDAQ/nasdaq/revenue
  37. https://ir.nasdaq.com/news-releases/news-release-details/nasdaq-reports-third-quarter-2025-results-surpassing-1-billion
  38. https://ir.nasdaq.com/stock-information/ownership-profile
  39. https://www.nasdaq.com/market-activity/stocks/ndaq/institutional-holdings
  40. https://www.nasdaq.com/about/our-people/adena-t-friedman
  41. https://ir.nasdaq.com/corporate-governance/nasdaq-inc/officers
  42. https://www.everycrsreport.com/files/20060517_RS21193_26ee0ed89bd7ad325a213f1011fe31a04a62659d.html
  43. https://meng-xie-2clh.squarespace.com/s/Paper-1-Isaac-Otchere-Has-Stock-Exchange-Demutualization-Improved-Market-Quality.pdf
  44. https://www.nasdaq.com/articles/nasdaq-ceos-recall-50-years-of-innovation
  45. https://www.russellreynolds.com/en/insights/podcasts/the-only-certainty-is-change
  46. https://www.sechistorical.org/museum/galleries/sro/sro04f.php
  47. https://www.sec.gov/rules-regulations/2004/11/concept-release-concerning-self-regulation
  48. https://www.sechistorical.org/museum/galleries/sro/sro04g.php
  49. https://www.sec.gov/files/rules/sro/nasd/34-52049.pdf
  50. https://www.finra.org/rules-guidance/rule-filings/sr-nasd-2006-104
  51. https://www.sechistorical.org/collection/papers/1990/1995_0919_RudmanNASD.pdf
  52. https://www.sec.gov/files/litigation/admin/2013/34-69655.pdf
  53. https://www.hinshawlaw.com/print/v2/content/2793/sec-nasdaq-and-nyse-toughen-oversight-of-reverse-mergers.pdf
  54. https://ir.nasdaq.com/news-releases/news-release-details/nasdaq-proposes-changes-its-listing-standards
  55. https://www.nasdaq.com/articles/one-year-later-impact-sec-cybersecurity-regulations
  56. https://www.mintz.com/insights-center/viewpoints/2901/2024-10-16-sec-approves-nasdaq-rule-change-reverse-stock-splits-and
  57. https://www.morganlewis.com/pubs/2025/09/nasdaq-proposes-changes-to-initial-and-continued-listing-standards
  58. https://www.sec.gov/files/rules/sro/nd9821o.htm
  59. https://www.finra.org/rules-guidance/notices/00-30
  60. https://www.nasdaqtrader.com/trader.aspx?id=tradingusequities
  61. https://www.nasdaq.com/solutions/fintech/nasdaq-eqlipse/trading-technology/exchange-matching
  62. https://www.nasdaq.com/solutions/fintech/marketplace-technology/about-matching-engines
  63. https://listingcenter.nasdaq.com/assets/initialguide.pdf
  64. https://listingcenter.nasdaq.com/rulebook/nasdaq/rules
  65. https://www.nasdaq.com/solutions/listings/list-your-company
  66. https://www.nasdaq.com/market-activity/stock-market-holiday-schedule
  67. https://www.nasdaq.com/market-activity/after-hours
  68. https://www.nasdaq.com/market-activity/pre-market
  69. https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/Nasdaq%2520Equity%25202
  70. https://www.nasdaq.com/holidayandtradinghours
  71. https://www.cmegroup.com/markets/equities/nasdaq/e-mini-nasdaq-100.contractSpecs.html
  72. https://www.cmegroup.com/markets/equities/nasdaq/e-mini-nasdaq-100.html
  73. https://www.nasdaq.com/solutions/data/nasdaq-data-link/api
  74. https://www.nasdaq.com/solutions/data/nasdaq-data-link
  75. https://www.nasdaq.com/solutions/data/equities/nasdaq-totalview
  76. https://indexes.nasdaq.com/docs/Methodology_NDX.pdf
  77. https://www.nasdaq.com/articles/nasdaq-and-cme-group-deepen-partnership-advance-new-era-crypto-investing
  78. https://indexes.nasdaq.com/docs/methodology_COMP.pdf
  79. https://indexes.nasdaq.com/docs/calculation_manual_equities_and_commodities.pdf
  80. https://www.investopedia.com/articles/basics/03/103103.asp
  81. https://smartasset.com/financial-advisor/nasdaq-vs-nyse
  82. https://www.freewritings.law/wp-content/uploads/sites/24/2019/02/NYSE-vs-Nasdaq-Listing-Standards.pdf
  83. https://www.investopedia.com/ask/answers/09/amex-vs-nasdaq.asp
  84. https://blog.firstrade.com/blog/nasdaq-vs-nyse
  85. https://www.nyse.com/article/stocks-trade-better-on-nyse
  86. https://www.nasdaq.com/newsroom/500-listings-have-switched-from-nyse-to-nasdaq
  87. https://www.bankrate.com/investing/worlds-largest-stock-exchanges-biggest-by-market-capitalization/
  88. https://www.nasdaq.com/solutions/listings/markets
  89. https://www.moneymazepodcast.com/blog/what-is-the-nasdaq-stock-exchange-and-how-does-it-work
  90. https://www.nasdaqtrader.com/Trader.aspx?id=MarketShare
