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NASDAQ Inc.(NASDAQ: NDAQ)
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Q3 2017 Antithesis Arrangement Call
Oct. 25, 2017, 8:00 a.m. ET
Operator
Welcome to the Nasdaq Third Division 2017 After-effects Arrangement Call. At this time all participants are in a listen-only mode. Later, there will be a catechism and acknowledgment session, and instructions will chase at that time. If you crave any abetment during today's call, you may columnist brilliant afresh aught on your touchtone telephone. As a reminder, this arrangement alarm is actuality recorded. I would now like to about-face the arrangement over to Ed Ditmire, Vice President Broker Relations. Sir, you may begin.
Ed Ditmire-- Vice President Broker Relations
Good morning everyone, and acknowledge you for abutting us today to altercate Nasdaq's Third Division 2017 Banking Results. On the band are Adena Friedman, our CEO, Michael Ptasznik, our CFO, Ed Knight, our Accepted Counsel, and added associates of the administering team. Afterwards able remarks, we'll accessible up to Q&A. The columnist absolution and presentation are on our website. We intend to use the website as a agency of advice material, clandestine advice and acknowledging with acknowledgment obligations beneath SEC acclimation update. I'd like to admonish you that assertive statements in this presentation and during Q&A may chronicle to approaching contest and expectations, and as such aggregate avant-garde statements aural the acceptation of the Clandestine Securities Reform Act of 1995. Absolute after-effects may alter materially from these projections. Advice apropos factors that could annual absolute after-effects to alter from avant-garde statements is independent in our columnist absolution and alternate letters filed with the SEC.
I now will about-face the alarm over to Adena.
Adena T. Friedman -- President, Chief Executive Officer, COO, and Director
Thank you, Ed. Acceptable morning, and acknowledge you for abutting us. I am admiring to abode Nasdaq's able third-quarter 2017 after-effects today. I additionally appetite to altercate how we are advisedly evolving the cardinal administering of the company, the accomplishments we've taken to drive that avant-garde to date and abode the authoritative ambiance and some of the developments there.
The after-effects we delivered during the division are apocalyptic of our able focus and alignment with our client's needs. In particular, we added our non-GAAP adulterated EPS by 12% year-over-year excluding the $0.04 annual from changes in the share-based tax accounting. We generated absolute net acquirement of $607 actor and non-GAAP operating assets of $290 million, up 4% and 8% respectively, year-over-year.
We abide to assassinate able-bodied to accomplish our 2017 priorities including convalescent our aggressive position above our businesses, amalgam the 2016 acquisitions and carrying on their abounding affiance and commercializing our adeptness in arising technologies, and bringing new solutions to the marketplace.
Growth was abnormally able in the alternating and cable ancillary of the business across we generated 76% of our third-quarter revenue. First, Advice Casework saw able accomplishment with $150 actor acquirement for the division with abnormally able advance in abject licensing and casework acquirement up 21% year-over-year, a attestation to the altered accession that we've accustomed in the abject abject with over 40% of our accountant AUM and smart-beta products.
Market technology generated revenues of $77 million, an admission of 5% year-over-year, and year-to-date the commitment has generated $215 actor in revenue, up 8% year-over-year. We exited Q3 on a able basement in agreement of backlog, new applicant wins, and fast business trends, all of which we apprehend to drive approaching growth. We're accession ourselves to added that advance drive through our advance in Sybenetix and centralized development initiatives, best notably, our advance in the Nasdaq Banking Framework, our next-generation basement platform.
Under our bazaar casework segment, Barter Administering Casework saw able advance from some of our newer products, in accurate third-party connectivity which contributed to a 9% admission in the quarter, year-over-year. The trading ancillary of the business is bold able-bodied admitting celebrated lows and animation and aerial industry volumes due to bazaar allotment assets in the three bigger trading acquirement categories, U.S. Options, U.S. Equities, and Nordic Equities. This is a arresting archetype of the advance adjoin one of our 2017 beheading priorities to advance our aggressive position. With accession one of our 2017 priorities, our accretion affiliation efforts, I'm actual admiring to say that we accept completed the technology affiliation of the IC Options Exchanges assimilate the Inet Technology. The aggregation did an outstanding job with the circuitous affiliation which they completed on time and which enabled us to assassinate on all our synergy expectations.
There are areas of our business that abide to appearance slower advance than we would like, in particular, our Accumulated Solutions and our Advertisement Casework businesses. In agreement of listings, we are seeing some auspicious business akin operating trends. In the Nordics, admitting a seasonally apathetic third-quarter, our new listings are still on their way to a almanac in 2017 with 72 new listings so far, this year, or 24% year-to-date. In the U.S. we accept had 87 IPOs during the aboriginal nine months of 2017, up 32% year-to-date over the commensurable aeon aftermost year. We accept added our IPO win-rate to 77% during the third-quarter, convalescent our year-to-date win-rate to 60%.
In 2018, we'll admission the final appearance of the 2015 appraisement changes in listings aback U.S. accumulated advertisement barter who haven't already autonomous in will alteration to the arranged annual, and advertisement of added allotment fees, which will accompany a abstinent acquirement annual abutting year.
In Accumulated Solutions, across year-over-year comparisons were flat, we're demography action to bigger position ourselves strategically and advantage the genitalia of those businesses that comedy to Nasdaq's strengths and adeptness action forward. I'll accommodate added detail about this afterwards in my remarks.
Moving on from the banking metrics, I wanna absorb a few annual discussing the abiding opportunities we're focused on that will abide to position this close for advance in the abode and years to come. As I mentioned in our September call, in agreement of our cardinal planning, we've been analytical the key trends that will drive change and change in our industry, with a focus on how we can best serve our audience as they acclimate and acknowledge to technology and added industry advancements in the advancing years. We intend to use our capital, talents, and added assets to adjust ourselves with the charge of our audience both today and tomorrow.
The specific abiding trends that we accept will appulse our business are first, the actualization of a barter abridgement with alternate bazaar mechanisms proliferating far above banking markets. Over the year, application our bazaar basement technology, we accept formed with third-party audience attractive to actualize bargain mechanisms or connected markets to acquiesce for amount assay for assets alfresco the ambit of the banking markets today. We accept that this trend to accord consumers the adeptness to accommodate amount for appurtenances that are calmly transferred, accompanying with avant-garde calendar acquittal options, will abide to expand.
Essentially, the Nasdaq banking framework offers our absolute clients, but additionally the arising barter economy, a avant-garde architectonics that embraces the latest advancements in technology. Added is the role of the advance banks as analytical pillars of the banking system. Our appearance is that abounding of the all-around banks accept emerged from the after-effects of the acclaim crisis in a position of strength. As they reorient their own basic allocation priorities, they accept developed a altered attitude adjoin technology partnership. Across they're accommodating to accretion cardinal partners, who accept specialized capabilities in areas across they don't appearance the technology as a key aggressive differentiator, and that can be delivered in a beneath big-ticket way than their own centralized IT organizations can manage. They can afresh focus their centralized IT efforts on those areas that accommodate them specific aggressive advantages.
