The New Era of the Stock Market with Nasdaq CEO Adena Friedman | All-In Summit 2025
In this episode of All-In, Nasdaq CEO Adena Friedman discusses the company's transformation from a traditional stock exchange into a global financial technology company that supports over 135 markets worldwide. Friedman outlines Nasdaq's plans to modernize market infrastructure through tokenization and 24/7 trading capabilities, while explaining the company's efforts to streamline post-trade processing and reduce friction in global capital flows.
The conversation covers the relationship between private and public markets, including Nasdaq's role in facilitating secondary trading of private company shares. Friedman addresses the state of IPO markets and various pathways to going public, and shares her perspective on the Federal Reserve's independence and its role in maintaining the US dollar's position as the global reserve currency.
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1-Page Summary
Nasdaq's Evolution Beyond a Traditional Stock Exchange
Under CEO Adena Friedman's leadership, Nasdaq has transformed from a traditional stock exchange into a global financial powerhouse. The company has doubled its EBITDA to over two and a half billion dollars while expanding to support 135 global markets. Friedman's vision positions Nasdaq as the "architect of markets," with plans to modernize public market infrastructure through tokenization and 24/7 trading capabilities.
Nasdaq's Tokenization Announcement and Potential for 24/7 Trading
Friedman announces Nasdaq's initiative to tokenize equities, aimed at streamlining post-trade processing and reducing friction in global capital flows. She envisions a future of round-the-clock trading, noting that while Nasdaq currently operates from 4 AM until 8 PM, the goal is to move toward 24/7 operations to better serve global investors. Friedman emphasizes the importance of regulatory clarity in integrating blockchain technology, highlighting ongoing discussions with the SEC to harmonize traditional and digital markets.
State of IPO and Public Markets
Nasdaq views public markets as essential drivers of economic progress and wealth creation, with Friedman pointing to the Nasdaq 100's impressive 14.25% average annual return over forty years. The exchange actively supports various pathways to going public, including direct listings and SPACs, while working with the SEC to reduce regulatory burdens for companies seeking to enter public markets.
The Interaction Between Private and Public Markets
Jason Calacanis highlights Nasdaq's role in facilitating secondary trading of private company shares through its private markets platform. Friedman describes Nasdaq's issuer-first philosophy, which uses tools like Special Purpose Vehicles (SPVs) to help private companies maintain control over their shareholder base while providing liquidity options to stakeholders.
The Role and Independence of the Federal Reserve
Friedman emphasizes the crucial nature of the Federal Reserve's independence, noting its data-driven approach backed by nearly 250 years of historical context. She expresses confidence in the US dollar's position as the global reserve currency, citing the robustness of the US economy and its adherence to the rule of law. Friedman maintains that the Fed's autonomy allows it to make long-term economic decisions free from political pressures.
1-Page Summary
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Clarifications
- Tokenization in the context of equities involves representing ownership of assets, such as stocks, through digital tokens on a blockchain. Each token represents a fraction of the underlying asset, enabling easier and more efficient trading and transfer of ownership. This process can streamline post-trade processes, increase liquidity, and potentially reduce costs associated with traditional securities trading. Tokenization aims to bring benefits like increased accessibility to assets, fractional ownership opportunities, and enhanced transparency to the financial markets.
- Special Purpose Vehicles (SPVs) are entities created for a specific, often temporary, purpose such as isolating financial risk. In the context of private companies, SPVs can be used to hold assets or liabilities separate from the main company, providing protection to the parent company. They are commonly utilized in complex financial transactions, allowing companies to manage risks and maintain financial flexibility. SPVs can help private companies raise capital, structure investments, or manage specific projects without impacting the overall operations of the parent company.
- The interaction between private and public markets involves how companies transition from being privately held to publicly traded on stock exchanges like Nasdaq. Private markets allow companies to raise capital from private investors before going public. Nasdaq facilitates secondary trading of private company shares through its private markets platform, providing liquidity options for stakeholders while maintaining control for private companies. This interaction showcases the continuum of funding options available to companies at different stages of growth.
