Adena Friedman

Adena Friedman became CEO of Nasdaq Inc in 2017 and chair in 2023, making her the first woman to lead a major global exchange. Under her leadership, Nasdaq has been transformed from a stock exchange operator into a diversified financial technology company with three pillars: Market Platforms (operating the Nasdaq Stock Market and other exchanges), Capital Access Platforms (listings, index, and analytics services), and Financial Technology (market surveillance, risk management, and exchange technology sold to third parties). Friedman's most transformative acquisition was the $10.5 billion purchase of Adenza in 2023 — a financial risk management and regulatory reporting software company that deepened Nasdaq's financial technology offerings for banks and brokers. This deal accelerated Nasdaq's pivot toward recurring-revenue software and data businesses that are less dependent on trading volumes. Today, Nasdaq's technology powers over 130 exchanges, clearing houses, and regulators in more than 50 countries, making it the invisible infrastructure behind much of the world's capital markets. Friedman's execution on Adenza integration, growth in financial technology revenue, and management of the traditional exchange business are the primary drivers of Nasdaq's stock. The structural shift toward data monetization, anti-financial crime technology, and exchange technology licensing provides recurring revenue growth tailwinds.