In a business traditionally anchored in customs and closed hierarchies, Adena Friedman managed to revolutionise the entire industry, not only in how markets are operated but also in how leaders think and behave. Friedman is not only at the helm of one of the world’s largest stock exchanges but also serves as the President and CEO of Nasdaq, a modern market innovator, a digital disruptor, and an inclusive leader.
Friedman is a visionary leader who advanced through meritocracy and resilience to become Nasdaq’s CEO in 2017. She was the first woman to lead a global exchange, and her efforts continue to influence how capital markets interact with innovation, transparency, and societal trust.
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The Long Game is Power
Friedman prioritises long-term, sustainable value over immediate wins, focusing on deep tech, partnerships, and future-proof strategies.
Under her leadership, Nasdaq evolved from an equity exchange to a global tech and data leader, earning most revenue outside trading in analytics, market tech, and ESG data.
Lesson: Great leaders not only embrace the future, they actually shape it.
Re-define What Your Business Stands For
When people mention the Nasdaq, they often think of the biggest tech IPOs, such as Apple, Microsoft, and Google. However, Friedman saw Nasdaq as more than a trading platform. She rebranded it from a stock market to a tech and financial infrastructure firm, diversifying into cybersecurity, cloud technology, and ESG services to stay relevant in a changing world.
Lesson: Leadership is not just about growth, it is about redefining the identity of your business.
Not fear, but Technology
Friedman is a firm believer in technology to provide more transparency, security and accessibility of capital markets. She was the pioneer in implementing cloud computing, artificial intelligence and blockchain technology in the operations of Nasdaq.
Instead of fighting against discontinuity, she welcomed it, making Nasdaq not a legacy institution that is under threat, but a digital transformation platform.
Lesson: Technology is not the enemy, it is your strongest ally, unless you are its follower, not its leader.
Champion Governance with a Purpose
Friedman has vocally supported corporate responsibility and transparency. She spearheaded Nasdaq in insisting on more diversity on the boards of companies that are listed on Nasdaq, implementing a groundbreaking rule that mandates companies to report on their board composition and diversity statistics.
Despite the backlash in certain circles, it placed Nasdaq at the forefront of ESG and responsible governance, demonstrating the potential a financial institution has to influence social change.
Lesson: Leadership in this day and age has to be more than about profits. It is not enough to lead a system based on values.
Shape Your Story and Inspire Others
Friedman’s story highlights her rise from intern to CEO in a male-dominated environment, showcasing her balancing ambition, family, and personal growth. She exemplifies female leadership in finance and tech, proving that leadership doesn’t always follow traditional paths.
Lesson: Legacy leaders not only tell people what to do but also demonstrate to them what can be done.
Remain Rooted in Facts, and Driven by Vision
Friedman is an analytical and strategic thinker. Her conclusions are never unfounded, she has always relied on data, but what is different is that she has been able to relate that data to a larger picture.
Whether it is the creation of smarter markets, the minimisation of friction in cross-border transactions, or the creation of the next iteration of finance, she is always thinking of the next generation of finance and using real-world analytics to create it.
Lesson: Numbers lead operations, but vision leads to innovation. Good leaders combine both.
Strike a Balance between Stability and Agility
Being the CEO of a large financial organisation, Friedman needs to make sure that the systems are sound and stable, but at the same time, she has to be innovative in order to stay ahead. She has been able to strike the right balance between the strictness of regulation and the flow of innovation, a skill that is becoming increasingly important in a volatile economy.
During her watch, Nasdaq has not only been able to enhance its trading platforms, but it has also expanded into cybersecurity, fraud detection and other high-value services.
Lesson: The current leadership needs to have two faces, to be the custodian of faith and a change agent.
A Legacy through the Future Lens
Adena Friedman is not only reshaping Nasdaq, she is modernising the role of capital markets in society. Whether it was changes in technology or societal advancement, she has made it clear that running a company financially can be responsible and revolutionary at the same time.
Friedman is decisive, quiet, and forward-looking in a noisy world. It is not only the growth of Nasdaq that will testify to her legacy, but also the way she managed to redefine the very nature of global finance to future generations.