- Regulatory burdens for companies entering public markets encompass compliance requirements set by regulatory bodies like the SEC to ensure transparency and investor protection. These regulations can involve financial reporting standards, disclosure obligations, and governance guidelines that companies must adhere to when going public. The aim is to maintain market integrity, safeguard investor interests, and promote confidence in the public markets. Companies often work closely with legal and financial advisors to navigate these regulatory complexities effectively.
- The Federal Reserve is the central bank of the United States, responsible for monetary policy and regulating the country's financial system. Its independence allows it to make decisions based on economic data rather than political influence. The Fed's primary goals include promoting maximum employment, stable prices, and moderate long-term interest rates. Its actions impact the economy through tools like setting interest rates and controlling the money supply.
- The US dollar's status as the global reserve currency means it is widely held by governments and institutions for international trade and as a store of value. This status gives the US significant influence in global finance and allows it to borrow at lower interest rates. The dollar's stability and liquidity contribute to its widespread use in financial transactions worldwide. Central banks often hold reserves in US dollars to maintain stability and facilitate international trade.
Counterarguments
- While Nasdaq's EBITDA has increased, this metric alone may not fully capture the company's financial health or market risks.
- Supporting 135 global markets is an impressive feat, but it also introduces complexity and regulatory challenges that could affect Nasdaq's operations.
- The vision of being the "architect of markets" may face resistance from traditional market participants who are wary of rapid changes or from emerging competitors.
- Modernizing public market infrastructure with tokenization and 24/7 trading could lead to increased systemic risk if not managed properly.
- The initiative to tokenize equities, while innovative, may encounter unforeseen technical, legal, or market adoption challenges.
- Moving towards 24/7 trading operations could strain existing market systems and may not align with the work-life balance concerns of market participants.
- Regulatory clarity is indeed crucial, but the pace of regulatory change may not keep up with technological advancements, potentially stifling innovation.
- While public markets are essential for economic progress, they can also concentrate wealth and contribute to economic inequality.
- Supporting various pathways to going public is beneficial, but each method has its own set of risks and may not be suitable for all companies.
- Facilitating secondary trading of private company shares increases liquidity but may also introduce price volatility and information asymmetry issues.
- An issuer-first philosophy could potentially conflict with investor protection if not balanced correctly.
- The Federal Reserve's independence is important, but its decisions can still be subject to debate regarding their impact on different segments of the population.
- The US dollar's status as the global reserve currency is strong, but it is not immune to challenges from other currencies or digital assets.
- The Fed's autonomy in making long-term economic decisions is a strength, but some argue that it could benefit from increased accountability or transparency.
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Nasdaq's Evolution Beyond a Traditional Stock Exchange
Nasdaq has seen a significant transformation in its business model and offerings under the leadership of CEO Adena Friedman, doubling its financial metrics and paving the way for modernizing the traditional public market.
Nasdaq's Revenue and Ebitda Recently Doubled
Under the guidance of CEO Adena Friedman, Nasdaq has witnessed substantial growth in its business operations. The exchange, known for being at the forefront of the technology sector and electronic trading, has doubled its EBITDA, reaching an impressive level of over two and a half billion dollars, indicating its expansion beyond the scope of a traditional stock exchange.
Nasdaq Supports 135 Global Markets, Aids High-Growth Companies, and Builds Financial Trust With Advanced Technology
As a part of its evolution and to accommodate financial growth, Nasdaq now supports the functioning of 135 global markets. Its innovative approach aids high-growth companies by promoting financial trust using advanced technology, thus redefining the landscape of financial exchanges.
Nasdaq Aims to Be the "Architect of Markets" Through Innovation and Expa ...
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Nasdaq's Evolution Beyond a Traditional Stock Exchange
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Clarifications
- EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. It is a financial metric used to evaluate a company's operating performance without factoring in certain expenses like interest, taxes, and non-cash items such as depreciation and amortization. EBITDA provides a clearer picture of a company's profitability from its core operations. It is commonly used by investors and analysts to compare the financial performance of different companies in the same industry.
- Tokenization in financial markets involves converting real-world assets into digital tokens on a blockchain. These tokens represent ownership or rights to the underlying asset, enabling fractional ownership, increased liquidit ...
Counterarguments
- While Nasdaq's revenue and EBITDA have doubled, it's important to consider the broader economic context in which this growth occurred; for instance, whether this growth is in line with overall market trends or if it outpaces the industry average.
