🟢 New in Current Filing Economic conditions and market factors, which are beyond our control, may adversely affect our business and financial condition. 🔒

🟢 New in Current Filing A downgrade of our credit rating could increase the cost of our funding from the capital markets. 🔒

🟢 New 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. 🔒

🟢 New in Current Filing Total Quarter Ended December 31, 2024 🔒

🟢 New in Current Filing Year Ended December 31, 🔒

🟢 New in Current Filing EXECUTIVE OVERVIEW 🔒

🟢 New in Current Filing 2024 Highlights 🔒

🟢 New in Current Filing 2024 vs. 2023 🔒

🟢 New in Current Filing Year Ended December 31, 🔒

🟢 New in Current Filing 2024 vs. 2023 🔒

🟢 New in Current Filing Year Ended December 31 🔒

🟢 New in Current Filing Regulatory Technology Revenues 🔒

🟢 New in Current Filing Capital Markets Technology Revenues 🔒

🟢 New in Current Filing 2024 vs. 2023 🔒

🟢 New in Current Filing Operating Expenses 🔒

🟢 New in Current Filing 2023 vs. 2022 🔒

🟢 New in Current Filing Year Ended December 31, 🔒

🟢 New in Current Filing Cash and Cash Equivalents 🔒

🟢 New in Current Filing Repatriation of Cash 🔒

🟢 New in Current Filing Net Cash Provided by Operating Activities 🔒

🟢 New in Current Filing Net Cash Provided by (Used in) Financing Activities 🔒

🟢 New in Current Filing Financial Investments 🔒

🟢 New in Current Filing Broker-Dealer Net Capital Requirements 🔒

🟢 New in Current Filing Other Capital Requirements 🔒

🟢 New in Current Filing Share Repurchase Program 🔒

🟢 New in Current Filing Cash Dividends on Common Stock 🔒

🟢 New in Current Filing OFF-BALANCE SHEET ARRANGEMENTS 🔒

🟢 New in Current Filing Interest Rate Risk 🔒

🟢 New in Current Filing Financial Investments 🔒

🟢 New in Current Filing Debt Obligations 🔒

🟢 New in Current Filing Critical Audit Matter 🔒

🟢 New in Current Filing Calypso and AxiomSL on-premises license revenue recognition 🔒

🟢 New in Current Filing Investments 🔒

🟢 New in Current Filing Equity Securities 🔒

🟢 New in Current Filing Equity Method Investments 🔒

🟢 New in Current Filing Non-Designated Derivatives 🔒

🟢 New in Current Filing Derivatives designated as cash flow hedges 🔒

🟢 New in Current Filing Other Revenues 🔒

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

🟢 New in Current Filing 9. DEBT OBLIGATIONS 🔒

🟢 New in Current Filing Translation 🔒

🔴 No Match in Current Filing Our leverage limits our financial flexibility, increases our exposure to weakening economic conditions and may adversely affect our ability to obtain additional financing. 🔒

🔴 No Match in Current Filing Our reputation or business could be negatively impacted by ESG matters and our reporting of such matters. 🔒

🔴 No Match in Current Filing COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN 🔒

🔴 No Match in Current Filing Year Ended December 31, 🔒

🔴 No Match in Current Filing TTM change in period end ETP AUM tracking Nasdaq indices (in billions) 🔒

🔴 No Match in Current Filing 2022 vs. 2021 🔒

🔴 No Match in Current Filing Operating Expenses 🔒

🔴 No Match in Current Filing 2022 vs. 2021 🔒

🔴 No Match in Current Filing Equity and dividends 🔒

🔴 No Match in Current Filing Debt Obligations 🔒

🔴 No Match in Current Filing Long-term debt - senior unsecured notes: 🔒

🔴 No Match in Current Filing Critical Audit Matter 🔒

🔴 No Match in Current Filing Accounting for the Acquisition of Adenza 🔒

🔴 No Match in Current Filing Net cash provided by (used in) investing activities 🔒

