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According to the CEO of Nasdaq, Adena Friedman, the movement of illicit funds through the financial system “is a global problem and requires global solutions”.
Friedman spoke during a host event of the Atlantic Council on April 25, citing a Nasdaq study Since last year, this has found that more than three dollars were illegally passed into the global financial system in 2023.
By thinking about the solutions necessary for such a large scale problem, Friedman said that the public, private and technological sectors will have to work together. The markets deal with billions and billions of transactions and, as it has explained, it can be difficult to distinguish between those who are legitimate and those who are not.
“It’s a bit of a needle in a haystack,” said Friedman.
You will find below the protruding facts of the conversation, moderate by the director of the economic initiative of the Kimberly Donovan states, which covered the role of technology in the financial system and the impact of global volatility on the markets.
When end meets technology
- For Friedman, artificial intelligence (AI) is an increasingly promising approach to detect and report financial crimes to banks and police. “We must be able to release technology at best its capacity,” said Friedman.
- “It’s incredible, unfortunately, how sophisticated criminals can be” because they use more sophisticated tools, including AI and other advanced technologies, warned Friedman. She said that banks, markets and police should turn to AI, cloud technology and automation to thwart and disrupt the financial transactions of criminals and criminal networks.
- Friedman said that she had seen a change among banks in the last decade, because competition between them had been tempered in the feeling that collaboration is necessary to solve the problem of financial crime.
- The technology has also helped the Nasdaq to respond to market shocks, said Friedman. In the first ten days of April, she said, the NASDAQ experienced five of the first six days of stock negotiations in the United States and four of the six best days of optional options. At the top, on April 7, “we had 550 billion messages flowing in our systems that day, just to be able to manage the level of supply and demand that went on the markets,” she said. This is almost double the previous number of daily messages.
Respond to recent volatility
- “This is a very, very dynamic period for investors,” said Friedman, speaking after a month that was volatile for markets after pricing announcements.
- “I always try to put an investor’s head when you go through these periods of uncertainty and change,” said Friedman, explaining that in response to greater uncertainty, many investors are retreating. “There are a lot of changes. There are a lot of unknowable things and therefore they take risks.”
- But this approach should be followed in a short time by investors redeploying their capital, said Friedman.
- Looking at how investors reacted to the Pandemic COVID-19 is instructive, she explained. At the start of the pandemic, when uncertainty was the most acute, there were great titles in capital. But as soon as people realized that they could operate in the new environment, investors were able to “bring their capital in an intelligent and redeployment,” said Friedman.
- But the markets have adapted to shocks and volatility, she added. “I just want you to understand that plumbing has worked,” said Friedman about market resilience to respond to a recent commercial activity and ensure stability.
John Cookson is editor -in -chief of the new Atlanticist.
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Image: the CEO of Nasdaq, Adena Friedman, speaks to the Atlantic Council on April 25, 2025.