# Nasdaq > Mediated Wiki article. Canonical URL: https://mediated.wiki/source/Nasdaq > Markdown URL: https://mediated.wiki/source/Nasdaq.md > Source: https://en.wikipedia.org/wiki/Nasdaq > Source revision: 1355728416 > License: Creative Commons Attribution-ShareAlike 4.0 International (https://creativecommons.org/licenses/by-sa/4.0/) {{Short description|American stock exchange}} {{About|the stock exchange|the stock market index|Nasdaq Composite|the corporation that owns Nasdaq exchanges|Nasdaq, Inc.|the corporation's physical headquarters|Nasdaq MarketSite}} {{Use American English|date=March 2026}} {{Use mdy dates|date=November 2023}} {{Infobox exchange | name = Nasdaq Stock Market | logo = frameless|class=skin-invert | type = [Stock exchange](/source/Stock_exchange) | city = [New York City](/source/New_York_City) | country = U.S. | coordinates = {{coord|40.7565|N|73.98576|W|region:US-NY_type:landmark|display=inline, title}} | foundation = {{Start date and age|1971|02|8}} | owner = [Nasdaq, Inc.](/source/Nasdaq%2C_Inc.) | listings = 4,025 (January 2026){{Cite web |title=Nasdaq Companies |url=https://www.nasdaq.com/market-activity/stocks/screener?page=1&rows_per_page=25 |access-date=February 20, 2025}} | currency = [United States dollar](/source/United_States_dollar) | mcap = [$](/source/United_States_Dollar)42.2 [trillion](/source/trillion_(short_scale)) (December 2025){{cite web |title=Nasdaq - trading hours |url=https://status.market/nasdaq |website=status.market |publisher=Status Market |access-date=December 25, 2025 |language=en |date=December 2025 |url-status=live }} | homepage = {{URL|https://www.nasdaq.com/|nasdaq.com}} |indexes = {{unbulleted list|[Nasdaq-100](/source/Nasdaq-100)|[Nasdaq Financial-100](/source/Nasdaq_Financial-100)|[Nasdaq Composite](/source/Nasdaq_Composite)}} |image=Nasdaq Tower May 2026.jpg}} {{Nasdaq, Inc. locations}} thumb|right|Nasdaq compared to corporate profits {{legend-line|#1CB101 solid 4px|Corporate profits after tax}} {{legend|#99CEE4|NASDAQ Index|outline=#229ECD}} The '''Nasdaq Stock Market'''{{efn|{{IPAc-en|audio=en-us-NASDAQ.ogg|ˈ|n|æ|z|d|æ|k}}}} (formerly '''National Association of Securities Dealers Automated Quotations''') is an American [stock exchange](/source/stock_exchange). It is the second-largest [stock exchange](/source/list_of_stock_exchanges) by [market capitalization](/source/market_capitalization) and the first fully electronic stock market. Based in [Manhattan](/source/Manhattan), New York City, the exchange is among the most active stock trading venues by volume in the United States.{{Cite web |title=Monthly Reports |url=http://www.world-exchanges.org/statistics/monthly-reports |url-status=dead |archive-url=https://web.archive.org/web/20140817220823/http://www.world-exchanges.org/statistics/monthly-reports |archive-date=August 17, 2014 |publisher=[World Federation of Exchanges](/source/World_Federation_of_Exchanges) |department=World-Exchanges.org}}{{Cite web |title=U.S. Equities Market Volume Summary |url=https://www.cboe.com/us/equities/market_share/ |url-status=live |archive-url=https://web.archive.org/web/20221210125708/https://www.cboe.com/us/equities/market_share/ |archive-date=December 10, 2022 |access-date=December 10, 2022}} The exchange platform is owned by [Nasdaq, Inc.](/source/Nasdaq%2C_Inc.), which also owns the [Nasdaq Nordic](/source/Nasdaq_Nordic) stock [market network](/source/Market_economy) and several U.S.-based stock and [options](/source/option_(finance)) exchanges. The exchange is the primary listing for many technology companies and also trades stock in many foreign firms, with [China](/source/China) and [Israel](/source/Israel) being the largest foreign sources.{{Cite web |title=Fact Sheet U.S. – Israel Economic Relationship |url=https://il.usembassy.gov/our-relationship/policy-history/fact-sheet-u-s-israel-economic-relationship/ |website=United States embassy in Israel}}{{cite web |date=February 21, 2025 |title=Nasdaq, Inc. 2024 Form 10-K Annual Report |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1120193/000112019325000008/ndaq-20241231.htm |publisher=[U.S. Securities and Exchange Commission](/source/U.S._Securities_and_Exchange_Commission)}} As of December 31, 2024, 4,075 companies listed securities on Nasdaq, including 1,383 listings on The Nasdaq Global Select Market, 1,366 on The Nasdaq Global Market, and 1,326 on The Nasdaq Capital Market. The [Nasdaq Composite](/source/Nasdaq_Composite), [Nasdaq-100](/source/Nasdaq-100), [Nasdaq Financial-100](/source/Nasdaq_Financial-100) [stock market indices](/source/stock_market_indices) are made up only of stocks listed on the Nasdaq. ==History== ===1972–2000=== ====Founding and origins==== thumb|Former logo used from 1990 to 2014 thumb|Studio Nasdaq, Inc. was founded in 1971 by the National Association of Securities Dealers (NASD), now known as the [Financial Industry Regulatory Authority](/source/Financial_Industry_Regulatory_Authority) (FINRA). Nasdaq did not have a physical trading floor, unlike other traditional stock exchanges, including the [New York Stock Exchange](/source/New_York_Stock_Exchange).