All-In with Chamath, Jason, Sacks & Friedberg The New Era of the Stock Market with Nasdaq CEO Adena Friedman | All-In Summit 2025
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Sep 9, 2025 
Adena Friedman, the CEO of Nasdaq known for her efforts in modernizing financial markets, shares groundbreaking insights. She announces Nasdaq's exciting move into tokenized securities and a 24/5 trading schedule, reflecting a shift toward crypto mainstream acceptance. They discuss the evolving IPO landscape, advocating for faster public offerings. The dialogue also touches on the transition to index funds, the importance of regulatory clarity, and the Federal Reserve's data reliance, addressing systemic risks in the financial markets.
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Nasdaq Is A Market-Tech Platform
- Nasdaq evolved from a single exchange into a global market-technology and index business serving markets and issuers worldwide.
- The company now provides market infrastructure and index products with hundreds of billions in AUM.
Bring Tokenization Into Core Markets
- Tokenize equities on regulated markets to streamline post-trade processing and cut friction.
- Move trading hours toward 24/5 first and layer tokenization to modernize settlement and capital flows.
24/5 Trading Meets Global Demand
- Extending trading to 24/5 addresses global investor demand while preserving key daily market anchors like opens and closes.
- Nasdaq already processes millions of messages per second and can operate extended hours resiliently.