🔴 No Match in Current Filing Net Investment Hedges 🔒

🔴 No Match in Current Filing Disaggregation of Revenue 🔒

🔴 No Match in Current Filing (in millions) 🔒

🔴 No Match in Current Filing 5. GOODWILL AND ACQUIRED INTANGIBLE ASSETS 🔒

🔴 No Match in Current Filing 9. DEBT OBLIGATIONS 🔒

🟡 Modified Failure to protect our intellectual property rights, or allegations that we have infringed on the intellectual property rights of others, could harm our brand-building efforts and ability to compete effectively. 🔒

🟡 Modified Commercial Paper Program 🔒

🟡 Modified Receivables, net 🔒

🟡 Modified Share-Based Compensation 🔒

🟡 Modified Property and Equipment, net 🔒

🟡 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 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 Financial Technology 🔒

🟡 Modified Notes to Consolidated Financial Statements 🔒

🟡 Modified System limitations or failures could harm our business. 🔒

🟡 Modified Financial Investments 🔒

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

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

🟡 Modified Capital Access Platforms 🔒

🟡 Modified Revenue From Contracts With Customers 🔒

🟡 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 Market Services 🔒

🟡 Modified A decline in trading and clearing volumes or values or market share will decrease our trading and clearing revenues. 🔒

🟡 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 Our operational processes are subject to the risk of error, which may result in financial loss or reputational damage. 🔒

🟡 Modified Basis of Presentation and Principles of Consolidation 🔒

🟡 Modified We may not be able to successfully integrate acquired businesses, which may result in an inability to realize the anticipated benefits of our acquisitions. 🔒

🟡 Modified Net Investment Hedge 🔒

🟡 Modified Goodwill, Indefinite-Lived Intangible Assets and Related Impairment Testing 🔒

🟡 Modified 2023 vs. 2022 🔒

🟡 Modified Market Information 🔒

🟡 Modified We operate several of our businesses in highly regulated industries 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 Damage to our reputation or brand name could have a material adverse effect on our businesses. 🔒

🟡 Modified Unforeseen or catastrophic events could interrupt our critical business functions. In addition, our U.S. and European businesses are heavily concentrated in particular areas and may be adversely affected by events in those areas. 🔒

🟡 Modified Opinion on Internal Control over Financial Reporting 🔒

🟡 Modified Customer Relationships 🔒

🟡 Modified Income Taxes 🔒

🟡 Modified Clearing Operations Regulatory Capital Requirements 🔒

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

🟡 Modified Disclosure Controls and Procedures 🔒

🟡 Modified Other Long-Lived Assets and Related Impairment 🔒

🟡 Modified Definition and Limitations of Internal Control Over Financial Reporting 🔒

🟡 Modified Fair Value Measurements 🔒

🟡 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 Our reputation or business could be negatively impacted by sustainability matters and our reporting of such matters. 🔒

🟡 Modified We are subject to litigation risks, risks from compliance obligations and associated enforcement risks, and other liabilities. 🔒

🟡 Modified 2024 vs. 2023 🔒

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

🟡 Modified Basis for Opinion 🔒

🟡 Modified We may be required to recognize impairments of our goodwill, intangible assets or other long-lived assets in the future. 🔒