- Expansion beyond a traditional stock exchange could dilute Nasdaq's brand or core competencies, potentially leading to overextension or a lack of focus on its primary market services.
- Supporting 135 global markets is an impressive feat, but it also raises questions about the quality of oversight and regulatory compliance across diverse jurisdictions.
- Aiding high-growth companies and building financial trust with advanced technology is commendable, yet there may be concerns about the accessibility of these technologies for smaller or less tech-savvy firms.
- Aspiring to be the "Architect of Markets" suggests a significant influence on market operations, which could lead to concerns about centralization of power and the potential for conflicts of interest.
- Being at the forefront of technology and electronic trading is a competitive advantage, but it also comes with risks related to cybersecurity and the potential for technological failures or glitches.
- The transformation in Nasdaq's business mode ...
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Nasdaq's Tokenization Announcement and Potential for 24/7 Trading
Nasdaq's CEO Adena Friedman announces tokenization for equities in the marketplace, aiming to reduce friction and discussing the potential of 24/7 trading, stressing the need for regulatory clarity for integrating blockchain technology.
Nasdaq: Tokenization Streamlines Post-Trade Processing, Reduces Friction, and Enables Efficient Capital Flows Globally
Adena Friedman announced that Nasdaq is tokenizing equities in its markets to streamline post-trade processing by minimizing friction. She talks about modernizing market elements with considerable friction, and highlights tokenization's role in enhancing capital flows across the global ecosystem. Friedman mentions the intent to evolve these markets by working with institutional clients to mainstream crypto assets and tokenization.
24/7 Trading Aims to Better Serve Global Investors and Companies
Friedman hints at a possible future of equities trading 24/7, 365 days a year, allowing uninterrupted global market participation. She articulates Nasdaq's strides toward 24/5 trading as progress for US equities markets, aiming toward 24/7 operations to better serve global investors and companies. Reflecting on the 1990s vision for 24-7 markets, Friedman acknowledges past technological and regulatory challenges while recognizing Nasdaq systems currently run from 4 AM until 8 PM with official U.S. trading hours from 9:30 AM to 4 PM. This move towards round-the-clock trading is seen as a re ...
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Nasdaq's Tokenization Announcement and Potential for 24/7 Trading
Additional Materials
Clarifications
- Tokenization in the context of equities and post-trade processing involves representing ownership of assets digitally through tokens on a blockchain. This process aims to streamline post-trade activities like settlement and clearing by digitizing traditional assets. Essentially, it transforms physical assets into digital tokens, enabling faster and more efficient trading and settlement processes in financial markets. This innovation can potentially reduce complexities, increase transparency, and enhance liquidity in the trading of equities.
- 24/7 trading refers to the ability to trade securities continuously, without time restrictions, allowing markets to operate around the clock. This concept aims to cater to global investors in different time zones and enhance market liquidity. It signifies a shift towards a more accessible and efficient trading environment, potentially increasing market participation and capital flows. Nasdaq's exploration of 24/7 trading reflects a push towards greater market accessibility and responsiveness to evolving investor needs.
- Regulatory clarity in integrating blockchain technology into markets is essential to establish clear guidelines and rules for how blockchain can be used within the existing regulatory framework. This clarity helps ensure compliance with laws and regulations, protects investors, and fosters trust in the market. Without clear regulations, there can be uncertainty around legal requirements, potential risks, and how blockchain implementations will be monitored and governed. Regulatory clarity also facilitates the adoption of blockchain technology by providing a stable and predictable environment for businesses and inve ...
Counterarguments
- While tokenization may streamline post-trade processing, it could introduce new complexities and risks, such as cybersecurity threats and the need for new infrastructure and expertise.
- Efficient capital flows are beneficial, but tokenization could also facilitate increased speculative trading, which may not always contribute to market stability.
- The aim for 24/7 trading assumes that there is a constant demand for such access, but this could lead to increased costs for market participants who feel pressured to staff and monitor markets continuously.
- Uninterrupted global market participation might exacerbate the issue of overtrading and could lead to burnout among traders and other market participants.
- While regulatory clarity is crucial, there is a risk that regulations may not keep pace with techno ...
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State of IPO and Public Markets
In the ever-changing financial landscape, the Nasdaq continues to play a pivotal role and advocates for reforms to facilitate an easier transition for private companies to public markets.