An archetype of that about-face has been our Ocean initiative, across we seek to serve as the technology accomplice for banks in managing their centralized trading venues. In the third-quarter, we accept won a added Ocean mandate, in this case to adeptness a coffer one all-around bank's adopted barter trading platform. We abide to accept alive and auspicious discussions with added banks gluttonous to accretion agency to optimize their centralized operations with our bazaar basement technology.
The third above trend that every industry is adverse is the admission of abstracts accompanying with the advance of apparatus intelligence. We accept congenital a acknowledged abstracts authorization of all-around administering and today we accept new accoutrement to anatomize our data, bisect it with accomplishment advice and bear added and added allusive insights to our clients. Our analytics hub is a acceptable example. We're application apparatus intelligence to accommodate investors with able-bodied signals that can advice them cross the banking markets and assassinate their advance and trading strategies added efficiently. Similarly, for our accumulated clients, we've aloof launched IR360 which mines abstracts in a new way to bear insights to IR admiral and added admiral on their broker abject and how they're interacting with them. In our Smart Surveillance business, we're creating consistently able alerts and added capabilities that accredit added adult agency to baby-sit the activities above markets globally.
The aftermost above trend is the alive ambiance and advance management. We're seeing accouterment that go far above the alive to acquiescent dynamic. For example, the accretion accent of advance in clandestine companies, the advance and quantitative strategies, and all-embracing the added antagonism that all asset managers are adverse admitting a ascent advance of consistently investable assets entering the markets in the advancing years. We accept that this trend accompanying with the third trend of the abstracts admission creates absorbing opportunities to serve the asset administering industry with added adult abstracts and analytics with the aim to empower them to attempt added finer in a alive environment.
We are aflame that we accept aloof bankrupt on our accretion of eVestment. The appropriate fit amid eVestment and Nasdaq creates opportunities to body our role as a key differentiated analytics accomplice in the advance community. Our interactions with the eVestment aggregation in the weeks aback announcement the acquisition, through to closing this week, has alone aloft our confidence on this absurd opportunity. These initiatives and others that we accept in our advice casework commitment action will accredit us to abide our aciculate focus on carrying added applicable advice and intelligence to our client.
As we completed our cardinal review, we adjourned our accepted assets and capabilities and mapped them adjoin our areas of cardinal focus. In that process, we articular across we accept assets that are accessible to be activated adjoin our focus areas, across we charge to advance to advance our position, and across we may accept assets that are not amount to our future. Due to that evaluation, we accept placed our Accessible Relations Solutions, and Calendar Media Casework business beneath cardinal review.
As you mentioned in our release, aback we accept absolute annual accompanying to this business is to allotment with you, we will do so. By application and absorption on our IR intelligence solutions and lath and administering portal, we will be able to abide to serve as a key accomplice to our accumulated audience as they cross the all-around basic markets. We will advance the capabilities that are cardinal to them in their babyminding and IR relationships.
The cardinal axis we've aloof amorphous to apparatus has us bigger aggressive today to accompany our objectives. But we're additionally alive to allocate some of the action and acquirements that occurred during this abiding cardinal analysis. By consistently reviewing, assessing and authoritative adjustments aback bare to aerate our abiding capability and authoritative this as abundant a allotment of the adeptness as our operating and adeptness disciplines will put us in a abundant position to ensure how we can bear for our audience and our shareholders alike.
Lastly, I appetite to absorb a few annual on the authoritative environment. Nasdaq's mission is to use ingenuity, integrity, and insights to bear markets that advance bread-and-butter growth. As allotment of that mission, we appetite to ensure that the U.S. basic markets are the best, and best able-bodied that they can be. To that end, in May we appear a adapt for abating the U.S. basic markets with recommendations that we see as basic across the U.S. retains its accolade in the all-around basic markets. As allotment of our initiative, we're gluttonous to accretion key abutment from key stakeholders to admission the address a accessible bazaar for avant-garde and growing companies.
We've been encouraged by several accomplishments taken by the new administering in contempo months. Specifically, anon afterwards Administrator Clayton was affidavit in, he connected the adeptness to abide arcane filings to all companies, not aloof those with beneath than $1 billion in anniversary revenue. We additionally acclaim Congress for introducing several pieces of legislation in the aftermost several weeks focused on the accessible disinterestedness markets, including a bill to strengthen proxy advising close blank and all of which aim to actualize added ambrosial accessible aggregation acquaintance while attention analytical broker protections.
On October 6th, the U.S. Treasury appear its abode advising assorted reforms to how the basic markets can abutment bread-and-butter advance with ample focus on the U.S. disinterestedness markets. There are areas in the abode across the U.S. Treasury is in complete alignment with the recommendations in Nasdaq's adapt including abbreviation accumulated acknowledgment obligations that are principally politically motivated. Alive to authorize added allusive proxy admission thresholds, reviewing blank of proxy advising firms, and reforming actor litigation. Additionally in alignment with Nasdaq's advocacy was Treasury's admiration to accord beneath aqueous issuers added best on the bazaar anatomy of their advertisement exchange. Notably, they abutment revisions to unlisted trading privileges to acquiesce a distinct barter to barter a company's banal in acclimation to reconsolidate the company's clamminess with the aim to advance bazaar affection and lower their disinterestedness amount to capital.
There are additionally added bazaar anatomy recommendations such as added ATS and acquittal [inaudible] [00:14:03] disclosures which accept had and abide to accept Nasdaq support. In added areas such as the Treasury's recommendations about the Sip Abstracts Role and Satisfying Best Beheading Requirements and their appearance on SEC assay standards for market-data fee filings, we appearance Treasury's recommendations and priorities as absolutely constant with accepted law and precedent. Treasury additionally recommends the SEC accede a abeyant for a assorted consolidator arrangement for the accouterment of Sip Fees. Nasdaq has not adjoin such a arrangement as connected as it can be approved that it will not appoint new burdens on broker-dealers or the exchanges to actualize such a arrangement and that a reasonable commitment acknowledging the bread-and-butter allowances to investors is fabricated afore embarking the conception of a assorted consolidator role.
In Michaels' remarks, he'll altercate some incremental disclosures we fabricated this division to accompany added accuracy to the appropriate focused for investors. I would like to abridge my comments by adage that we are actual admiring with our connected solid accomplishment above our business which has been propelled by our focus and accomplishment adjoin our 2017 beheading priorities. We're aflame about the cardinal administering that we're embarking on which should accredit us to focus on the evolving approaching needs of our clients. We are admiring to see our U.S. authoritative calendar arena out with antecedent authoritative and political accomplishments aimed to actualize a bigger and added agreeable accessible ambiance for avant-garde companies. With that, I'll about-face it over to Michael to assay the banking details.
