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Analyst
Eli Abboud
Period: Reporting periods mapped to calendar 2025 Q2 – 2026 Q2 (5 quarters).
- Questions
- 13on tracked calls
- Challenge rate
- 23%3 of 13 questions
- Companies
- 3questioned at least once
- Reporting periods
- 5with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 13 of 13 questions from 3 companies
CBOECboe Global Markets6 questions · 4 reporting periods · 1 of 6 challenging
Calendar 2026 Q1
what capabilities Cboe brings to the SPX complex that you feel other options exchanges cannot replicate?
Show response
Rob detailed the broad SPX ecosystem (floor broker groups, market makers, 34 retail platforms) to argue the network is hard to replicate.
Calendar 2025 Q4
Any sense of the contribution of these new brokers to the strong SPX volumes in 2025? And then, what does the pipeline look like for further broker adds in 2026?
Show response
Rob didn't break out specific SPX attribution but noted: Robinhood continues growing (they estimate 40-45% options penetration growth), Korea 7 of 10 brokers now live (vs zero two years ago), Taiwan first broker launched in Q4 with more expected.
Calendar 2025 Q3
How are international users consuming your data? Is the growth concentrated in one particular channel?
Show response
Prashant noted growth is broad-based across data, index, and analytics platforms. Rob clarified many international clients trade during regular hours, not just GTH. Data consumption isn't tightly correlated with GTH volume.
What has changed that's going to allow you to get north of that? And then do you expect you can hit that target even in years when volumes and capacity fees are down?
Show response
Chris cited Dedicated Cores and Timestamping outperformance plus 85% of Global Cloud growth from outside US. Jill noted 90% from new units/sales vs pricing. Different products have different adoption curves.
Calendar 2025 Q2
How material are you anticipating that event to be? And in particular, do you think the margining changes will affect the growth trajectory of 0DTE?
Show response
Cathy commended OCC for listening to industry. Original 5% capital impact estimate reduced to ~1%. Market participants have adjusted and are ready for fall changes. Not the fire issue it was last year.
When 0DTE starts to reach maturity whenever that may be, what new themes, geographies or products you have the most conviction can provide that next leg of growth?
Show response
Cathy highlighted: retail expansion domestically and internationally (early innings in APAC), broker partnerships with data sharing, and migration of retail up the sophistication curve from other products to index options.
NDAQNasdaq, Inc.5 questions · 4 reporting periods · 2 of 5 challenging
Calendar 2026 Q2
How many of your clients are already taking the 24/7 version of your solution across Regulatory and Capital Markets
Show response
Adena said only a small handful use full 24/7 architecture; a growing pipeline is moving from 24/5 toward 24/7.
To what extent are you seeing new trading firms come into your data center versus existing clients
Show response
Adena attributed TMS strength to new and existing client connectivity demand plus a pricing increase, not GenAI.
Calendar 2026 Q1
if you can speak to the extent to which the release poses risks or creates liability for Nasdaq
Show response
Friedman emphasized extensive IT security review process before any new model integration. Leverages AWS Bedrock and Azure infrastructure with cyber partner ecosystem. Not pursuing cybersecurity as adjacency, relying on specialized partners.
Calendar 2025 Q4
If the rules do indeed change at the SEC, is there an opportunity for Nasdaq to do M&A in the off-exchange space? Or do you think Nasdaq can compete organically with these off-exchange venues?
Show response
Friedman expressed clear interest in ATS capabilities once SEC provides more flexible framework. Current exchange rules too codified to innovate. Believes SEC will provide more flexible framework and Nasdaq is actively engaging.
Calendar 2025 Q3
To what extent is the BioCatch announcement a one-off partnership versus an adjustment in your strategy at Verafin?
Show response
Friedman confirmed Verafin is architecturally a platform with modern APIs enabling seamless partner integration. BioCatch adds pre-transaction behavioral intelligence complementing Verafin's at/post-transaction analytics. First partnership but more opportunities expected.
CMECME Group2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2025 Q2
I was wondering if you could elaborate on the NASDAQ licensing agreement? Do the economics of the agreement change after yesterday's renewal?
Show response
Lynne confirmed no changes to economics, just a 10-year extension through 2039.
has the growing basis between your products and some of the European alternatives affected trading, particularly in the commercial channel?
Show response
Derek explained tariffs create EFP basis differentials driving record options activity. APAC volume up almost 40%, EMEA up over 22%. Record activity perpetuated through June beyond April announcements.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| CBOE Cboe Global Markets | 6 | 17%1 of 6 questions |
| NDAQ Nasdaq, Inc. | 5 | 40%2 of 5 questions |
| CME CME Group | 2 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2025 Q2 | 4 | 0%none of 4 questions | 2 |
| 2025 Q3 | 3 | 0%none of 3 questions | 2 |
| 2025 Q4 | 2 | 50%1 of 2 questions | 2 |
| 2026 Q1 | 2 | 100%2 of 2 questions | 2 |
| 2026 Q2 | 2 | 0%none of 2 questions | 1 |
- 2025 Q24 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2025 Q33 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2025 Q42 questions · challenge rate 50% (1 of 2 questions) · 2 companies
- 2026 Q12 questions · challenge rate 100% (2 of 2 questions) · 2 companies
- 2026 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Demand7
- Competitive Dynamics5
- Revenue Growth3
- Geographic Expansion3
- Regulation Policy2
- Product Launch1
- Cloud & AI1
- Subscriber Growth1
- Innovation & R&D1
- Pricing1
Show all 11 topics
- Trade Tariffs1