Andrew Oppenheimer is Head of U.S. Equities at Nasdaq.
Andrew, as you step into the Head of U.S. Equities role at Nasdaq, what are the key themes shaping your outlook for 2026?
The central theme for 2026 is “preparation and positioning.” We’re entering a period of significant industry change, including the dissemination of fractional shares and odd lots, a potential new access fee cap, and the move toward 24-hour trading. Nasdaq’s mission remains client-centric. Everything from our product roadmap to how we address emerging opportunities and challenges is focused on enhancing the client experience.
How is Nasdaq leveraging technology and innovation to stay ahead?
Artificial intelligence is a driving force for us. We’re focused on how AI-powered solutions can improve productivity, generate alpha, and manage risk. For example, the Dynamic M-ELO model, launched in 2024,uses AI to adjust execution holding periods to minimize market impact for optimized execution quality and liquidity for midpoint trading. Innovation is at the heart of our strategy and utilizing AI will be critical to achieving our goals
What regulatory changes should market participants be preparing for in 2026?
There are several major regulatory shifts on the horizon. Fractional shares and odd lots will be disseminated via the SIP, and we’re moving toward 24-hour trading. Reform of SEC Rule 611, better known as the Order Protection Rule, is also anticipated, which will impact other parts of Reg NMS. It’s all about being agile and proactive as the market evolves.
How does Nasdaq ensure it remains responsive to the needs of issuers and investors?
Listening is key. We’re constantly engaging with issuers, investors, and partners to provide optionality and remain responsive to market structure changes. Collaboration is central—we host industry working groups that bring together buy-side, sell-side, and retail participants, as well as industry participants like the DTCC, to ensure changes like global trading hours are implemented thoughtfully.
What future trends and innovations are you most excited about?
One major initiative is the tokenization of equities and ETPs on Nasdaq. We’ve filed a rule change with the SEC that could provide investors with the choice to tokenize their shares or still settle in traditional form as part of our commitment to providing optionality and innovation.
How does your background influence your approach as Head of U.S. Equities?
My journey and 20 years of industry experience from the buy side to the sell side, and through roles in trading, product, and sales, gives me a unique perspective. Having sat in the seat in which our clients reside, I understand their needs and challenges. I’m committed to running Nasdaq’s equities business in a client-centric manner, ensuring our products and services meet the needs of market participants.
What’s your message to market participants as they look ahead to 2026?
2026 promises to be a year of change, with reforms and innovation that will shape the future of US equities. At Nasdaq, our focus is on collaboration with the industry, listening to the needs of investors/issuers, and maintaining existing investor protections/market quality to ensure Nasdaq remains a trusted partner in the new year.