🟡 Modified Earnings Per Share 🔒

🟡 Modified Business Combination 🔒

🟡 Modified Goodwill and Indefinite-Lived Intangible Assets 🔒

🟡 Modified Trade Names 🔒

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

🟡 Modified 2024 vs. 2023 🔒

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

🟡 Modified Acquired Intangible Assets 🔒

🟡 Modified (in millions) 🔒

🟡 Modified Tax Matters 🔒

🟡 Modified 4. ACQUISITION 🔒

🟡 Modified CONTRACTUAL OBLIGATIONS AND CONTINGENT COMMITMENTS 🔒

🟡 Modified Nasdaq’s Operating Results 🔒

🟡 Modified Net Cash Used in Investing Activities 🔒

🟡 Modified Workflow & Insights Revenues 🔒

🟡 Modified QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 🔒

🟡 Modified Foreign Currency Exchange Rate Risk 🔒

🟡 Modified Cash Equity Trading Revenues 🔒

🟡 Modified 5. GOODWILL AND ACQUIRED INTANGIBLE ASSETS 🔒

🟡 Modified U.S. Equity Derivative Trading 🔒

🟡 Modified Revenue Recognition 🔒

🟡 Modified Debt Obligations 🔒

🟡 Modified Climate change may have a long-term adverse impact on our business, while simultaneously, we face reputational, regulatory and financial risks related to our ability to respond to diverse stakeholder expectations and requirements on climate change and other sustainability-related topics. 🔒

🟡 Modified NON-GAAP FINANCIAL MEASURES 🔒

🟡 Modified Our AI initiatives under development and the use of AI 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. 🔒

🟡 Modified (in millions) 🔒

🟡 Modified 2024 vs. 2023 🔒

🟡 Modified Data & Listing Services Revenues 🔒

🟡 Modified 7. PROPERTY AND EQUIPMENT, NET 🔒

🟡 Modified Other Revenues 🔒

🟡 Modified Index Revenues 🔒

🟡 Modified Market Services 🔒

🟡 Modified Share Repurchase Program 🔒

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

🟡 Modified Contract Balances 🔒

🟡 Modified Non-Operating Income and Expenses 🔒

🟡 Modified Net Investment Hedges 🔒

🟡 Modified COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN 🔒

🟡 Modified Capital Access Platforms 🔒

🟡 Modified (in millions) 🔒

🟡 Modified Disaggregation of Revenue 🔒

🟡 Modified Equity Method Investments 🔒

🟡 Modified Stagnation or decline in the listings market could have an adverse effect on our revenues. 🔒

🟡 Modified 2024 vs. 2023 🔒

🟡 Modified 2023 vs. 2022 🔒

🟡 Modified Other Long-Lived Assets 🔒

🟡 Modified Financial Crime Management Technology Revenues 🔒

🟡 Modified Consolidated Balance Sheets 🔒

🟡 Modified Equity Compensation Plan and ESPP Information 🔒

🟡 Modified Recent Accounting Developments 🔒

🟡 Modified Nordic and Baltic Exchange Regulatory Capital Requirements 🔒

🟡 Modified 2024 vs. 2023 🔒

🟡 Modified PERFORMANCE GRAPH 🔒

🟡 Modified Year Ended December 31, 2024 🔒

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

🟡 Modified Year Ended December 31 🔒

🟡 Modified Supplemental Pro Forma Information (Unaudited) 🔒

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

🟡 Modified 6. INVESTMENTS 🔒

🟡 Modified Financial Technology 🔒

🟡 Modified Equity Securities 🔒

🟡 Modified 2024 vs. 2023 🔒

🟡 Modified Fiscal year ended: 🔒

🟡 Modified Macroeconomic environment 🔒

🟡 Modified LIQUIDITY AND CAPITAL RESOURCES 🔒

🟡 Modified Year Ended December 31, 2023 🔒

🟡 Modified Financing of the Adenza Acquisition 🔒

🟡 Modified Year Ended December 31 🔒

🟡 Modified 8. DEFERRED REVENUE 🔒

🟡 Modified As of December 31, 🔒

🟡 Modified Balance at December 31, 2024 🔒

🟡 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 Pension, SERP and Other Post-Retirement Benefit Plans 🔒

🟡 Modified 2024 vs. 2023 🔒

🟡 Modified Year Ended December 31 🔒

🟡 Modified SEGMENT OPERATING RESULTS 🔒

🟡 Modified 2023 vs. 2022 🔒