🟢 New in Current Filing Our artificial intelligence initiatives under development and the use of artificial intelligence in certain of our existing products may be unsuccessful and may give rise to various risks, which could adversely affect our business, reputation, or operating results. 🔒

🟢 New in Current Filing Our clearinghouse operations expose us to risks, including credit or liquidity risks that may include defaults by clearing members, or insufficiencies in margins or default funds. 🔒

🟢 New in Current Filing We may be required to recognize impairments of our goodwill, intangible assets or other long-lived assets in the future. 🔒

🟢 New in Current Filing Changes in tax laws, regulations or policies could have a material adverse effect on our financial results. 🔒

🟢 New in Current Filing Our reputation or business could be negatively impacted by ESG matters and our reporting of such matters. 🔒

🟢 New in Current Filing Risk management and strategy 🔒

🟢 New in Current Filing COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN 🔒

🟢 New in Current Filing Nasdaq’s Operating Results 🔒

🟢 New in Current Filing Segment Operating Results 🔒

🟢 New in Current Filing Data & Listing Services Revenues 🔒

🟢 New in Current Filing Year Ended December 31, 🔒

🟢 New in Current Filing Index Revenues 🔒

🟢 New in Current Filing TTM change in period end ETP AUM tracking Nasdaq indices (in billions) 🔒

🟢 New in Current Filing Workflow & Insights Revenues 🔒

🟢 New in Current Filing Three Months Ended December 31 🔒

🟢 New in Current Filing FINANCIAL TECHNOLOGY 🔒

🟢 New in Current Filing 2022 vs. 2021 🔒

🟢 New in Current Filing Financial Crime Management Technology Revenues 🔒

🟢 New in Current Filing Regulatory Technology Revenues 🔒

🟢 New in Current Filing Capital Markets Technology Revenues 🔒

🟢 New in Current Filing MARKET SERVICES 🔒

🟢 New in Current Filing 2022 vs. 2021 🔒

🟢 New in Current Filing U.S. Equity Derivative Trading 🔒

🟢 New in Current Filing Cash Equity Trading Revenues 🔒

🟢 New in Current Filing 2022 vs. 2021 🔒

🟢 New in Current Filing Operating Expenses 🔒

🟢 New in Current Filing Non-operating Income and Expenses 🔒

🟢 New in Current Filing 2022 vs. 2021 🔒

🟢 New in Current Filing Financial Investments 🔒

🟢 New in Current Filing Equity and dividends 🔒

🟢 New in Current Filing Long-term debt - senior unsecured notes: 🔒

🟢 New in Current Filing Total debt obligations 🔒

🟢 New in Current Filing Critical Accounting Policies and Estimates 🔒

🟢 New in Current Filing Critical Audit Matter 🔒

🟢 New in Current Filing Accounting for the Acquisition of Adenza 🔒

🟢 New in Current Filing Net cash provided by (used in) investing activities 🔒

🟢 New in Current Filing Market Services 🔒

🟢 New in Current Filing Basis of Presentation and Principles of Consolidation 🔒

🟢 New in Current Filing Other Long-Lived Assets 🔒

🟢 New in Current Filing Subsequent Events 🔒

🟢 New in Current Filing Disaggregation of Revenue 🔒

🟢 New in Current Filing 2023 Acquisition 🔒

🟢 New in Current Filing (in millions, except price per share) 🔒

🟢 New in Current Filing Intangible Assets 🔒

🟢 New in Current Filing Pro Forma Results and Acquisition-Related Costs 🔒

🟢 New in Current Filing 5. GOODWILL AND ACQUIRED INTANGIBLE ASSETS 🔒

🟢 New in Current Filing Acquired Intangible Assets 🔒

🟢 New in Current Filing 6. INVESTMENTS 🔒

🟢 New in Current Filing Equity Method Investments 🔒

🟢 New in Current Filing Equity Securities 🔒

🟢 New in Current Filing 7. PROPERTY AND EQUIPMENT, NET 🔒

🟢 New in Current Filing 8. DEFERRED REVENUE 🔒

🟢 New in Current Filing Balance at December 31, 2022 🔒

🟢 New in Current Filing Fiscal year ended: 🔒

🟢 New in Current Filing 9. DEBT OBLIGATIONS 🔒

🟢 New in Current Filing Commercial Paper Program 🔒

🟢 New in Current Filing Senior Unsecured Notes 🔒

🟢 New in Current Filing Net Investment Hedge 🔒

🔴 No Match in Current Filing We are exposed to credit risk from third parties, including customers, counterparties and clearing agents. 🔒

