Nasdaq, Inc. Explained

Nasdaq, Inc.
Former Names:Nasdaq Stock Market, Inc.
NASDAQ OMX Group, Inc. (February 2008 – October 2014)
Type:Public
Industry:Financial services
Location:One Liberty Plaza
Location City:New York City, New York
Location Country:United States
Area Served:United States, Europe
Revenue: (2023)
Operating Income: (2023)
Net Income: (2023)
Assets: (2023)
Equity: (2023)
Num Employees:8,525 (2023)
Footnotes:[1] [2]

Nasdaq, Inc. is an American multinational financial services corporation that owns and operates three stock exchanges in the United States: the namesake Nasdaq stock exchange, the Philadelphia Stock Exchange, and the Boston Stock Exchange, and seven European stock exchanges: Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland, Nasdaq Riga, Nasdaq Stockholm, Nasdaq Tallinn, and Nasdaq Vilnius. It is headquartered in New York City, and its president and chief executive officer is Adena Friedman.

Historically, the European operations have been known by the company name OMX AB (Aktiebolaget Optionsmäklarna/Helsinki Stock Exchange), which was created in 2003 upon a merger between OM AB and HEX plc. The operations have been part of Nasdaq, Inc. (formerly known as Nasdaq OMX Group) since February 2008.[3] They are now known as Nasdaq Nordic, which provides financial services and operates marketplaces for securities in the Nordic and Baltic regions of Europe.[4]

History

Background

1980–2008: European bourses merged in OMX AB

OM AB (Optionsmäklarna) was a futures exchange founded by Olof Stenhammar in the 1980s to introduce trading in standardized option contracts in Sweden. OM acquired the Stockholm Stock Exchange in 1998[5] and unsuccessfully attempted acquisition of the London Stock Exchange in 2001.[6] During the dot-com bubble in the early 21st century, OM, together with investment bank Morgan Stanley Dean Witter, launched a virtual European stock exchange called Jiway. The project was not successful[7] and was canceled on October 14, 2002.[8]

On September 3, 2003, the Helsinki Stock Exchange (HEX) merged with OM, and the joint company became OMHEX.[9] On August 31, 2004, the brand name of the company was changed to OMX.[10] OMX then acquired the Copenhagen Stock Exchange in January 2005 for €164 million.[11] On September 19, 2006, the Iceland Stock Exchange owner Eignarhaldsfelagid Verdbrefathing (EV) announced it would be acquired by OMX in a deal valuing the company at 250 million SEK.[12] The transaction was completed by the end of the year.

The company took a 10% stake in Oslo Børs Holding ASA, the owner of the Oslo Stock Exchange in October 2006. As of September 2016, Nasdaq is not a major shareholder in the Oslo Stock Exchange holding company, which following a merger is currently called Oslo Børs VPS Holding ASA. Nasdaq has, however, publicly stated its interest in eventually acquiring the Oslo Stock Exchange.[13] [14] [15]

In November 2007, OMX acquired the Armenian Stock Exchange and the Central Depository of Armenia.[16]

In December 2005, OMX started First North, an alternative exchange for smaller companies, in Denmark. The First North exchange expanded to Stockholm in June 2006, Iceland in January 2007 and Helsinki in April 2007.[17] The Markets Technology division of Computershare was acquired in 2006. The acquisition greatly expanded its product offerings and made its client list the largest of all trading system technology providers.

On October 2, 2006, the group launched a virtual Nordic Stock Exchange after merging the individual lists of shares traded at its three wholly owned Nordic exchanges into a combined Nordic List.[18] Companies listed on the Iceland Stock Exchange have also since been merged into the list. OMX also launched a pan-regional benchmark index known as the OMX Nordic 40 on the same date; however, the individual exchanges have also retained their own national benchmark indices.

