Magnus Haglind is Head of Capital Markets Technology, Nasdaq.

What surprised you in 2025?

The unexpected and unprecedented surge in volume and volatility tested the resilience of trade and post-trade market infrastructure, with record levels hit across the global financial system. Meanwhile, the pace at which 24-hour trading and digital assets are taking hold is redefining the need for agile infrastructure, reflecting the urgent requirement for more flexible, resilient and scalable technology.

Much of the sector has performed remarkably well in the circumstances, maintaining services through extremely challenging periods and certainly benefiting from years of investment in their underlying technology. However, too much of the industry still relies on legacy systems, and in many cases that was pushed to the brink in 2025 with operators around the world now forced to bring forward modernization projects, in some cases to almost literally keep the lights on. This is very much a ‘new normal’ operating environment.

How have market operators’ pain points evolved over the last year?

The longer operating cycles required to facilitate 24-hour trading, the accelerating integration of digital and traditional markets, and the transformational potential of AI have all brought modernization plans into focus. But time is of the essence, and these business priorities and initiatives are piling up, prompting a rethink in technology sourcing models.

Investment programs are now shifting to managed service models, where Nasdaq’s team of experts are given primary responsibility for the day-to-day management and maintenance of operators’ underlying infrastructure. That frees up resources within those organizations to focus on their core growth strategy and the things that make them unique, with the peace of mind that they now have a tech platform that can readily integrate new capabilities and connect to markets around the world. There has been a genuine mindset shift compared to this time last year.

What are your expectations for 2026?

At the heart of this industry change is an evolution in how organizations view mission-critical technology, which has expanded to encompass anything that facilitates interoperability, real-time decision-making, and operational resilience in a new world of always-on markets. Many more systems and capabilities are in now scope which again increases the need to invest in these platforms to cater for the new operating reality.

AI is likely to remain center stage as it drives increasing levels of productivity, and organizations take significant steps behind the scenes to reform their data strategies. Increasingly, clients and partners will gain access to an agentic AI workbench that will support the development of their own agents to work alongside the native Nasdaq capabilities. Cloud technology will continue to be at the core of this transformation, offering unparalleled flexibility, scalability, and the robust governance that modern infrastructure and AI demands. We also expect multiple clearing houses to launch next generation cloud-deployed platforms, marking another major milestone in the maturity of the technology.

And finally, technology advancements and evolving regulations will significantly advance the integration of digital and traditional markets. We will begin to see a new era of connectivity and efficiency across the industry with accelerating post trade workflows and greater use of tokenized collateral.

What are you most excited about?

Rapid technological innovation, evolving regulations and changes to market structure are all contributing to a remarkable generational shift in global capital markets. Every year the pace of change seems to get quicker.

These innovative advancements aren’t just promising resilience and agility, but previously unfathomable levels of connectivity, interoperability and the potential to drive prosperity across the global economy. We have a vast client community of over 135 market infrastructure providers and, alongside our own markets, have a truly unique opportunity to drive that transformation agenda. I’d say that’s pretty exciting.