Redefiners Podcast Summary: "The Only Certainty Is Change: Nasdaq CEO Adina Friedman on AI, Innovation & Market Evolution"

Release Date: April 9, 2025

Introduction

In this compelling episode of Redefiners, hosts Clarke Murphy and Hoda Tahoun engage in a dynamic conversation with Adina Friedman, the Chair and CEO of Nasdaq. Recorded live from the bustling floor of the Nasdaq Exchange, the discussion delves into how Friedman is steering Nasdaq through an era of rapid technological advancements and market uncertainties.

Adina Friedman's Career Journey

Clarke Murphy opens the dialogue by highlighting Friedman's unique career trajectory—from starting as an intern at Nasdaq to ascending to its CEO position.

[02:09] Clark Murphy: "So maybe we start there having started as an intern and become CEO. You started as an intern, became CEO. Tell us about the journey and maybe some of the milestones that help you be the leader you are today."

Adina Friedman shares her serendipitous journey, influenced by her father's similar career path, emphasizing the importance of embracing opportunities.

[02:21] Adina Friedman: "I got so lucky. I mean, how often do you get to go and join a company right out of college or right out of university and then suddenly end up spending your whole career here."

She recounts pivotal moments, such as leading Nasdaq's data business and spearheading crucial projects that solidified her leadership within the company.

NASDAQ's Strategic Overview and Redefining the Company

Friedman provides an insightful overview of Nasdaq's evolution into a multifaceted technology provider for the global financial industry.

[04:51] Adina Friedman: "We are a technology provider to the entire financial industry... We underpin a lot of markets in terms of trading, clearing, settlement technology."

She outlines Nasdaq's three core divisions—markets, data analytics, and software—highlighting their role in enhancing liquidity, transparency, and integrity within the financial system.

Redefining Moments and Leadership Lessons

Discussing her career-defining projects, Friedman highlights the creation of Nasdaq's closing auction system, a transformative initiative that enhanced market integrity and transparency.

[07:12] Adina Friedman: "There was a project that allowed me to develop myself as a leader, accomplish something really important for the company, and build trust with the CEO."

The successful implementation of the auction system not only improved Nasdaq's operational efficacy but also deepened her relationship with then-CEO Bob Greifeld, leading to her promotion to Head of Strategy.

Evolution of NASDAQ in Technology and Innovation

Friedman elucidates Nasdaq's commitment to technological innovation, particularly in transitioning from traditional data centers to cloud-based infrastructures.

[23:54] Adina Friedman: "We rewrote our entire trade lifecycle technology, microservice architected cloud native. And we then partnered with a cloud provider, AWS."

She underscores Nasdaq's proactive stance in integrating AI, exemplified by the introduction of AI-driven order types and GenAI copilots across their software solutions, positioning the company as a leader in market technology advancements.

Managing Stakeholders in a Changing Environment

Navigating complex stakeholder landscapes, Friedman emphasizes the importance of active listening and collaborative solution-building.

[22:05] Adina Friedman: "First, you have to listen. So what are their problems? What are their needs?"

She advocates for "coopetition"—a blend of cooperation and competition—with firms, viewing many as both partners and competitors. This approach fosters resilience and adaptability in a volatile market environment.

Talent Management and Company Culture

Addressing talent retention, Friedman highlights Nasdaq's mission-driven culture aimed at attracting "missionaries, not mercenaries."

[27:55] Adina Friedman: "We are extremely fortunate to have a lot of long tenured power here... we want people who really believe in the mission of what NASDAQ does."

She emphasizes global talent acquisition, diversity of thought, and a performance-driven environment that encourages innovation and respectful challenge, ensuring long-term employee engagement and satisfaction.

Leadership and Continuous Learning

Friedman shares her passion for continuous learning, attributing much of her growth to interacting with innovators and attending forward-thinking conferences.

[31:34] Adina Friedman: "My most effective way of learning is learning from the experience of others... I listen and learn, and I take copious notes."

This commitment ensures she remains at the forefront of technological and strategic advancements, driving Nasdaq's sustained leadership.

Career Advice for Young Leaders

When addressing career progression, Friedman advises a strategic and introspective approach:

[33:19] Adina Friedman: "When you're choosing to go to a company, you're not just going for the job that you're walking into, but you're going for the opportunity that could be there."

She encourages young leaders to excel in their current roles, envision their future within the company, and remain open to opportunities for growth—emphasizing curiosity and goal-setting as key drivers for career advancement.

Rapid Fire Questions and Personal Insights

In the closing segment, Friedman shares personal tidbits that offer a glimpse into her character:

• Favorite Professional Sports Team: Washington Commander. [35:32]
• Hidden Talent: Certified private pilot. [35:48]
• Mantra/Slogan: "Knock on wood." [35:55]
• Mentor: Her father and Bob Greifeld. [36:29]
• Best Advice Received: Focus on continuous improvement through constructive feedback. [36:45]
• Legacy at Nasdaq: Too early to declare. [37:21]

Conclusion and Reflections

The episode encapsulates Nasdaq's pivotal role in shaping global financial markets through innovation and strategic leadership. Adina Friedman's insights highlight the delicate balance between disruption and stewardship, emphasizing the necessity of adaptability, stakeholder engagement, and fostering a mission-driven culture. The discussion serves as a valuable guide for leaders navigating today's complex and rapidly evolving business landscape.

[39:09] Adina Friedman: "Thanks Clark. It was great to be here. So thank you."

Key Takeaways:

• Embrace Opportunities: Proactively seek and lead transformative projects to drive personal and organizational growth.

• Innovate Continuously: Leverage technology like cloud and AI to stay ahead in a competitive market.

• Foster a Mission-Driven Culture: Attract and retain talent by instilling a sense of purpose and encouraging diverse perspectives.

• Engage Stakeholders: Listen actively and collaborate to address multifaceted challenges effectively.

• Commit to Lifelong Learning: Continuously seek knowledge from various sources to inform strategic decisions.

This episode of Redefiners offers a compelling narrative on leadership, innovation, and resilience, underscoring how Nasdaq under Adina Friedman's guidance is navigating and shaping the future of global financial markets.