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, 2023, we had approximately 209 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, 2022:


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 2022
Share repurchase program	—	$	—	—	$	293

Employee transactions	27,913	$	59.76	N/A	N/A
November 2022
Share repurchase program	—	$	—	—	$	293

Employee transactions	231	$	66.52	N/A	N/A
December 2022
Share repurchase program	—	$	—	—	$	650

Employee transactions	56,480	$	61.76	N/A	N/A
Total Quarter Ended December 31, 2022
Share repurchase program	—	$	—	—	$	650

Employee transactions	84,624	$	61.11	N/A	N/A

In the preceding table:

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 previously issued to employees.

PERFORMANCE GRAPH

The following performance graph and related information shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or incorporated by reference into any of our other filings under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

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, 2017 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 12/31/2017 in stock or index, including reinvestment of dividends.


	Fiscal Year Ended December 31,
	2017		2018		2019		2020		2021		2022
Nasdaq, Inc.	$	100	$	108	$	145	$	183	$	293	$	260
Nasdaq Composite Index	100		97		133		192		235		159
S&P 500	100		96		126		149		192		157
Peer Group	100		112		149		186		208		184

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