Nasdaq Inc - Ordinary Shares - 144A

**Strong Financial Performance**: Nasdaq reported a robust 10% year-over-year growth in both net revenues and solutions revenue for Q3 2024, marking its fourth consecutive quarter of double-digit solutions growth. Total annualized recurring revenue (ARR) reached $2.7 billion, reflecting an 8% growth. Operating margin improved to 54%, with a net income of $429 million and diluted EPS of $0.74.

**Integration Success and Cost Synergies**: The integration of AxiomSL and Calypso is progressing well, with over 80% of net expense synergies achieved. This has contributed to a reduction in expense growth, allowing Nasdaq to maintain solid operating margins while managing costs effectively.

**Mixed Outlook for Financial Crime Management Technology**: Despite a robust overall performance, the Financial Crime Management Technology segment saw a growth rate of 20%, which is below the mid-20% medium-term target. Challenges include a strong prior year comparison due to high professional services fees and the complexity of implementing solutions for Tier 1 and Tier 2 clients. However, demand remains strong, maintaining confidence in long-term growth.