Nasdaq Views Public Markets As Essential for Economic Progress, Offering Investment Opportunities and Enabling Wealth Creation
Nasdaq sees public markets as essential engines driving innovation economies and channeling investments necessary for economic progress. They are crucial in enabling not only companies but also citizens to create wealth through opportunities to invest in enterprises such as R&A, ARM, and other innovators.
Nasdaq Calls for Reforms to Simplify Public Market Transition
Adena Friedman, representing Nasdaq, underscores the indispensable role of public markets for economic growth. She points to the impressive performance of the Nasdaq 100, which boasts an average annual return of 14.25% over forty years, illustrating the potential for wealth creation available in the public markets. Nasdaq is actively engaging with the SEC to reduce the regulatory burden on companies aspiring to go public. With proposed reforms aimed at altering disclosure, proxy, and litigation rules, Nasdaq is pushing for a streamlined process that mitigates the intimidating nature of going public.
Nasdaq Supports Direct Listings and SPACs For Easier Public Market Access by Private Companies
Nasdaq is at the forefront of embracing alternative pathways for companies to access public markets. Direct listings, as exemplified by Spotify, and SPACs (Spe ...
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State of IPO and Public Markets
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Counterarguments
- Public markets may not always be the best option for economic progress, as they can impose significant regulatory and reporting burdens on companies that could stifle innovation and divert resources from core business activities.
- The assertion that public markets enable wealth creation for citizens could be challenged by the fact that not all segments of the population have equal access to investment opportunities, potentially exacerbating wealth inequality.
- While Nasdaq supports direct listings and SPACs, there are concerns that these methods might lack the rigorous due diligence of traditional IPOs, potentially leading to higher risks for investors.
- The idea that the SEC's new leadership will streamline markets and embrace innovation is speculative and depends on the actual policies and actions taken by the leadership, which could also prioritize investor protection and market stability over innovation.
- The performance of the Nasdaq 100, while impressive, may not be indicative of the broader market or the experience of individua ...
Actionables
- You can start a blog or social media page focused on demystifying the process of going public for private companies, using layman's terms to explain concepts like direct listings and SPACs. By breaking down these complex financial mechanisms into digestible content, you help others understand the importance of public markets and the innovations that can streamline their access.
- Consider starting a virtual book club or discussion group that reads and talks about books on economic progress and the role of public markets. This can be a way to deepen your understanding and share insights on how public markets contribute to wealth creation and investment opportunities, fostering a community of informed individuals.
- Engage in paper trading, w ...
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The Interaction Between Private and Public Markets
The interaction between private and public markets is a nuanced space where companies strive to maintain control over their shareholder base while addressing the liquidity needs of their stakeholders. Nasdaq plays a significant role in facilitating this balance.
Nasdaq's Private Markets Enable Secondary Trading of Private Company Shares, Helping Issuers Maintain Their Shareholder Base
Jason Calacanis highlights the utility of Nasdaq in the context of secondary sales, especially the NASDAQ private markets that support transactions for shares of private companies like Uber before they became public. This service enables companies to manage their shareholder base diligently.
Nasdaq Uses SPVs and Structured Products to Attract New Investors, Respecting Issuers' Preferences
Calacanis suggests that Nasdaq assists in creating markets for shares of companies that remain private, such as OpenAI, SpaceX, or Stripe, potentially using Special Purpose Vehicles (SPVs) and structured products. These financial tools are designed to aggregate multiple investors' interests into a single entity, thus simplifying the process for private companies and allowing them to introduce new investors judiciously and in alignment with their strategic objectives.
Nasdaq Recognizes Private Market Growth and the Need to Balance Private and Public Investor Interests, Ensuring Issuers Control Their Shareholder Base
Adena Friedman discusses Nasdaq's issuer-first philosophy, which aims to work wi ...
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The Interaction Between Private and Public Markets
Additional Materials
Clarifications
- A Special Purpose Vehicle (SPV) is a legal entity created for a specific, often temporary, purpose. SPVs are commonly used in finance to isolate risk, facilitate complex financial transactions, and provide a way to raise capital without affecting the sponsor's balance sheet directly. These entities are structured to protect the main company from potential risks associated with the SPV's activities, making them a popular tool for managing investments and assets in a segregated manner. SPVs are designed to achieve specific financial objectives, such as securitization, project financing, or managing a group of assets distinct from the sponsor's core business.
