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 14, 2022, we had approximately 214 holders of record of our common stock.

Issuer Purchases of Equity Securities

Share Repurchase Program

See “Share Repurchase Program,” of Note 12, “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 table below represents repurchases made by or on behalf of us or any “affiliated purchaser” of our common stock during the fiscal quarter ended December 31, 2021:


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 2021
Share repurchase program	—	$	—	—	$	984
Employee transactions	12,368	$	203.46	N/A	N/A
November 2021
Share repurchase program	—	$	—	—	$	984
ASR agreement	391,272	See below		391,272	$	984
Employee transactions	515	$	212.83	N/A	N/A
December 2021
Share repurchase program	287,657	$	204.34	287,657	$	926
Employee transactions	46,854	$	210.24	N/A	N/A
Total Quarter Ended December 31, 2021
Share repurchase program	287,657	$	204.34	287,657	$	926
ASR agreement	391,272	See below		391,272	$	926
Employee transactions	59,737	$	208.86	N/A	N/A

In the table above:

N/A - Not applicable.
See “Share Repurchase Program,” of Note 12, “Nasdaq Stockholders’ Equity,” to the consolidated financial statements for further discussion of our share repurchase program.
Employee transactions represents shares surrendered to us to satisfy tax withholding obligations arising from the vesting of restricted stock and PSUs issued to employees.

*•*In July 2021, we entered into an ASR agreement to repurchase $475 million of common stock. See “ASR Agreements,” of Note 12, “Nasdaq Stockholders’ Equity,” to the consolidated financial statements for further discussion.

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, shown below, for the past five years:


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

The figures represented below assume an initial investment of $100 in the common stock or index at the closing price on December 31, 2016 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 12/31/2016 in stock or index, including reinvestment of dividends.


	Fiscal Year Ended December 31,
	2016		2017		2018		2019		2020		2021
Nasdaq, Inc.	$	100	$	117	$	126	$	169	$	213	$	342
Nasdaq Composite Index	100		130		126		172		250		305
S&P 500	100		122		116		153		181		233
Peer Group	100		127		129		197		248		216

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