{{Cite web |date=October 2012 |last=Terrell |first=Ellen |title=History of the American and Nasdaq Stock Exchanges |url=https://www.loc.gov/rr/business/amex/amex.html |url-status=live |archive-url=https://web.archive.org/web/20130414213410/http://www.loc.gov/rr/business/amex/amex.html |archive-date=April 14, 2013 |publisher=[Library of Congress](/source/Library_of_Congress) }} "Nasdaq" (originally and still commonly spelled with all-capital letters as "NASDAQ") is an [acronym](/source/acronym) for The "National Association of Securities Dealers Automated Quotations".[http://www.nasdaq.com/help/helpfaq.stm Frequently Asked Questions. NASDAQ.com. NASDAQ, n.d. Web. December 23, 2001.] {{webarchive |url=https://web.archive.org/web/20100429200618/http://www.nasdaq.com/help/helpfaq.stm | date=April 29, 2010}} On February 8, 1971, the Nasdaq Stock Market commenced operations as the world's first fully electronic stock market. Initially, Nasdaq served as a "quotation system" rather than a platform for electronic trading.{{Cite web |last=Kennon |first=Joshua |date=March 26, 2019 |title=What Is the NASDAQ? |url=https://www.thebalance.com/what-is-the-nasdaq-356343 |website=[Dotdash](/source/Dotdash) |access-date=September 16, 2019 |archive-date=March 17, 2019 |archive-url=https://web.archive.org/web/20190317134734/https://www.thebalance.com/what-is-the-nasdaq-356343 |url-status=live }} [Intel Corporation](/source/Intel_Corporation) was one of the first major corporations to list its shares on Nasdaq; other major companies that have been listed on Nasdaq since its early years include [Comcast](/source/Comcast) and [Applied Materials](/source/Applied_Materials).{{cite news |editor-first=Sarah |editor-last=Silbert |last1=Probasco |first1=Jim |title=Exploring Nasdaq: The Digital Stock Market Powerhouse |url=https://www.businessinsider.com/personal-finance/investing/what-is-nasdaq |access-date=4 June 2025 |work=Business Insider |date=2024-07-19 |archiveurl=https://web.archive.org/web/20241223133419/https://www.businessinsider.com/personal-finance/investing/what-is-nasdaq |archivedate=2024-12-23}} ==== Market growth ==== Since the launch of Nasdaq, many major companies trading on the [over-the-counter](/source/Over-the-counter_(finance)) (OTC) market began switching to Nasdaq. As late as 1987, the Nasdaq exchange was still commonly referred to as "OTC" in media reports{{Cite news |last=Gilpin |first=Kenneth N. |date=July 3, 1987 |title=Company News: An Erratic Quarter for Stock Markets |work=[The New York Times](/source/The_New_York_Times) |url=https://www.nytimes.com/1987/07/03/business/company-news-an-erratic-quarter-for-stock-markets.html |url-status=live |url-access=subscription |archive-url=https://web.archive.org/web/20170801050610/http://www.nytimes.com/1987/07/03/business/company-news-an-erratic-quarter-for-stock-markets.html |archive-date=August 1, 2017 |issn=0362-4331 }} and also in the monthly Stock Guides issued by [Standard & Poor's](/source/Standard_%26_Poor's) Corporation.{{Cite book |last=Salinger |first=Lawrence M. |url=https://books.google.com/books?id=0Vh2AwAAQBAJ&q=nasdaq+OTC+in+stock+guides+issued+by++standard+and+poor%27s+corporation&pg=PA638 |title=Encyclopedia of White-Collar and Corporate Crime |date=June 14, 2013 |publisher=SAGE Publications |isbn=978-1-4522-7616-8 |language=en}} Over the years, it became more of a stock market with the addition of trade and volume reporting and [automated trading systems](/source/Automated_trading_system). In 1981, Nasdaq traded 37% of the U.S. securities markets' total of 21 billion shares. By 1991, Nasdaq accounted for approximately 46% of U.S. securities trading volume.{{Cite news |last=Widder |first=Pat |date=May 24, 1992 |title=NASDAQ Has Eye On Next 100 Years |work=[Chicago Tribune](/source/Chicago_Tribune) |url=https://www.mcall.com/news/mc-xpm-1992-05-24-2855271-story.html |access-date=September 16, 2019 |archive-date=April 29, 2022 |archive-url=https://web.archive.org/web/20220429130718/https://www.mcall.com/news/mc-xpm-1992-05-24-2855271-story.html |url-status=live }} In 1992, the Nasdaq Stock Market joined with the [London Stock Exchange](/source/London_Stock_Exchange) to form the first intercontinental linkage of [capital market](/source/capital_market)s.{{Cite book |last=Odekon |first=Mehmet |url=https://books.google.com/books?id=8O9nBwAAQBAJ&pg=PT1267 |title=Booms and Busts: ''An Encyclopedia of Economic History'' from the First Stock Market Crash of 1792 to the Current Global Economic Crisis: An Encyclopedia of Economic History from the First Stock Market Crash of 1792 to the Current Global Economic Crisis |date=March 17, 2015 |publisher=[Routledge](/source/Routledge) |isbn=9781317475750 |archive-url=https://web.archive.org/web/20170803133123/https://books.google.com/books?id=8O9nBwAAQBAJ&pg=PT1267&lpg=PT1267&dq=Nasdaq+Stock+Market+the+london+Stock+exchange+1992#v=onepage&q=Nasdaq%20Stock%20Market%20the%20london%20Stock%20exchange%201992&f=false |archive-date=August 3, 2017 |url-status=live }} In 1996, the [SEC](/source/U.S._Securities_and_Exchange_Commission) issued a report alleging that Nasdaq market makers [fixed prices](/source/Price_fixing) by avoiding "odd-eighths" quotes (at the time, stock prices were quoted in increments of an eighth of a dollar) to artificially widen spreads. The report was followed by a new set of rules for how Nasdaq handled orders.