Michael Ptasznik -- Chief Banking Officer, EVP Accumulated Strategy
Thank you, Adena. Acceptable morning everyone.
My comments will primarily focus on our non-GAAP after-effects and all comparisons will be to the above-mentioned year aeon unless contrarily noted. Reconciliations of U.S. GAAP to non-GAAP after-effects can be activate in the accessories to our columnist absolution and in the presentation that's accessible on our website at ir.nasdaq.com.
Starting with the third division acquirement accomplishment as apparent on folio three of the presentation, and amoebic advance on pages four and sixteen, the 4%, or $22 actor admission in almanac net acquirement of $607 actor consisted amoebic advance of $50 actor with 3% amoebic advance in the non-trading segments, and 1% amoebic advance in bazaar services. A $7 actor favorable appulse from changes in adopted barter rates.
We'll attending now at the highlights aural anniversary of the advertisement segments. I will alpha with Advice Casework which as reflected on pages bristles and sixteen, saw a $13 actor or 9% admission in acquirement consisting of $12 actor or 9% amoebic growth. Abject Licensing and Casework revenues were up 21% in the third-quarter of 2017, primarily due to college assets beneath administering and exchange-traded accessories affiliated to Nasdaq indexes, with AUM all-encompassing a almanac $154 billion as of September 30th, 2017. Bazaar Technology revenue, as apparent on pages six and sixteen, added $4 actor or 5% with amoebic advance accretion $2 actor or 3%. Amoebic advance totaled 8% on a year-to-date abject which we point out because amoebic advance and bazaar technology tends to alter quarter-to-quarter added than added segments.
The aeon in excess accomplished at 805 million, a almanac aerial and an admission of 9% from the prior-year quarter. The operating assets allowance for Bazaar Technology was 21%, bottomward bristles allotment credibility from 26% in the above-mentioned year period. Reflecting the appulse of investments, we are authoritative to advancement our technology for the abutting bearing of Nasdaq banking framework and to enhance and abound our surveillance offering.
Turning to accumulated casework on pages seven and sixteen, revenues beneath $1 million, or 1% while listings action in the Nordic arena is robust, acquirement advance in the Nordics was annual by lower U.S. listings acquirement from the runoff of advertisement of added shares or LAS fees due to action generated in accomplished years. For the Accumulated Solutions segment, advance was collapsed in the quarter. Reflecting the progress, we've accomplished in our synergy targets, the accumulated casework operating allowance was 28% adjoin 26% in the above-mentioned year period.
Market Casework net acquirement on pages eight and sixteen saw a $6 million, or 3% admission appropriately breach amid amoebic advance and the absolute appulse from changes in adopted exchange. Bazaar Casework operating assets allowance totaled 54%, banausic adjoin the above-mentioned year period.
Turning to pages nine and sixteen to assay expenses. Non-GAAP operating costs were banausic at $317 million, with a $4 actor amoebic amount abatement annual by $4 actor abortive appulse from the changes in adopted barter rates. Turning to advance ten a revised 2017 non-GAAP operating amount advice is 1.275 billion, to 1.29 billion adjoin 1.26 billion to 1.29 billion previously. The adapted advice abundantly reflects the closing of our accretion of eVestment beforehand this week, and Sybenetix adjoin the end of the third quarter.
As is our archetypal practice, we'll authorize 2018 amount advice aback we abode the 4Q 17 after-effects in backward January, but compassionate that abounding of you will be alive now to absorb our acquisitions, decidedly eVestment into your model, amuse accumulate the afterward in mind: because our 2018 amount run rate, in accession to the amoebic advance amount of amount costs which in contempo abounding year periods has been 3%, we accept our 2018 amount run amount should additionally reflect a 6% non-organic admission over 2017 due to the abounding year appulse of the backward 2017 acquisitions of eVestments and Sybenetix. The 6% non-organic admission reflects advance in the amount bases of the acquisitions to abutment the connected amoebic growth, as able-bodied as upfront affiliation costs including assertive assimilation and acute programs.
Non-GAAP operating assets added 8% in the third division of 2017 and the non-GAAP operating allowance totaled 48%, an admission from 46% in the above-mentioned year period. Interest amount was 32 actor in the third division of 2017, a abatement of 4 actor adjoin the above-mentioned year aeon primarily due to a lower boilerplate debt antithesis aback the 2016 acquisitions. The non-GAAP able tax amount for the third-quarter of 2017 was 31% in the boilerplate of the 30 to 32% ambit we provided during the aftermost annual call. We abide to apprehend the 2017 non-GAAP able tax amount to be in the ambit of 30 to 32%. Non-GAAP net assets attributable to Nasdaq for the third-quarter of 2017 was 181 million, or $1.06 per adulterated allotment compared to 154 actor or $0.91 per adulterated allotment in the above-mentioned year period. The acceptance of accounting accepted ASU2016-09 added $0.04 to our 3Q 17 results.
Turning to capital, as apparent on Advance 11, debt added 191 actor adjoin 2Q 17 primarily due to arising a $500 actor amphibian amount calendar during the aeon in alertness for the closing of the eVestment transaction and a $48 actor admission in Eurobonds due to changes in FX rates. This admission is partially annual as we acclimated a allocation of the accretion to briefly pay bottomward $340 actor of bartering paper. This resulted in our debt to EBITDA arrangement catastrophe the aeon at 3.1 times adjoin 3.0 times at the end of the second-quarter of 2017. With the eVestment acquisition, we apprehend our advantage arrangement to briefly admission and afresh we plan to deleverage a mid-two times advantage arrangement by mid-2019. Allotment repurchases in the third division totaled $18 million, bringing year-to-date repurchases to 175 million. Calm with allotment payments, we accept alternate $355 actor to shareholders through the nine months of 2017 apery 66% of our non-GAAP net assets in the period.
Looking forward, while the near-term our actions, in part, will reflect our charge to deleverage adjoin our mid-2019 charge to ability a mid-2s gross debt to EBITDA ratio, we are attractive to optimize a acknowledgment to shareholders through connected advance in amoebic advance initiatives, anxiously advised M&A, continuing to abound the allotment as antithesis and banknote breeze admission and buy-backs are principally annual the appulse of allotment issuance.
Before I about-face the alarm aback over to Adena, we basic to booty this befalling to accommodate you with some added blush on our advice casework business and accept added some added acknowledgment on slides twelve and thirteen. First, I'd like to accommodate some detail on the implications of the eVestment accretion we bankrupt this anniversary and how its revenues will be reflected in our financials in ablaze of the acting impacts of the acquirement accounting acclimation for deferred acquirement balances.
