Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and 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, 2024, we had approximately 202 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, 2023:


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 2023
Share repurchase program	—	$	—	—	$	2,000

Employee transactions	19,360	$	48.85	N/A	N/A
November 2023
Share repurchase program	1,751,513	$	52.36	1,751,513	$	1,908

Employee transactions	—	$	—	N/A	N/A
December 2023
Share repurchase program	333,261	$	54.44	333,261	$	1,890

Employee transactions	17,883	$	56.22	N/A	N/A
Total Quarter Ended December 31, 2023
Share repurchase program	2,084,774	$	52.69	2,084,774	$	1,890

Employee transactions	37,243	$	52.39	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 for the past five years. We changed our peer group in the table below to the S&P 500 GICS 4020 Index, or New Peer Group, which is a blend of exchanges, as well as data, financial technology and banking companies to align more closely with Nasdaq’s diverse business and competitors.


	Fiscal Year Ended December 31,
	2018		2019		2020		2021		2022		2023
Nasdaq, Inc.	$	100	$	134	$	169	$	270	$	240	$	231
Nasdaq Composite Index	100		137		198		242		163		236
S&P 500	100		131		156		200		164		207
New Peer Group	100		125		139		188		167		193
2022 Peer Group	100		128		153		171		142		170

The figures represented below assume an initial investment of $100 in the common stock or index at the closing price on December 31, 2018 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 Peer Groups

868

The prior peer group, collectively referred to as the 2022 Peer Group, was comprised of the following companies:


2022 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.

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