All right. Thank you everyone for joining us at Nasdaq's MarketSite global headquarters today, or whether you're participating virtually for our Nasdaq 2020 Investor Day. My name is Ed Ditmire. I'm vice president of investor relations at Nasdaq. We thank in-person guests for following all the COVID protocols. To use the restrooms during the day, please exit on my left and make a left down the hallway. You'll see a corridor of restrooms on your right. A couple other logistics. We'll have a little bit of a pause on some of the handoffs between speakers today to sanitize our clickers and things like that. Appreciate everyone's patience. We also have a few video segments, and I'll just ask the in-person attendees to understand there's a five to 10-second delay on the starting of those videos to help them sync with the virtual participants.
During the Q&A periods, we'll be able to take questions from both in-person attendees and from virtual attendees. For in-person attendees, to avoid sharing microphones, I'll repeat all in-room questions so that virtual attendees can hear the question clearly before our management answers. For virtual participants, please use the ON24 platform to enter your questions, and we'll work to get them incorporated into the Investor Day. Thank you in advance. Let me take a moment to read our standard disclosure. The investor presentation is on our website. These presentation's materials, including the webcast of the Investor Day, will remain available on the Investor Relations section of the website. You can find our reconciliations of all non-GAAP financial measures referred to in the presentation today in the back of our presentation and on our Investor Relations website.
We intend to use the website as a means of disclosing material, non-public information, and complying with disclosure obligations under SEC Regulation FD. I would like to remind you that certain statements in this presentation and during Q&A may relate to future events and expectations, and as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from these projections. Information concerning the factors that could cause actual results to differ materially are available in our press release and periodic reports filed with the SEC. All forward-looking statements speak only as of today, November 10th, 2020, and Nasdaq assumes no obligation to update or revise any forward-looking statements. Now, on the agenda today, and what we're going to do is first, we're going to have Adena talk about the strategy and direction of the company.
Lars Ottersgård is going to talk about Market Tech, and Lauren Dillard is going to talk about Investment Intelligence. We're then going to have a 10-minute Q&A for Lars and Lauren to answer questions about their business. We're then going to have a 10-minute break, come back, and Nelson Griggs is going to talk about the corporate business. Tal Cohen and Bjørn Sibbern are going to talk about our market services business. We'll have a second 10-minute Q&A session, where you can ask questions on the corporate and market services business. We'll then have our second 10-minute break. Our current CFO, Michael Ptasznik, and our next CFO, Ann Dennison, will walk you through the financials and capital. We'll have Michael, Ann, and Adena up for a final Q&A session to end the day.
We're going to kick this off next with a short video, and then I'm going to hand it over to Adena Friedman, our CEO.
They call them moonshots.
I'm going to leave that one foot up there.
Ideas so grand they seem impossible. Improbable.
Hello, I am Macintosh.
Unthinkable.
We're betting our future on our vision of the information highway.
Fifty years ago, we took our own moonshot, and it opened the world to possibilities, to "what if" and "who knows" and "that's amazing." At Nasdaq, we're anything but 50 years old. We're 50 years experienced, 50 years enlightened, 50 years poking, prodding, and provoking what's next.
The stock market for the next 100 years.
That's our spirit.
This will be the largest video screen in the world.
It's what gets us out of bed every day. When we look back at our 50 years, we see that we've been looking forward the entire time.
This organization has reshaped the market in ways, I think, beyond any other.
Innovation matters. New technologies break barriers. When you build upon trusted foundations with groundbreaking ideas and pioneering technologies, it breathes life into global economies. That's the backbone of progress.
Nasdaq is committed to creating inclusive, prosperous economies.
In 50 years, we've learned that greatness is among us. It's in markets, technology, and people. It's in what we do. How we get there. It can come from anywhere. Lead to anything. To realize that greatness, the full potential in economies of all stages, companies of all sizes, and people of all backgrounds, that's a moonshot. We'll never stop taking them. Nasdaq, rewriting tomorrow for 50 years and counting.
All right. Welcome everyone, and thank you all very much for coming in person or online. I'm Adena Friedman, the CEO of Nasdaq. You just saw a preview of our 50th anniversary video that we are showing to all of you today. We're very excited about celebrating that in February of next year. Today I'm going to spend some time with you to talk about our strategy in terms of where we've come from over the last two to three years to make sure that we really have been able to lean into our strategic pivot to provide technology to the global capital markets. Also to talk about how we're positioned successfully to continue to drive our strategy forward in terms of our competitive position, as well as our positioning in some key growth areas.
Thirdly, to make sure that you understand that we have a clear direction to continue to unlock growth for the years ahead. These are the three key themes that you're going to hear about throughout the morning. I'm going to give you a high-level overview of those themes with my own presentation, and then each of the business unit leaders will walk into that. Where we've come from, how we're positioned today, and where we're going over the next four to five years. Let's see here. Hold on one second. There we go. I see that. There we go. Well first we want to make sure that you understand how we're positioned today. Who is Nasdaq today?
Nasdaq today, significantly scaled global technology company that serves the capital markets with almost $3 billion of annual revenue, as well as approximately 70% of our revenue that comes from non-trading sources, which then provides more stability and predictability in our business results. We have a strong operating leverage with 50-plus% EBITDA margin, and we're building a strong track record of return on invested capital and double-digit total shareholder return. Now, before I go forward, I do want to give a little bit of a heads-up to all of you that we are changing two of our business unit names. Our Global Information Services business going forward will be called our Investment Intelligence business.
It will have all of the same composition, so it's just a name change, but we hope that the nomenclature will better reflect the breadth and depth of the services it provides to our community. There are still three sub-segments within our Investment Intelligence business, and that's our analytics, our index, and our data businesses. Also our Corporate Services businesses are being renamed Corporate Platforms, and there will be two sub-segments, our Listings platform and our IR and ESG platform. Also when we look at the three non-trading segments, we've always called them non-trading segments, but we've actually renamed them, too. It's collectively Market Technology, our Investment Intelligence business, and our Corporate Platforms business are now going forward will be called our Solutions segments. Well, as we drive our business forward, we steer our strategy through our vision, our mission, and our purpose.
Throughout our history, and certainly most recently through the COVID crisis, our people are driven by our broader mission and purpose. It serves as the foundation of our culture, and it motivates our team to go the extra mile to deliver strong and resilient markets, to deliver mission-critical technology, and to serve our clients with insights and intelligence to help navigate through the uncharted waters of the markets today. Our vision to reimagine markets to realize the potential of tomorrow describes our fundamental, unwavering belief that we have a huge responsibility never to stand still. We want to push the limits of technology and markets expertise. We want to deliver highly advanced, transparent, and reliable markets that successfully serve as a foundation for every working economy around the world.
Our mission describes the key assets and capabilities that we apply to achieve our vision, and our purpose serves as the underpinning of our values to champion inclusive growth and prosperity around the world. As we apply our mission, vision, and purpose to our businesses, and we are organized across four key business segments. Our Market Technology business is the technology that powers over 130 markets and 200 leading broker-dealer firms around the world. Our Investment Intelligence segment provides trusted data, popular indices, and powerful analytics to thousands of investment managers and hundreds of millions of retail investors to help them achieve their investment objectives. Our Corporate Platforms help thousands of companies access the public capital markets and help them navigate those markets with outstanding IR and ESG intelligence and capabilities.
Our Market Services business is a complex of marketplaces both in the U.S. and Europe that deliver connectivity, liquidity, and price discovery that minimizes market friction and maximizes investor access. At the last Investor Day, we talked about some areas where we want to progress and improve to deliver more results for our clients and for our shareholders. We do think that we've delivered solid progress against these five key areas, but we still have plenty of opportunity to enhance our performance and our capabilities. I'm most proud of the fact that we've really moved to become a client-oriented firm, where we always look from an outside in to understand what our clients' challenges and opportunities are, and how we can be best positioned to deliver great products and services that meet their needs both today and tomorrow.
We still have a lot of progress in terms of our transition to a SaaS or a SaaS-delivered organization, and we're going to spend a fair amount of time, talking about how we look at that SaaS metric going forward, and how we are going to allow you to measure us against that in the years ahead. Let's see. Okay. While we talk about we've made progress, but how has it shown up in our results? The first thing I want to point out is, highlight some of the key growth businesses. Most notably, we've reallocated our capital investment and our resources to our strongest growth businesses, our Market Technology and our Investment Intelligence businesses. Today, they are nearly 50% larger today than they were in 2016 before we initiated our strategic pivot.
The Market Technology business has grown 44% over that period through a combination of organic work and investments, as well as the acquisition of Cinnober. We've also repositioned the Investment Intelligence business so that today more than 50% of the revenues comes from our analytics and our index businesses, up from the mid-30s in 2016. We've freed up over $500 million of capital by divesting of businesses and other assets that really minimally contributed to our bottom line and were really not growing as organizations. We've changed the way we invest organically to multiply the capital going to the Market Technology and Investment Intelligence businesses and opportunities, and I think that's shown up in our results. If we broaden out and look at the entire corporation, we believe that we've been able to accelerate growth while improving our shareholder returns.
