Nasdaq, Inc. (NASDAQ:NDAQ) Barclays 23rd Annual Global Financial Services Conference September 8, 2025 9:00 AM EDT
Company Participants
Sarah Youngwood – Executive VP & CFO
Conference Call Participants
Benjamin Budish – Barclays Bank PLC, Research Division
Presentation
Benjamin Budish
Research Analyst
Good morning, everyone. Welcome to one of our first presentations here at Barclays for our 23rd Annual Global Financial Services Conference. And if you don’t know me, I’m Ben Budish, I cover the U.S. brokers, asset managers and exchanges. And really delighted to kick it off with Sarah Youngwood, CFO of Nasdaq. Sarah, welcome.
Sarah Youngwood
Executive VP & CFO
Thank you.
Benjamin Budish
Research Analyst
Thanks for joining us.
Question-and-Answer Session
Benjamin Budish
Barclays Bank PLC, Research Division
Well, great to have you kind of kicking off today. I mean, I feel like you guys always have a unique view into the macro backdrop. So could you perhaps, starting off, talk about what you’re seeing coming out of a period of very intense volatility earlier in the year? How does the environment look for capital markets, IPOs, the fintech business? I think investors are always particularly curious about your near-term 6-, 12-month expectations for IPOs, how volumes looked year-to-date? I know there’s a lot in there, but what are you seeing out there?
Sarah Youngwood
Executive VP & CFO
Yes. So if you kind of like go back to January, we entered the year with like 20% chance of recession, which is super low. And then got into further January and then February, March, April, May, somehow got to 60% risk of recession, which usually, by the time you’re at 60%, it’s exponential back into recession. But we managed back by May to be at 40%, and we’ve stayed around there since then. And that’s actually just above the average. So fairly normal, not very elevated level.
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