{{cite book |title = Dark Pools: High-Speed Traders, A.I. Bandits, and the Threat to the Global Financial System |last = Patterson |first = Scott |year = 2012 |publisher = Crown Publishing |isbn = 978-0307887177}}{{rp|102, 126}} ==== Online trading ==== In 1998, it became the first stock market in the [United States](/source/United_States) to trade online, using the slogan "the stock market for the next hundred years".{{Cite web |title=Feb 8, 1971 CE: 'Stock Market for the Next 100 Years' Opens |url=https://www.nationalgeographic.org/thisday/feb8/stock-market-next-100-years-opens/ |url-status=dead |archive-url=https://web.archive.org/web/20160719000823/http://nationalgeographic.org/thisday/feb8/stock-market-next-100-years-opens/ |archive-date=July 19, 2016 |access-date=September 16, 2019 |publisher=[National Geographic](/source/National_Geographic)}} The Nasdaq Stock Market attracted many companies during the [dot-com bubble](/source/dot-com_bubble). ===2000–2020=== ==== Public listing and market change ==== In a series of sales in 2000 and 2001, FINRA sold its stake in the Nasdaq. On July 2, 2002, Nasdaq, Inc. became a [public company](/source/public_company) via an [initial public offering](/source/initial_public_offering), listing its own shares on the exchange (traded under the ticker symbol NDAQ).{{Cite web |title=INVESTOR FAQS |url=http://ir.nasdaq.com/resources/investor-faqs |publisher=Nasdaq |access-date=September 16, 2019 |archive-date=September 30, 2019 |archive-url=https://web.archive.org/web/20190930234214/http://ir.nasdaq.com/resources/investor-faqs |url-status=live }} In 2006, the status of the Nasdaq Stock Market was changed from a stock market to a licensed national securities exchange.{{Cite web |last=Walsh |first=Michelle |title=Nasdaq Stock Market Becomes A National Securities Exchange; Changes Market Designations |url=http://www.gfrlaw.com/pubs/GordonPubDetail.aspx?xpST=PubDetail&pub=109 |url-status=live |archive-url=https://web.archive.org/web/20131217225809/http://www.gfrlaw.com/pubs/GordonPubDetail.aspx?xpST=PubDetail&pub=109 |archive-date=December 17, 2013 }} In 2007, it merged with OMX, a leading exchange operator in the Nordic countries, expanded its global footprint, and changed its name to the Nasdaq OMX Group.{{Cite news |last1=Lucchetti |first1=Aaron |last2=MacDonald |first2=Alistair |date=May 26, 2007 |title=Nasdaq Lands OMX for $5.7 Billion; Are More Merger Deals on the Way? |work=[The Wall Street Journal](/source/The_Wall_Street_Journal) |url=https://www.wsj.com/articles/SB118007353287814521 |url-status=live |archive-url=https://web.archive.org/web/20170731070747/https://www.wsj.com/articles/SB118007353287814521 |archive-date=July 31, 2017 |issn=0099-9660 }} To qualify for listing on the exchange, a company must be registered with the [United States Securities and Exchange Commission](/source/United_States_Securities_and_Exchange_Commission) (SEC), must have at least three [market maker](/source/market_maker)s (financial firms that act as brokers or dealers for specific securities) and must meet minimum requirements for assets, capital, public shares, and shareholders. In 2011, after an announced merger of [NYSE Euronext](/source/NYSE_Euronext) with {{Lang|de|[Deutsche Börse](/source/Deutsche_B%C3%B6rse)|italic=no}}, Nasdaq partnered with [Intercontinental Exchange](/source/Intercontinental_Exchange) to launch a rival bid, but the bid was withdrawn on regulatory concerns.{{Cite news | url=https://www.cnbc.com/2011/05/16/market-is-for-sale-and-nasdaq-withdraws-bid-for-nyse.html | title=Market Is for Sale, and Nasdaq Withdraws Bid for NYSE | first=Bob | last=Pisani | authorlink=Bob Pisani | work=[CNBC](/source/CNBC) | date=May 16, 2011}} ==== Acquisitions ==== In December 2005, Nasdaq acquired [Instinet](/source/Instinet) for $1.9 billion, retaining the [Inet](/source/Inet) ECN and subsequently selling the agency brokerage business to [Silver Lake Partners](/source/Silver_Lake_Partners) and Instinet management.{{Cite press release |title=NASDAQ Completes Acquisition of Inet |date=December 8, 2005 |publisher=Nasdaq |url=http://ir.nasdaq.com/news-releases/news-release-details/nasdaq-completes-acquisition-inet |access-date=September 16, 2019 |archive-date=December 4, 2019 |archive-url=https://web.archive.org/web/20191204200708/http://ir.nasdaq.com/news-releases/news-release-details/nasdaq-completes-acquisition-inet |url-status=live }}{{Cite news |last=Authers |first=John |date=December 8, 2005 |title=Nasdaq completes purchase of Instinet exchange |work=[Financial Times](/source/Financial_Times) |url=https://www.ft.com/content/3c0c61da-6841-11da-bfce-0000779e2340 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/3c0c61da-6841-11da-bfce-0000779e2340 |archive-date=December 10, 2022 |url-access=subscription }}{{Cite news |date=April 22, 2005 |title=Nasdaq to Acquire Instinet in $1.9 Billion Deal |work=[The New York Times](/source/The_New_York_Times) |url=https://www.nytimes.com/2005/04/22/business/nasdaq-to-acquire-instinet-in-19-billion-deal.html |url-access=subscription |issn=0362-4331 |access-date=April 3, 2019 |archive-date=April 3, 2019 |archive-url=https://web.archive.org/web/20190403041828/https://www.nytimes.com/2005/04/22/business/nasdaq-to-acquire-instinet-in-19-billion-deal.html |url-status=live }} The European Association of Securities Dealers Automatic Quotation System (EASDAQ) was founded as a European equivalent to the Nasdaq Stock Market. It was purchased by Nasdaq in 2001 and became Nasdaq Europe.