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NASDAQ JAPAN®, NASDAQ MARKET ANALYTIX®, NASDAQ MARKET CENTER®, NASDAQ MARKET FORCES®,
NASDAQ MARKET VELOCITY®, NASDAQ MARKETSITE®, NASDAQ MAX®, NASDAQ MAX MARKET
ANALYTIX®, NASDAQ NATIONAL MARKET®, NASDAQ OMX®, NASDAQ OMX ALPHA INDEXES®, NASDAQ OMX
GREEN ECONOMY INDEX®, NASDAQ OMX NORDIC®, NASDAQ PRIVATE MARKET®, NASDAQ Q-50 INDEX®,
NASDAQ TELECOMMUNICATIONS INDEX®, NASDAQ TOTALVIEW®, NASDAQ TRADER®, NASDAQ
TRANSPORTATION INDEX®, NASDAQ US ALL MARKET®, NASDAQ VOLATILITY GUARD®, NASDAQ
WORKSTATION®, NASDAQ WORKSTATION II®, NASDAQ WORLD®, NASDAQ-100®, NASDAQ-100
EUROPEANFUND®, NASDAQ-100 EUROPEAN TRACKER®, NASDAQ-100 EUROPEAN TRACKER FUND®,
NASDAQ-100 INDEX®, NASDAQ-100 INDEX EUROPEAN TRACKER FUND®, NASDAQ-100 INDEX TRACKING
STOCK®, NDX®, NEWS RELEASE EXPRESS®, NFX WORLD CURRENCY FUTURES®, NLX®, NOIS®, NORDIX®,
OMX COPENHAGEN 20®, OMX HELSINKI 25®, OMX STIBOR FUTURE®, OMX STOCKHOLM 30®, OMXH25®,
OMXS30®, OMXS3FUT®, OMX TECHNOLOGY®, ON THE WIRE®, OTW® , OVERUNDER®, PHILADELPHIA STOCK
EXCHANGE®, PHLX®, PHLX XL®, PIXL®, PORTAL ALLIANCE®, PRECISE TRADE®, PRF®, Q THE NEXT GREAT
THING®, QQQ®, QTARGET®, QVIEW®, R3®, RE-THINK®, RISKWAY®, RISKWRAPPER®, RISKXPOSURE®, RX®,
S.A.X.E.S®, SECONDMARKET®, SECONDMARKET ECOSYSTEM®, SIDECAR®, SIGNALXPRESS®, SIGNALXPRESS
SX®, SMARTS®, SMARTSONLINE®, STINA®, STRUCTURED LIQUIDITY PROGRAM®, THE NASDAQ STOCK
MARKET®, THE STOCK MARKET FOR THE NEXT 100 YEARS®, TOTAL EQUITY SOLUTION®, TRADEGUARD®,
TRADEXAMINER®, TRDS®, TX®, ULL®, ULTRA LOW LATENCY®, ULTRAFEED®, VX PROXY®, WIZER®, XDE®,
XO DORSEY WRIGHT & ASSOCIATES®, ÖVERUNDER®
To the extent a name, logo or design does not appear on the above list, such lack of appearance does not constitute a waiver of any
intellectual property rights that Nasdaq has established in its product or service names or logos, or in product configurations or
designs, all of which rights are expressly reserved.
FINRA® and TRADE REPORTING FACILITY® are registered trademarks of FINRA.
All other trademarks and service marks used herein are the property of their respective owners.
* * * * * *
This Annual Report on Form 10-K includes market share and industry data that we obtained from industry publications and surveys,
reports of governmental agencies and internal company surveys. Industry publications and surveys generally state that the
information they contain has been obtained from sources believed to be reliable, but we cannot assure you that this information
is accurate or complete. We have not independently verified any of the data from third-party sources nor have we ascertained the
underlying economic assumptions relied upon therein. Statements as to our market position are based on the most currently available
market data. For market comparison purposes, The Nasdaq Stock Market data in this Annual Report on Form 10-K for IPOs is
based on data generated internally by us, which includes best efforts underwritings; therefore, the data may not be comparable to
other publicly-available IPO data. Data in this Annual Report on Form 10-K for new listings of equity securities on The Nasdaq
Stock Market is based on data generated internally by us, which includes best efforts underwritings, issuers that switched from
other listing venues, closed-end funds and ETPs. Data in this Annual Report on Form 10-K for IPOs and new listings of equity
securities on the Nasdaq Nordic and Nasdaq Baltic exchanges also is based on data generated internally by us. IPOs and new
listings data is presented as of period end. While we are not aware of any misstatements regarding industry data presented herein,
our estimates involve risks and uncertainties and are subject to change based on various factors, including those discussed in “Item
1A. Risk Factors” in this Annual Report on Form 10-K.
* * * * * *
Nasdaq intends to use its website, ir.nasdaq.com, as a means for disclosing material non-public information and for complying
with SEC Regulation FD and other disclosure obligations. These disclosures will be included on Nasdaq’s website under “Investor
Relations.”
1
Forward-Looking Statements
The SEC encourages companies to disclose forward-looking information so that investors can better understand a company’s
future prospects and make informed investment decisions. This Annual Report on Form 10-K contains these types of statements.
Words such as “may,” “will,” “could,” “should,” “anticipates,” “envisions,” “estimates,” “expects,” “projects,” “intends,”
“plans,” “believes” and words or terms of similar substance used in connection with any discussion of future expectations as to
industry and regulatory developments or business initiatives and strategies, future operating results or financial performance, and
other future developments identify forward-looking statements. These include, among others, statements relating to:
•
our 2017 outlook;
•
the integration of acquired businesses, including accounting decisions relating thereto;
•
the scope, nature or impact of acquisitions, divestitures, investments, joint ventures or other transactional
activities;
•
the effective dates for, and expected benefits of, ongoing initiatives, including transactional activities and other
strategic, restructuring, technology, de-leveraging and capital return initiatives;
•
our products, order backlog and services;
•
the impact of pricing changes;
•
tax matters;
•
the cost and availability of liquidity and capital; and
•
any litigation, or any regulatory or government investigation or action, to which we are or could become a party.
Forward-looking statements involve risks and uncertainties. Factors that could cause actual results to differ materially from those
contemplated by the forward-looking statements include, among others, the following:
•
our operating results may be lower than expected;
•
our ability to successfully integrate acquired businesses, including the fact that such integration may be more
difficult, time consuming or costly than expected, and our ability to realize synergies from business combinations
and acquisitions;
•
loss of significant trading and clearing volumes or values, fees, market share, listed companies, data products
customers or other customers;
•
our ability to keep up with rapid technological advances and adequately address cybersecurity risks;
•
economic, political and market conditions and fluctuations, including interest rate and foreign currency risk,
inherent in U.S. and international operations;
•
the performance and reliability of our technology and technology of third parties;
•
our ability to continue to generate cash and manage our indebtedness; and
•
adverse changes that may occur in the litigation or regulatory areas, or in the securities markets generally.
Most of these factors are difficult to predict accurately and are generally beyond our control. You should consider the uncertainty
and any risk related to forward-looking statements that we make. These risk factors are discussed under the caption “Item 1A.
Risk Factors,” in this Annual Report on Form 10-K. You are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this report. You should carefully read this entire Annual Report on Form 10-K,
including “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and the consolidated
financial statements and the related notes. Except as required by the federal securities laws, we undertake no obligation to update
any forward-looking statement, release publicly any revisions to any forward-looking statements or report the occurrence of
unanticipated events. For any forward-looking statements contained in any document, we claim the protection of the safe harbor
for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
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