Nasdaq Economic Institute: Independent Insights, Industry Impact
Independent research, data-driven analysis, and forward-looking perspectives on the forces shaping global capital markets — from macroeconomic shifts to the digital transformation of finance.
New From the Institute
The Search for New Measures of Value in the AI Era
In the second installment of the Nasdaq Economic Institute's AI series, we tackle one of the most pressing questions facing investors, analysts, and software leaders today: How do we measure value when AI fundamentally changes what software does?
Software Era | Source of Value | Key Metrics | Underlying Logic |
|---|---|---|---|
On-Premise | Stickiness & Lock-In | Perp. Licenses, Service Rev., Implementation Costs | High switching costs = durable revenue |
SaaS | Predictability & Compounding | ARR, NRR, Churn | Recurring seats = forecastable revenue |
AI/Agentic | Outcomes & Productivity | ??? | Outcomes delivered decoupled from headcount growth |
Featured Insights
New Fast Tracks Account for Older Company IPOs
Learn why fast-tracking very large IPOs is helping indexes better represent all the public companies that matter to the economy and the stock market.
Read the ArticleOPR: All or Nothing or Something in Between?
A closer look at the SEC's new proposal regarding the Order Protection Rule.
Read the ArticleHow Stale are Dark Midpoint Prints?
Explore how often trades print to the Securities Information Processor at a price that looks like a trade-through.
Read the ArticleThe Nasdaq-100® Ecosystem: The Evolution to Power Investor Choice Worldwide
Uncover how the Nasdaq-100 Ecosystem has evolved to represent over $1.4 trillion of exposure to NDX.
Read the WhitepaperExecutive Perspectives
AI Economy
AI Is Enabling More Entrepreneurship
The data is clear: AI is rewriting the economics of entrepreneurship, and Americans are responding in record numbers. Explore how new business applications have accelerated, and why the timing lines up almost perfectly with the rapid improvement in generative AI tools and the arrival of agentic coding.
Read the ArticleGuardrails and Growth: AI’s Role in Capital and Insurance Markets
Nasdaq Co-President Tal Cohen testified before the U.S Senate Committee on Banking, Housing, and Urban Affairs to discuss the potential of AI within capital and insurance markets, highlighting Nasdaq's long-standing commitment to innovative technology and emphasizing its responsible integration of AI since its founding as the first electronic exchange.
Learn MoreTokenization
Tokenization and the Future of Securities
Executive Vice President and Global Chief Legal, Risk and Regulatory Officer John Zecca testifies before the House Financial Services Committee about tokenization and the modernization of U.S. capital markets.
Learn MoreMaking the Case for Tokenized Collateral
A global report from Nasdaq and the ValueExchange surveys firms on their tokenization plans, the impact to capital efficiency, the realities of institutionalization and how the industry can move forward.
Read the ReportTokens: Everything, Everywhere, All at Once?
Chief Economist Phil Mackintosh explores how tokens can be many different things.
Read the ArticleMarket Modernization
Kevin Kennedy, EVP and Head of North American Market Services Learn MoreI can tell you what is most important to Nasdaq. Investor protection is number one - institutional-grade guardrails and working with the industry to build them for always-on trading.
Economic Perspectives
IPO Pulse
2026 Already Near All-Time IPO Raise Record
In just over six months, 2026 already has nearly matched 2021’s full-year record for capital raised at $141 billion.
Market Structure
Financial Industry Trends
Inspiring Collective Action in a New Era of Evolving Threats
Discover how financial crime has entered a new era defined by AI-powered threats, industrialized fraud, and criminal networks operating with the scale and coordination of multinational corporations.
Read the ReportThe New Growth Imperative: Cutting Through Complexity in the Financial System
Uncover the cost of complexity across the financial system and gain fresh perspectives on how institutions can adapt to the exponential growth of complexity while minimizing internal complicatedness and friction.
Read the ReportSharper Signals. Delivered.
Get Nasdaq's market intelligence in your inbox. Choose the briefing that fits how you read the markets — or subscribe to both.