1971–2008: NASDAQ

2006–2007: Attempted acquisition of the London Stock Exchange

In December 2005, the London Stock Exchange Group (LSE) rejected a £1.6 billion takeover offer from Macquarie Bank. The LSE described the offer as "derisory". It then received a bid in March 2006 for £2.4 billion from NASDAQ, which was also rejected by the LSE. NASDAQ later pulled its bid, and less than two weeks later on April 11, 2006, struck a deal with LSE's largest shareholder, Ameriprise Financial's Threadneedle Asset Management unit, to acquire all of that firm's stake, consisting of 35.4 million shares, at £11.75 per share.[19] NASDAQ also purchased 2.69 million additional shares, resulting in a total stake of 15%. While the seller of those shares was undisclosed, it occurred simultaneously with a sale by Scottish Widows of 2.69 million shares.[20] The move was seen as an effort to force LSE to negotiate either a partnership or eventual merger, as well as to block other suitors such as NYSE Euronext, owner of the New York Stock Exchange.[21]

Subsequent purchases increased NASDAQ's stake to 29%, holding off competing bids for several months. However, only a further 0.4% of shareholders accepted the offer by the deadline and therefore the offer was rejected[22] on February 10, 2007.

2007: Acquisition of the Boston and Philadelphia exchanges

On October 2, 2007, Nasdaq purchased the Boston Stock Exchange.[23] On November 7, Nasdaq announced an agreement to purchase the Philadelphia Stock Exchange.[24]

2007: Creation

On May 25, 2007, NASDAQ agreed to buy OMX for US$3.7 billion.[25] In August, however, Borse Dubai offered US$4 billion, prompting speculation of a bidding war.[26] On September 20, 2007, Borse Dubai agreed to stop competing to buy OMX in return for a 20% stake and 5 percent of votes in NASDAQ as well as NASDAQ's then 28% stake in the London Stock Exchange.[27] In a complex transaction, Borse Dubai acquired 97.2% of OMX's outstanding shares before selling them on to NASDAQ.[28] The newly merged company was renamed the NASDAQ OMX Group upon completion of the deal on February 27, 2008.

On June 18, 2012, NASDAQ 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).[29]

2012: Acquisition of Thomson Reuters businesses

On December 12, 2012, NASDAQ OMX announced that it would acquire parts of Thomson Reuters for $390 million in cash. This deal included its investor relations, public relations and multimedia businesses.[30] NASDAQ OMX completed the purchase on June 3, 2013.[31]

2017: Launch of Nasdaq Ventures

In April 2017, Nasdaq launched Nasdaq Ventures, a venture investment program focused on companies that will help Nasdaq grow its product lines and open new market segments. The first 3 companies announced as part of the program are Chain, a blockchain technology company; Digital Reasoning, cognitive computing technology; and Hanweck, real-time risk analytics.[32]

2018: Bid for Oslo Stock Exchange

During Christmas of 2018, shareholders representing 25% of Oslo Børs VPS Holding (the Norwegian Stock Exchange and national CSD operator)[33] held a private auction of share sale. Nasdaq did not participate in the auction due to the hostile nature of the bid (held without Oslo Børs boards knowledge or approval). Euronext won the auction, and later secured another 24.6% of shareholder support, totaling 49.6%. Following this, Nasdaq acquired 32.5% shares in open market (mainly from individual shareholders/employees),[34] and submitted an official bid, with unanimous recommendations from board and some key shareholders,[35] to acquire remaining shares for 152 NOK, and later increased offer to 158 NOK (or almost 44% premium of December 17, 2018 closing price, to match Euronext offer),[36] additionally making the case to Norway's markets regulator that in cases like this, 2/3 of the share control may be necessary to comply with any applicable regulatory requirement. In the end the regulator did not side with the two-thirds requirements, and general majority was deemed to be applicable. Euronext by that time had acquired or secured control of 50.5% shares,[37] and Nasdaq had announced on May 25, 2019, that they were pulling out of the Oslo Børs battle, handing Euronext the victory.[38]

2023: Acquisition of Adenza

In June 2023, Nasdaq announced that it had agreed to acquire Adenza from Thoma Bravo in a $10.5 billion cash-and-stock deal, the biggest for the US exchange operator to date. As part of the deal, Thoma Bravo would get a 15percent stake in Nasdaq.[39]

Additional services

NASDAQ Inc. partners with stock exchanges all over the world. One of the most recent partnerships was signed with Astana International Financial Centre (AIFC) in May 2017. According to the agreement, NASDAQ will power Kazakhstan's nascent stock exchange, the AIX (Astana International Exchange) .[40]

