Nasdaq is a global technology and market infrastructure operator that powers financial exchanges, data distribution, and trading platforms across equities, derivatives, fixed income, and commodities. The company generates revenue through three main business segments: Capital Access Platforms, which includes listing services for public companies, market data distribution, index licensing and tracking products, and investment analytics tools; Financial Technology, which provides cloud-based anti-money laundering and fraud detection, regulatory reporting solutions, risk data management, and trade management platforms; and Market Services, which operates physical and electronic exchanges and provides clearing, settlement, and depository services. Nasdaq's business model relies on recurring subscription revenues, trading transaction fees, data licensing fees, listing fees from public companies, and professional services, creating a diversified income stream from institutional investors, retail investors, listed companies, and financial institutions worldwide.