Nasdaq

Corporate brand

A major American electronic stock exchange and global provider of capital-market technology, data, listings, and trading services.

Last updated November 4, 2026

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Overview

Nasdaq is an American electronic stock exchange and financial-technology company whose principal marketplace is the Nasdaq Stock Market. Founded in 1971 by the National Association of Securities Dealers, Nasdaq began as an automated quotation system for over-the-counter securities and became the world's first fully electronic stock market. Unlike traditional exchanges that historically relied on physical trading floors and open-outcry auctions, Nasdaq was designed around computer-displayed quotations from competing market makers. Electronic execution was introduced during the exchange's early development, and the platform subsequently evolved into a high-volume order and quotation marketplace. The Nasdaq brand is closely associated with technology, growth, innovation, and entrepreneurial companies because many prominent technology and internet businesses have chosen the exchange for their primary listings. Its listed companies are not limited to technology: the marketplace also includes businesses in health care, consumer products, financial services, industrials, communications, and other sectors, as well as companies headquartered outside the United States. Nasdaq operates three principal U.S. listing tiers: the Nasdaq Capital Market, intended largely for smaller companies; the Nasdaq Global Market; and the more selective Nasdaq Global Select Market. Companies seeking admission must satisfy applicable financial, liquidity, public-float, market-maker, and corporate-governance requirements. Nasdaq, Inc. is broader than the U.S. exchange itself. The group owns or operates the Nasdaq Nordic and Baltic market network, U.S. equity and options venues, index businesses, market-data services, listing services, surveillance and regulatory technology, and software used by financial institutions and other exchanges. Its products include quotations and market data, indexes such as the Nasdaq Composite and Nasdaq-100, exchange technology, risk-management tools, ESG and sustainability reporting services, and capital-markets workflow systems. The company has also expanded into areas such as carbon markets and cloud-based trading infrastructure. Nasdaq became a public company in 2002 under the ticker NDAQ. Its corporate development accelerated through the acquisition of Instinet in 2005, the Philadelphia Stock Exchange in 2007, and the 2007 combination with OMX, which expanded its Nordic and European presence. The company has continued to develop technology and data businesses while maintaining the U.S. exchange as its best-known consumer-facing asset. Nasdaq trades during regular U.S. market hours and offers premarket and postmarket sessions. Its quotation services are commonly described in three levels: Level 1 provides the inside bid and offer, Level 2 shows market-maker quotations and related trading information, and Level 3 is intended for market makers managing and submitting quotations. By December 31, 2024, securities of 4,075 companies were listed across Nasdaq's three U.S. market tiers. Nasdaq remains one of the world's most active equity venues and a central infrastructure provider for modern electronic capital markets.