We've materially improved our key financial metrics foundational to value creation. We've added capabilities in our growth areas. We've maintained our investment and sustained our investment in our foundational marketplace businesses, and we've trimmed some non-core businesses. We've doubled the organic growth coming from our solution segments, which are Market Technology, Investment Intelligence, and our Corporate Platforms businesses. We've increased our operating margins by 400 basis points, not from cost-cutting, but instead from reorienting our segments and investment areas to deliver growth. Ultimately, we've increased the return on invested capital for Nasdaq to 11%. We want to make sure that you understand how we are starting to look at ourselves as a technology provider, and therefore, how you can measure us going forward. I'm going to spend a couple of minutes walking through some of these slides.
We are going to be providing you, going forward, corporate-wide measures of both our SaaS revenue and SaaS revenue as a percentage of ARR, as well as our ARR as a company going forward. Starting with the chart on the left-hand side. As I mentioned earlier, more than 70% of our revenue comes from non-trading revenue sources. If we dive further into those non-trading revenues, going forward, we're going to provide you corporate-wide annualized recurring revenue, which currently stands at $1.5 billion and has grown 11% annually since 2016. As a subset of our ARR, we're going to measure our progress in growing our SaaS revenue streams. Currently, our SaaS revenue stands at $440 million, about 15% of total revenues and 29% of our ARR. These metrics represent many, but not all of our key growth areas. I just want to make sure you understand.
The metrics provide investors with a deeper view into the predictable revenue streams that underpin our company. There are some really critical revenues that are not included that are certainly critical to our business success. Most notably, our non-subscription, but highly recurring index revenue streams, our allocation of shared tape data, still trading revenues from our leading marketplaces. here we go. Thank you. Okay. Sorry about that. If we go a little bit further into our SaaS revenues, we are disclosing our enterprise-wide SaaS revenues for the first time. We want to make it clear that today Nasdaq has significant SaaS-based products across our solution segments, not just in market. Okay, sorry about that. Hopefully everyone can hear me now.
I'm going to go ahead and backtrack a little bit to make sure we cover some of these new metrics in a little bit more detail so you guys get to hear it twice. If we move over to how we're measuring ourselves as a technology company today and into the future, we are going to offer and provide two new measures of our business going forward. The first is the annualized recurring revenue at the corporate level, as well as SaaS revenue at the corporate level and the percentage of SaaS to ARR. The first thing I would mention is on the left-hand side of the chart, we point out the fact that more than 70% of our revenues comes from non-trading sources. When we break that down further, you can see that about $1.5 billion of our revenue is in annualized recurring revenues.
As a subset of our ARR, we're measuring our progress in growing our SaaS revenue streams. Currently, they stand at $440 million, or about 15% of total revenue and 29% of our ARR. These metrics represent many, but not all, of our key growth areas, but they provide investors a deeper view into the more predictable revenue streams that underpin the company. As I mentioned, though, there are revenues that are not in ARR that are critical for our business success, and most notably, our non-subscription but highly recurring index licensing revenues, as well as our allocation of the shared tape data plans, as well as, of course, our trading revenues from our leading marketplaces.
As we do want you to understand that as we're evolving as a technology company, these metrics are clearly becoming more important to you and more important for us to measure going forward. We also want to make sure we dive a little bit deeper into the SaaS revenue streams. The first thing I would mention is that we are disclosing our enterprise-wide SaaS revenues for the first time. We want to make it clear that we have significant SaaS-based products across all of our solution segments, not just in Market Technology. In Market Technology, they comprise our world-leading trade surveillance technology, as well as our execution technologies to our broker-dealers and an increasing number of our core Market Technology products are being able to be delivered in a SaaS format. Within Investment Intelligence, essentially, the entire analytics subsegment is SaaS delivered.
That's eVestment, Solovis, Quandl, and our Nasdaq Fund Network. Within our Corporate Platforms business, our board collaboration tools, our IR intelligence tools, and our ESG reporting tools are all SaaS delivered. Through a combination of organic and acquisition growth, our SaaS revenues have been growing twice as fast as our ARR since 2016, and they now contribute $440 million to our total annualized revenue, which is just about 30% of our ARR, and we expect that to be able to grow to as much as 50% by 2025. We've talked about where we've come from, and now you can see I want to talk about how we're positioned in the sizable market opportunities that we operate in today. First, I want to make sure you understand how does the whole business work together.
We really believe that all of the businesses really collaborate together to create a better value proposition for our shareholders and for our clients. I'm just going to give you a couple of examples. The strength of our IR and ESG services for companies around the world, we have 8,500 companies around the world who take advantage of our services. That has become a true differentiator in terms of companies choosing to list on Nasdaq in the U.S. We have about an 80% win rate of operating companies choosing to list on Nasdaq in the U.S.
The result of that, of course, is a growing number of issuers on our platform, which then gives us more opportunity to deliver open and close auction capabilities and other services on the trading side, which is a big value creator to us and our shareholders, but also gives our market participants even more reason to connect to us. That technology that underpins our markets is also the same technology that we deliver to markets around the world. The fact that we can deliver markets with the level of reliability, speed, consistency, and throughput in the most competitive asset classes in the world gives our Market Technology clients confidence that we can deliver equal caliber services to them as they power their markets as well.
Those are just a couple of examples, but there are others that include the impact of our benchmark indices on our listing value proposition, the benefit of our trading relationships with the world's largest broker-dealers, and the doors that they open to Market Technology for our surveillance and trade execution technologies. It's just a flywheel effect of our overall platform that drives our success. If we want to leverage our premier capital markets platform and the network effects across our clients, we want to make sure that we're leaning into key trends. Our goal is to increase the impact on the financial industry in the years ahead. What we do is we take a client-first approach to identifying the trends and technologies that are going to catalyze change in the industry in the coming years.
We examine our clients' biggest challenges and opportunities in terms of how they're allocating their capital and prioritizing their capital investments in the coming periods. We then determine, well, which of the trends and the technologies are best suited for our strengths in delivering a long-term growth opportunity if we execute well? We look at that and say, "Okay, well, which business initiatives then lean into the trends, make sure that we are, in fact, delivering solutions that our clients are looking for today and tomorrow, and that we can deliver in a technology and data-centric way so that we can scale them over time and deliver returns to our shareholders?" These are the key initiatives that you're going to hear about this morning, and each of the business units will be going into more detail on them in their segments.
What we've also been able to do by making this transition is to make sure that we are increasing our opportunity within a broader total addressable market and serviceable addressable market in each of our segments. I'll just give you a couple examples. In Market Technology, as we broaden our range of trading and risk management solutions to the broker-dealers, including anti-financial crime technology that's serving the industry, we now have a $7 billion serviceable addressable market, which is giving us a much longer runway to growth and expansion. In the analytics business within our Investment Intelligence segment, our acquisitions of eVestment, Solovis, and Quandl have introduced a whole new range of opportunities within a $7 billion serviceable addressable market. As we continue to add capabilities over time, we're going to unlock more ability for us to tap into that growing total addressable market as well.
Okay, we've positioned ourselves well within a growing segment or growing attractive markets. What gives us the confidence that we're going to win? It's a combination of these key strengths to our clients that gives us a unique differentiator and a unique value proposition. For example, today, we are the most successful provider of trade surveillance technology in the industry. Broker-dealers, they trust us. Our clients trust us as an independent, high-integrity provider with a world-class global brand and a technology savvy that brings advanced data-first approach, coupled with deep market expertise to solving the challenges they face in rooting out nefarious market behaviors.
Well, because of the trust and partnership approach we have with our clients, they're now asking us, coming to us and saying, "Please broaden the scope of services that you can offer as we look at our broader risk management and anti-financial crime needs." Our early response to that demand has been a partnership with Caspian, which is really an AI-first provider of investigations capabilities in the AML space. We've earned the opportunity to win in addressing a much larger market opportunity by the approach we've taken with our clients and the approach that we've taken with our products. If I look at it going forward, it really now, going forward, really comes down to our ability to execute. Let's talk about that. We have a clear strategy to continue to expand our presence in the financial industry.
Let's talk about our execution in the coming years. The first thing I want to do is take a little bit of a step back and look back and understand our current position and where we're going forward in the context of our history. Over the last 14 years, we've moved from being a single U.S. and innovative equities exchange to being a global technology provider to the capital markets. We've pivoted effectively to expand our opportunities as that technology and analytics provider, and now we're moving to broaden our platform ecosystem to deliver more value. We will focus on SaaS delivery to continue to drive scale and efficiency into our platform.
We want to continue to build on our core with new focus areas that will expand our market presence in anti-fin crime, in alternative asset management workflows and analytics, and in corporate ESG solutions. How are we executing on that pivot, on that evolution? We start by sustaining our market-leading performance and client focus in our core marketplace business. It is and will always be our foundation. It creates trust and confidence among our clients, and it gives us natural reasons to expand our relationships with our clients going forward. We want to have a continuous program of reallocating and rebalancing our capital to the strongest areas of growth.
We want to have a clear vision to be the premier provider of SaaS-delivered services across Market Technology, our Investment Intelligence segments, and our Corporate Platforms, while also continuing to amplify our role as a marketplace provider. Our end goal is to continue to accelerate our performance for our clients and for our shareholders. What does this mean for each of the business units? Each business has a clear mandate. In addition to the core services that we deliver with pride every day, each business has strategic initiatives driving future growth and expansion. You'll hear more from each of our business unit heads as to what those initiatives are and how they see our success going forward. Our execution primarily comes down to organic growth.