{{Cite web |date=2025-02-23 |title=NASDAQ - Explained |url=https://thebusinessprofessor.com/nasdaq-explained/ |access-date=2025-05-13 |website=TheBusinessProfessor |language=en-US}} In 2003, operations were shut down as a result of the burst of the [dot-com bubble](/source/dot-com_bubble).{{Cite news |date=August 11, 2003 |title=Nasdaq Might Shut Down German Exchange |work=[Deutsche Welle](/source/Deutsche_Welle) |url=https://www.dw.com/en/nasdaq-might-shut-down-german-exchange/a-945442 |access-date=September 16, 2019 |archive-date=December 4, 2019 |archive-url=https://web.archive.org/web/20191204200704/https://www.dw.com/en/nasdaq-might-shut-down-german-exchange/a-945442 |url-status=live }} In 2007, Nasdaq Europe was revived first as Equiduct and was acquired by [Börse Berlin](/source/B%C3%B6rse_Berlin) later that year.{{Cite web |title=Easdaq Makes A Comeback As Equiduct |url=http://www.securitiestechnologymonitor.com/supplements/20061231/19226-1.html |url-status=dead |archive-url=https://web.archive.org/web/20110106155659/http://www.securitiestechnologymonitor.com/supplements/20061231/19226-1.html |archive-date=January 6, 2011 |access-date=February 3, 2011 }} On November 7, 2007, Nasdaq acquired the [Philadelphia Stock Exchange](/source/Philadelphia_Stock_Exchange), the oldest stock exchange in the U.S.{{Cite web |last=Terrell |first=Ellen |title=Research Guides: Wall Street and the Stock Exchanges: Historical Resources: Stock Exchanges |url=https://guides.loc.gov/wall-street-history/exchanges |access-date=2025-06-03 |website=guides.loc.gov |language=en}} ==== Sustainability and leadership milestones ==== On June 18, 2012, Nasdaq OMX became a founding member of the United Nations [Sustainable Stock Exchanges Initiative](/source/Sustainable_Stock_Exchanges_Initiative) on the eve of the [United Nations Conference on Sustainable Development](/source/United_Nations_Conference_on_Sustainable_Development) (Rio+20).{{Cite press release |title=Sustainable Stock Exchanges Initiative: Exchanges Listing Over 4,600 Companies Commit to Promoting Sustainability |date=June 18, 2012 |publisher=[GlobeNewswire](/source/GlobeNewswire) |url=http://inpublic.globenewswire.com/2012/06/18/Sustainable+Stock+Exchanges+Initiative+Exchanges+listing+over+4+600+companies+commit+to+promoting+sustainability+HUG1620418.html |access-date=September 16, 2019 |archive-date=December 6, 2019 |archive-url=https://web.archive.org/web/20191206171519/http://inpublic.globenewswire.com/2012/06/18/Sustainable%2BStock%2BExchanges%2BInitiative%2BExchanges%2Blisting%2Bover%2B4%2B600%2Bcompanies%2Bcommit%2Bto%2Bpromoting%2Bsustainability%2BHUG1620418.html |url-status=dead }}{{Cite news |last=Jungcurt |first=Stefan |date=June 29, 2012 |title=Five Stock Exchanges Commit to Promoting Sustainability |work=[International Institute for Sustainable Development](/source/International_Institute_for_Sustainable_Development) |url=http://sdg.iisd.org/news/five-stock-exchanges-commit-to-promoting-sustainability/ |access-date=September 16, 2019 |archive-date=December 6, 2019 |archive-url=https://web.archive.org/web/20191206171519/http://sdg.iisd.org/news/five-stock-exchanges-commit-to-promoting-sustainability/ |url-status=live }} In November 2016, chief operating officer [Adena Friedman](/source/Adena_Friedman) was promoted to [chief executive officer](/source/chief_executive_officer), becoming the first woman to serve as chief executive officer of a major U.S. exchange in the U.S.{{Cite web |date=November 15, 2016 |title=Nasdaq's New CEO Attributes Her Success to an 'Eclectic' Career Path |url=http://fortune.com/2016/11/15/nasdaq-new-ceo-adena-friedman/ |url-status=live |archive-url=https://web.archive.org/web/20161117153717/http://fortune.com/2016/11/15/nasdaq-new-ceo-adena-friedman/ |archive-date=November 17, 2016 |website=[Fortune](/source/Fortune_(magazine)) }} In 2016, listings-related activities accounted for $272 million in Nasdaq's revenue.{{Cite news |last=Osipovich |first=Alexander |date=October 26, 2017 |title=Startup Exchange Cleared to Take on NYSE, Nasdaq for Stock Listings |work=[The Wall Street Journal](/source/The_Wall_Street_Journal) |url=https://www.wsj.com/articles/startup-exchange-cleared-to-take-on-nyse-nasdaq-for-stock-listings-1509010200 |url-status=live |url-access=subscription |archive-url=https://web.archive.org/web/20171026100518/https://www.wsj.com/articles/startup-exchange-cleared-to-take-on-nyse-nasdaq-for-stock-listings-1509010200 |archive-date=October 26, 2017 }} In October 2018, the SEC blocked the [New York Stock Exchange](/source/New_York_Stock_Exchange) (NYSE) and Nasdaq from raising certain market-data prices. This was the first time the commission rejected increases for the exchanges' stock [market data](/source/market_data) feeds.