Global Information Services

In January 2013, NASDAQ OMX announced that it would combine its global data products and index businesses into a unit called Global Information Services, as part of an ongoing effort to broaden its portfolio.[41]

Directors Desk

On June 29, 2007, NASDAQ entered into an agreement to acquire DirectorsDesk.com, a management suite for boards of directors.[42]

GlobeNewswire

GlobeNewswire (previously PrimeNewswire) provides press release, editing and wire services. It was founded in 1998 and acquired by NASDAQ OMX in 2006.[43] It was sold to Intrado in April 2018.[44]

SMARTS

On July 27, 2010, NASDAQ OMX Group, Inc. acquired SMARTS Group, a provider of market surveillance systems to exchanges, regulators and brokers.[45] SMARTS Group had been a private company operating in Sydney, Australia, incorporating the market analysis software of Michael James Aitken.[46] [47] By 2017 SMARTS remained the leading market surveillance software,[48] and was employed by thirteen regulators on forty-five exchanges.[49]

Carpenter Moore

NASDAQ OMX sold its stake in the Carpenter Moore D&O Insurance in 2009.

Exchanges

NASDAQ:The following exchanges are operated by Nasdaq, Inc.:[50]

Divisions

The company's stock market activities are categorized into three divisions:

Technology

In North America, OMX supports its most high-profile customers such as the Financial Industry Regulatory Authority (FINRA), ICAP, ISE, and IDCG, which are powered by OMX trading systems such as X-stream, CLICK, CONDICO and SAXESS.

OMX is the world's leading provider of central securities depository (CSD) technology. Its Equator CSD product is used by clients in Europe, the Middle East, Africa and the Caribbean.

Central counterparty clearing (CCC) technology is a significant potential growth area for OMX. OMX's SECUR clearing[51] and Genium trading platform[52] facilitate trade novation, derivatives clearing, risk management and improved liquidity. SECUR clearing and Genium trading technology are in production around the world.

OMX's technology customers include:

See also

External links

NASDAQ:NASDAQ:

Notes and References

  1. Web site: Nasdaq, Inc. 2023 Form 10-K Annual Report . . 21 February 2024 . February 23, 2024 . February 23, 2024 . https://web.archive.org/web/20240223072506/https://www.sec.gov/ix?doc=/Archives/edgar/data/1120193/000112019324000006/ndaq-20231231.htm . live .
  2. Web site: Nasdaq, Inc. 2022 Proxy Statement . . 28 April 2022 . February 28, 2023 . February 28, 2023 . https://web.archive.org/web/20230228102834/https://www.sec.gov/Archives/edgar/data/1120193/000119312522127870/d280627ddef14a.htm#toc280627_60 . live .
  3. Web site: Jaworski . Alexa . February 29, 2008 . OMX Acquisition Complete, Nasdaq Agrees to Invest in OTC Commodities Platform . dead . https://web.archive.org/web/20110716031951/http://www.securitiestechnologymonitor.com/news/22064-1.html . Jul 16, 2011 . Securities Technology Monitor.
  4. Web site: July 12, 2016 . Nasdaq Nordic and Nasdaq Clearing Appoint New Board Members . live . https://web.archive.org/web/20160914031835/https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=719557&lang=en . September 14, 2016 . August 11, 2016 . NASDAQ.
  5. Web site: Milestones . September 28, 2010 . NASDAQ OMX Group . live . https://web.archive.org/web/20100826051825/http://www.nasdaqomx.com/whoweare/milestones/ . August 26, 2010.
  6. News: Treanor . Jill . Stock Exchange teams up with OM . . December 10, 2002 . February 29, 2008 . London . live . https://web.archive.org/web/20140910093929/http://www.theguardian.com/business/2002/dec/10/3 . September 10, 2014.
  7. News: OM losses shock analysts . . April 18, 2001 . February 29, 2008 . live . https://web.archive.org/web/20060512141501/http://news.bbc.co.uk/1/hi/business/1283149.stm . May 12, 2006.
  8. News: City briefing: Jiway eases bourse clutter . . October 15, 2002. February 29, 2008. London . live . https://web.archive.org/web/20140909220803/http://www.theguardian.com/business/2002/oct/15/3 . September 9, 2014.
  9. News: Leighton-Jones . Phillipa . OMHex appoints new chief executive as trading begins . . September 4, 2003 . February 29, 2008 . dead . https://web.archive.org/web/20110517025440/http://www.highbeam.com/doc/1G1-107354904.html . May 17, 2011.
  10. News: OMHEX changes name to OMX . Finextra . August 31, 2004 . February 29, 2008 . October 19, 2019 . https://web.archive.org/web/20191019001810/https://www.finextra.com/news/announcement.aspx?pressreleaseid=1849 . live .
  11. News: Akerhielm . Maria . OMX to Buy Copenhagen Exchange . . November 16, 2004 . February 29, 2008 . live . https://web.archive.org/web/20160310125456/http://www.wsj.com/articles/SB110055938532074717 . March 10, 2016.
  12. News: OMX to buy Iceland bourse owner in all share deal . . September 19, 2006 . February 29, 2008 .
  13. Web site: Top 20 Shareholders . September 2, 2016 . Oslo Børs VPS . live . https://web.archive.org/web/20160923233002/http://www.osloborsvps.no/obvps_eng/Oslo-Boers-VPS/The-share/Top-20-Shareholders . September 23, 2016.
  14. Web site: About Oslo Børs VPS . September 2, 2016 . Oslo Børs VPS . live . https://web.archive.org/web/20160831131113/http://www.osloborsvps.no/obvps_eng/Oslo-Boers-VPS/About-Oslo-Boers-VPS . August 31, 2016.
  15. News: Nasdaq interested in Oslo Bors, but feels Norwegian chill . Reuters. March 31, 2016 . September 2, 2016 . live . https://web.archive.org/web/20160915135942/http://www.reuters.com/article/nasdaq-oslo-bors-vps-idUSL2N1731R2 . September 15, 2016.
  16. Web site: OMX - press release. Cision Wire. November 21, 2007. dead. https://web.archive.org/web/20090716004433/http://www.cisionwire.com/omx/omx-acquires-the-armenian-stock-exchange-and-the-central-depository-of-armenia-2. July 16, 2009.
  17. News: OMX: First North Services Expand to Finland . . April 3, 2007 . February 29, 2008 .
  18. The OMX Nordic Exchange strengthens its position as a leading European marketplace . OMX . October 2, 2006 . February 29, 2008 .
  19. News: Patrick . M. . Lucchetti, A. . Reilly, D. . Taylor, E. . April 11, 2006 . Nasdaq Acquires 15% of LSE . . August 8, 2017 . August 12, 2017 . https://web.archive.org/web/20170812140829/https://www.wsj.com/articles/SB114477409808123029 . live .