As we have done in the last three years, we will consider acquisitions that amplify and/or accelerate our strategic ambitions, particularly related to our highest growth ambitions and initiatives. As we consider acquisitions that could catalyze and accelerate our growth, we've decided to evolve our investment criteria. At the last Investor Day, we implemented a rigorous three to five-year return on invested capital, ROIC requirement on organic and inorganic investments, which was a move to establish a high level of focus on how and where we're using our capital. We now have driven Nasdaq's overall ROIC to 11%, and we will remain committed to maintaining an enterprise-wide ROIC of at least 10% or more going forward at Nasdaq.
Moving forward, our criteria for our internal organic investments will remain unchanged. As we consider acquisitions, we will take a three-pronged approach to evaluating them for Nasdaq and their fit. The first, each acquisition must align tightly with our strategy and our culture. In particular, we're seeking acquisitions that accelerate our evolution as a SaaS-based technology and analytics provider to the industry. We've become a much more focused, growth-oriented team, and we spend the vast majority of our time every day together identifying and executing on organic efforts to maximize how we use every element of Nasdaq to deliver for our customers. Today, we really see acquisitions more as one of multiple ways for us to execute our strategy. They are a means to an end, not the end themselves.
When we consider acquisition targets, we ask ourselves, do we have the confidence and the commitment in our ability to deliver both the strategic and the financial objectives that we are seeking to achieve with the deal? How can the target enhance our performance and valuation potential? Ultimately, we seek opportunities to enhance our total shareholder return. As we move forward, we'll deliver on clear and consistent financial requirements. Each acquisition must provide earnings accretion and adequate ROIC, but the time frames may vary based on their significance and impact to our strategy. We're introducing a new commitment to maintain a strong enterprise-wide ROIC of at least 10% for Nasdaq as a whole over the medium to long term as we execute both our organic and inorganic initiatives.
Getting back to the overall financial profile of Nasdaq and our expectations, our core performance metrics remain consistent from the last Investor Day. Our Solutions segment has the potential to deliver 5%-7% growth CAGR over the coming three to five-year period, and we maintain our goal to achieve double-digit annualized total shareholder return. We're adding a new metric for our investors to measure us on going forward, which is a five-year ambition for SaaS revenue to increase as a percentage of our ARR from just about 30% today to up to 50% in 2025. We've proven ourselves to be strong executors for our clients and for our shareholders in the early years of our strategic pivot.
For the coming several years, we intend to build on our strengths, deepen our relationships with our customers, deliver on our strategy, and continue our strong track record of performance for our shareholders. We really look forward to the journey. Well, thank you very much. Now I'm going to invite Lars Ottersgård, who's our Executive Vice President and Head of our Market Technology division, to come on up and talk and do a deeper dive into the Market Technology strategy and plan. Thank you very much.
Thank you. We're going to go next to Lars Ottersgård to discuss Market Technology.
Lars Ottersgård, EVP, heading the Market Technology division of Nasdaq since 2008. I'm going to talk about how we're progressing going after our big opportunities that we see in Market Technology and how we are transforming our business into a SaaS operation. How we've done so far and where we go from here. Let me first level set on where Nasdaq Market Technology is today. We are a growing and stable and recurring business with a long and stable customer base. We have nearly $350 million revenue as a technology business within an exchange group. This is very unique, and as you saw in Adena's previous pictures, how that is helping us, Market Technology, with our business in the marketplace, as part of this group. We are not coming from outside of the industry; we're part of this industry. We're a scaled provider.
Our SaaS and ARR business is now almost 80% of our business. The ARR, that is. Our SaaS is 35% of our total revenue. Who are the clients that we are serving? We have three customer segments that we are addressing. The market infrastructure operators, which is exchanges, clearinghouses, depositories, and regulators over the world. Here, we provide technology that spans across the entire value chain of the operations. On the buy side and sell side, we have execution platforms and risk capabilities that we provide as services to our clients today, and we are a big player in the anti-financial crime area with a world-leading position with our trade surveillance capabilities. In a new market space. This is a new and exciting opportunity that we talked a lot about in the last Investor Day two years ago. It's still an exciting and growing opportunity for us.
This is a long-term play. This is how we see other markets forming that are not the traditional financial markets industry. There's a growing interest for our capabilities in this business area, and we look forward to grow it over time. What I want to talk about today now after the level setting is how we're progressing in transforming to SaaS, what market opportunities we see in front of us, and how we grew our SAM, our service addressable market. Finally, our expectations on my business going forward. Let's look at the transformation journey and how we're progressing there today. This all started actually back in 2016. We started to build what you hear a lot of today, the Nasdaq Financial Framework.
A common technology stack, a common platform for all our capabilities to be delivered across all of our markets, including our own, that you will hear more about from Tal and Bjørn later today. This platform that we started to build in 2016 are now ready for use, and we have it in production in several places in the markets across several of our technologies and our solutions, both for our enterprise on-premise clients, but also, and more importantly, as the baseline for all our SaaS solutions going forward. What is important with this platform thinking? Well, it's important to have all your applications on one single platform. That will help us, enable us to give new values to our clients. You can easier adapt to cloud services. It functions also as our base for our SaaS solutions.
It is a help for our enterprise software clients to modernize. We are packaging this Nasdaq Financial Framework in more, should I say, value-generating platforms. You have a marketplace platform, anti-financial crime platform, et cetera. They are all interconnected. We are using the same underlying Nasdaq Financial Framework platform, it will be much easier to connect the ecosystems in the marketplace. It is also important for our traditional enterprise clients as having the same underlying platform technology for their on-prem technology that we further on will provide in cloud or as SaaS services will make it much easier for them in an evolutionary move, go from the traditional on-prem technology to our solution services. How have we progressed since our last Investor Day, some key achievements? We have done well.
When I look at the plan that we laid out back in 2016 and further outlined in 2018, in Investor Day, there's a lot of ticks in the boxes here. The cap that I would like to highlight especially. We completed the acquisition of Cinnober Financial Technology. That has strengthened our position as the world leading provider in the MIO space, also positioned us further for the new markets to come. We added very capable technicians. We got a new number of clients and some new products into our portfolio. The really important part here is that in the full integration that is completed, all clients with very few exceptions have been embracing this and like the journey that they now come to join, the NFF journey. We also come far in adopting the technologies to our underlying NFF technology platforms.
The other part I would like to address is what Adena previously touched on, is how we are moving our already strong position in the anti-financial crime space beyond the transaction surveillance and into the AML space. We've done that by a minority investment in Caspian and a very important partnership where we go into this journey for a broader service capabilities in AML. This is unlocking a large SAM for us to address. With all this, how did our performance look last period? We outlined a number of growth expectations. We said that we would grow mid to high single digits in the market infrastructure operator space, double digits in the sell-side, buy-side area, and a very high growth in the relatively small segment on new markets. I can tick them all off.
Bottom line or top line, we said that we're going to grow 8%-11% CAGR. In the last three years, 2017 to year to date 2020, we have had a CAGR revenue growth of 9%. That is the organic growth. Including the acquisition that you saw on the first page, we grew 12% CAGR. Let me now move on to the position in the marketplace and how we are growing our SAM. First let me explain this a little bit. Busy shot, but what I try to show here is how we very carefully but aggressively moved our capabilities over time. We don't want to jump to a place where we don't have unique value or capabilities, so we always start where we are strong. In the very old days, we started with a trading platform.
We advanced into the full cycle of the value chain step by step, clearing depository technology, risk technology, etc. We do the same now in the anti-financial crime. We started with a very strong position as a transaction surveillance company moving into AML. We will go further beyond that. This is our approach for the last 10 years. This is our approach that we'll continue to take going forward. How has this resulted in our growing SAM? This is actually my favorite picture of the whole presentation. This is where I look at my opportunities going forward. Back in 2018 at Investor Day, we didn't really use the term SAM, I talked about the business opportunity ahead, which at the time was $3 billion. We talked about how I wanted to go after a $22 billion TAM.
I'm so happy to say that with the investments we have made and the changes to our portfolio and our advancements becoming a SaaS company, I now have an addressable market, a SAM, of $7 billion. It has more than doubled in the last two years, and I don't see any reason why we can't continue to grow our opportunity going forward. It's also exciting to see that all of those areas we're operating in are growing as investment areas, too. It's not that we are investing in areas that are declining. This is growth space that we are addressing. Just growing your SAM is not enough if you don't also win business. Why do we win? First of all, a proven track record. We have won more than 70 clients since last Investor Day.
We continue to get a lot of rewards for our innovative technologies and our ability to deliver those technologies. I think the three bottom line comments are the most important. We are trusted in the marketplace. We have a strong and proven track record of delivering high quality to clients. Many of them have been clients for more than 20 years. We have the best products in the market. I know that's maybe a statement that our legal counsel don't like, but I think they are the best in the market. We have innovation. We really look for innovation. Nasdaq has always been an innovative company, and we continue to work in the forefront of technology and development. I think we are in a very strong position to go after this now growing SAM and continue to win business in the marketplace.