On folio twelve of the annual presentation, we reiterate that eVestment revenues accept developed an boilerplate of 12% per year over the aeon from 2013 through the aboriginal the first-half of 2017. 2Q 17 abaft 12-month revenues were $81 actor due to a writedown of deferred acquirement beneath acquirement accounting, revenues accompanying to eVestment are accepted to be bargain by about $34 actor for the 12-month aeon afterward the acquisition; or 9 actor in 4Q 17, 11 actor in 1Q 18, 8 actor in 2Q, 5 actor in Q3, and 1 actor in 4Q 18. Revenues in 2019 and above will not be afflicted by the acquirement accounting acclimation to deferred revenues.
Secondly, I'd like to aftereffect Adena's comments on the authoritative ambiance and in acclimation to advice acknowledgment a appeal from the advance association for detail on the abstracts business, we accept included a advance on folio thirteen of the antithesis deck. We achievement this helps investors accept some of the dash in our all-around advice casework business, in accurate compassionate the allocation of our business that comes from the U.S. Disinterestedness and Proprietary Abyss and Shared Tape Abstracts Artefact Groups. This acquirement consists of a cardinal of altered accessories that are aggregate into the categories of pro-display and non-display fees, non-pro fees, authorization fees, as able-bodied as the revenues from Tapes A, B, and C.
Interestingly, as we accept connected to alter and aggrandize our all-embracing all-around advice casework business with accurate focus on our abject business and non-equities abstracts over the accomplished 12-months our U.S. Equities Abyss Fees represent about 4% of our all-embracing revenue. As the blueprint demonstrates, today, best of our advice casework revenues, and decidedly our advance opportunities are focused on accessories and casework that are not accompanying to U.S. Disinterestedness Bazaar Structure. This will be added adapted and added with the admittance of eVestment starting this quarter.
...
Thank you for your time and I would now like to about-face it aback to the abettor for Q&A
Operator
Thank you. Ladies and gentlemen if you ambition to ask a catechism at this time, amuse columnist brilliant afresh one on your touchtone telephone. If your catechism has been answered or you ambition to abolish yourself from the queue, amuse columnist the batter key. We ask that you amuse absolute yourself to one catechism and one accompanying follow-up.
Our aboriginal catechism comes from Rich Repetto with Sandler O'Neill. You may begin.
Rich Repetto -- Sandler O'Neill & Ally -- Analyst
Good morning, Adena. Acceptable morning, Michael.
Michael Ptasznik -- Chief Banking Officer, EVP Accumulated Strategy
Good morning.
Adena T. Friedman -- President, Chief Executive Officer, COO, and Director
Good morning.
Rich Repetto -- Sandler O'Neill & Ally -- Analyst
I assumption the catechism is gonna be, aback you aloof went through advance thirteen, Michael, but on the bazaar data, I anticipate it was a aggregate of Treasury abode as able-bodied as a new arrangement at the SEC. Could you comment, Adena, on any angle you ability have. Obviously, the positions of the alone that's appointed the arch of trading and markets were actual much, I would say, are pro dealer. Could you animadversion on what you'd expect? Because I anticipate the advance association is abacus these two together, I guess? And what [do] you apprehend from a actuality demography that position?
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Adena T. Friedman -- President, Chief Executive Officer, COO, and Director
I would say actual definitively we've had a connected and advantageous alive accord with the SEC, and we apprehend to abide to. I anticipate that aback Administrator Clayton came into the role beforehand this year, we feel that we accept lined up some key areas of affair that we've had about the basic markets, and authoritative abiding that we accept a abundant antithesis of broker aegis with a able-bodied and agitative U.S. accessible basic markets, and we would apprehend that we will abide to be able to assignment adjoin those goals with the administrator as able-bodied as with the agents and we attending avant-garde to alive with Brett and his new role on Trading and Markets. I anticipate in general, as you mentioned with the Treasury abode as able-bodied as with the changes there, we feel that the Treasury abode is appealing bright in articulating issues about bazaar abstracts that are still actual constant with the SEC and their advice about the use of Sip Abstracts for best set as able-bodied as the reasonable and fair accepted that they administer to our bazaar abstracts filings today. We don't absolutely see any change that comes from the Treasury abode recommendations or from the activities that we'll accept at the SEC in that regard.
Rich Repetto -- Sandler O'Neill & Ally -- Analyst
Thanks, that's accessible Adena.
The aftermost catechism is added open, but you did outline aback you attending in the key areas of advance for cardinal planning, whether it be the barter economy, advance bank, etc., I assumption the catechism is accept you been able, as you appraise the accomplished cardinal pivot, does this incrementally add to the advance rate? What do you expect, if you could quantify that in any way it'd be helpful?
Adena T. Friedman -- President, Chief Executive Officer, COO, and Director
Sure. I anticipate that we accept been, and will abide to be actual focused on absolute actor return. We accept as our goals to bear double-digit absolute actor acknowledgment and we will abide to accept that as our ambition and our target. I anticipate that as we are appealing aboriginal on in the action but as we assassinate adjoin that action we will abide to appraise and appraise the advance rate, the abiding advance targets that we accommodate to you. If there are opportunities to admission these, we absolutely will. We additionally will wanna accomplish abiding we accommodate you acumen into the investments we are making, decidedly in R&D that are focused on our action so that we can accommodate you an amend and measures for you to be able to accept how we're avant-garde adjoin these advance areas. We will abide to provide, and apparently accommodate a little bit added acknowledgment in the approaching aloof to annular our R&D activities. About speaking, our ambition is to accomplish abiding that we can bear on that double-digit absolute actor return, and we achievement to be able to do that with added advance over time as we assassinate adjoin our strategy.
Rich Repetto -- Sandler O'Neill & Ally -- Analyst
Great. Acknowledge you actual much.
Operator
Thank you. Our abutting catechism is from Chris Harris with Wells Fargo. You may begin.
Chris Harris -- Wells Fargo -- Analyst
Thanks, guys. Two questions on bazaar structure. One, apprehensive if you guys are admiring of a pilot to appraise the appulse of bargain admission fees. Afresh accompanying to that, if Maker/Taker went away, what do you anticipate would be the appulse on your business?
Adena T. Friedman -- President, Chief Executive Officer, COO, and Director
In agreement of the admission fee pilot, what we've discussed, and we've said in accessible affidavit is we are accommodating to assignment with the SEC on an admission fee pilot. We approved to do it after the SEC captivation a brace years ago, but the added exchanges didn't accept to participate in that, so it's adamantine to get any allusive after-effects out of it. I would say that we are accommodating to work, certainly, with the SEC to apparatus an admission fee pilot. We accept bidding some absolute affair about the admission fees as it applies to abate aggregation stocks and the charge for bazaar makers to accept able incentives to column quotes and be circuitous in those stocks. We are appealing determined about our affair about that. How they assemble the pilot, how connected they run it, how abounding stocks are involved, which stocks are involved? Are gonna be actual important to alive with them on that. I do accept that there are...
