The New Era of the Stock Market with Nasdaq CEO Adena Friedman | All-In Summit 2025

Overview

This episode features Adena Friedman, CEO of Nasdaq, discussing the evolution of financial markets, Nasdaq's expansion beyond a stock exchange, and the integration of cutting-edge technologies like tokenization and 24/5 trading. The conversation also delves into IPO market reforms, the role of regulation in crypto adoption, and the broader economic landscape, including the Fed's independence and the future of the dollar as a reserve currency.

Notable Quotes

- We are here to advance economic progress for all. – Adena Friedman, on Nasdaq's mission.

- He wants to make IPOs great again. – Adena Friedman, on SEC Chair Atkins' forward-thinking approach.

- The rise of index investing is making investing more accessible in general. – Adena Friedman, on the democratization of markets.

📈 Nasdaq's Transformation and Expansion

- Adena Friedman highlighted Nasdaq's evolution from a stock exchange to a global tech powerhouse, with $2.5 billion in EBITDA as of last year.

- The company now provides market infrastructure to 135 markets globally and manages $700 billion in assets tied to its index business.

- Nasdaq is focusing on anti-financial crime technology and market surveillance to build trust across financial systems.

🪙 Tokenization and 24/5 Trading

- Nasdaq announced plans to tokenize equities, enabling them to be traded directly in core markets.

- Adena Friedman emphasized the potential of tokenization to streamline post-trade processes and reduce friction in capital flows.

- The company is transitioning to a 24/5 trading schedule, with aspirations for 24/7 trading in the future, balancing technological readiness and regulatory considerations.

🚀 IPO Market Reforms and Public Market Accessibility

- Adena Friedman advocated for reforms to make IPOs less burdensome, including changes in disclosure, proxy, and litigation requirements.

- She supported alternative public market entry methods like direct listings, SPACs, and tokenized securities.

- The goal is to encourage companies to go public earlier, ensuring broader access to economic growth for retail investors.

🔗 Crypto and Regulatory Convergence

- Nasdaq is poised to enter the crypto market once regulatory clarity improves, focusing on institutional clients.

- Adena Friedman praised regulators for working toward integrating traditional and digital markets, emphasizing investor protection.

- She sees tokenization as a bridge between crypto assets and traditional securities, fostering innovation while maintaining fairness.

💵 Fed Independence and Economic Risks

- Adena Friedman defended the Fed's independence, citing its data-driven, apolitical approach to monetary policy.

- She expressed confidence in the dollar's status as the global reserve currency but acknowledged risks from rising U.S. debt.

- On market risks, she downplayed concerns about commercial real estate defaults, noting banks' proactive management and the distributed nature of risk.