{{Cite news |last1=Osipovich |first1=Alexander |last2=Michaels |first2=Dave |last3=Morgenson |first3=Gretchen |date=October 16, 2018 |title=SEC Ruling Takes Aim at Stock-Exchange Profits |work=[The Wall Street Journal](/source/The_Wall_Street_Journal) |url=https://www.wsj.com/articles/sec-to-rule-nyse-nasdaq-didnt-justify-market-data-fee-increases-1539721232 |url-access=subscription |access-date=October 18, 2018 |archive-date=October 19, 2018 |archive-url=https://web.archive.org/web/20181019001901/https://www.wsj.com/articles/sec-to-rule-nyse-nasdaq-didnt-justify-market-data-fee-increases-1539721232 |url-status=live }}{{Cite news |date=October 16, 2018 |title=SEC rules NYSE and Nasdaq did not justify data fee increases |work=[Financial Times](/source/Financial_Times) |url=https://www.ft.com/content/d0bacfb8-d185-11e8-a9f2-7574db66bcd5 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/d0bacfb8-d185-11e8-a9f2-7574db66bcd5 |archive-date=December 10, 2022 |url-status=live |url-access=subscription}}{{Cite news |last=Michaels |first=Dave |date=October 19, 2018 |title=NYSE, Nasdaq Take It on the Chin in Washington |work=[The Wall Street Journal](/source/The_Wall_Street_Journal) |url=https://www.wsj.com/articles/nyse-nasdaq-take-it-on-the-chin-in-washington-1539941404 |url-access=subscription |issn=0099-9660 |access-date=October 19, 2018 |archive-date=October 19, 2018 |archive-url=https://web.archive.org/web/20181019204112/https://www.wsj.com/articles/nyse-nasdaq-take-it-on-the-chin-in-washington-1539941404 |url-status=live }} In December 2019, Nasdaq created the Sustainable Bond Network, an online platform to increase transparency for green, social, and sustainability bonds.{{Cite web |date=2019-12-11 |title=Nasdaq debuts global Sustainable Bond platform |url=https://www.bondbuyer.com/news/nasdaq-debuts-a-sustainable-bond-network |access-date=2026-03-03 |website=Bond Buyer |language=en|last=Funk|first=Lynne}} In December 2020, Nasdaq announced that it would remove shares of four Chinese companies from indexes it maintains in accordance with [Executive Order 13959](/source/Executive_Order_13959).{{Cite news |last1=Singh |first1=Kanishka |last2=Kerber |first2=Ross |date=December 12, 2020 |title=Nasdaq to remove four Chinese companies' shares from indexes after U.S. order |language=en |work=[Reuters](/source/Reuters) |url=https://www.reuters.com/article/us-usa-china-indexes-idUSKBN28L2XW |access-date=December 16, 2020 |archive-date=December 14, 2020 |archive-url=https://web.archive.org/web/20201214132127/https://www.reuters.com/article/us-usa-china-indexes-idUSKBN28L2XW |url-status=live }} === 2021-present === In June 2021, Nasdaq took a majority stake in carbon-removal marketplace Puro.earth, expanding its role in voluntary carbon removal markets.{{Cite web |last=Bull |first=Nora |date=June 1, 2021 |title=Nasdaq and Fortum join forces to develop carbon removal market |url=https://www.reuters.com/business/energy/nasdaq-fortum-join-forces-develop-carbon-removal-market-2021-06-01/ |access-date=March 12, 2026 |website=Reuters}} In 2022, Nasdaq acquired ESG reporting platform Metrio and later reported that its greenhouse gas reduction targets were validated by the Science Based Targets initiative.{{Cite web |title=Nasdaq |url=https://www.osler.com/en/about-us/representative-work/nasdaq/ |access-date=2026-04-10 |website=Osler, Hoskin & Harcourt LLP |language=en-CA}} In 2023, The [Nasdaq-100](/source/Nasdaq-100) index experienced a massive historic turnaround, surging over 50% on a total daily return basis to mark its best performance since 2009, driven by high-growth tech stocks and advancements in [artificial intelligence](/source/AI).{{Cite web| URL=https://www.nasdaq.com/articles/march-first-quarter-2023-review-and-outlook | title = March, First Quarter 2023 Review and Outlook | author = The Market Intelligence Desk Team | date = April 3, 2023 |access-date = May 10, 2026}}This followed a sharp 2022 decline, with large-cap growth significantly outperforming value as the index benefited from a rally in major technology companies. In September 2024, the [European Commission](/source/European_Commission) said it had carried out an unannounced inspection at the offices of Nasdaq over potential [anti-competitive practices](/source/anti-competitive_practices).{{Cite news |last=Asgari |first=Nikou |last2=Espinoza |first2=Javier |date=2024-09-24 |title=Nasdaq and Deutsche Börse raided in EU antitrust investigation |url=https://www.ft.com/content/5c090e7c-49b1-4747-98e6-d6478ff9217b |access-date=2024-11-12 |work=Financial Times}} In October 2024, Nasdaq announced updates to its Calypso platform, including the introduction of XVA Accelerator, a tool for portfolio risk calculations.{{Cite web |last=Nikolova |first=Maria |date=2024-10-17 |title=Nasdaq integrates AI into Calypso platform to accelerate risk calculations |url=https://fxnewsgroup.com/forex-news/exchanges/nasdaq-integrates-ai-into-calypso-platform-to-accelerate-risk-calculations/ |access-date=2025-09-15 |website=FX News Group |language=en-US}} In March 2025, pending approval by the [U.S. Securities and Exchange Commission](/source/U.S._Securities_and_Exchange_Commission), Nasdaq announced plans to introduce 24-hour 5-day a week trading on its United States exchange during the second half of 2026 in response to increased global demand for U.S. equities.