With that, I think we should listen to one of our clients or a couple of our clients, what they think, and not only what I think.
Nasdaq invented electronic exchanges more than forty years ago. What most people don't know is that Nasdaq is a technology company by its core. Today, we provide technology to more than 250 clients in more than 50 countries across all types of markets in the world.
The partnership between SGX and Nasdaq is more than a decade now. We are a multi-asset exchange. Our business is vertically integrated, and we have an international presence. Technology is no longer separate from business. It's really about how we are reshaping business.
Tabcorp's vision is to be the trusted gambling entertainment company. Our wagering business, TAB, is Australia's largest multi-brand wagering company across digital channels and retail. Nasdaq's Merge core technology allows us to bring new products and opportunities to our customers.
With that, I would like to look a little more into the future, how we see the future develop, and how we will capture this opportunity across the different segments. Starting with the MIO space. We continue to migrate our clients to NFF and to SaaS. We are already the number one provider solutions worldwide with more than 130 clients all over the world in more than 50 marketplaces. As I mentioned before, many of those clients have been our partners and clients for more than 20 years. We also add new clients, new brands every year as they go. We have an obligation to help those clients develop in their positions in the marketplace. We will do that in three ways.
We're going to help them become flexible through our platform-based microservices architecture that I mentioned earlier, the NFF, and the way we are developing architecture going forward. We will help them leverage new technologies by, for example, moving them to cloud for scalability, flexibility, and connectivity. We will help them by providing not only our technology, but also our know-how by SaaS services, also underlined by the same technology, the Nasdaq Financial Framework, that will make it seamless to integrate what they still have on-prem, what they have chosen to put in cloud, or what we provide as a SaaS provider. With that, we expect to have a growth of mid-single digit CAGR for the three to five years to come. We'll move to the fastest-growing segment of our business in dollar numbers counted, the sell and buy-side business. We are a services company.
We don't deliver legacy on-premise enterprise software in this segment. We are delivering all our capability here as services in SaaS. We have had a good growth in progress in our trade execution platform and our risk capabilities. There's one area that Adena talked about that I will now dig a little bit deeper into, and that is the very strong position we have in the transaction surveillance and the anti-financial crime space, and how we're now moving beyond our history there and broaden our capability. In the world today, $4.4 trillion are laundered. It's a big problem for the industry. Only 1% of all that money is being seized or blocked. One of the reason is the complexity and difficulties to monitor and manage and find all these problems, and actually, only 1.5% of all alerts that is found in the world are becoming suspicious activity reports.
It's a highly inefficient way we are operating today. With those volumes, it's not about manual work, which is unfortunately still a large part of this. It has to become technology-driven. The industry is spending about $42 billion every year in trying to become good at this. Today, around $13 billion is spent on technology. As I said, this has to be handled with technology. It cannot be manual. The share of the spend will grow on the technology side. We see a growth of those $13 billion spending at [14%-70%] spend CAGR in the years to come. That's the market opportunity that we're addressing, that we're going in where we are already existent with our transaction surveillance, and where we're moving with our ML.
It's also a fact that the company has understood that fighting this problem, it cannot be done in silos, which has been the historical way of operating. The decisions are going to be consolidated, they're looking for stronger partners that can help them cross those silos and not niche solutions in every single part of their businesses. That's where we come in with our brand, with our knowledge, and with our already strong footprint in this space. I think we are really strongly positioned to capture a continued double-digit growth in this segment of our business. With that, let's talk a little bit about new markets. The new markets, this is a long-term play. I definitely see this still, as maybe I said two years ago, maybe my biggest opportunity. It is still something I believe really strongly in. It will grow over time.
This is about changing business models, and this is about completely new digital asset capabilities in the marketplace. This will take time. We are seeing a very healthy pipeline, and we have today 15 clients in this space. We are working directly, but we're also looking actively to work with partners like R3, Microsoft, and Amazon in this space. I see some very interesting proof points on what SaaS can do for us. Our marketplace surveillance has, up till 2020, only been an enterprise software opportunity or offering. In 2020, we made it a SaaS solution, and we have already gained eight clients and seen a very good uptick on this platform and this solution. How will all this transition into financial outlook? As I said in the beginning, 35% of my total revenue is SaaS-oriented today.
That's going to grow to more than 50% of my total revenue in 2025. Our ARR is going to grow with, at, or faster than our organic growth that I still see to be in the range of 8%-11% CAGR. As SaaS is becoming a larger and larger part of my business, it will help with the Market Technology margins over time. I also say that we are also introducing a new KPI that we think are extremely important for how to grow a technology business. That's the Rule of 40. If you take the revenue growth and add it with the EBITDA, you get the number. Our ambition is to have that number more than 40, and that's what we strive for. That is a KPI that we will keep a lot of focus on.
Obviously, we will continue to focus a lot on our very high retention rate that we experience. Let me summarize this presentation in three bullets to remember. We have a very strong and solid position across a broad and exciting clients segment. We develop our portfolio meaningful solutions that grow our SAM. We more than doubled our SAM to $7 billion in the last two years, and we intend to continue that growth going forward. We are well on the way to transform our business from an enterprise software company to a majority SaaS business. That will help us with improved margins and addressing new marketplaces as we go forward. Thank you. With that, I would like to hand over to Lauren Dillard, Executive Vice President for our Investment Intelligence business unit.
All right. Thank you, Lars. I'm Lauren Dillard, I'm the Executive Vice President over our Investment Intelligence division. Delighted to be with you here today. I'm going to cover three key areas, how we've transformed this business, I don't just mean in name alone. How we're positioned to capitalize on market trends, also how we are positioned for sustained growth. First, let's just take a look at the numbers of Investment Intelligence at a glance. There are a lot of very important numbers on this page. The number of our clients, of course, our operating margin, we are a scaled business. I'd actually draw your attention to two key metrics on this slide. First of all, like Lars, we are now showing our ARR. We have over half of our revenue in ARR. That's an important metric for us.
A takeaway from this slide and something I will continue to come back to actually throughout my presentation is around the revenue mix of our business. We do have three units within our business, index, market data, and our analytics business. Important to our transformation has been the mix of this revenue. We now have more than 50% of our revenue from index and analytics, which is a growth area for us. I will keep coming back to this, but that's a takeaway from this slide. Before we get into our transformation, let's just level set on what Investment Intelligence is as a unit. We have a distinct and unique index franchise. This includes everything from ideation and research to supporting marketing and distribution, smart beta products, thematic indexes, and of course, importantly, our Nasdaq-100 franchise.
We have over 100 products around the world tracking to the Nasdaq-100. Second, our market data business. This is a mature and big business. Importantly to this business, we've launched a Nasdaq Cloud Data Service. This is actually accessing new clients around the world, so we'll talk to that when we talk about our sustained growth. Last, our analytics division. This was a core off of our eVestment acquisition, which we had done just shortly before the last Investor Day. We've built around that intelligence. That is the leading institutional intelligence for consultants, asset owners, asset managers. We've added workflow solutions to cover both the public and the private markets, which is important to our growth. In addition, within analytics, we have our Nasdaq Fund Network, which we continue to expand our transparency, as well as our alternative data. That's what our unit looks like.
Now let's talk about how we've transformed this business. Since we were here last, we've made several key acquisitions or investments. We've made our eVestment acquisition. We added on Quandl, which is the marketplace for alternative data. This year, we added Solovis. Solovis is a cloud-based, multi-asset class portfolio management and risk solution. It's targeted to asset owners, so foundations, pensions, endowments, that can look at their portfolio across their private and public investments. This is a post-investment. If eVestment is the pre-investment tool for research and diligence, this is the post-investment tool. This is an important expansion off of our eVestment franchise. In addition, we've made targeted organic investments. We've made more than these three. I highlight these three because they both were important from our transformation to date, but also are important for our transformation going forward.
We've built out analytics to cover the private markets. This is private equity, private real estate, private credit. We'll talk about this as we expand our growth. We've expanded our index franchise. We'll continue to. I spoke about the cloud data service. We've made some key investments. What has it meant from a numbers perspective? Our repositioning is driving higher organic growth. Let's take a minute on this because this is important. Adena mentioned in 2016, just about a third of our revenue was from outside market data. We're now at over 53% of our revenue mix from index and analytics. The revenue mix has changed, but importantly, that has meant that our organic revenue growth has almost doubled. Our repositioning is driving higher organic revenue growth. This is what the numbers look like. What has it meant from a client perspective?
We have a broad and diverse client base. 600 index clients are ETF issuers taking our data, 900 market data clients, over 3,000 investors, consultants, asset owners. These are big numbers. What's more important than these numbers is actually who our clients serve. It's the hundreds of millions of retail investors using our data in the market. For our asset owner clients, it's the pensioners, it's the charitable foundations, it's the retirees. That's who we actually serve. We serve our clients so they can serve their beneficiaries. Let's take a look at that. There's a video.