🔴 No Match in Current Filing We rely on third parties to perform certain functions, and our business could be adversely affected if these third parties fail to perform as expected or experience service interruptions affecting our operations. 🔒

🔴 No Match in Current Filing We operate in a highly regulated industry and may be subject to censures, fines and enforcement proceedings if we fail to comply with regulatory obligations that can be ambiguous and can change unexpectedly. 🔒

🔴 No Match in Current Filing A downgrade of our credit rating could increase the cost of our funding from the capital markets. 🔒

🔴 No Match in Current Filing Failure to meet customer expectations or deadlines for the implementation of our products could result in negative publicity, losses and reduced sales, each of which may harm our reputation, business and results of operations. 🔒

🔴 No Match in Current Filing Segment Operating Results 🔒

🔴 No Match in Current Filing MARKET PLATFORMS 🔒

🔴 No Match in Current Filing Trading Services 🔒

🔴 No Match in Current Filing Year Ended December 31,Percentage Change 2022202120202022 vs. 20212021 vs. 2020 (in millions)U.S. Tape plans$149 $155 $162 (3.9)%(4.3)% 🔒

🔴 No Match in Current Filing Marketplace Technology 🔒

🔴 No Match in Current Filing Data & Listing Services Revenues 🔒

🔴 No Match in Current Filing Workflow & Insights Revenues 🔒

🔴 No Match in Current Filing ANTI-FINANCIAL CRIME 🔒

🔴 No Match in Current Filing Year Ended December 31,Percentage Change 2022202120202022 vs. 20212021 vs. 2020(in millions)Anti-Financial Crime$306 $231 $116 32.5 %99.1 % 🔒

🔴 No Match in Current Filing Critical Audit Matter 🔒

🔴 No Match in Current Filing ____________ 🔒

🔴 No Match in Current Filing Anti-Financial Crime 🔒

🔴 No Match in Current Filing Basis of Presentation and Principles of Consolidation 🔒

🔴 No Match in Current Filing Anti-Financial Crime 🔒

🔴 No Match in Current Filing Stock Split Effected in the Form of a Stock Dividend 🔒

🔴 No Match in Current Filing 4. ACQUISITIONS AND DIVESTITURE 🔒

🔴 No Match in Current Filing 2022 Acquisition 🔒

🔴 No Match in Current Filing 2021 Divestiture 🔒

🔴 No Match in Current Filing Acquired Intangible Assets 🔒

🟡 Modified Earnings Per Share 🔒

🟡 Modified Decisions to declare future dividends on our common stock will be at the discretion of our board of directors and there can be no guarantee that we will pay future dividends to our stockholders. 🔒

🟡 Modified Share-Based Compensation 🔒

🟡 Modified Capital Access Platforms 🔒

🟡 Modified Market Information 🔒

🟡 Modified Failure to meet customer expectations or deadlines for the implementation of our products could result in negative publicity, losses and reduced sales, each of which may harm our reputation, business and results of operations. 🔒

🟡 Modified Our role in the global marketplace positions us at greater risk for a cyberattack. 🔒

🟡 Modified The regulatory framework under which we operate and new regulatory requirements or new interpretations of existing regulatory requirements could require substantial time and resources for compliance, which could make it difficult and costly for us to operate our business. 🔒

🟡 Modified 2022 vs. 2021 🔒

🟡 Modified We operate in a highly regulated industry and may be subject to censures, fines and enforcement proceedings if we fail to comply with regulatory obligations that can be ambiguous and can change unexpectedly. 🔒

🟡 Modified Foreign Currency Exchange Rate Risk 🔒

🟡 Modified Equity Compensation Plan and ESPP Information 🔒

🟡 Modified Acquisitions, divestments, investments, joint ventures and other transactional activities may require significant resources and/or result in significant unanticipated losses, costs or liabilities. 🔒

🟡 Modified 2022 Peer Group 🔒

🟡 Modified Opinion on Internal Control over Financial Reporting 🔒

🟡 Modified Cash and Cash Equivalents 🔒

🟡 Modified Other Revenues 🔒

🟡 Modified Income Taxes 🔒

🟡 Modified Financial Technology 🔒

🟡 Modified A downgrade of our credit rating could increase the cost of our funding from the capital markets. 🔒

🟡 Modified Regulatory Capital Requirements 🔒

🟡 Modified NON-GAAP FINANCIAL MEASURES 🔒

🟡 Modified Capital Access Platforms 🔒

🟡 Modified Damage to our reputation or brand name could have a material adverse effect on our businesses. 🔒