It seems like it's commodity that they are absorbed in aggravating to do and we will assignment with them if that's their decision. In agreement of the appulse of abolishment of admission fees, this has been a allotment of our market. It's chip and basic to Reg. and MF. To the admeasurement that there is a assay of Reg. and MF, and all of the bazaar anatomy apparatus there that absolutely attractive at admission fees could be a allotment of that over the connected run. But abolishment of admission fees, we don't absolutely try to adumbrate the appulse of that, I anticipate it is an basic allotment of our bazaar anatomy today, and it acceptable will abide to be with the pilot giving us some advice as to the appulse of that over time.
Chris Harris -- Wells Fargo -- Analyst
Thanks a lot.
Operator
Thank you. Our abutting catechism comes from Jeremy Campbell with Barclays. You may begin.
Jeremy Campbell -- Barclays -- Analyst
Hey, thanks.
Just a quick catechism on your advice services. Acknowledgment for the incremental acknowledgment here, I anticipate it's gonna be advantageous for folks. Aloof cerebration big picture, in your absolute advice casework circuitous but maybe abnormally in the proprietary U.S. Equities actuality that is beneath analysis here, how abundant of the top-line advance in the accomplished was from amount increases, and with the focus actuality on this vertical, what do you anticipate the angle is for amount increases action avant-garde on this business?
Adena T. Friedman -- President, Chief Executive Officer, COO, and Director
Overall, aural our Advice Casework business, we accept accustomed some accuracy on that in the accomplished across we say about in the ambit of one to two allotment credibility of advance can appear from amount increases in general. That does not affect necessarily accurately to anniversary deed. We have, as you can tell, a actual adapted business. We assignment actual carefully with our audience and with industry groups to accept how we're abacus amount to these products, how the use of these accessories are changing, and accordingly we factored that into any appraisement decisions we make. That's a accepted animadversion above all of Advice Services, there are abounding times aback we don't accomplish increases in any accurate artefact we do it based on maybe changes and enhancements, improvements that we fabricated to the accessories and changes and acceptance that would accreditation a change in prices. That's about how we run the business.
Jeremy Campbell -- Barclays -- Analyst
Thanks. But would it be fair to say that maybe instead of wiping out this acquirement beck like some bodies were affectionate of doing, maybe it's added about the advance amount of this ability be slowing adjoin across it had been in the accomplished accustomed the U.S. Treasury proposal?
Adena T. Friedman -- President, Chief Executive Officer, COO, and Director
I would say that, as we said before, the U.S. Treasury proposal, in our assessment is absolutely constant with accepted practice. And it's constant with the accepted requirements that the SEC places on broker-dealers for their best beheading obligations. We abide to abutment a mid-single chiffre advance amount for the all-around advice casework business in the years to come, that includes that the acclaim of aggregate we do there and are focused on advance in agreement of our abstracts analytics, the advance in our abject business, our focus on the buy side, and the advance community, in accession to all the accepted accessories that we abutment that supports our community.
Jeremy Campbell -- Barclays -- Analyst
Great. Acknowledge you.
Operator
Thank you. Our abutting catechism comes from Dan Fanon with Jeffries. You may begin.
Dan Fannon -- Jeffries -- Analyst
Thanks aloof a aftereffect on the costs and the angle for abutting year. I aloof wanna clarify, you talked about a 3% amount Nasdaq amount advance amount but that compares to almost 1%, I anticipate you guys are tracking at this year. Afresh aloof the 6% cardinal I anticipate you talked about on the accumulated businesses of eVestment and Sybenetix, that's what you're gonna be spending aloof the amount advance of that business action avant-garde adjoin any synergies or annihilation that may be advancing out.
Michael Ptasznik -- President, Chief Executive Officer, COO, and Director
First of all, with the 3% about to the 1%. The 3% represents the actual advance amount we about see in the four synergies. This year, the 1% on a year-to-date abject absolutely does booty into annual the synergies we accept for acquisitions, and the flow-through of that into this year. So, 3% would be a accustomed amoebic advance amount over the aftermost few years afore the synergies.
With account to the 6%, that 6% does reflect the aggregate of Sybenetix and eVestment the year-over-year almost admission due to those acquisitions and what that appulse would be, it includes the run rate, the advance that we apprehend abaft those businesses. As we said, we accept that eVestment will abide to drive advance as able-bodied as Sybenetix obviously. Additionally, as we appear here, there are some up-front affiliation costs for assimilation advantage and some added things that we're gonna be spending.
When we appear the eVestment accord we did allocution about how there will be some synergies in the business and they will be annual by some added costs that we'll be spending. Some of that is aloof with account to timing. Some of the up-front costs acutely accept to accumulate now, and afresh the synergies would appear at a approaching period.
Dan Fannon -- Jeffries -- Analyst
Got it. Acknowledge you.
Operator
Thank you. Our abutting catechism comes from Michael Carrier with Coffer of America. You may begin.
Sameer Murukutla -- Coffer of America -- Analyst
Hey. Acceptable morning Adena, Michael. This is Sameer Murukutla on for Michael Carrier. I appetite to focus added on the bazaar technology segment. I anticipate you accent the advance and the [inaudible] [00:35:19] effort. Can you aloof accord us added detail on this initiative, what affectionate of advance amount you're seeing? Who you primarily are aggressive with? Is this absolutely actuality reflected in the excess acclimation intake? I assumption it didn't move up as abundant as we accepted on a quarter-to-quarter basis.
Adena T. Friedman -- President, Chief Executive Officer, COO, and Director
And you're allurement the catechism above the accomplished segment. I aloof wanna accomplish sure.
Sameer Murukutla -- Coffer of America -- Analyst
Yes.
Adena T. Friedman -- President, Chief Executive Officer, COO, and Director
Okay.
I anticipate that in agreement of the all-embracing advance of Bazaar Tech, across we abide to see actual able appeal is bluntly absolute audience demography on added of our services, and some new audience signing up to booty our casework decidedly in a post-trade across and the surveillance and accident administering areas, as able-bodied as some as some new trading audience that we've been able to allure this year. Afresh I would say that in our surveillance area. The Smart Surveillance business continues to be a aerial agriculturalist for us. All of those pieces are included in acclimation assimilation and acclimation backlog. I anticipate that in the third-quarter you do accept some vacation periods, it does apathetic bottomward some of our audience from authoritative decisions, but we accept had some absolutely acceptable wins this quarter, best conspicuously accepting a coffer one coffer accept us to advance their adopted barter trading arrangement in accession to some post-trade wins with our clients. We are continuing to see actual able appeal dynamics aural the business. We do accept that the acclimation excess does reflect the abeyant for us to abide to appearance acceptable amoebic advance in that business. We abide to accept abundant chat with our audience as we cycle out the Nasdaq banking framework and added new casework that will aggrandize what we can do for them.
Michael Ptasznik -- Chief Banking Officer, EVP Accumulated Strategy
As we mentioned on added calls, as added the business continues to catechumen adjoin added of a acknowledge alternating business, the acclimation excess cardinal is maybe not as adumbrative as it has been in the past. We will be revisiting those measures in the approaching to try to accommodate you with some added blush or some another measures to advice see how the advance of the business is advancing on.
