纳斯达克与首席财务官共进午餐的五大要点；维持买入评级

12 June 2026 Equity Eli AbboudResearch AnalystBofAS+1 646 855 5791eli.abboud@bofa.com 1)AI is amplifying financial crime incidenceAI is acting as a clear accelerant to both the scale and sophisticationof fraud, which we Craig Siegenthaler, CFAResearch AnalystBofAS+1 646 855 5004craig.siegenthaler@bofa.com view as structurally expanding the opportunity set for Nasdaq’s Financial CrimeManagement segment. Illicit financial activity is estimated to have grown to $4.4T in2025 from $3.1T in 2023, and we expect a further acceleration going forward as moreadvanced frontier models (e.g., Mythos) are released. This problem is particularly acute inEurope where consortium data is less frequently leveraged for fraud detection.Separately, Verafin continues to make inroads at larger banks, which we expect totranslate into an ARR acceleration in 2H26. Ivory GaoResearch AnalystBofAS+1 646 855 5034ivory.gao@bofa.com Kareem SeifResearch AnalystBofAS+1 646 855 5759kareem.seif@bofa.com 2) Focus on token efficiency benefits their data franchiseThe discussion around AIamong bank CFO/CTOs is increasingly shifting from tokenmaxxing to token efficiency, which leaves NDAQ’s data business well-positionedgiven that it has optimized its data architecture for AI use cases. In addition tosupporting MCP connectivity, NDAQ utilizes a patented data transformation mechanismthat converts unstructured documents into context-aware AI-ready data such thatqueries are 70% more token efficient. Price86.74 USDPrice Objective113.00 USDDate Established23-Apr-2026Investment OpinionB-1-752-Week Range77.09 USD -101.79 USDMrkt Val / Shares Out (mn)49,307 USD / 568.4Free Float89.0%Average Daily Value274.31 USDBofA Ticker / ExchangeNDAQ / NASBloomberg / ReutersNDAQ US / NDAQ.OQROE (2026E)17.4% 3) Listing momentum to build following large IPOsMonthly US IPO proceeds of $15B (+15% m/m) was a post-pandemic high, and the upcoming large-cap IPOs could clear the way for further activity. Listings tend to buildon momentum, so successful debuts from highly visible aerospace/AI companies couldprompt more issuers to follow. Additionally, an acceleration in listings would besupportive of corporate services revenue (more issuers to cross-sell) as well as tradingvolume (broader menu of products to trade). MCP:Model context protocolIPO: Initial public offeringsCFTC: Commodity Futures TradingCommissionDTCC: Depository Trust & ClearingCorporation BofA Securities does and seeks to do business with issuers covered in its researchreports. As a result, investors should beaware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.Refer to important disclosures on page 6 to 8. Analyst Certification on page 4. PriceObjective Basis/Risk on page 4. iQprofileSMNasdaq Company SectorOther Financials Company Description Nasdaq, which was founded in 1971, is a leading diversifiedglobal exchange that offers trading and clearing services,market data products, technology products and services,financial index products, listing services and publiccompany services. The company owns and operates 24markets, 3 clearinghouses and 5 central securitiesdepositories across the U.S. and Europe. Investment Rationale An IPO comeback should directly benefit Nasdaq's listingssegment and have positive second-derivative impacts on itstrading, corporate services and financial data businesses.We also expect the stock to rerate upward over time inorder to better reflect Nasdaq's growing informationservices and technology revenue composition. Thesebusinesses are generally higher quality than their legacytrading business, and they are characterized by wide moatsand higher secular growth. Additional details 4) Perpetual futures use case differs from options The CFTC’s approval of perpetual futures earlier this month is unlikely to have anybearing on Nasdaq’s volumes. The trader type and use cases materially differ betweenperpetual futures and stocks/options. Given that perpetual futures contracts abroad canentail as much as 1000x leverage, the trader profile is significantly more risk-seekingthan existing users of Nasdaq products. In addition, we note that most optionsinvestment strategies cannot be expressed via perpetuals (e.g., calendar spreads, verticalspreads). 5) Tokenization adoption is likely to be a gradual process We believe Nasdaq’s foremost objective with tokenization is to ensure that tokenizedequities do not fragment liquidity or otherwise disrupt the existing market structure.Management envisions several key use cases for tokenized equities including: (1) shortersettlement cycles, (2) modernized proxy voting and (3) more seamless corporate actions.To accomplish these aims, they have simultaneously pursued two separate models.When tokenized stock trading launches later this year, we are not expecting animmediate revenue uplift but think to