The Nasdaq Execution Platform is a comprehensive, managed service designed to enable broker-dealers and trading firms to fully outsource their trading infrastructure and operations. This platform supports various internal marketplaces, including Alternative Trading Systems (ATS, Single Dealer Platforms (SDP, and Systematic Internalizers (SI. By leveraging Nasdaq's extensive market operating experience and technological scale, firms can efficiently manage their trading environments, ensuring compliance with regulatory requirements while focusing on revenue-generating activities. Key Features and Functionality: - Low-Latency Matching Engine: At the core of the platform is Nasdaq's ultra-low latency matching engine, connected to all U.S. equities trading venues and SIP feeds, providing deterministic and uniform low-latency performance across participants. - Sophisticated Order Management: The platform offers comprehensive order functionality that supports operator-defined customization, optimized execution performance across multiple client profiles, including segmentation logic and conditional orders. - Regulatory Compliance: Nasdaq Execution Platform complies with relevant U.S. regulatory mandates, providing required regulatory controls and reporting, thereby offloading the regulatory burden from firms. - Trade Surveillance: Integrated trade surveillance technology facilitates efficient monitoring and identification of market abuse and manipulation, ensuring market integrity. - Risk Management: The platform provides sophisticated measures and alerts to protect the market and its participants from trading risks. - Easy Access: Standardized, user-friendly APIs and graphical user interfaces provide ease of access to services for the operator and its clients. Primary Value and Solutions Provided: The Nasdaq Execution Platform addresses several critical challenges faced by trading firms: - Resource Optimization: By outsourcing trading infrastructure and operations, firms can better capitalize on scarce resources, allowing them to focus more time on revenue-generating activities. - Cost Efficiency: Leveraging Nasdaq's market operating experience and technological scale enables firms to effectively manage internal marketplaces, reducing expenses associated with maintaining and upgrading in-house systems. - Regulatory Compliance: The platform's compliance with U.S. regulatory mandates and provision of required controls and reporting offloads the regulatory burden from firms, ensuring adherence to industry standards. - Enhanced Market Integrity: Integrated trade surveillance and risk management tools safeguard market integrity, protecting both the market and its participants from trading risks and potential abuses. By adopting the Nasdaq Execution Platform, firms can streamline their trading operations, ensure regulatory compliance, and focus on strategic initiatives that drive growth and profitability.