Sameer Murukutla -- Coffer of America -- Analyst
Thanks for the color.
Operator
Thank you. Our abutting catechism comes from Brian Bedell with Deutsche Bank. You may begin.
Brian Bedell -- Deutsche Coffer -- Analyst
Adena, maybe aloof a little bit added on the authoritative ancillary of things. You mentioned acutely the relook at the Reg. NMF. I assumption analytic in your view, how connected would it take. It's consistently boxy to acutely barometer regulators, but how connected do you anticipate it would booty to run through the pilot programs and the action of appraisal how able the pilots were and absolutely alteration any affectionate of rules on bazaar anatomy and additionally aforementioned affair on the bazaar abstracts set. Obviously, Tom Whitman and Tom Farley put a letter calm with some apropos on the admission fee pilot. Aloof aggravating to barometer the timing of how connected that accomplished action ability take, and to what admeasurement that would appulse your business in the abundant added abroad approaching than in the near-term.
Adena T. Friedman -- President, Chief Executive Officer, COO, and Director
Our authoritative process, decidedly SEC rulemaking, is a able-bodied process, it goes through an all-encompassing accepted period, it goes through a lot of debates and discussions. I can't adumbrate how connected that blazon of action could booty but in above-mentioned experiences, it's been multi-year acquaintance to try to attending at cogent changes in bazaar anatomy at the SEC. What I'm admiring about is that it does go through a able-bodied process. They accept to go through an bread-and-butter review. They accept to seek comments from the industry. They acquiesce the industry to accept abysmal chat with the agents and with the commission. They do this in a way that's actual apparent and accessible to accessible animadversion as able-bodied so that anybody understands the action as it unfolds. It is a connected action and for acceptable reason. These are important decisions to make. They're important to our U.S. basic market, and to the way that the arrangement works. They are chip and integral, it's adamantine to booty one allotment of a arrangement and change it after accepting after-effects to added genitalia of the system. It is absolutely important for them to be actual accurate in because them. I anticipate they are. My acquaintance has been, over abounding years alive with the SEC, has been they do booty these things actual actively and they go through a actual able-bodied process. I can't adumbrate specific times, but it about is a multi-year process.
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Brian Bedell -- Deutsche Coffer -- Analyst
That's abundant color. Maybe aback on the cardinal assay for the accessible relations and calendar media, acutely you'll advertise commodity aback you accept something, but if we were to accept that business is awash accustomed the acquirement and operating assets metrics, 895 actor of revenue, I anticipate that's about 13% or so of your about 1.5 billion of non-trading revenue, can you accord us a faculty of the advance amount of that allotment of business and bold that's lower advance that would automatically enhance your non-trading revenue, and afresh as you axis adjoin investments in some of the faster advance segments can we see some upside to that mid-single chiffre all-embracing non-trading acquirement abiding advance profile?
Adena T. Friedman -- President, Chief Executive Officer, COO, and Director
The PR and the calendar media businesses accept been apathetic to no growers essentially. They're not advance areas for us. I anticipate that allotment of that is because we focus actual abundant on the IR basic of those businesses because, of course, that's our inclination. Application those casework to collaborate with the basic markets and administer the accessible aggregation apparatus of alive the basic markets. I anticipate that we are award that we accept a bigger befalling to use our skills, our adeptness and our cardinal relationships with our audience to a added on the intelligence side, the IR insight, the advising business, the accompaniment lath and administering businesses. Those are college IR business as a accepted amount than the PR and calendar media businesses. In agreement of the pivot, the ambition of our cardinal assay is to accretion agency to drag our advance ante to advance ourselves adjoin the college advance businesses and as we assassinate adjoin that strategy, as I said earlier, we absolutely do, we will be attractive to appraise our advance ante and accommodate you adapted guidance. Our long-term, medium-term outlook, I anticipate is what we alarm it, in agreement of our acquirement advance ante as we assassinate adjoin that action and to the admeasurement that we accept completed the cardinal assay there and we've got eVestment central our organization, those will be the types of things that would drive us to amend our advance rates.
Brian Bedell -- Deutsche Coffer -- Analyst
That's added like a abutting year abeyant change in that?
Adena T. Friedman -- President, Chief Executive Officer, COO, and Director
We are in the boilerplate of beheading today, so we'll see how things go.
Brian Bedell -- Deutsche Coffer -- Analyst
Okay. Okay. Fair enough. Acknowledge you.
Operator
Thank you. Our abutting catechism comes from Alex Blostein with Goldman Sachs. You may begin.
Alex Blostein -- Goldman Sachs -- Analyst
Great. Thanks. Acceptable morning everybody.
Just a brace follow-ups about the operating advantage discussion. One specific catechism and one broader-picture question.
On the specific side, attractive at bazaar tech, this acutely charcoal a faster advance across for Nasdaq. It sounds like you guys are action through near-term investments but the margins are in the 20-21% ambit for the aftermost brace quarters. How connected do you guys anticipate the animated investments, then, will abide and how should we anticipate about incremental margin, amplification opportunities in that accurate segment?
Then I assumption the aftereffect on a broader ancillary of things. Michael, demography your comments about expectations for costs for abutting year, acutely too aboriginal to be too explicit, but can Nasdaq bear operating advantage abutting year, bold mid-single-digit acquirement advance ante that you've targeted in the past. Thanks
Adena T. Friedman -- President, Chief Executive Officer, COO, and Director
With attention to bazaar tech, I anticipate that we are authoritative some actual acceptable investments in the technology. As a technology business, you consistently accept to accept some advance dollars. I anticipate we accept had some concentrated investments with Nasdaq Banking Framework and some absolute advance in the Smart Surveillance business and some of the new capabilities we're bringing there. I anticipate that will abide to accept an appulse on the costs of the business in the near-term as you mentioned. I anticipate the catechism is can we bear that into a added scalable business action forward? That is best absolutely the goal.
As Michael mentioned, we are affective added of our acquirement adjoin the acknowledge model, our accepted authorization model, and aggravating to accomplish it so that we additionally accept added hosted solutions over time. We do accept that additionally will accord us added operating advantage in that business. We do absolutely accept opportunities with these investments we're authoritative to actualize operating advantage in that business. But it will consistently be an across that we advance in because there's consistently new technologies we can administer and accommodate to our clients. I anticipate that's a accepted acknowledgment on the bazaar tech.
You wanna acknowledgment the admeasurement question, Michael?
Michael Ptasznik -- Chief Banking Officer, EVP Accumulated Strategy
Yes. I would say with account to whether there is gonna be allowance addendum or not, obviously, that is the ambition over the average to abiding of the alignment to abide to, as Adena said, drive double-digit TSR, abide to abound the business. Abound the top band at a faster amount than the costs which should drive that allowance expansion. In a year-over-year basis, we don't accord allowance goals on a year-over-year basis, but that is the ambition that we would accept as an alignment over the medium-term.
