Nasdaq 'Clearly' Opposes New Jersey Tax Plan, Says CEO Friedman

The transcript discusses NASDAQ's earnings growth, driven by a robust market environment and long-term trends. It highlights the increased participation of retail investors due to reduced market friction and market volatility. The discussion also covers the potential impact of a financial transaction tax, which NASDAQ opposes due to its potential to increase market friction and reduce liquidity.

What factors contributed to the company's growth in the third quarter?

• Robust market environment and long-term trends

• Reduction in data analytics usage

• Decrease in technology investments

• Decline in market volatility

What change in the market has increased retail investor participation?

• Increase in government regulations

• Introduction of high commission fees

• Shift to zero commission trading by online brokers

• Decrease in market volatility

What is one of the main reasons for the increased market volumes this year?

• Reduction in online trading platforms

• Stable market conditions

• Decrease in retail investor participation

• Market volatility due to differing investor opinions

What is the company's stance on financial transaction taxes?

• Supportive as it widens market spreads

• Opposed due to increased market friction

• Neutral as it has no impact

• Supportive due to increased government revenue

What is a potential consequence of implementing financial transaction taxes?

• Stable market conditions

• Higher investor participation

• Wider spreads and lower liquidity

• Increased market liquidity