The world of institutional investing represents close to $80 trillion in assets. It includes some of the largest institutions in the world. Ultimately, it's not about institutions. It's about people, teachers, first responders, seniors, students. These are some of the direct beneficiaries of institutional investing. In a way, all of us benefit when there's more clean water, greater access to medical treatment, economic development, and financial security for retirees. Outcomes like these are made possible when pensions, foundations, endowments, and other investors work with consultants and asset managers to meet their investment objectives. Our job is to create transparency through data to power institutional investing. Asset owners and investment consultants across the world have more data on long-only, hedge fund, and private funds for investment.
Post-investment, they have better data on their portfolio's performance, liquidity, and risk across asset classes. Transparency into the institutional landscape also helps managers meet evolving investment objectives so they understand what matters to asset owners now and how they may allocate differently in the future. We're eVestment and Solovis, institutional solutions from Nasdaq.
Now that we've been reminded who we all work for, let's talk just a little bit about how we see the market trends. There are some key market trends that are fundamentally changing the dynamics of the investment community. I'm going to spend a little bit of time on each to set the backdrop for how we're positioned for growth. On the left, continued growth in passive investing. I probably don't need to spend much time on this. I think everyone's familiar with this. I will say importantly, we do see passive investing outside the U.S. to be increasing. This is important as we think about our growth. The second trend, increased allocation to alternative asset classes. Again, private equity, private real estate, private credit. We've been operating in a very low rate environment. Asset owners are seeking yields. They're increasing their allocations.
All of our proprietary data shows this, other data shows this. Increasing their alternative allocations, which means there's complexity, there's a need for better data, better benchmarking, understanding manager research. This is a market trend we are focused on. The last two trends, you could actually bucket together. There's an IBM report that says that 80% of the world's data has been created in the last two to three years from just the rapid digitalization that's occurred. The data was there, but now it's important to see the insights and intelligence. This drives our alternative data. This drives also just the need for investors to be able to manage through the data. 10 years ago, on our eVestment platform, our ESG questionnaire had 10 questions. One universe, 10 questions.
In August, at the end of August, we launched a new questionnaire, actually at the response from asset managers asking us to help manage the data. 60 questions, we already have 3,500 strategies that have completed those 60 questions. It just shows the just magnitude of the data that's out there. These are the trends we're focused on. There's some numbers that support these trends, and I won't get into the growth. This is a key indicator. It is certainly not the only indicator, but AUM growth is a tailwind. I spoke to passive. Again, we are seeing this outside the U.S. as well. The middle alternative shows the increased allocations. We actually saw in our eVestment data that increased allocations to alternatives even happened over the period of COVID, so Q2. Let's spend just a minute on active because this is important. It is growing.
It's the largest part of this market. It's growing at a lower rate, but it is growing. Importantly, that means investors and asset managers need even more intelligence on how to position themselves, how to understand what their universe is, where they're falling out of RFPs. This growth is important because it's a competitive market for this growth. These are the trends that will sort of set our backdrop for our business as we go forward. Let's talk about how we're positioned for sustained growth moving forward. Before I do that, I just want to restate our mission because it drives everything we do. I'm going to actually read these words because they're just that important. "We are the leading provider of data and technology to power the intelligence for the investment community." This is what we do every day.
This is what our businesses are focused on, and this is our priority. Let's talk about our priorities across index, market data, and analytics. Let's start with the first priority, index. We will continue to expand our geographical footprint and our suite of offerings. First, we're going to expand off of our Nasdaq-100 suite. I think everyone probably saw in the last month, Invesco launched an innovation suite, which expands their products that track to our Nasdaq-100. We're going to continue to do this around the world. That actually takes us into our second point, expand our global reach across Asia, Europe, and Latin America. In 2016, we had just about 30 products tracking to our indexes across Asia. Now we have over 80 products tracking to our indexes. That shows just the demand. We have to reach the client demand there.
Third, continue to expand our thematic indexes. This would be off of our suite of cybersecurity, cloud, biotech. Just this past year, we launched the Water Index, and our partners at CME are launching futures on that Water Index. We will continue to look at thematic indexes. Last, ESG. I don't think you're going to have a presentation without ESG. This is really important as we continue to work with our clients to make sure that we are offering indexes that actually satisfy the investment outcomes that they have and that their clients have for their ESG objectives, because I think we all know it means something different for everyone. If we can achieve these priorities, we will continue to drive high single to double-digit growth, assuming there's a benign market backdrop. That's priority number one. Let's move to priority number two. This is market data.
In our market data business, we are going to reach our new global clients and continue to grow our Nasdaq Cloud Data Service. This past year, we launched the Nasdaq Cloud Data Service. This was important for us. This reduces time for clients to get our data. It lowers their infrastructure cost. It moves their time from weeks or maybe months to hours, if not days, for setup. The team likes to call it on-demand finance. We're seeing that all around the world, and now we can react to it. We've seen global expansion in Asia. I don't think I need to talk about the rise of the investing community there, but we're seeing retail online brokers there, in Europe, here, of course. Now we can reach them quickly where they were born, in the cloud. Last, there's an expansion of new customers.
These would be media customers taking our data or things like financial literacy apps, Rapunzl. We power the data for a financial literacy app that actually teaches a whole new generation of investors about the market. This is completely aligned with our purpose and vision and mission that Adena outlined. If we can achieve these, this is a big business. We expect it to grow low single digits, but we have clear objectives here. Let's move to priority number three, our analytics business. We're going to be offering new insights and technology to meet what we see as evolving investor needs. What do we actually do for our investors with insights? We collect data. We aggregate data, whether that's portfolio information for Solovis, whether that's positions, that's team, that's track record, that's universe. We aggregate that data.
We actually have intelligence back, so you understand how you rank, where you fell out of RFPs. You can look at your portfolio. We do predictive analytics. Our Market Lens tool can show where allocations for asset owners are actually moving around the world. We can show where your portfolio, you're over-allocated. We offer these to asset owners and asset managers. It's a big client base. I think that's really important. We have some clear objectives here. We've now expanded our suite of solutions. Solovis is geared at those asset owners. It's post-investment. We're going to offer that full suite of solutions to the close to 1,000 asset owner clients we have. Second, we're going to expand our private markets capabilities. I mentioned this has been part of our transformation to date. We have built out analytics.
We have 5,000 general partners that we track, a forward calendar, due diligence, manager research. There's a need for data for benchmarking here, as well as workflow tools. The workflow tools have not caught up with the maturing of this industry, this space specifically, and we are focused on expanding our private market capability. Last, extending asset coverage and new data sets. We have our alternative data set business. As you can imagine, when COVID happened, the need for different alternative data sets were immediate. Supply chain, consumer spend. We've launched and expanded our Nasdaq Fund Network to cover unit investment trusts, collective investment trusts. We just see investors dealing with a more complex universe of tools. If we can actually achieve our priorities here, which we will, we'll have high single to double-digit growth across our analytics business. I've gone through the priorities.
Now what does that mean from an overall numbers perspective? Lars said his TAM slide was his favorite. I actually think this is my favorite slide. Here's why. It shows the transformation of the Investment Intelligence business in a very clear way. When we stood up here in front of you last time in 2018, 45% of our division was from analytics and index. Now we're at over 50. If we can achieve the priorities that we outlined, we'll be at over 60% from our index and analytics business. We'll have consistent ARR. We'll have an expanded private markets suite of offering of data analytics and workflow tools. We will have had our structural expansion of index, and we will be looking at 5%-8% organic growth CAGR. This is actually revised from 5%-7%.
Looking forward, we really are continuing to evolve our revenue mix with strong growth. Let me summarize. We are a scaled but high-growth business. We have repositioned this business to be focused on our index and analytics business. We have strong demand globally for our unique index franchise. We have a mature market data business, but this cloud offering is exciting as we reach new geographies and new customers, and we will continue to have new insights and new workflow solutions for just the broadening need for our investor clients across public and private markets. Thank you. I think I'm going to turn it to Ed, because I think we're going to answer questions.
Yep. Let's bring Lars back up.
I think I need to clean this.
Thank you.
No. Yeah, I'll just put.
Okay. We're going to start off taking a question from a virtual participant. Alexander Blostein from Goldman Sachs said, "Can you please discuss your outlook for Market Tech segment operating margins over the next three years, taking into account the evolution of the Market Tech business towards SaaS and the investments you need to make to achieve these growth rates?
Thank you. I will not go into actual numbers. All I can say that SaaS experienced a higher margin than our enterprise software business. As our business mix continues to evolve over to SaaS business, we will see improved margins over the three years to come. I'll also say that I come back to the Rule of 40, which I find really interesting and important for us as a KPI, that as we look for continued growth, we also look for the margin combined with that growth going forward.
Okay, I'm going to take a question from the room. Jeremy?
Hey, Jeremy Campbell, Barclays. As you think in each of your segments here with clients searching for either efficiencies or new ways to do things in this whole COVID work from home, some of this is inevitably going to persist as we hopefully lap this thing next year. Just wondering what parts of your businesses are you seeing impact or increased demand from clientele, or if you're seeing engagement with clients that you never engaged with maybe pre-COVID.
Great. I'm going to summarize the question for our online participants. Jeremy Campbell from Barclays asked if there were portions of our business where we were seeing increased engagement or new opportunities as a result of the unique conditions of COVID and the pandemic and its implications.
