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Nasdaq Economic Institute

Independent Insights, Industry Impact

Independent research, data-driven analysis, and forward-looking perspectives on the forces shaping global capital markets — from macroeconomic shifts to the digital transformation of finance.

Special Report

AI Is Enabling More Entrepreneurship

The data is clear: AI is rewriting the economics of entrepreneurship, and Americans are responding in record numbers.
Explore how new business applications have accelerated, and why the timing lines up almost perfectly with the rapid improvement in generative AI tools and the arrival of agentic coding.  

Featured Insights

Economic Perspectives

Market Modernization

New Fast Tracks Account for Older Company IPOs

Learn why fast-tracking very large IPOs is helping indexes better represent all the public companies that matter to the economy and the stock market.

Market Structure

MARKET STRUCTURE

Just How Volatile Are U.S. Stocks Overnight?

Dive deep into the data from BOATS ATS trades overnight and discover why the results should help U.S. regulators and exchanges when thinking about how to expand investor protections.

IPO Pulse

MARKET STRUCTURE

How Stale Are Dark Midpoint Prints?

Explore how often trades print to the Securities Information Processor at a price that looks like a trade-through. 

Economic Perspectives

ECONOMIC PERSPECTIVES

The Nasdaq-100® Ecosystem: The Evolution to Power Investor Choice Worldwide

Uncover how the Nasdaq-100 Ecosystem has evolved to represent over $1.4 trillion of exposure to NDX.

Executive Perspectives

AI Economy

Testimony

Guardrails and Growth: AI’s Role in Capital and Insurance Markets

Nasdaq Co-President Tal Cohen testified before the U.S Senate Committee on Banking, Housing, and Urban Affairs to discuss the potential of AI within capital and insurance markets, highlighting Nasdaq's long-standing commitment to innovative technology and emphasizing its responsible integration of AI since its founding as the first electronic exchange.

Tokenization

Testimony

Tokenization and the Future of Securities

Executive Vice President and Global Chief Legal, Risk and Regulatory Officer John Zecca testifies before the House Financial Services Committee about tokenization and the modernization of U.S. capital markets.

Report

Making the Case for Tokenized Collateral

A global report from Nasdaq and the ValueExchange surveys firms on their tokenization plans, the impact to capital efficiency, the realities of institutionalization and how the industry can move forward.

Newsletter

Tokens: Everything, Everywhere, All at Once?

Chief Economist Phil Mackintosh explores how tokens can be many different things.

Market Modernization

I can tell you what is most important to Nasdaq. Investor protection is number one - institutional-grade guardrails and working with the industry to build them for always-on trading.

Concentrating on Overnight Stocks

What stocks trade overnight – and are those stocks typically easier or harder to trade even during the day? The data shows that overnight trading is highly concentrated in a small subset of securities, primarily large ETPs and large-cap tech stocks.

Looking All Day for Data on 24-Hour Trading

Discover what research says about how overnight trading works now. The data points might help us work out how 24-hour trading should work.

Closing Time for 24-Hour Equity Markets

As the U.S. stock market moves closer to trading “around the clock,” there are some things we need to think about, such as when does a day conclude and the next trading day start.

Economic Perspectives

Evolution of the Nasdaq-100 Ecosystem

IPO Pulse

IPO Activity Dipped in Q1, But Don’t Call It a Downturn ->

IPO Pulses not yet in downturns, so the first quarter may prove to be a blip.

The True Costs of Going Public


 

Why the Market Needs Small Company Listings


 

IPO Market Gained Strength in 2025


 

Trends in IPO Pops

Market Structure

The SIP Formula Is Broken and Everyone Knows It

Market Close: The Most Important Price of the Day

All-in Economics to Trade Are What Matters Most

Why Physics Makes a Pre-trade Tape Impossible

Who is Trading on U.S. Markets?

What Ticks Make Spreads Trade Best

Getting Ticks Right Improves Valuations

All About LULDs

Global Financial Crime Report

Discover how financial crime has entered a new era defined by AI-powered threats, industrialized fraud, and criminal networks operating with the scale and coordination of multinational corporations.

2025 Report: Cutting Through Complexity in the Financial System

Uncover the cost of complexity across the financial system and gain fresh perspectives on how institutions can adapt to the exponential growth of complexity while minimizing internal complicatedness and friction. 

Our Monthly Newsletter for Regulatory Updates

Regulatory Roundup

Get insights on the latest regulatory news and trends around the world.

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The Print

Discover the biggest influences disrupting and driving global markets through in-depth analysis by Nasdaq Chief Economist Phil Mackintosh.

Chartstopper

Cut through the noise and explore the macroeconomic trends that matter most with concise, expert analysis from Nasdaq's U.S. Economist Michael Normyle.