Nasdaq, Inc.
Financials
52
out of 100. Number 196 of 512, counting from the worst.
Where Nasdaq, Inc. does well
- Nasdaq's arbitration clause includes a 30-day written opt-out right that is preserved across later versions of the terms (valid opt-outs 'continue to be honored'); arbitration defaults to the county where you reside, small-claims court claims are carved out, and Nasdaq pays the administrative arbitrator's fees for batch arbitration.
- The privacy policy is explicit that Nasdaq does 'not sell Personal Data for money,' honors the Global Privacy Control signal, states it has no actual knowledge of selling/sharing data of California residents under 16, and provides a clear 'Do Not Sell My Personal Information' opt-out.
- Personal nasdaq.com accounts can be deleted on request and 'account deletion will lead to the deletion of all personal data.' Nasdaq+ can be cancelled 'at any time' through the account portal (only refunds are denied).
- The policy also states Nasdaq does not engage in automated decision-making producing legal effects about individuals.
By merely visiting or using nasdaq.com, you give up your right to sue in court or get a jury trial — all disputes go to private individual arbitration unless you send a written opt-out within 30 days.
The fine print
10 clauses and findings from the draft archive, dated 1 October 2026. The plain English comes first; the small print is the company's own words. None of these has been checked yet.
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By merely visiting or using nasdaq.com, you give up your right to sue in court or get a jury trial — all disputes go to private individual arbitration unless you send a written opt-out within 30 days.
UNLESS YOU OPT OUT OF THE AGREEMENT TO ARBITRATE WITHIN 30 DAYS: (1) YOU WILL ONLY BE PERMITTED TO PURSUE DISPUTES OR CLAIMS AND SEEK RELIEF AGAINST NASDAQ ON AN INDIVIDUAL BASIS, NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY CLASS OR REPRESENTATIVE ACTION OR PROCEEDING AND YOU WAIVE YOUR RIGHT TO PARTICIPATE IN A CLASS ACTION LAWSUIT OR CLASS-WIDE ARBITRATION; AND (2) YOU ARE WAIVING YOUR RIGHT TO PURSUE DISPUTES OR CLAIMS AND SEEK RELIEF IN A COURT OF LAW AND TO HAVE A JURY TRIAL. ... YOU AND NASDAQ HEREBY WAIVE ANY CONSTITUTIONAL AND STATUTORY RIGHTS TO SUE IN COURT AND HAVE A TRIAL IN FRONT OF A JUDGE OR A JURY.
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If you don't start arbitration or a small-claims case within one year of a claim arising, your claim is gone forever — a shorter fuse than most state statutes of limitation.
You and Nasdaq agree that any Dispute must commence within one (1) year after the cause of action accrues; otherwise, such cause of action is permanently barred.
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If 25+ people file similar arbitration claims at once (the natural outcome of banning class actions), Nasdaq can herd them into batches of 100 decided by one arbitrator in one hearing — a mechanism that blunts the collective pressure mass arbitration is meant to create.
To increase the efficiency of administration and resolution of arbitrations... in the event that there are twenty-five (25) or more individual Requests of a substantially similar nature filed against Nasdaq... NAM shall (1) administer the arbitration demands in batches of 100 Requests per batch... and (3) provide for the resolution of each batch as a single consolidated arbitration with one set of filing and administrative fees due per side per batch, one procedural calendar, one hearing (if any) in a place to be determined by the arbitrator, and one final award.
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Nasdaq can change the terms whenever it wants; your only vote is to stop using the site, and merely continuing to visit means you've accepted the new terms.
Nasdaq may modify this Agreement from time to time. If you do not agree to the changes, stop using our Services (and remember to cancel any fee-based services) before the changes take effect. Your continued use of a Service after the effective date of any changes means that you agree to the changes.
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Just visiting the site counts as consenting to have your info shared across Nasdaq's business units, affiliates, partners and customers worldwide.
We may share your Information with our business units, affiliates, subsidiaries, business partners, and customers in the US and worldwide for purposes identified above... To the extent required or permitted by applicable law, by visiting or using our Sites or otherwise providing us with your Information, you consent to this sharing of your Information.
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Your data can be handed to third parties including generative-AI providers, call-recording and summarization platforms — the policy only promises they must not use it for other purposes or disclose it further.
We may share your Information with third parties who perform functions on our behalf (e.g., hosting or operating our services or Sites, access management, Processing credit card payments, artificial intelligence providers (including generative AI platforms), sending email marketing communications, call recording, summarization and analysis platforms, compliance services (such as WorldCheck), or data analysis).
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Nasdaq admits that ad-tech partners collecting your device and browsing data on its site can legally count as a 'sale' of your personal data — and the opt-out only works on the specific browser/device you used.
like many companies, we use services that help deliver interest-based ads to you. Our use of some of these services may be classified under California law as a 'sale' or 'share' of your Personal Data to the companies that provide the services because they collect information from our users (e.g., device data and online activity data) to help them serve ads more likely to interest you. You can request to opt-out of this 'sale' of your Personal Data here: Do Not Sell My Personal Information. Your request to opt-out will apply only to the browser and the device from which you submit the request.
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Anything you post (comments, photos, video) is licensed to Nasdaq forever for any use — explicitly including training AI models that mimic your style — with no right to revoke.
You grant Nasdaq a perpetual, sub-licensable, non-exclusive, world-wide, royalty free license to all of your content... Nasdaq reserves the right to reproduce and/or otherwise use posted content in any manner for purposes of training artificial intelligence technologies to generate text or other output, including without limitation, technologies that are capable of generating works in the same style or genre as the content.
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Nasdaq's paid subscription bills your card monthly and gives zero refunds if you cancel mid-cycle, though cancellation itself is allowed anytime via the account portal.
Cancellation of Services. ... You may cancel your Nasdaq+ Service at any time through the Nasdaq+ Account Portal. Cancellation will be effective at the end of the then current billing period. You shall not be eligible for any refunds for cancellation of the services. ... such fees, taxes and related charges will be billed to the credit card or accepted payment account that you provide at the beginning of each month.
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No concrete retention timeline anywhere — Nasdaq keeps your data as long as it deems 'reasonably necessary,' which is effectively indefinite.
We will retain each category of Information identified above for as long as reasonably necessary to maintain the Sites, to meet legal and accounting obligations, and for the other purposes described in this Privacy Policy, or as otherwise required or permitted by law, unless specifically authorized to be retained longer.
How these were found
Documents read directly on the official nasdaq.com domain via browser_open on Oct 1, 2026 — no mirrors needed. Privacy Policy is dated 'Effective September 3, 2026' (URL: https://www.nasdaq.com/privacy-statement-effective-sept3); the Terms of Use at https://www.nasdaq.com/legal show no explicit effective date. Nasdaq is primarily a B2B exchange operator and market-technology vendor; these are the public-facing visitor/consumer terms, and most heavyweight customers are governed by negotiated exchange and data-licensing agreements rather than these pages. Note: Section 20.10/20.12 of the Terms still contain '[insert address]' placeholder text, suggesting the arbitration section is not fully finalized. Score kept modest (52) because the shadiest clauses common in B2C terms are absent or tempered (opt-out preserved, no money-sale of data, cancellation anytime).
These notes come from the original draft and are not independent verification.