  20. News: April 12, 2006 . Scottish Widows says has sold 2.7 mln LSE shares at 1,175 pence . Forbes.com . https://web.archive.org/web/20070305072552/http://www.forbes.com/finance/feeds/afx/2006/04/12/afx2665242.html. dead. March 5, 2007.
  21. News: Ortega . E. . April 11, 2006 . Nasdaq Buys 15 Percent Stake in LSE for $782 Million . . March 10, 2017 . September 30, 2007 . https://web.archive.org/web/20070930050228/http://www.bloomberg.com/apps/news?pid=10000103&sid=aY106PolhKUQ&refer=us . live .
  22. News: February 11, 2007 . LSE woos Tokyo after US bid fails . BBC News . April 19, 2007 . February 21, 2007 . https://web.archive.org/web/20070221064613/http://news.bbc.co.uk/2/hi/business/6351555.stm . live .
  23. News: Nasdaq to Acquire Boston Stock Exchange. The Wall Street Journal. October 3, 2007. January 30, 2021. August 23, 2022. https://web.archive.org/web/20220823211442/https://www.wsj.com/articles/SB119132592042046334?mod=rss_whats_news_us_business. live.
  24. Web site: Nasdaq to acquire Philadelphia Stock Exchange. November 7, 2007. January 30, 2021. July 31, 2023. https://web.archive.org/web/20230731202542/https://ir.nasdaq.com/news-releases/news-release-details/nasdaq-acquire-philadelphia-stock-exchange. live.
  25. News: Nasdaq bids $3.7bn for Nordic OMX . . May 25, 2007 . February 29, 2008 . live . https://web.archive.org/web/20071004024503/http://news.bbc.co.uk/1/hi/business/6690419.stm . October 4, 2007.
  26. News: Dubai in $4bn bid for Nordic OMX . . August 17, 2007 . February 29, 2008 . live . https://web.archive.org/web/20081123070525/http://news.bbc.co.uk/2/hi/business/6951878.stm . November 23, 2008.
  27. News: Magnusson . Niklas . McSheehy, Will . Dubai to Buy Stakes in Nasdaq, LSE; Strikes OMX Deal . . September 20, 2007 . February 29, 2008 . live . https://web.archive.org/web/20080116135127/http://www.bloomberg.com/apps/news?pid=20601087 . January 16, 2008.
  28. News: Borse Dubai completes planned sale of OMX to Nasdaq . . . September 27, 2007 . February 29, 2008 . October 19, 2019 . https://web.archive.org/web/20191019001717/https://www.nytimes.com/ . live .
  29. Web site: Sustainable Stock Exchanges Initiative: Exchanges listing over 4,600 companies commit to promoting sustainability . dead . https://web.archive.org/web/20140513011240/http://www.reuters.com/article/2012/06/18/idUS166113+18-Jun-2012+HUG20120618 . May 13, 2014 . May 13, 2014 . Reuters.com.
  30. News: December 12, 2012 . Nasdaq OMX buys Thomson Reuters units . Financial Times . https://ghostarchive.org/archive/20221211171208/https://www.ft.com/content/5ff0aca0-4449-11e2-932a-00144feabdc0#axzz2JR14KNB9 . December 11, 2022 . subscription . live . January 30, 2013 .
  31. News: June 3, 2013 . Nasdaq buys 3 businesses from Thomson Reuters . Bloomberg Businessweek . https://archive.today/20130801090612/http://www.businessweek.com/ap/2013-06-03/nasdaq-buys-3-businesses-from-thomson-reuters . dead . August 1, 2013 . June 6, 2013.
  32. Web site: Nasdaq Launches New Ventures Platform - Markets Media . May 31, 2017 . Marketsmedia.com . April 25, 2017 . en-US . May 5, 2017 . https://web.archive.org/web/20170505222738/http://marketsmedia.com/nasdaq-launches-ventures-platform/ . live .
  33. Web site: February 11, 2019. Euronext Tries to Beat Nasdaq With Raised Bid for Oslo Bors. June 27, 2019. Bloomberg.com.
  34. Web site: April 12, 2019 . Nasdaq buys Oslo Børs shares – after staff sells . June 27, 2019 . Posttrade360.com . June 17, 2019 . https://web.archive.org/web/20190617203704/http://posttrade360.com/news/infrastructure/nasdaq-buys-oslo-bors-shares-after-staff-sell/ . live .
  35. Web site: Nasdaq announces purchases of shares in Oslo Børs VPS . June 27, 2019 . Nasdaq, Inc. . June 17, 2019 . https://web.archive.org/web/20190617203705/http://ir.nasdaq.com/news-releases/news-release-details/nasdaq-announces-purchases-shares-oslo-bors-vps . live .
  36. Web site: March 4, 2019 . Nasdaq hikes its bid for Oslo Børs from NOK 152 to NOK 158 per share . June 27, 2019 . Financefeeds.com . June 17, 2019 . https://web.archive.org/web/20190617203701/https://financefeeds.com/nasdaq-hikes-bid-oslo-bors-nok-152-nok-158-per-share/ . live .