There's a cardinal of things advancing into abutting year, like the eVestment, we talked about the appulse of eVestment of the acquirement impact, the accretion there, what concluded up accident with cardinal review. There's a lot of affective pieces with account to abutting year, and we don't accommodate that concise guidance. The focus is alive TSR and allowance amplification over average to long-term.
Alex Blostein -- Goldman Sachs -- Analyst
Got it. Alright. Fair enough. Thanks, guys.
Operator
Thank you. Our abutting catechism comes from Vincent Hung with Autonomous.
Vincent Hung -- Autonomous -- Analyst
Hi. Aloof a catechism on the Sip. The Sip has apparent abundant improvements in contempo years. Incidentally in latency. Accustomed these improvements did you anytime see any appulse on your proprietary abstracts business? I'm aloof aggravating to accept across the allusive improvements in the Sip could advance barter to accretion their proprietary abstracts is redundant.
Adena T. Friedman -- President, Chief Executive Officer, COO, and Director
Advance accept not apparent any appulse on the appeal for our proprietary abstracts in affiliation to the improvements we've fabricated in the Sip and the cessation there. I anticipate that bodies see them as confined two altered needs. The Sip acutely is the abject for best execution, it's the foundation for interacting with the basic markets. The abyss allows for companies to accept a lot of altered strategies that they undertake to collaborate with this basic market, or to accord audience aloof a bigger and bigger annual of the market. We accomplish revenue, as you can see, in our abyss seeds above a accomplished ambit of clients. You've got non-professional users that get a adventitious to see abyss through their online brokers, you've got able institutional users that are application it to absolutely get a faculty of across the bazaar is and across it's going. Afresh you additionally accept the able traders who are application it to absolutely collaborate and assassinate on strategies in the market. We accept not apparent any about-face in the appeal characteristics as a aftereffect of convalescent the Sip latency.
Vincent Hung -- Autonomous -- Analyst
Great. Thanks.
Operator
Thank you. Our abutting catechism comes from Ben Herbert with Citi. You may begin.
Ben Herbert -- Citi -- Analyst
Hi. Acceptable morning. Acknowledgment for demography the question.
Adena T. Friedman -- President, Chief Executive Officer, COO, and Director
Sure.
Ben Herbert -- Citi -- Analyst
Just on eVestment. Could you accommodate a little added blush on the aggressive position and how that ability change or advance acquainted into your platform?
Adena T. Friedman -- President, Chief Executive Officer, COO, and Director
I would say that eVestment today has a actual able aggressive position. Bjorn Sevrn, who leads our advice casework business has been alive actual carefully on the affiliation planning with the eVestment team. We abide to be abundantly afflicted with the business, with the interactions they accept with their clients, with the akin of administering and assimilation they accept in the industry and the altered attributes of how they accompany the advice together, and the analytics they can accommodate to every aspect of the advance administering community. They accept a actual able aggressive position. I would say they are almost altered in how the abstracts that they've been collecting, the assimilation in the market, and the analytics that they generate. We would apprehend that our synergies with them are that we can apparently accompany alike added avant-garde analytics to the abstracts that they have. We accept our alternate armamentarium abutment account and we would apprehend to accommodate that and potentially get added assimilation of that casework through their clients. We accept the abeyant to actualize new indices and added abstracts accessories that are added about accessible based on the accessible abstracts that they collect. We aloof see abundant befalling and synergy amid the business to admission administering but additionally to deepen our relationships with the advance administering community.
Ben Herbert -- Citi -- Analyst
Thanks.
Maybe aloof a quick aftereffect on Sybenetix. That $805 actor backlog, would that accommodate any excess accompanying to Sybenetix?
Adena T. Friedman -- President, Chief Executive Officer, COO, and Director
What we've been adage is that the revenue... Sybenetix is a baby aggregation today. It absolutely will accommodate the excess from Sybenetix action forward. But it doesn't aback actualize a cogent change in excess aloft the cease of the deal.
Ben Herbert -- Citi -- Analyst
Great. Acknowledge you.
Operator
Thank you. Our abutting catechism comes from Kyle Voigt with KBW. You may begin.
Kyle Voigt -- KBW -- Analyst
Hi. Acceptable morning.
Just aboriginal catechism on the able advance in barter administering services. You sited in the slight admission in chump appeal for third-part connectivity and co-lo. We don't accept any basal stats on how the cardinal of subscribers or users of these accessories has afflicted over time, but I'm apprehensive if you could advice us arch the gap amid the college chump appeal that you're seeing for connectivity with, on the added side, abide alliance of bazaar makers, and high-frequency traders and that accumulation trend appearing to advance added recently.
Adena T. Friedman -- President, Chief Executive Officer, COO, and Director
We are, about speaking, the applicant abject in our TMS business has added over time. We abide to see new participants absolutely advancing in and allurement for connectivity in accession to the acquisitions actualize a counter-trend to that in some regards. But frankly, we abide to accept alive sign-up and new audience advancing in to abutment the TMS business. It's basically, in agreement of additionally the advance that we've gotten from Tri-EX and the Icea Integrations additionally accept contributed to advance in that business as well.
Kyle Voigt -- KBW -- Analyst
As a aftereffect on a above-mentioned catechism on the Treasury report. Specifically, the catechism accompanying to the Sip. One of the recommendations was to move to a consolidator archetypal to accommodate alternatives to the Sip. I apperceive it's a almost ample advocacy and not abounding capacity were in the recommendation, I 'm aloof aggravating to accept how you would anticipate that archetypal arena out, and how it could potentially appulse the Sip abstracts acquirement basin for the industry as able-bodied as maybe some added artefact that you accept that already attempt with the Sips such as Nasdaq Basic?
Adena T. Friedman -- President, Chief Executive Officer, COO, and Director
First of all, the assorted consolidator abstraction is not a new abstraction at all. It's been a abstraction that the industry has been discussing for a while. The UTP Committee has had that as an accessible calendar account for a while. It's not a new concept. I anticipate that, as I said before, we accept not objected to the abstraction of a assorted consolidator model, so connected as it does not abode disproportionate accountability on the broker-dealer association or the exchanges to actualize it. I anticipate that it is, aloof so understands, the Sip itself is its own technology contract. Our bazaar technology business has a arrangement with UTP Committee to accommodate the Sip technology. In agreement of accepting potentially a aggressive Sip, that's fine. The catechism is who would ultimately pay for that? But that is not accompanying to the bazaar abstracts acquirement itself. The bazaar abstracts acquirement itself and the appraisement of that is done by the UTP Committee and that would abide to be the case alike if there are assorted Sip distributing that data. I don't accept it would accept an appulse on the revenue, it would aloof actualize an another to the Sip. I anticipate there accept been discussions on assorted consolidators or aloof a broadcast Sip model, and we've had, I think, advantageous chat on both of those account over time.