I'll start with the most obvious, which is index. Obviously, we feel like we have a whole suite of index franchises that sort of represents the modern industrial way we all are living, which was indicative of, as you see, asset flows into the indexes, as well as our new launches. 35 of the Nasdaq-100 current companies would have been in our next-gen index that we launched. I think you're seeing behavior there. Obviously, we believe, as a technology company, that the rapid digitalization that we see, especially when we're working for asset owners and asset managers, isn't going to go away. If they had a roadmap, if they needed intelligence, if they needed to understand what was going on in the market, we found in some cases that was accelerated.
Across our market data business, specifically, clearly the rise of on-demand finance or the retail online brokers, and powering the market data for those was something we saw. That kind of covers all three of our segments.
From the Market Technology perspective, I would say I see it in two areas. One is that this whole situation has shown that working remote and the volatility and the volumes in the market that came through this has actually pushed people to really embrace our strategy going forward. Moving into cloud, being more dynamic, flexible is definitely something that has changed dramatically, the attitude to that during those years. Meaning also taking service instead of running it all in-house at home is becoming more and more appropriate as we go forward. If we look at the surveillance business and the whole anti-financial crime business, the volumes, the activity in the market is driving this to be an even bigger challenge and therefore, also an opportunity for us. I think it's showing us that we're on the right path in our strategy.
I have another question from a virtual participant. Chris Harris from Wells Fargo asks, "In Market Tech, as SaaS revenues grow, what does this mean for the growth rate of Nasdaq's Market Tech segment overall over time?
I think I gave my expectations in the coming three to five years to be 8%-11% CAGR. That is definitely driven by SaaS. I don't think I would go further than that. Yes, it will help our growth over time.
Let me take a question from the room here.
I guess I'll take it. Alex Kramm, UBS. Just coming back to Lauren's business, can you just talk about the passive and alternative trends? You said those were the highest growth areas. Is the passive just the index play or the other things you can do on passive? The same question, I guess, on the alternatives to give a little bit more detail, like where exactly you capitalize on those trends.
Alex Kramm from UBS asked about the index and analytics business in particular and what's driving the higher growth expectations in that business.
On index specifically, let me start with that because that was the first part of your question. We put out passive allocation numbers. Obviously, our indexes track to assets as they move there. We are seeing passive outside the U.S. in a rapid clip. As mentioned in our Asian numbers, we've more than doubled our products there, now at over 80. That's the passive trend. For alternatives, again, I think you're referring to the allocation increases there. The specifics there, I spent 20 years in that industry, is the technology tools, the data, the accessibility to data, the benchmarking, a lot of that is sort of going through a maturation cycle that I would say is behind in that space. We have analytics. We can show valuation bridges. As mentioned, we've 5,000 GPs that we track the performance for, forward calendars.
As you're an asset owner, increasing your allocations, which is what was shown on that market trend slide, you are putting into your portfolio more complicated investing. We want to be able to show those investors, and that was the thesis around adding Solovis to our workflow suite, both their public portfolio as well as their private portfolio and the analytics. We have joint clients that have already expressed the ability and the ease, frankly, of their burden as they're dealing with that data. That, I think, gets to your question. It's workflow and data as it relates to analytics. On index, it's our suite of franchises, whether it's smart beta or thematic indexes.
For the passive side.
Just index or the analytics opportunity to passive, I guess was my other part of the question.
Analytics. Are there analytics opportunities in passive? Well, arguably, you could say that as we launch ESG indexes, some of them are overlays. That is an analytics extension to our indexes. There is a bit of how we create our indexes to service that. I guess that's how I would call it, if you want to call it analytics. Of course, we have our futures revenue in that business as well.
Okay, great. Question from the room.
I'd like to understand the impact of cybercrime and the role of cybercrime in your businesses and what are the risks and what are the opportunities for you to gather new revenues to provide new services around cybercrime?
Okay. The question is if we see specific opportunities related to the trend of cybercrime and how we can help people respond to that.
From a Market Tech perspective, we don't offer cybercrime technology as such. I think this is one of the benefits of being part of the Nasdaq group. All our technology, everything we build, everything we provide to clients, we have very rigid requirements from a cybersecurity perspective. I think we are top-notch, high grade. That means that buying from us is probably a rather safe way of buying technology than from potentially smaller companies that don't have the same body mass behind it. I think it's improving our solution across the board.
Yeah, I would add, from Investment Intelligence, we don't have a cybercrime solution per se, but I do agree, we're a trusted partner with our data and of course, years of dealing with the regulators.
Yeah, absolutely.
I just thought I would mention one other thing. Within Market Tech, though, as we work with our clients and think about providing more of a managed service provider as opposed to deploy software provider, particularly in emerging markets where they have to compete for talent like everyone else, they have to manage infrastructure like everyone else. It's becoming more and more complex. If they work with us in terms of as we bring markets to the cloud, as we manage our clients in terms of bringing their markets to the cloud, as well as become more of a managed service provider, we can provide our expertise in cybercrime to them.
I think it's a way for us to help sell more of the managed service provision and managed services that we have going forward, particularly as our clients start to embrace the cloud as a delivery service for their markets.
Ed, I should answer. We have a cybersecurity index that has products next to it too.
Great.
Just to get the plug-in.
I think we have time for one more question on this section. We have a question from an investor. Market Tech has seen some headwinds in 2020 due to COVID and implementation challenges related to that. Lars, can you discuss a pathway to those roadblocks being removed for this business? Is this factored into your forward medium-term outlook at all?
Yes. I start with the last part. Yes, the outlook I'm giving is based on all the facts I have to date. That answer is yes on that. When it comes to the impact, it has primarily been impact on the enterprise software side of our business, because there you have a lot of on-premises and people working together. In the SaaS business, this impact is definitely limited. There, its main challenge has been in meeting the clients and prospecting and finding new clients in the marketplace. I think it's remarkable how the marketplace is also adapting to that. We have some great examples where we have sold systems to clients where we actually haven't met the clients physically yet. The whole chain has gone from a discussion over Zoom and mail to contract, to even implementation and launch without having physically met.
I think this is something we learn to live with, and I think it's something that we are proud of our ability to handle, and therefore I see an opportunity in this also for us as a technology provider.
I think we might have time for one more question in this section. Any questions in the room? Yeah.
Just, Lauren, I guess on the solutions with Solovis and eVestment, as we kind of think about the Venn diagram of this, how much overlap do they have for versus kind of unlocking and cross-selling as an enterprise-based solution?
Yeah. They.
I'm just going to repeat the question. The question was, within Investment Intelligence, how much overlap in the product set do we have in terms of offering an enterprise solution?
Yeah. Thank you. There were overlapping asset owner clients. Solovis' client base was primarily in the U.S. across family offices, endowments, foundations, smaller pensions. eVestment has a much larger asset owner client base, and it is around the world. One of the just natural synergies we saw was that we had this large group of asset owners that was utilizing our intelligence, and then now we have a post-investment solution. That was important to us. That was my number one on analytics, was taking that solution set to our clients. To what Adena said, we get a lot of outside-in feedback, so we work really closely with the clients on how the API should work and what data's important. Now we also, of course, can provide our private markets data into Solovis. That was important.
That client overlap was important as it relates to asset owners.
Okay, thank you. It's time now. We're going to get to our first break. We're going to restart the presentation with our Corporate Platforms businesses at 10:05 A.M. sharp. Okay, thank you.
[Break]
Everyone. I'm going to welcome you back to our Investor Day. I'm going to introduce our next speaker. Nelson Griggs is going to talk to us about our Corporate Platforms segment. Thank you.
Well, thanks, Ed. I'm Nelson Griggs. I run the Nasdaq Corporate Platforms business. I'd like to start by giving a brief overview on the Corporate Platforms business and some of the financial metrics. About 88% of our revenue is reoccurring, and we have some improving financial metrics that you'll see here. As Adena had mentioned, our growing corporate client base across all of our product lines, we're up to over 8,500 clients leveraging Nasdaq services. When we start by taking a look at who we serve today, I'd just like to review a bit that, we really serve key decision-makers inside corporates with very strategic products in a landscape where you're seeing these roles overlap quite a bit, which really plays to our strength.
One example of that is a new addition, is the corporate sustainability officer, works very closely with investor relations, works closely with the corporate secretary. It's natural for us to be serving all these clients, and we're very unique in the marketplace this way. When you think about the uniqueness of our offering, it really is the ability, for the last five years, we've been telling this enhanced life cycle story to corporates. This is from private to public, from the startups to Apple. What we're able to go into, it's very differentiated, is we compete against a lot of point solutions here, and we have this holistic story. When we think about the success of that, it's really translated into a lot of results.
If we look at the listing business particularly, we have had this strong listing win rate, 77% over the last three years in the operating companies. One metric of success for us is winning a lot of the larger listings. Now half of the $500 million raises and upwards choose Nasdaq, and we've had over $1 trillion of market cap in the last five years switch from the New York Stock Exchange to Nasdaq, and that has had some nice financial results, which I'll review later. Think about our IR and our ESG businesses. What has been effective with this business line is really returning to growth. These businesses are now operating very efficiently. We're under one roof with the listings and the IR, ESG businesses. What's unique about this is the service addressable market is not just Nasdaq companies.