History

Nasdaq was established in 1971 by the National Association of Securities Dealers as an automated quotation service for over-the-counter securities. It commenced operations on February 8, 1971, without a conventional physical trading floor. Its initial role was primarily to display competing bids and offers; transactions were initially arranged through broker and dealer communications rather than through the fully electronic matching environment associated with Nasdaq today. Over time, the system added trade reporting, automated execution, and increasingly sophisticated order-management functions. During the 1980s and 1990s, Nasdaq grew from a quotation service into a major U.S. stock market. Its share of U.S. trading volume increased substantially as companies and investors adopted electronic markets. Intel, Applied Materials, and Comcast were among the companies associated with Nasdaq's early development, while later listings helped establish the exchange as a preferred venue for technology and high-growth businesses. In 1992, Nasdaq and the London Stock Exchange created an intercontinental capital-market linkage. In 1998, Nasdaq promoted itself as the U.S. stock market for online trading, reinforcing its identity as a digital alternative to floor-based exchanges. Nasdaq's growth also brought regulatory scrutiny. In 1996, the SEC reported concerns that market makers had avoided certain fractional quotations, potentially producing wider spreads. The episode contributed to new order-handling and quotation requirements. The dot-com boom brought a large wave of technology listings, followed by a sharp market decline when the bubble burst. Nasdaq also attempted to develop a European counterpart: EASDAQ was acquired in 2001 and rebranded Nasdaq Europe, but the operation was later closed. A subsequent revival ultimately became associated with Equiduct and was sold to Börse Berlin. The exchange's ownership structure changed materially around the turn of the century. The National Association of Securities Dealers sold its remaining stake through transactions in 2000 and 2001, and Nasdaq became a listed public company on July 2, 2002. In 2006, the Nasdaq Stock Market became a registered national securities exchange. Nasdaq then expanded through major acquisitions and combinations, including Instinet in 2005, the Philadelphia Stock Exchange in 2007, and OMX in 2007. The OMX transaction added Nordic and Baltic exchanges and led to the Nasdaq OMX Group identity, later simplified to Nasdaq. Since the 2010s, the business has developed beyond operating a U.S. equity venue. Nasdaq has expanded its index, market-data, surveillance, listings, derivatives, ESG, risk, and exchange-technology operations. It joined the United Nations Sustainable Stock Exchanges Initiative in 2012, launched a Sustainable Bond Network in 2019, and took a majority stake in carbon-removal marketplace Puro.earth in 2021. The company acquired ESG reporting platform Metrio in 2022 and continued investing in software and cloud-based market infrastructure. Adena Friedman became chief executive officer in 2016 and was the first woman to lead a major U.S. exchange. In the 2020s, Nasdaq responded to demand for technology-enabled trading, sustainability data, artificial intelligence-related market activity, and longer trading hours. Its exchange remains an important listing and trading venue, while Nasdaq, Inc. operates a wider international portfolio of exchanges, indexes, data products, and financial-market technology.

2024
European Commission competition inspection
[4]European Commission press cornerec.europa.eu
The European Commission conducts an unannounced inspection at Nasdaq offices in a potential antitrust investigation.
2022
Metrio acquisition
[1]Nasdaqen.wikipedia.org
Nasdaq acquires ESG reporting platform Metrio, expanding its sustainability-data and reporting capabilities.
2021
Majority stake in Puro.earth
[1]Nasdaqen.wikipedia.org
Nasdaq takes a majority stake in the carbon-removal marketplace Puro.earth.
2019
Sustainable Bond Network launches
[1]Nasdaqen.wikipedia.org
Nasdaq launches an online platform intended to improve information and transparency around green, social, and sustainability bonds.
2016
Adena Friedman becomes chief executive
[1]Nasdaqen.wikipedia.org
Adena Friedman is promoted to chief executive officer, becoming the first woman to lead a major U.S. exchange.
2012
Sustainable Stock Exchanges Initiative
[1]Nasdaqen.wikipedia.org
Nasdaq OMX becomes a founding member of the United Nations Sustainable Stock Exchanges Initiative.
2007
OMX combination and Philadelphia Stock Exchange acquisition
[1]Nasdaqen.wikipedia.org
Nasdaq expands internationally through its combination with OMX and broadens its U.S. derivatives presence through the Philadelphia Stock Exchange acquisition.
2005
Instinet acquisition
[1]Nasdaqen.wikipedia.org
Nasdaq acquires Instinet and its Inet electronic communications network.
2002
Nasdaq lists its own shares
[1]Nasdaqen.wikipedia.org
Nasdaq completes its initial public offering and begins trading under the ticker NDAQ.
1998
Online trading expansion
[1]Nasdaqen.wikipedia.org
Nasdaq becomes the first U.S. stock market to offer online trading and promotes its electronic-market identity.
1992
Intercontinental market linkage with London
[1]Nasdaqen.wikipedia.org
Nasdaq joins with the London Stock Exchange to establish an early cross-border linkage between capital markets.
1971
Nasdaq begins operations
[1]Nasdaqen.wikipedia.org
The National Association of Securities Dealers launches Nasdaq as an automated quotation system, creating the first fully electronic stock market.

Products and positioning

A technology-led global market-infrastructure provider and major electronic exchange, particularly associated with growth companies, technology businesses, transparent market data, and digitally enabled trading.

