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THE MARKET IS MOVING. KEEP UP.

The global economy is changing faster than ever before.


Market Makers newsletter by Phil Mackintosh provides deep insights and analysis on the transformative forces shaping the global economy, delivered to your inbox every Thursday. Each week we examine the biggest influences disrupting and driving the global markets — from industry-shaping technology and trends to evolving policies, market-moving IPOs and beyond. 

 

Phil Mackintosh

Phil Mackintosh

Senior Vice President, Nasdaq Chief Economist

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Get the latest on the transformative forces shaping the global economy, delivered every Thursday.

View the Latest Market Makers Editions

Market Infrastructure

Why NBBO Economics Have Become Distorted

We recently studied how trades speed around the marketplace. Now, we are explore how quote updates typically flow around the market.

  • 3 days ago
  • Phil Mackintosh
Market Infrastructure

Off-Exchange Trading Increases Across All Types of Stocks

Off-exchange trading has hit new record levels. Some think the increase in off-exchange volume is because of the rise in “sub-dollar” stock trading. However, today's data shows that’s not true.

  • Feb 13, 2025
  • Phil Mackintosh
IPOs

Increased Dealmaking Signals Continued IPO Market Recovery

Last year, we saw continued improvement in the initial public offering (IPO) market. There were more IPOs, more special purpose acquisition companies (SPACs), and IPOs raised more money than in both 2022 and 2023.

  • Feb 6, 2025
  • Phil Mackintosh

A Market Makers Webinar

How AI Is Changing Trading

Nasdaq Chief Economist, Phil Mackintosh, hosts the first Market Makers webinar, which showcases data-driven research on how AI is changing trading. 

 

You'll hear from Stanford University Assistant Professor of Management Science and Engineering, Markus Pelger, on the role machine learning can play in asset pricing. You'll also learn from Nasdaq Head of AI Research and Engineering, Doug Hamilton, about how Nasdaq is leveraging AI to advance market modernization. The educational webinar will help you understand the impact and implications of AI on trading.

Videos

Phil Mackintosh on TradeTalks

How Trade, Fiscal, and Monetary Policy Will Play in Shaping the Trajectory of Stocks and Gold
Max Cabasso, Managing Director on the Nasdaq Market Intelligence Desk, Michael Normyle, US Economist at Nasdaq, Joe Cavatoni, Market Strategist - North America at the World Gold Council, and Chris Englebert, Founding Partner & CIO of Englebert Investment Advisors, join Jill Malandrino on Nasdaq TradeTalks to discuss how trade, fiscal, and monetary policy will play in shaping the trajectory of stocks, fixed income, and gold in 2025.
Feb 19, 2025
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Additional Market Analysis

Access analysis led by Nasdaq Chief Economist Phil Mackintosh and the Economic Research Team that helps to support all Nasdaq businesses in analyzing data and formulating policies designed to help improve trading, capital formation and market structure.

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Market Makers with Phil Mackintosh

Nasdaq Chief Economist Phil Mackintosh's 2024 Economic Outlook
Nasdaq Chief Economist Phil Mackintosh shares his insights on the 2024 macroeconomic outlook.
Jan 05, 2024

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North American Markets

From breaking barriers as the first electronic stock exchange, to regularly eclipsing records for average daily volume (ADV) share, Nasdaq's North American markets give trading industry participants access to diverse and transparent liquidity in the equity and equity derivatives markets.

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