  91. https://ir.nasdaq.com/news-releases/news-release-details/nasdaq-welcomes-142-ipos-first-half-2025
  92. https://www.nasdaq.com/newsroom/capital-formation-stronger-economy-qa-nasdaqs-john-zecca
  93. https://www.nasdaq.com/solutions/market-modernization
  94. https://www.freewritings.law/2025/04/nasdaq-releases-policy-recommendations-to-promote-capital-formation/
  95. https://www.invesco.com/qqq-etf/en/etf-insights/nasdaq-100-where-the-biggest-innovators-live.html
  96. https://dcfmodeling.com/blogs/vision/ndaq-mission-vision?srsltid=AfmBOoqArqJzkW7LsKSjQJgOn_o44KEzZ_APVoba4Is3RdAfNjPJhup7
  97. https://site.warrington.ufl.edu/ritter/files/IPO-Statistics.pdf
  98. https://www.nasdaq.com/articles/how-nasdaqs-track-record-innovation-helping-it-shepherd-markets-future
  99. https://www.nasdaq.com/articles/nasdaq-reports-record-listings-and-capital-raise-first-half-2025
  100. https://www.nasdaq.com/articles/healthy-equity-markets-boost-economic-growth
  101. https://www.investopedia.com/terms/n/nasdaqcompositeindex.asp
  102. https://www.voronoiapp.com/markets/-Nasdaq-US-Market-Capitalization-Surges-to-Record-103-of-US-GDP-in-2024-3191
  103. https://www.investing.com/analysis/nasdaqs-market-cap-tops-us-gdp-far-exceeding-dotcom-peak-200665461
  104. https://www.latimes.com/archives/la-xpm-1996-07-18-fi-25274-story.html
  105. https://www.latimes.com/archives/la-xpm-1994-10-19-mn-52099-story.html
  106. https://www.justice.gov/archive/opa/pr/1996/July96/343-at.html
  107. https://www.upi.com/Archives/1996/08/08/SEC-censures-NASD-for-Nasdaq-wrongdoing/6559839476800/
  108. https://www.sechistorical.org/collection/papers/1990/1996_0808_SECNASDRelease.pdf
  109. https://www.nytimes.com/1997/12/25/business/30-firms-to-pay-900-million-in-investor-suit.html
  110. https://www.wsj.com/articles/SB915584536829963000
  111. https://www.economist.com/finance-and-economics/1998/01/15/collusion-in-the-stockmarket
  112. https://www.sec.gov/news/press/2011/2011-117.htm
  113. https://www.grip.globalrelay.com/stockholm-nasdaq-fined-9-6m-over-regulatory-violations/
  114. https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-5600-series
  115. https://katten.com/sec-approves-nasdaqs-board-diversity-disclosure-requirements
  116. https://www.ca5.uscourts.gov/opinions/pub/21/21-60626-CV0.pdf
  117. https://www.sec.gov/newsroom/speeches-statements/lee-crenshaw-statement-nasdaq-diversity-080621
  118. https://www.skadden.com/insights/publications/2024/12/nasdaq-board-diversity-rules-vacated-by-the-fifth-circuit
  119. https://www.reuters.com/legal/us-appeals-court-tosses-nasdaq-board-diversity-rules-2024-12-11/
  120. https://journals.law.harvard.edu/hblr/wp-content/uploads/sites/87/2022/02/Fried-Will-Nasdaq-Diversity-Rules-Harm-Investors.pdf
  121. https://www.heritage.org/civil-rights/report/nasdaqs-proposed-board-diversity-rule-immoral-and-has-no-basis-economics
  122. https://www.wiley.law/alert-Fifth-Circuit-Overturns-SEC-Approval-of-Nasdaqs-Board-Diversity-Rules
  123. https://www.dechert.com/knowledge/onpoint/2024/12/fifth-circuit-strikes-down-nasdaq-diversity-disclosure-rule.html
  124. https://www.winston.com/en/blogs-and-podcasts/capital-markets-and-securities-law-watch/nasdaq-repeals-board-diversity-disclosure-rules-nyse-moves-to-limit-reverse-stock-splits
  125. https://finance.yahoo.com/news/dei-backlash-reaches-nasdaq-as-court-strikes-down-diversity-rules-165237789.html
  126. https://www.oxjournal.org/assessing-the-impact-of-high-frequency-trading-on-market-efficiency-and-stability/
  127. https://www.sciencedirect.com/science/article/pii/S0304405X24001235
  128. https://www.cftc.gov/sites/default/files/idc/groups/public/%40economicanalysis/documents/file/oce_flashcrash0314.pdf
  129. https://corporatefinanceinstitute.com/resources/equities/2010-flash-crash/
  130. https://www.sifma.org/resources/research/10th-flash-crash-anniversary/
  131. https://www.investopedia.com/articles/markets/012716/four-big-risks-algorithmic-highfrequency-trading.asp
  132. https://treasurydirect.gov/files/laws-and-regulations/gsa/rfi-comments/rfi-comment-letter-leuchtkafer-2016-1.pdf
  133. https://www.ft.com/content/d062eb67-4fa7-4b72-bbf8-6cb27bef2202
Add your contribution
Related Hubs
User Avatar
No comments yet.