  37. Web site: Euronext raises stake in Oslo Børs VPS to support full acquisition offer . June 27, 2019 . Thetradenews.com . June 17, 2019 . https://web.archive.org/web/20190617203705/https://www.thetradenews.com/euronext-raises-stake-oslo-bors-vps-support-full-acquisition-offer/ . live .
  38. Web site: May 27, 2019 . Nasdaq pulls out of Oslo Børs battle, handing Euronext victory . June 27, 2019 . Reuters.com . June 29, 2019 . https://web.archive.org/web/20190629015749/https://www.reuters.com/article/us-oslo-bors-vps-m-a-euronext-nasdaq-idUSKCN1SX0JE . live .
  39. Web site: Nasdaq to buy Adenza for $10.5bn in US exchange operator's biggest deal . June 12, 2023 . Financial Times . Gara . Antoine . Hughes . Jennifer . Paolo Mancini . Donato . June 12, 2023 . June 12, 2023 . https://web.archive.org/web/20230612215402/https://www.ft.com/content/bf188909-6577-404b-89c2-79a8261e2e0e . live .
  40. Web site: Astana International Financial Centre JSC and Nasdaq Sign Technology Deal for New AIX Exchange . Finance.yahoo.com.
  41. http://www.ft.com/cms/s/0/0764aea8-6a21-11e2-a80c-00144feab49a.html "Nasdaq OMX continues streamlining efforts"
  42. News: June 29, 2007 . Nasdaq to acquire Directors Desk, a Technology Company for Corporate Boards . primenewswire.com . dead . https://web.archive.org/web/20070927213153/http://www.primenewswire.com/newsroom/news.html?d=122199 . September 27, 2007.
  43. Web site: Overview . September 4, 2012 . NASDAQ OMX GlobeNewswire Overview . GlobeNewswire, Inc. . September 3, 2012 . https://web.archive.org/web/20120903072821/http://www.globenewswire.com/about/index.html . dead .
  44. Web site: West Corporation Closes Landmark Acquisition of Nasdaq's Public Relations and Digital Media Businesses. 2022-06-18. 2018-04-16. June 18, 2022. https://web.archive.org/web/20220618201334/https://www.globenewswire.com/news-release/2018/04/16/1471959/0/en/West-Corporation-Closes-Landmark-Acquisition-of-Nasdaq-s-Public-Relations-and-Digital-Media-Businesses.html. live.
  45. News: July 27, 2010 . NASDAQ OMX to acquire world-leading market surveillance system provider SMARTS . dead . https://web.archive.org/web/20100730142001/http://www.smartsgroup.com/news/media-releases/2010/196-nasdaq-omx-to-acquire-world-leading-market-surveillance-system-provider-smarts.html . July 30, 2010.
  46. News: July 27, 2010 . Nasdaq OMX buys Smarts as surveillance heats up . Financial Times . https://ghostarchive.org/archive/20221211171225/https://www.ft.com/content/b2f74024-994e-11df-9834-00144feab49a#axzz3khz7Ji79 . December 11, 2022 . live . subscription . February 16, 2017 .
  47. Web site: August 1, 2014 . Waters Rankings 2014: Best Market Surveillance Provider — Nasdaq OMX . live . https://web.archive.org/web/20141127154320/http://www.waterstechnology.com/waters/special/2358279/waters-rankings-2014-best-market-surveillance-provider-nasdaq-omx . November 27, 2014 . Waters Technology.
  48. Web site: Anderson . Victor . December 9, 2016 . BST Awards 2016 Winners' Interview: Nasdaq SMARTS . live . https://web.archive.org/web/20161210170836/http://www.waterstechnology.com/buy-side-technology/interview/2479293/bst-awards-2016-winners-interview-nasdaq-smarts . December 10, 2016 . Waters Technology.
  49. Web site: Abdel-Qader . Aziz . February 16, 2017 . EBS BrokerTec Partners with NASDAQ to Deploy its Surveillance Platform . live . https://web.archive.org/web/20170216191924/http://www.financemagnates.com/institutional-forex/technology/ebs-brokertec-partners-nasdaq-deploy-surveillance-platform . February 16, 2017 . Financial Magnates.
  50. Web site: Nordic Large Cap . August 11, 2016. NASDAQ . dead . https://web.archive.org/web/20160823045222/http://www.nasdaqomxnordic.com/shares/listed-companies/nordic-large-cap . August 23, 2016.
  51. News: SECUR clearing solution. October 9, 2011. live. https://web.archive.org/web/20111126011225/http://nasdaqomx.com/digitalAssets/2/2444_Product_sheet_SECUR_Clearing_solution_06.pdf. November 26, 2011.
  52. News: Genium INET Trading. October 8, 2011. dead. https://web.archive.org/web/20111126013502/http://nasdaqomx.com/digitalAssets/71/71232_q10-0939_genium_inet_trading_fs_1028.pdf. November 26, 2011.

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