Nasdaq Posts $2.53 Billion Q2 Revenue as CME Tops $1.71 Billion and MSCI Slips 12%
Updated
Updated · The Globe and Mail · Jul 30
Nasdaq Posts $2.53 Billion Q2 Revenue as CME Tops $1.71 Billion and MSCI Slips 12%
3 articles · Updated · The Globe and Mail · Jul 30
Summary
Nasdaq delivered the strongest quarter of the three, with Q2 revenue up 14.9% to $2.53 billion and EPS at $1.07, beating estimates as all three business segments posted double-digit growth.
CME also beat expectations, reporting $1.71 billion in revenue and the second-highest Q2 average daily volume in its history, while record market-data revenue of $238 million helped lift the stock 5%.
MSCI grew revenue more than 12% and set a record for assets under management, but a roughly 1% EPS miss and 0.3% revenue miss sent the shares down 12% after results.
The differing reactions reflect business mix: CME is the purest play on sustained volatility, MSCI depends more on rising assets and steady markets, and Nasdaq sits between them with exchange, listing and fintech revenue.
SpaceX's record IPO boosted Nasdaq's capital-markets segment, tempering enthusiasm over an otherwise broad beat and underscoring that some of its Q2 strength came from a rare one-off event.
With semiconductor options trading at record premiums, how long can this hyper-focused volatility last before broader market panic hands CME an unprecedented windfall?
If current market dispersion mirrors the 1999 tech bubble, are diversified exchanges like Nasdaq truly shielded from a sudden collapse in trading volume?
As AI-driven dispersion hits tech-bubble highs in mid-2026, could this extreme concentration trigger a systemic shock that crushes even the safest market tollbooths?