Stock exchange · 1971
Nasdaq Stock Market
Nasdaq's principal U.S. equity marketplace is an all-electronic exchange offering listing and trading services for domestic and international companies. It is organized into the Nasdaq Capital Market, Nasdaq Global Market, and Nasdaq Global Select Market. The venue supports regular-hours and extended-hours trading and uses electronic quotations and order execution rather than a traditional physical trading floor.
Equity listing market
Nasdaq Global Select Market
The Global Select Market is Nasdaq's most selective U.S. listing tier. It is designed for companies that meet demanding financial, liquidity, public-float, and governance standards and is commonly associated with larger established issuers, including many high-profile technology companies.
Equity listing market
Nasdaq Global Market
The Global Market is a U.S. listing tier for companies meeting Nasdaq's financial, liquidity, and corporate-governance requirements. It serves issuers that may not qualify for the more selective Global Select Market while still providing access to a major electronic exchange.
Equity listing market
Nasdaq Capital Market
The Capital Market is Nasdaq's listing tier for smaller companies. Its qualification standards are generally less stringent than those of the Global Market and Global Select Market, giving emerging and smaller-cap issuers an avenue to access public equity capital.
Stock-market index
Nasdaq Composite Index
The Nasdaq Composite is a broad index composed of securities listed on the Nasdaq exchange. It is widely followed as an indicator of the performance of Nasdaq-listed companies and has a strong technology and growth-company association, although its constituents span numerous industries.
Stock-market index
Nasdaq-100 Index
The Nasdaq-100 tracks a selection of the largest non-financial companies listed on Nasdaq. It is heavily associated with large technology and communications companies and is used as the basis for investment products, derivatives, and market analysis.
Exchange network · 2007
Nasdaq Nordic and Baltic markets
The Nasdaq Nordic and Baltic network comprises exchange operations and marketplaces across Nordic and Baltic countries. It extends Nasdaq's exchange infrastructure beyond the United States and supports equities, fixed income, derivatives, and related market services.
Financial-market software
Nasdaq Calypso
Calypso is Nasdaq's financial-technology platform for capital-markets and treasury workflows. Its capabilities include trading, risk, collateral, and post-trade processes. In 2024 Nasdaq announced updates including XVA Accelerator for portfolio risk calculations.
Cloud trading technology · 2025
Nasdaq Eqlipse Trading
Nasdaq Eqlipse Trading is a cloud-based trading platform developed with Amazon Web Services. It is intended to provide exchange and market operators with scalable trading infrastructure and has been adopted by several international exchange groups.

Controversies

2024
European competition investigation
The European Commission announced an unannounced inspection at Nasdaq offices in connection with possible anticompetitive practices. The available reference does not establish a final finding or penalty.
Source
1996
Market-maker quotation and spread controversy
An SEC report alleged that Nasdaq market makers avoided certain fractional price quotations, potentially maintaining wider bid-ask spreads. The controversy contributed to revised order-handling and quotation rules.
Source

2012Sustainable Stock Exchanges participation
Global
Nasdaq joined the United Nations Sustainable Stock Exchanges Initiative and used the initiative to support discussion of sustainability, responsible investment, and disclosure among exchanges.
Outcome. Sustainability became a more visible element of Nasdaq's exchange and data-services positioning.
Source
1998The stock market for the next hundred years
United States
Nasdaq used this positioning in connection with its expansion into online trading, emphasizing its electronic architecture and contrast with traditional floor-based exchanges.
Outcome. The campaign reinforced Nasdaq's long-term technology-oriented brand identity.
Source