🟡 Modified Receivables, net 🔒

🟡 Modified Regulatory changes and changes in market structure and proprietary data could have a material adverse effect on our business. 🔒

🟡 Modified The success of our business depends on our ability to keep up with rapid technological and other competitive changes affecting our industry. Specifically, we must complete development of, successfully implement and maintain platforms that have the functionality, performance, capacity, reliability and speed required by our business and our regulators, as well as by our customers. 🔒

🟡 Modified Contractual Obligations and Contingent Commitments 🔒

🟡 Modified Foreign Currency 🔒

🟡 Modified We rely on third parties to perform certain functions, and our business could be adversely affected if these third parties fail to perform as expected or experience service interruptions affecting our operations. 🔒

🟡 Modified We are exposed to credit risk from third parties, including customers, counterparties and clearing agents. 🔒

🟡 Modified Year Ended December 31, 2022 🔒

🟡 Modified 2022 vs. 2021 🔒

🟡 Modified Revenue From Contracts With Customers 🔒

🟡 Modified Other Long-Lived Assets and Related Impairment 🔒

🟡 Modified (in millions) 🔒

🟡 Modified Our businesses operate in various international markets, which are subject to political, economic and social uncertainties. 🔒

🟡 Modified 2022 Acquisition 🔒

🟡 Modified Revenue Recognition 🔒

🟡 Modified Laws and regulations regarding security and safeguarding of our systems and services, protection of sensitive customer data and the handling of personal data and information may affect our services or result in increased costs, legal claims or fines against us. 🔒

🟡 Modified Interest Rate Risk 🔒

🟡 Modified Tax Matters 🔒

🟡 Modified (in millions) 🔒

🟡 Modified Share Repurchase Program 🔒

🟡 Modified Purchases of Equity Securities by the Issuer and Affiliated Purchasers 🔒

🟡 Modified Goodwill and Indefinite-Lived Intangible Assets 🔒

🟡 Modified We have self-regulatory obligations and also operate for-profit businesses, and these two roles may create conflicts of interest. 🔒

🟡 Modified Disclosure controls and procedures. 🔒

🟡 Modified 2022 vs. 2021 🔒

🟡 Modified Fair Value Measurements 🔒

🟡 Modified (in millions) 🔒

🟡 Modified Market Services, net 🔒

🟡 Modified Market Services 🔒

🟡 Modified Provisions of our certificate of incorporation, by-laws, exchange rules (including provisions included to address SEC concerns) and governing law restrict the ownership and voting of our common stock. In addition, such provisions could delay or prevent a change in control of us and entrench current management. 🔒

🟡 Modified Total Acquired Intangible Assets 🔒

🟡 Modified PERFORMANCE GRAPH 🔒

🟡 Modified Failure to attract and retain key personnel may adversely affect our ability to conduct our business. 🔒

🟡 Modified OTHER REVENUES 🔒

🟡 Modified Financial Investments 🔒

🟡 Modified We are subject to litigation risks and other liabilities. 🔒

🟡 Modified Financial Technology 🔒

🟡 Modified Technology issues relating to our role as exclusive processor for Nasdaq-listed stocks could affect our business. 🔒

🟡 Modified Our leverage limits our financial flexibility, increases our exposure to weakening economic conditions and may adversely affect our ability to obtain additional financing. 🔒

🟡 Modified Consolidated Balance Sheets 🔒

🟡 Modified 2022 vs. 2021 🔒

🟡 Modified We will need to invest in our operations to maintain and grow our business and to integrate acquisitions, and we may need additional funds, which may not be readily available. 🔒

🟡 Modified Business Segments 🔒

🟡 Modified (in millions) 🔒

🟡 Modified 1. ORGANIZATION AND NATURE OF OPERATIONS 🔒

🟡 Modified 2022 vs. 2021 🔒

🟡 Modified (in millions, except per share amounts) 🔒

🟡 Modified 2022 vs. 2021 🔒

🟡 Modified Business combination 🔒

🟡 Modified Recent Accounting Developments 🔒

🟡 Modified Debt Obligations 🔒

🟡 Modified Financing of the Adenza Acquisition 🔒

🟡 Modified LIQUIDITY AND CAPITAL RESOURCES 🔒

🟡 Modified As of December 31, 🔒

🟡 Modified Non-Designated Derivatives 🔒

🟡 Modified CAPITAL ACCESS PLATFORMS 🔒

🟡 Modified Notes to Consolidated Financial Statements 🔒

🟡 Modified Market Services 🔒