{{cite web |url=https://www.reuters.com/markets/us/nasdaq-plans-24-hour-trading-tap-into-growing-international-demand-2025-03-07/ |title=Nasdaq plans 24-hour trading as global appetite for US stocks grows |last=Saini |first=Manya |work=Reuters |date=March 7, 2025 |access-date=March 11, 2025}} In May 2025, Nasdaq and [Amazon Web Services](/source/Amazon_Web_Services) (AWS) announced the launch of Nasdaq Eqlipse Trading, a cloud-based platform. Exchanges that have adopted the platform include Johannesburg Stock Exchange, Mexico's Grupo BMV, and the Philippine Stock Exchange.{{Cite web |last=Preece |first=Claudia |date=2025-05-22 |title=Philippine Stock Exchange adopts Nasdaq Eqlipse Trading |url=https://www.thetradenews.com/philippine-stock-exchange-adopts-nasdaq-eqlipse-trading/ |access-date=2025-10-30 |website=The TRADE |language=en}} On 18 March 2026, The [U.S. Securities and Exchange Commission](/source/United_States_Securities_and_Exchange_Commission) approved a Nasdaq proposal to allow certain stocks to be traded and settled in tokenized form. This marked a step toward integrating blockchain-based settlements into mainstream equity markets.{{Cite web |title=Nasdaq receives SEC nod for trading in tokenized securities |url=https://www.channelnewsasia.com/business/nasdaq-receives-sec-nod-trading-in-tokenized-securities-6002946 |access-date=2026-03-19 |website=CNA |language=en}} ==Quote availability== A quote is the price of a stock as listed on an exchange. Quotes consist of bids, the price buyers are willing to pay, and offers, the price sellers will accept.{{Cite web |title=Stock Quotes {{!}} Investor.gov |url=https://www.investor.gov/introduction-investing/investing-basics/glossary/stock-quotes |archive-url=https://web.archive.org/web/20250614040519/https://www.investor.gov/introduction-investing/investing-basics/glossary/stock-quotes |archive-date=June 14, 2025 |access-date=2025-07-23 |website=www.investor.gov |language=en |url-status=live }} Nasdaq quotes are available at three levels: * Level 1 shows the highest bid and lowest ask—inside quote. * Level 2 shows all public quotes of [market maker](/source/market_maker)s together with information of market dealers wishing to buy or sell stock and recently executed orders.{{Cite web |title=Order Book, Level 2 Market Data, and Depth of Market |url=http://daytrading.about.com/od/daytradingglossary/a/OrderBook.htm |url-status=live |archive-url=https://web.archive.org/web/20110114070828/http://daytrading.about.com/od/daytradingglossary/a/OrderBook.htm |archive-date=January 14, 2011 |website=Daytrading. About.com }} * Level 3 is used by the [market maker](/source/market_maker)s and allows them to enter their quotes and execute orders.{{Cite web |title=Nasdaq Level III Quote |url=http://www.investinganswers.com/financial-dictionary/stock-market/level-iii-quote-3276 |url-status=live |archive-url=https://web.archive.org/web/20140413124056/http://www.investinganswers.com/financial-dictionary/stock-market/level-iii-quote-3276 |archive-date=April 13, 2014 }} ==Trading schedule== Nasdaq sessions in [Eastern Time Zone](/source/Eastern_Time_Zone) are: 4:00 a.m. to 9:30 a.m.: [extended-hours trading](/source/extended-hours_trading) session (premarket) 9:30 a.m. to 4:00 p.m.: normal trading session{{Cite web |title=NASDAQ |url=https://www.nasdaq.com/market-activity/stock-market-holiday-schedule |website=Nasdaq.com |language=en-US}} 4:00 p.m. to 8:00 p.m.: extended-hours trading session (postmarket){{Cite web |title=Nasdaq Trading Schedule |url=http://www.nasdaq.com/about/trading-schedule.aspx |url-status=live |archive-url=https://web.archive.org/web/20140417000841/http://www.nasdaq.com/about/trading-schedule.aspx |archive-date=April 17, 2014 |website=Nasdaq.com }} The Nasdaq Stock Market averages about 253 [trading day](/source/trading_day)s per year.{{cite web | url = https://www.fool.com/research/stock-performance-recessions/ | publisher = The Motley Fool | title = Stock Performance in Recessions| access-date = 14 August 2024}} ==Market tiers== Within the Nasdaq Composite Index, the Nasdaq exchange has three different market tiers for listed companies:{{Cite web |title=Nasdaq Capital Market |url=https://corporatefinanceinstitute.com/resources/career-map/sell-side/capital-markets/nasdaq-capital-market/ |access-date=2025-06-27 |website=Corporate Finance Institute |language=en-US}} * '''Capital Market''' (NASDAQ-CM [small cap](/source/Market_capitalization)) is an equity market for companies that have relatively small levels of market capitalization. Listing requirements for such "small cap" companies are less stringent than for other Nasdaq markets that list larger companies with significantly higher market capitalization.{{Cite web |title=Definition of 'Nasdaq SmallCap Market', now known as Nasdaq Capital Market |url=https://www.investopedia.com/terms/n/nasdaq-smallcap-market.asp |url-status=live |archive-url=https://web.archive.org/web/20130804063221/http://www.investopedia.com/terms/n/nasdaq-smallcap-market.asp |archive-date=August 4, 2013 |publisher=[Investopedia](/source/Investopedia) }} * '''Global Market''' (NASDAQ-GM [mid cap](/source/mid_cap)) is made up of stocks that represent the Nasdaq Global Market. The Global Market consists of 1,450 stocks that meet Nasdaq's strict financial and liquidity requirements, and corporate governance standards. The Global Market is less exclusive than the Global Select Market.