- A capitalization table (cap table) is a document that outlines the ownership structure of a company, detailing the distribu ...
Counterarguments
- Nasdaq's facilitation of secondary markets could potentially create valuation complexities for private companies, as secondary market prices may not always reflect the true value of a company.
- While SPVs and structured products can attract new investors, they can also add layers of complexity and fees that might not be in the best interest of all stakeholders.
- The issuer-first philosophy, while beneficial for company founders and early investors, might not always align with the interests of minority shareholders or new investors.
- The control issuers have over their shareholder base could lead to a lack of diversity in investor perspectives, which might not be beneficial for the company in the long run.
- Nasdaq's private market solutions may not be accessible or beneficial for all private companies, particularly smaller startups that may not have the same resources or appeal to institutional investors.
- The balance between private and public investor interests might not always be equitable, as private investors oft ...
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The Role and Independence of the Federal Reserve
Adena Friedman discusses the Federal Reserve's role and independence, highlighting the institution's ability to make data-driven decisions for the long-term stability of the economy devoid of short-term political influences.
Adena Friedman: Fed's Independence Crucial for Data-Driven, Long-Term Decisions Free From Short-Term Political Influence
Friedman speaks to the necessity of the Fed's independence, asserting that its data-driven approach is supported by nearly 250 years of historical context. She emphasizes the significance of the Fed thinking long-term, transcending individual political cycles. This is further evidenced by the structured six-year term for the Fed chair, which aligns with this long-term perspective. Friedman expresses that the Fed should have new sources of data made available to them to continue making decisions that are well-informed.
Friedman: Fed Is Data-Driven, Apolitical, Focused On Stable Economy
Friedman describes the Federal Reserve as a markedly data-driven entity, utilizing a mixture of private and public information sources. She conveys the Fed's dedication to comprehending the economy and the markets, insisting on its apolitical nature. The Federal Reserve's commitment to steadiness is upheld through various political cycles, always with an eye on the economy and the continual reevaluation of monetary policy.
Friedman's Confidence in Fed's Independence Amid De-dollarization Concerns
Friedman articulates strong confidence in the endurance of the US dollar as the reserve currency, backed by the robustness of the US economy, the adherence to the rule of law, and the stability it provides globally. She concedes that alternative investment options might be sought by investors if risk-weighted returns of US treasuries are perceived as less alluring compared to those from other nations or bonds.
Friedman upholds her c ...
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The Role and Independence of the Federal Reserve
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Counterarguments
- The Fed's independence, while designed to be free from political influence, can still be indirectly affected by political pressures, as appointments are made by elected officials and confirmed by the Senate, which could potentially lead to biases in policy-making.
- Data-driven decision-making is critical, but the interpretation of data can be subjective and influenced by the prevailing economic theories and biases of the Fed's members.
- A six-year term for the Fed chair promotes stability, but it could also lead to a lack of accountability or responsiveness to changing economic conditions or new financial insights.
- While the Fed is apolitical, its decisions can have political ramifications, which may lead to unintended consequences or the perception of political bias.
- The robustness of the US economy and the rule of law are strong supports for the US dollar as the reserve currency, but global economic shifts and the rise of other currencies or digital assets could challenge this status.
- Confidence in the US economic framework's ability to manage debt levels does not address the potential long-term risks of high debt, such as inflationary pressures or constraints on future fiscal policy.
- The commitment to upholding the US dollar as the reserve currency may overlook the benefits of a more diversified global currency system, which could reduce systemic risks ...
Actionables
- You can develop a data-driven mindset by tracking personal finances using a spreadsheet or budgeting app, making decisions based on trends and data rather than impulses. For example, before making a large purchase, review your spending patterns over the past six months to determine if it aligns with your financial goals and stability.
- Enhance your decision-making independence by setting up a 'personal advisory board' of diverse thinkers who aren't involved in your day-to-day life. This could include mentors, professionals from different fields, or online communities. Use their insights to inform your decisions without letting them be swayed by immediate social or peer pressures.
- Cultivate a long-term perspective by creati ...
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