Nasdaq, Inc. (NDAQ) Piper Sandler Global Exchange and Fintech Conference June 4, 2026 9:00 AM EDT
Company Participants
Tal Cohen – President
Conference Call Participants
Patrick Moley – Piper Sandler & Co., Research Division
Presentation
Patrick Moley
Piper Sandler & Co., Research Division
All right. Next up, it’s my pleasure to introduce Tal Cohen, President of Nasdaq. Tal leads the Market Services and Financial Technology divisions at Nasdaq. He’s responsible for North American and European Market Services businesses as well. Also the company’s portfolio of marketplace technology surveillance, risk management, regulatory reporting solutions. One of the central voices behind Nasdaq’s always-on markets vision 24/7 trading, big topic here at this conference. So Tal, thanks so much for joining us.
Tal Cohen
President
Yes. Thanks for having me.
Question-and-Answer Session
Patrick Moley
Piper Sandler & Co., Research Division
So I’ll start off with a question on perps. Big news on Friday. CFTC approved Kalshi’s Bitcoin perpetual futures contract to put some pressure on the exchange names here recently. So with perps seemingly on a path to becoming onshore in other asset classes, how is Nasdaq thinking about this? Is it an opportunity? Is it a threat? Is this overblown? What’s your take?
Tal Cohen
President
Yes. And it’s great going after David and hearing what he had to say on perps. So I think what came out of the CFTC, folks construed that and extrapolated that and said, okay, if you can do that for Bitcoin, maybe they’ll provide approvals for equity-linked products. And I think that’s the extrapolation that folks are making. And there’s a couple of points I’d make there.
One is from a Nasdaq perspective, when we first looked at it, we were kind of surprised at the reaction you just talked about because we don’t think it has an