{{Cite web |title=Definition of 'Nasdaq Global Market Composite' |url=https://www.investopedia.com/terms/n/nqgm.asp |url-status=live |archive-url=https://web.archive.org/web/20130917082250/http://www.investopedia.com/terms/n/nqgm.asp |archive-date=September 17, 2013 |publisher=[Investopedia](/source/Investopedia) }}{{cite press release |url=https://dfpi.ca.gov/wp-content/uploads/sites/337/2019/03/87c.pdf |title=Exemption from Qualification Requirements for Nasdaq Global Market and Nasdaq Capital Market Securities Under Corporations Code Section 25100(o) |publisher=State of California Business, Transportation and Housing Agency Department of Corporations California's Investment and Financing Authority |date=August 17, 2009 |access-date=January 20, 2025}} * '''Global Select Market''' (NASDAQ-GS [large cap](/source/large_cap)) is a market capitalization-weighted index made up of US-based and international stocks that represent the Nasdaq Global Select Market Composite (NQGS). This includes companies with the largest market capitalization within the Nasdaq Composite.{{Cite web |title=Nasdaq Global Select Market |url=https://corporatefinanceinstitute.com/resources/career-map/sell-side/capital-markets/nasdaq-global-select-market/ |access-date=2025-06-27 |website=Corporate Finance Institute |language=en-US}} The Global Select Market consists of 1,200 stocks that meet Nasdaq's strict financial and liquidity requirements and corporate governance standards. The Global Select Market is more exclusive than the Global Market. Every October, the Nasdaq Listing Qualifications Department reviews the Global Market Composite to determine if any of its stocks have become eligible for listing on the Global Select Market.{{Cite web |title=Definition of 'Nasdaq Global Select Market Composite' |url=https://www.investopedia.com/terms/n/nqgs.asp |url-status=live |archive-url=https://web.archive.org/web/20131004025826/http://www.investopedia.com/terms/n/nqgs.asp |archive-date=October 4, 2013 |publisher=[Investopedia](/source/Investopedia) }}{{Cite book |last1=Pinto |first1=Jerald E. |url=https://books.google.com/books?id=XCL9bkrOrpcC |title=Equity Asset Valuation |last2=Henry |first2=Elaine |last3=Robinson |first3=Thomas R. |last4=Stowe |first4=John D. |publisher=[John Wiley & Sons](/source/John_Wiley_%26_Sons) |year=2010 |isbn=9780470579657 |edition=2 |series=CFA Institute Investment Series |volume=27 |page=6 |quote=[...] NASDAQ-GS stands for 'Nasdaq Global Select Market,' [...] |archive-url=https://web.archive.org/web/20130510182228/http://books.google.com/books?id=XCL9bkrOrpcC |archive-date=May 10, 2013 |url-status=live }} ==Difference between NYSE and Nasdaq== thumb|Bunker-Ramo Data Center in 1971 Nasdaq is the second largest stock exchange in the United States. In addition to age and market capitalization, there are other key differences between the two exchanges:{{Cite web |title=The New York Stock Exchange (NYSE) |url=https://www.forbes.com/advisor/investing/nyse-new-york-stock-exchange/ |url-status=live |archive-url=https://web.archive.org/web/20210409150456/https://www.forbes.com/advisor/investing/nyse-new-york-stock-exchange/ |archive-date=April 9, 2021 |access-date=2023-12-07 |work=www.forbes.com}}{{Cite web |title=10 Largest Stock Exchanges in the World |url=https://www.analyticssteps.com/blogs/10-largest-stock-exchanges-world |url-status=live |archive-url=https://web.archive.org/web/20240304222510/https://www.analyticssteps.com/blogs/10-largest-stock-exchanges-world |archive-date=March 4, 2024 |access-date=2023-12-07 |work=www.analyticssteps.com}}{{Cite web |title=Getting to Know the Stock Exchanges |url=https://www.investopedia.com/articles/basics/04/092404.asp |url-status=live |archive-url=https://web.archive.org/web/20240221233923/https://www.investopedia.com/articles/basics/04/092404.asp |archive-date=February 21, 2024 |access-date=2023-12-07 |work=www.investopedia.com}} *'''Trading Volume'''. Nasdaq has a greater trading volume than the NYSE with approximately 1.8 billion trades per day.{{Cite web |title=What is NASDAQ? |url=https://www.businessnewsdaily.com/3403-nasdaq.html |url-status=live |archive-url=https://web.archive.org/web/20180311081215/https://www.businessnewsdaily.com/3403-nasdaq.html |archive-date=March 11, 2018 |access-date=2023-12-07 |work=www.businessnewsdaily.com}} *'''Exchange systems.''' Before the [COVID-19 pandemic](/source/COVID-19_pandemic), the NYSE maintained both an electronic trading system and a trading floor system staffed by live professionals who help conduct auctions.{{Cite web|title=The History of NYSE|url=https://www.nyse.com/history-of-nyse|access-date=2023-12-07|work=www.nyse.com|archive-date=January 29, 2024|archive-url=https://web.archive.org/web/20240129135305/https://www.nyse.com/history-of-nyse|url-status=live}}{{Cite web|title=What Is The NYSE?|url=https://www.wallstrank.com/learn/what-is-the-nyse|access-date=2023-12-07|work=www.wallstrank.com|archive-date=December 7, 2023|archive-url=https://web.archive.org/web/20231207204029/https://www.wallstrank.com/learn/what-is-the-nyse|url-status=live}} Nasdaq has been an all-electronic exchange since its inception. *'''Market structure.''' The NYSE traces its origins to the [Buttonwood Agreement](/source/Buttonwood_Agreement) of 1792, when brokers met in person to trade securities using [open outcry](/source/open_outcry).