Nasdaq Leans Into Tech in Quest to Become More Than an Exchange

When most people think of Nasdaq, they think of big tech stocks: It is, after all, the world’s No. 2 stock exchange and home to the likes of Amazon.com, Apple, Facebook, Google and Microsoft. But when Adena Friedman looks at the company, she thinks fintech. To make that vision a reality, Friedman, who became Nasdaq’s chief executive officer in 2017, has completed at least a dozen acquisitions, culminating in the $10.5 billion takeover of financial software house Adenza on Nov. 1.

Shareholders weren’t enthusiastic, pushing Nasdaq stock down by 12% the day the deal was ...