Brand decisions

2025
Plan five-day, 24-hour U.S. tradingStrategy
Background
Nasdaq cited growing international demand for access to U.S. equities outside conventional U.S. market hours.
Action taken
Nasdaq announced plans to introduce trading during 24 hours a day, five days a week, subject to SEC approval.
Aftermath
The proposal signaled a move toward longer trading access, but implementation remained dependent on regulatory approval.
Source
2021
Take a majority stake in Puro.earthM&A
Background
Nasdaq identified voluntary carbon-removal markets as an area where exchange infrastructure, standards, and transparent market information could be useful.
Action taken
Nasdaq acquired a majority stake in Puro.earth, a carbon-removal marketplace.
Aftermath
The investment expanded Nasdaq's activities into carbon-market infrastructure and environmental commodities.
Source
2019
Launch the Sustainable Bond NetworkProduct launch
Background
Investors and issuers needed more accessible information about the use of proceeds and characteristics of green, social, and sustainability bonds.
Action taken
Nasdaq created an online Sustainable Bond Network.
Aftermath
The initiative strengthened Nasdaq's sustainability-related market-data and transparency offering.
Source
2007
Combine with OMXM&A
Background
Nasdaq sought to expand beyond its U.S. exchange and build an international exchange-technology and marketplace network.
Action taken
Nasdaq combined with OMX, a major Nordic exchange operator, creating Nasdaq OMX Group.
Aftermath
The transaction expanded Nasdaq's geographic footprint into Nordic and Baltic markets and broadened its technology and market-infrastructure operations.
Source

Recent events

2026.10.27
Reported2026.10.27
GM announces transfer of its stock listing to Nasdaq[6]GM宣布将股票上市地点转至纳斯达克cnbc.com
General Motors announced plans to transfer its common-stock listing from the New York Stock Exchange to Nasdaq, with trading expected to begin on Nov. 17. The company expects to keep its “GM” ticker symbol.
2022.04.20
Reported2022.04.20
Nasdaq reports first-quarter 2022 results[7]纳斯达克公布2022年第一季度业绩finanznachrichten.de
Nasdaq reported first-quarter 2022 financial results, including net revenues of $892 million, up 5% year over year.
2022.02.15
Reported2022.02.15
QualTek announces planned Nasdaq trading[8]QualTek宣布计划在纳斯达克开始交易prnewswire.com
QualTek announced that its Class A common stock and warrants were expected to begin trading on Nasdaq under the symbols QTEK and QTEKW on or about February 16, 2022.
2022.02.15
Reported2022.02.15
A SPAC I prices its initial public offering[9]A SPAC I为首次公开募股定价prnewswire.com
A SPAC I Acquisition Corp. announced the pricing of its initial public offering of 6,000,000 units at $10.00 per unit. The units were expected to begin trading on Nasdaq on February 15, 2022.
2021.11.08
Reported2021.11.08
Lionheart III closes $125 million initial public offering[10]Lionheart III完成1.25亿美元首次公开募股prnewswire.com
Lionheart III Corp announced that it had closed its upsized initial public offering of 12,500,000 units, generating gross proceeds of $125 million. The units are listed on the Nasdaq Global Market under the ticker LIONU.
2021.10.15
Reported2021.10.15
Gesher I Acquisition Corp. closes $100 million IPO[11]Gesher I Acquisition Corp.完成1亿美元首次公开募股prnewswire.com
Gesher I Acquisition Corp. announced that it closed its initial public offering of 10,000,000 units at $10.00 per unit.
2021.09.22
Reported2021.09.22
Freshworks completes IPO and lists on Nasdaq[12]Freshworks完成首次公开募股并在纳斯达克上市businesstoday.in
Freshworks completed an initial public offering of more than $1 billion and debuted on Nasdaq. It sold 28.5 million Class A common shares at $36 per share.
2021.09.08
Reported2021.09.09
Nasdaq Data Link service launch[13]Nasdaq Data Link数据服务平台推出finance.sina.com.cn
Nasdaq announced the launch of Nasdaq Data Link, a data and analytics hub integrating its alternative-data and public-cloud businesses.
2021.08.25
Reported2021.08.25
ReNew Energy Global lists on Nasdaq[14]ReNew Energy Global在纳斯达克上市windpowermonthly.com
Following its merger with RMG, ReNew Power completed a listing on the Nasdaq stock exchange through the newly created ReNew Energy Global plc.
2021.08.02
Reported2021.08.02
Bionomics announces planned U.S. IPO[15]Bionomics宣布计划在美国首次公开募股prnewswire.com
Bionomics announced plans to conduct a registered U.S. initial public offering of American Depositary Shares and a concurrent Nasdaq listing. The offering was proposed and remained subject to regulatory review, shareholder approval, and market conditions; the company said no final decision had been made on the listing.

Sources29 sources

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