Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

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Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Information

Our common stock is listed on The Nasdaq Stock Market under the ticker symbol “NDAQ.” As of February 13, 2020, we had approximately 235 holders of record of our common stock.

Issuer Purchases of Equity Securities

Share Repurchase Program

See “Share Repurchase Program,” of Note 13, “Nasdaq Stockholders’ Equity,” to the consolidated financial statements for further discussion of our share repurchase program.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

The following table summarizes the share repurchase activity of our common stock during the fiscal quarter ended December 31, 2019:



Period	(a) Total Number of Shares Purchased	(b) Average Price Paid Per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions)

October 2019
Share repurchase program	—	$	—	—	$	632
Employee transactions(1)	12,578	$	98.24	N/A	N/A

November 2019
Share repurchase program	—	$	—	—	$	632
Employee transactions(1)	1,110	$	99.23	N/A	N/A

December 2019
Share repurchase program	—	$	—	—	$	632
Employee transactions(1)	58,749	$	106.72	N/A	N/A

Total Quarter Ended December 31, 2019
Share repurchase program	—	$	—	—	$	632
Employee transactions(1)	72,437	$	105.13	N/A	N/A

____________

N/A Not applicable.


(1)	Represents shares surrendered to us to satisfy tax withholding obligations arising from the vesting of restricted stock and PSUs issued to employees.

PERFORMANCE GRAPH

The following graph compares the total return of our common stock to the Nasdaq Composite Index, the S&P 500 and a peer group selected by us for the past five years. We changed our peer group in 2019 to include a broader set of global exchanges with sizable market capitalization. The new peer group, collectively referred to as the 2019 peer group, is comprised of the following companies:



2019 Peer Group
•	ASX Limited	•	Deutsche Börse AG	•	LSE
•	B3 S.A.1	•	Euronext N.V.1	•	Singapore Exchange Limited1
•	Bolsas Mexicana de Valores, S.A.B. de C.V.1	•	Hong Kong Exchanges and Clearing Limited1	•	TMX Group Limited
•	Cboe	•	ICE
•	CME Group Inc.	•	Japan Exchange Group, Inc1

1 Denotes company added to new peer group in 2019.

The old peer group, collectively referred to as the 2018 peer group, was comprised of the following companies:



2018 Peer Group
•	ASX Limited	•	Deutsche Börse AG	•	TMX Group Limited
•	Cboe	•	ICE
•	CME Group Inc.	•	LSE

The figures represented below assume an initial investment of $100 in the common stock or index at the closing price on December 31, 2014 and the reinvestment of all dividends.

COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*

Among Nasdaq, Inc., the Nasdaq Composite Index, the S&P 500, and a Peer Group

$100 invested on 12/31/2014 in stock or index, including reinvestment of dividends.



	Fiscal Year Ended December 31,
	2014		2015		2016		2017		2018		2019
Nasdaq, Inc.	$	100	$	123	$	145	$	169	$	183	$	245
Nasdaq Composite Index	100		107		116		151		147		200
S&P 500	100		101		114		138		132		174
2019 Peer Group	100		113		125		168		180		231
2018 Peer Group	100		113		130		175		195		252

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