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Nasdaq, Inc. (NASDAQ:NDAQ) Barclays twenty third Annual International Monetary Providers Convention September 8, 2025 9:00 AM EDT
Firm Members
Sarah Youngwood – Govt VP & CFO
Convention Name Members
Benjamin Budish – Barclays Financial institution PLC, Analysis Division
Presentation
Benjamin Budish
Analysis Analyst
Good morning, everybody. Welcome to one among our first shows right here at Barclays for our twenty third Annual International Monetary Providers Convention. And if you do not know me, I am Ben Budish, I cowl the U.S. brokers, asset managers and exchanges. And actually delighted to kick it off with Sarah Youngwood, CFO of Nasdaq. Sarah, welcome.
Sarah Youngwood
Govt VP & CFO
Thanks.
Benjamin Budish
Analysis Analyst
Thanks for becoming a member of us.
Query-and-Reply Session
Benjamin Budish
Barclays Financial institution PLC, Analysis Division
Effectively, nice to have you ever type of kicking off as we speak. I imply, I really feel such as you guys all the time have a novel view into the macro backdrop. So might you maybe, beginning off, speak about what you are seeing popping out of a interval of very intense volatility earlier within the yr? How does the setting search for capital markets, IPOs, the fintech enterprise? I feel buyers are all the time significantly inquisitive about your near-term 6-, 12-month expectations for IPOs, how volumes regarded year-to-date? I do know there’s quite a bit in there, however what are you seeing on the market?
Sarah Youngwood
Govt VP & CFO
Sure. So should you type of like return to January, we entered the yr with like 20% probability of recession, which is tremendous low. After which obtained into additional January after which February, March, April, Could, one way or the other obtained to 60% danger of recession, which normally, by the point you are at 60%, it is exponential again into recession. However we managed again by Could to be at 40%, and we have stayed round there since then. And that is really simply above the typical. So pretty regular, not very elevated stage.
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