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Please select the best answer answer from the choices provided ... | please select the best answer from the choices providedImage Source:
Kyle Voigt -- KBW -- Analyst
Thank you.
Operator
Thank you. Our abutting catechism comes from Alex Cram with UBS. You may begin.
Alex Kramm -- UBS -- Analyst
Hey. Acceptable morning.
Coming aback to that acclimation affair that we've been debating all day here. I anticipate the bigger acumen why we're accepting this agitation is acutely because broker-dealer's barter are now adverse a adamantine time in seeing non-transaction amount as U.S. equities go higher. That doesn't acutely not aloof accommodate bazaar data, but additionally includes things like connectivity, co-location, anchorage fees, etc. To Kyle's catechism aloof now, on the barter administering fees, which is, I anticipate almost $300 actor per year trailing, how abundant of that is U.S. equities, what's the amount and dynamics there? Are you accepting a lot of questions or headwinds from audience on that allotment of the business? I anticipate it's included in the bigger debate. So, maybe some added color.
Adena T. Friedman -- President, Chief Executive Officer, COO, and Director
Our all-embracing TMS business includes a lot of... It's additionally a actual adapted business and its abutment to a lot of altered asset classes. It additionally supports our barter advertisement screen, added things it is a adapted acquirement beck itself. We do not alone acknowledge the apparatus of that acquirement stream. I anticipate that about speaking, the appeal for all-embracing cabinet, ports, polo, things like that accept been abiding over time for the U.S. equities markets. We've had advance in that business advancing from some of the acquisitions, as I mentioned with TRIEX and ISE and beforehand with eSpeed. I anticipate that we are growing by accepting added exchanges, added asset classes traded through our abstracts center. In accession to accepting connectivity for equities and I would say a array of altered connectivity choices that we action to all our audience above asset classes. I would say this, Alex, it's a actual abiding business, we assignment actual productively with our clients, we abide to accept new barter signing up for assertive casework and connectivity into equities in accession to added asset classes. It's been a nice, able allotment of our business.
Alex Kramm -- UBS -- Analyst
Fair abundant afresh aloof actual bound for Michael.
Did you point out analysis fees this quarter? I anticipate in the columnist absolution you said it was a driver. But what's the cardinal this quarter?
Michael Ptasznik -- President, Chief Executive Officer, COO, and Director
It was 8 actor this quarter, it was 4 actor the aforementioned division a year ago.
Alex Kramm -- KBW -- Analyst
Perfect. Acknowledge you.
Operator
Thank you. Our abutting catechism comes from Patrick O'Shaughnessy with Raymond James. You may begin.
Patrick O'Shaughnessy -- Raymond James -- Analyst
Hey acceptable morning.
I was acquisitive you could accommodate an amend on the U.S. listings compared ambiance I anticipate both in agreement of aggressive adjoin the accustomed adversary for some of the bigger IPOs and afresh aggressive adjoin the new aspirant in the spaces alms to abandon bristles years of listings fees.
Adena T. Friedman -- President, Chief Executive Officer, COO, and Director
First of all, we are absolutely admiring with how the listings accept developed as we've gone through the year. As we mentioned, a third quarter, we had a 77% win-rate. We've had some abundant companies appear and admission the accessible markets over the quarter. We abide to see a absolutely nice able action of listings as we go through the blow of the year. It does feel like the all-embracing ambiance is acrimonious up and we're accomplishing able-bodied competitively and acceptable IPOs and accepting some abundant companies accept to accept Nasdaq as their home. We're appealing admiring with how the dynamics are developing there. In agreement of aloof all-embracing competition, we attempt agilely for every IPO, we attempt agilely on accepting companies to about-face from our competitors to Nasdaq and we abide to accretion success in that across as well. We account all competitors and new entrants. We do wanna accomplish abiding that our audience are absolute audience and any new audience absolutely accept the across and abyss of Nasdaq as a advertisement barter accomplice and the amount hypothesis that we offer. I anticipate we do accept that we accept the best amount hypothesis out there. We feel actual acceptable about how things are developing appropriate now.
Patrick O'Shaughnessy -- Raymond James -- Analyst
Got it. Thanks.
For my follow-up. You affected on this a little bit in your able remarks, but can you aggrandize on some of the agency that you ability you ability be able to advantage your eVestment applicant relationships to accommodate added casework or accessories to alive asset managers.
Adena T. Friedman -- President, Chief Executive Officer, COO, and Director
The amount of their business today are alive asset managers in accession to alternatives and over time, some added focus on the acquiescent investors as well. We do appetite to accomplish abiding that we attending at how we can advantage the relationships they accept there, the platform, the commitment apparatus to accompany them added analytics that would advice them administer their advance strategies in accession to authoritative them aggressive with anniversary other. I anticipate we are aloof at the alpha of our planning stages about that but that absolutely is allotment of the strategy.
Patrick O'Shaughnessy -- Raymond James -- Analyst
Great. Acknowledge you.
Operator
Thank you. Once again, ladies and gentlemen, if you ambition to ask a catechism at this time amuse columnist star, afresh one on your touchtone telephone.
I'm currently assuming no added questions at this time. I'd like to about-face the alarm aback over to Adena Friedman for closing remarks.
Adena T. Friedman -- President, Chief Executive Officer, COO, and Director
Great. Acknowledge you actual much.
I anticipate that as we attending at all the advancements and the able third-quarter after-effects we feel that they accept been accomplished by advancing our amount franchises aggressive position accompanying with alive advance in our technology, advice and analytics businesses. The action that we articulate today will abide to accretion drive as we accommodate the acquisitions, advance in our future, and achieve our cardinal reviews and our aesthetic CAP allocation and connected focus on double-digit actor acknowledgment will advice ensure that our aggregation and our shareholders abide accumbent in the abode and years ahead. With that, acknowledge you actual abundant and I attending avant-garde to speaking with you all soon.
...
Operator
Ladies and gentlemen. This concludes today's conference. Acknowledgment for your participation, accept a admirable day.
Duration: 59 minutes
Ed Ditmire-- Vice President Broker Relations
Adena T. Friedman -- President, Chief Executive Officer, COO, and Director
Michael Ptasznik -- Chief Banking Officer, EVP Accumulated Strategy
Rich Repetto -- Sandler O'Neill & Ally -- Analyst
Chris Harris -- Wells Fargo -- Analyst
Jeremy Campbell -- Barclays -- Analyst
Dan Fannon -- Jeffries -- Analyst
Sameer Murukutla -- Coffer of America -- Analyst
Brian Bedell -- Deutsche Coffer -- Analyst
Alex Blostein -- Goldman Sachs -- Analyst
Vincent Hung -- Autonomous -- Analyst
Ben Herbert -- Citi -- Analyst
Kyle Voigt -- KBW -- Analyst
Alex Kramm -- UBS -- Analyst
Patrick O'Shaughnessy -- Raymond James -- Analyst
More NDAQ analysis
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