Over 55% of revenue does come from companies on other markets and across the globe. What is driving this ability to tap into new markets is we're focused today on very strategic products with advanced technology, data, and advisory services. When we take a moment to look at the SAM, the service addressable market, inside this business unit, today, it's about a $210 million revenue business, but the opportunity we're finding is much greater than that. It's about a $1.5 billion TAM, and this is with our current services as we find new opportunities within areas such as ESG, which I'm going to talk a bit more in a moment. About a 7% upside to what the current revenue is today. Oops, sorry. Now I'm going to turn a bit to how we've successfully repositioned the business.
What's very unique about Nasdaq is today we have the largest business across all the exchange franchises focused on corporates. This does not go unnoticed by our clients. They look at us as having a unique passion in this business, scale businesses and help them achieve their strategic outcomes, and a lot of expertise that we can bring to the table to help them meet their goals. What got us to this point was really a pivot that we went through, which was to exit some businesses that were not quite as strategic, such as press release distribution, webcast, web hosting.
Over the last handful of years, we've had some small target acquisitions to help us focus on the boardroom, help us focus on areas such as ESG, and we bring together a suite of services that help get to these higher-level outcomes that corporations are looking to achieve. When we look at our path from an internal and external perspective, we really had, if you recall back to the Analyst Day two years ago, we brought together the listings and at that time, the corporate solutions business, and we have a unified team. It's focused. It's aligned. This mattered a lot internally as we thought about how we restructure ourselves and how we deliver to clients, but more importantly, as clients look at us and how they want to work with us, we now have this all under one umbrella, delivering these solutions to clients.
What has the results been, and what are some of the key metrics? I think I just obviously highlight here the return to growth. The previous three-year period before last Analyst Day, these businesses returned by 1% annual CAGR, and now we've returned to about a 4% growth rate. I think there's a lot of opportunity we have to get here. Two years in our world feels like a lifetime, but it's pretty short when you think about bringing together these two business units and how we can deliver for clients. We're very excited what lies ahead for us. We do believe we have clear priorities to continue our growth track, and I'm going to go through each one of those right now. We love this listing life cycle story with our listed clients.
We have a path, we believe, to continue our market share gains. When we look at the IR and the board and the ESG businesses, there's lots of opportunity to reach new markets and grow our wallet share within the 8,500 client base. We've been nimble enough when new opportunities come across, such as ESG, to really capitalize on that. I'll go through these in a bit more detail. You get a thumb workout here. Okay. Look at the listing business for just a moment. One area I mentioned, last Analyst Day, we were achieving about a 15% win rate with the largest IPOs go to market. Today, that's 50% and growing. On the switches, we've been ramping up, so every three-year period, we're showing here from almost $300 billion of switches, $500 billion, $600 billion.
These larger companies today are now coming to Nasdaq, and the benefit of that to us is really twofold. One, we're getting a larger revenue per client now with these larger listings, and with the growing listing base, we have a lot more opportunity to make sure they're aware of all of our services that we do offer today, growing that wallet share. Across the IR business, really a three-pillar approach here. We have spent a lot of time on focusing on the products. This first one on really retaining and expanding the base has to come with product excellence, and we're repositioning our client success team inside Nasdaq, and that's under one umbrella, going to clients with a unified solution. The 8,500 clients, lots of opportunity.
We're tracking very closely now how many products they take from us, and our ability to expand with inside that client base is significant. We think about new capabilities. I will talk about ESG in a moment. We've also introduced new services as the move in corporates to work directly with the buy side. The opportunities around advanced targeting, we've brought new solutions to the marketplace, which we'll continue to do. ESG, we're going to kick it off with a quick video.
The world is changing, and at Nasdaq, we're leading the way with Environmental, Social, and Governance initiatives. You have ESG program goals, and we can help you achieve them by delivering the technology, data, and advisory services you need. As a company committed to sustainable business practices and a leader in navigating the ESG landscape, we stand ready to serve as your trusted advisor, your advocate, and your software and analytics provider. The time is now to take a closer look at your ESG program. Corporate performance is linked to environmental impact, social sentiment, employee culture, and governance practices. Shareholders are taking notice. Customer demands and employee expectations are evolving, and investor focus is shifting to companies at the forefront of ESG. Companies that are driving value by attracting long-term capital, new customers, and top talent.
Nasdaq is prepared to help you build your ESG program, collect, manage, and disseminate your ESG data, manage and strengthen your corporate governance, facilitate boardroom collaboration, identify, prioritize, and engage your stakeholders. Get recognized by investors for your ESG efforts. Regardless of where you are on your ESG journey, we are uniquely positioned to help you secure economic and brand benefits and navigate the complexities of this new stakeholder-focused economy to establish, strengthen, govern, and share your ESG narrative with the world. The change is here, and so are we. Nasdaq: Rewrite tomorrow.
Next year I'll start my 20th year at Nasdaq. I love all the businesses. I love our listing business. I love the IR business. Really have never had such excitement on a new practice under ESG. My team and I can't get out of meetings without talking about this topic. It's one of those, you've heard my other colleagues talk about it, when clients come to you and ask you to help. You feel like you have a great opportunity. That's a bit where we are with ESG. This slide here comes to you over hundreds of meetings we've had on ESG over the last four or five years. We've started to finally develop products to help really deliver for our clients. What we know about the U.S. landscape is that many clients are at different stages on their journey here.
Some have been at this for 10, 15 years. Some are just starting today. Why they look to Nasdaq is we're a public company ourselves. We're on this journey. We have unique heritage with the Nordic markets. They trust us today to deliver these services around investor relations, around governance. They want to know how we can help here. We have invested. We brought in some unique outside talent through some acquisitions, but we've also developed a unique base inside Nasdaq to help clients really succeed here. When we think a bit about what we are doing today and where we can go with this, we start with a foundation around ESG advisory, whether you're building or expanding your program. We have tools to help them think about improving their board effectiveness and how they're thinking about things like assessments, et cetera.
That's through our CBE acquisition. Nasdaq OneReport is a fantastic new opportunity where the complexity around corporates today, where they're reporting to all the different agencies to the buy side, which is really evolving. This tool allows you to publish once and distribute to many. Across the landscape, when we go sit with a sustainability officer, CEO, IRO, they're all asking about this topic, and we have some unique expertise to really help them deliver on this. The size of the market, we believe, is very large. Today, with our own current products, around $500 million we believe is the opportunity. Today, we're at a very small base, so lots of opportunity to grow here. The $5 billion is through a combination of studies, but that'd be really getting the whole Nasdaq flywheel going. You heard Lauren talk about her approach on the investor side.
We combine this together in thinking about what's going on in corporates, investors. The market under ESG is extremely large and growing. Today we're servicing 300 clients in some form or aspect. The acquisitions we have done are definitely overperforming our expectations. This is in light of doing them during COVID. I think we look at this space, this is something you're going to hear a lot more about from our group in the coming months and years. As we think through, we all, again, have our favorite slides. I think we look at this one to say we love the fact we're going to continue on our 3%-5% growth rate. The core businesses are performing very well. Then we'll put out there an internal marker today of about a $50 million business in ESG by 2025.
Again, it's early days there, we're looking at a lot of opportunity, and we're thrilled about it. Today, I think we have really a terrific story. We tell a great life cycle story. The results are showing that clients are understanding what we bring to the table. The deep relationships we're creating, the services we're offering are world-class. As we have found new opportunities to catalyze more growth for our clients in areas like ESG, we can deliver for them and really put together some unique capabilities. Thanks very much. Appreciate it. I think I'm going to invite up Tal Cohen and Bjørn Sibbern of our Market Services business. Thanks.
All right. Thank you, Nelson. I'm Tal Cohen, Executive Vice President of North American Markets. Bjørn Sibbern is going to be joining me virtually in just a moment. Let's get started. All right, I'll start by providing an overview of our business. Market Services encompasses our transaction and trade management services businesses in North America and in Europe. As you can see, we have well-diversified revenue streams across equities, derivatives, FIC, and trade management services. On the slide, we also highlight the strong operating margins we generate and the markets in which we hold a leadership position. ARR is predominantly made up of our trade management services business. Okay, here are the topics I'm going to take us through today. I'm going to start by talking about our role within Nasdaq and our position in the marketplace.
Market Services is a foundational business. We're a key contributor to the long-term success and growth of Nasdaq's other business units. How do we do it? We do so by generating strong operating results and then can fund key strategic initiatives across the entire franchise. Our robust technology and high-performing markets really solidify our position as a best-in-class market operator, which is a solid proof point for our Market Tech business. Bank and broker clients often cite that as a key reason for their trust in Nasdaq as a technology provider. When it comes to investors and issuers, our client-focused approach to product development enables us to enhance the trading experience for investors and, importantly, demonstrate the quality of our markets for Nasdaq's corporate clients. Let's turn to where we operate our markets. There we go.