{{Cite web |title=The History of NYSE |url=https://www.nyse.com/history-of-nyse |website=NYSE}} Nasdaq began in 1971 as the first exclusively electronic quotation system for [over-the-counter](/source/Over-the-counter_(finance)) securities, displaying [bid and ask](/source/bid_and_ask) prices from competing [market maker](/source/market_maker)s on cathode-ray terminals; however, trades were still executed by telephone until electronic execution was introduced in 1984.{{Cite web |title=Nasdaq: 50 Years of Market Innovation |date=February 11, 2021 |url=https://www.nasdaq.com/articles/nasdaq:-50-years-of-market-innovation-2021-02-11 |website=Nasdaq}}{{Cite web |title=Transformation & Regulation: Equities Market Structure, 1934 to 2018 |url=https://www.sechistorical.org/museum/galleries/msr/msr03b_nasdaq.php |website=SEC Historical Society}} In 2002–2003, Nasdaq launched [Supermontage](/source/Supermontage), integrating a public [limit order book](/source/limit_order_book) with market maker quotations and allowing any participant to post orders.{{Cite web |title=Order with Respect to the Implementation of Nasdaq's SuperMontage Facility |date=August 29, 2002 |url=https://www.sec.gov/files/rules/sro/34-46429.htm |website=U.S. Securities and Exchange Commission}}{{Cite press release |title=NASDAQ Proposal to Expand Access to SuperMontage Is Approved by SEC |date=February 6, 2003 |url=https://ir.nasdaq.com/news-releases/news-release-details/nasdaq-proposal-expand-access-supermontage-approved-sec |publisher=Nasdaq, Inc.}} The NYSE adopted a similar electronic [central limit order book](/source/central_limit_order_book) system in 2006,{{Cite web |title=SEC Approves NYSE Hybrid Market Proposal |date=March 22, 2006 |url=https://www.sec.gov/news/press/2006-41.htm |website=SEC}} which today handles the majority of their trading volume; however, the NYSE retains its physical trading floor where [designated market makers](/source/Market_maker) facilitate opening, closing, and reopening auctions and are obligated to provide liquidity for the public (institutions, hedge funds, broker/dealers) during periods of volatility.{{Cite web |url=https://www.nyse.com/trade/equities#nyse |title=NYSE Equities |website=NYSE |publisher=New York Stock Exchange |language=en |access-date=2026-01-14 |url-status=live}} *'''Listing fees.''' Listing fees on the Nasdaq vary based on market. For the Capital Market, the fee range is $53,000-$86,000; the Global and Global Select Markets range is $56,000-$193,000; and there is an $81,000-$85,000 listing fee for acquisition companies.{{Cite web |date=November 21, 2024 |title=Nasdaq amends All-Inclusive Annual Listing Fees for 2025 |url=https://content.next.westlaw.com/practical-law/document/Ib6fc3ec1a73e11efb5eab7c3554138a0/Nasdaq-Amends-All-Inclusive-Annual-Listing-Fees-for-2025?viewType=FullText&transitionType=Default&contextData=(sc.Default)&bhcp=1}} *'''Sectors.''' Investors typically view the NYSE as an exchange for older, more established companies.{{Cite web|title=Nyse Vs Nasdaq: Whats The Difference|url=https://www.newyorkdaily.net/how-to-invest-in-new-york-stock-exchange/|access-date=2023-12-07|work=www.newyorkdaily.net|date=July 6, 2022 |archive-date=February 21, 2024|archive-url=https://web.archive.org/web/20240221044553/https://www.newyorkdaily.net/how-to-invest-in-new-york-stock-exchange/|url-status=live}} Nasdaq tends to be home to newer companies focused on technology and innovation.{{Cite web|title=Nasdaq 100 forecast: The US100 rebounds ahead of Fed meeting in December|url=https://capital.com/nasdaq-100-forecast|access-date=2023-12-07|work=capital.com}} ==See also== {{Portal|New York City}} {{div col}} * [ACT (NASDAQ)](/source/ACT_(NASDAQ)) * [Advanced Computerized Execution System](/source/Advanced_Computerized_Execution_System) * [Directors Desk](/source/Directors_Desk) * [Economy of New York City](/source/Economy_of_New_York_City) * [List of stock exchange mergers in the Americas](/source/List_of_stock_exchange_mergers_in_the_Americas) * [List of stock exchanges in the Americas](/source/List_of_stock_exchanges_in_the_Americas) * [NASDAQ futures](/source/NASDAQ_futures) * [Supermontage](/source/Supermontage) (SM) integrated trading system * [United States corporate law](/source/United_States_corporate_law) * [CCP Global](/source/CCP_Global) {{div col end}} ==References== {{notelist}} {{Reflist}} ==External links== {{Commons category}} * {{Official website|https://www.nasdaq.com/}} {{Nasdaqomx}} {{Financial markets navigation}} {{United States stock market indexes}} {{Stock exchanges top 25}} {{Israel NASDAQ}} {{Authority control}} Category:Nasdaq Category:Nasdaq exchanges Category:1971 establishments in New York City Category:American companies established in 1971 Category:Economy of New York City Category:Electronic trading platforms Category:Financial services companies based in New York City Category:Financial services companies established in 1971 Category:Private equity portfolio companies Category:Stock exchanges in the United States Category:Companies based in New York City --- Adapted from the Wikipedia article [Nasdaq](https://en.wikipedia.org/wiki/Nasdaq) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Nasdaq?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.