We operate 28 markets across a broad set of asset classes in North America and in Europe. In many instances, we occupy leadership positions. These leadership positions span geography and asset class. How do we do this? Our leadership is built on five key pillars of comprehensive and complementary capabilities that enable us to capitalize on secular trends and fuel future growth. If you look at the second box, our best-in-class technology platform, combined with our growing ESG capabilities, allow us not only to serve today's customers but future customers. Of course, the growing popularity and relevancy of our proprietary indices, the Nasdaq-100, which you've heard a lot about, and OMXS30, help set us apart from the competition. Let's talk about how these capabilities translate into resilient operating results. There we go.
Irrespective of market conditions, we're able to generate strong operating results, as you can see here. That's in large part because of our ability to run markets cost effectively and efficiently. If you look at 2020, our year-to-date results there, it really serves to highlight the operating leverage we enjoy in our business during volatile times. Internally within Nasdaq, we like to say Market Services is a strong business during normal times and a really great business during volatile times. I'll now turn to how we've developed the complete marketplace complex and share with you how we plan to enhance and grow our business. Given ever-changing customer needs and shifts in secular trends, we take a holistic approach to how we compete and win. As you can see, our value proposition cuts across five dimensions.
I'll touch on the first and third, as I haven't focused on those just yet. In the first, we take advantage of the fact that we operate three U.S. exchanges in equities and six U.S. options exchanges. That allows us to offer differentiated pricing and feature mix across and amongst those exchanges. We can also offer cross-asset class pricing to members on the same options and equities medallion. We cultivate superior market quality as a function, and really as a consequence, of our systems performance and the broad pricing and product mix we're able to offer. The question becomes, how do we sustain this position and grow? We will do so by focusing on the following three strategic priorities to catalyze that growth. I'm now going to move on to the first strategic priority.
There we go. We leverage Nasdaq's Financial Framework, or NFF, which you've heard a lot about today, to advance the market ecosystem of the future. I'll share some of the benefits that we accrue, what we've accomplished to date, and the roadmap ahead. NFF places us onto a common technology platform, which really increases our scale, enables us to lower the total cost of operating each of those markets over time. It also enables us to implement enhancements more quickly and accelerate the pace of innovation as it's built on a microservices architecture. The first market that we moved on to NFF was Nasdaq Fixed Income in late 2018. More recently, this September, we moved our first US options market, BX, onto NFF in September, and that was a major milestone.
It went smoothly and it was seamless from a customer perspective, and really gave us the confidence to move forward. Looking into 2021, we're going to migrate our first Nordics derivative market onto NFF, and longer term, the goal is to migrate all nine of our derivative markets, six in the U.S., three in Europe, onto NFF. That puts us on a pace to migrate one to two markets a year. NFF is also an enabler for us to go to the cloud and move into the cloud. We acknowledge this is going to be a multi-year journey. We started work closely with potential cloud partners to address questions that we may have on performance or regulatory matters, but just as important, to ask questions about how we're going to unlock key client benefits such as increased customer choice and greater flexibility.
That takes me to our second strategic priority. I'm really excited about these initiatives because they underscore the growth potential in our business. I'm going to handle the first two, then I'm going to hand off to Bjørn for the third. In the first, we're looking to advance the execution capabilities we offer the buy side, either by building unique products like M-ELO, the Midpoint Extended Life Order, or by partnering with and investing in innovative new market players such as PureStream, an ATS that's due to launch in 2021, which we're a co-lead investor in and providing technology to, and we're really excited about that. With now the Nasdaq-100 becoming one of the most relevant and popular indices for both retail and institutional investors, we have a great opportunity to expand our proprietary product franchise in options.
We're doing so by introducing a new volatility index by the name of VOLQ. We recently launched a VOLQ futures contract in partnership with CME this past October, and it's going well. We have plans to launch the VOLQ options contract on our own markets in the first half of 2021. Now I'm going to do the virtual handoff to Bjørn .
Thanks, Tal. I'm joining live from Stockholm. It's been a beautiful day here in Stockholm. Tal talked about strengthening our leading market position. I will also cover that, but just from a European point of view. In Europe, we have many ways to strengthen our leading market position. I look at this as we can grow in two ways. We can expand our product and services towards our existing customer base in the Nordics.
What we launched last year, Microwave Services, is a great example. Microwave Services give faster and easier access, mainly for the London community when they trade our Nordic markets. This is a good example of how we have expanded our offering towards our existing customer base when they trade the Nordic markets. Another way for us to expand is expand in targeted areas into Europe. That could be offerings around equities, equity derivatives, power trading, et cetera.
A good example is large and block scale services for equity. We have a very strong market share on Nordic trading. We do even better around large blocks and trading in the Nordics. We can take that large and scale block offering from the Nordics into Europe. We have opportunities to offering that large and scale block services not only on Nordic equities, but also on a later stage on European equities. This is a good example of how we potentially can expand our offering into Europe in targeted areas. Let me turn to our third priority, ESG and sustainability. I love to talk about ESG. It brings a lot of opportunities. It's incredibly important to many of our clients and to Nasdaq. ESG will stay high on the agenda in the future.
Some of the ESG activities are still at a very early stage for us, but some of them we have been active on for a longer time. Adena Nelson mentioned our ambitions to be a key partner for corporates around ESG, advising, helping corporates, communicating, and displaying their ESG effort. Another ESG opportunity is around what we do towards the investor landscape, and this is what you see on this slide. Green bond listing is a good example, and let me spend a little bit of time on a couple of example. Green bonds listings, we listed the first green bonds in Sweden back in 2015, and we were one of the first exchanges listing green bonds in Europe. We have built a very strong position around green bond listings, and we have now more than 200 bonds listed with us.
We have a strong position, and our ambition is to be one of the leading exchanges around green bond listings. It benefits our issuers, and it benefits the investor community. Another part that I'm very proud about around what we do around ESG is the product we launched last year, Nasdaq Sustainable Bond Network. The idea concept here is to build the network, the platform, where it's easy to get data around sustainable bonds and create transparency for the investor community. We have now more than 4,000 bonds on our platform, and we launched it last year, so we are very happy with where we are. We have more than 70 issuers around the globe using our platform. The ambition here is clear. We want to be the leading network platform around sustainable bonds and creating data and transparency for the investor community.
Let me turn to the next slide. Looking five years ahead, the ambition for Market Technology is to continue to be preeminent market operator and a clear market leader. We have been a leading market operator for many years and will continue to be that for the future years. Tal and I, and our team plan and expect to execute on following in the five years ahead. Number 1, to maintain our leading position in key markets and market segments. That is U.S. equities, it is U.S. options, it is Nordic equities and Nordic derivatives. Number two, migrate Nasdaq derivative markets by 2025. It shows our leadership around technology, as Tal talked about and Lars talked about, but it also benefits our customers. Think about it will be cheaper and easier for our customers to access our derivative markets.
If they have connected to our derivative market in the U.S., it will be so much easier to connect in the European markets because we are running on the same tech stack, the same platform, it's easier. Finally, of course, from a Nasdaq point of view, for us to be on the same platform for our derivative markets in U.S. and in Europe, it will create scalability and efficiency, but of course, make it easier and cheaper for us to run and operate our derivative markets. Thirdly, finally, the goal for 2025, we expect to have 5%-8% of the revenue that will come from our new trading offerings and products. To put a little bit flavor around that revenue goal, let me mention a couple of example. We have in the past been great launching new trading offerings and products within market services.
An example is a recent example. We launched mini futures on OMXS30. That is the leading index in Sweden earlier this year, and we expanded our footprint by offering Norwegian derivative trading to our investor community and trading community. This is just a couple of example of the new products and services that we have launched, and we have similar examples for our U.S. market. Let me turn to the last slide. In summary, you have heard about different opportunities from Tal and I. It is clear that we'll continue to enhance our strong position as preeminent market operator. Let me highlight three things. Number one, market services plays a foundational role for Nasdaq, supporting Nasdaq's overall strategy. Our very strong position in U.S. and in the Nordics supports our listing business, it supports our Market Technology business, and it supports our data and index business.
Number two, we can and will continue to strengthen our equity franchise with innovative solutions and new technology. Our move to a Nasdaq Financial Framework for our derivatives markets is a very good example. Third, and finally, we have significant opportunities around ESG to develop a marketplace for sustainable investment and funding. With that, I will now open up for questions.
Great. Well, let me ask Nelson to return to the stage. We're going to start a Q&A session on both the Corporate Platforms and Market Services business. Let me start off first with Jeremy Campbell, Barclays.
Hey, great. I think one of the challenges for ESG is that there's a lot of noise. Either corporates don't know how to navigate it, or you have many different scoring systems that yield different results for the same type of company. I know you guys spoke a little bit about helping corporates navigate. I'm wondering if you can give us any sense of what the competition looks like there. Two, if there's opportunity to help cut through that noise to find a signal from an investor base as well.
Yeah. Let me just repeat the question for our virtual participants. The question was, on the corporate needs for ESG, what opportunities we might have to find signals and information and other ways to kind of add to the offerings over time.
Yeah. At Nasdaq, we have declared kind of the corporates as our North Star. How do we help them navigate this? As you said, the complexity is not getting smaller. It's actually getting larger for corporates. We do feel, quite frankly, that is the opportunity for us, is to help them think through that. Within that world, they're really, most of the competitors, I'd say, are kind of niche competitors. No one has a very scaled, large business there. That's where we look at that and say, "These clients can trust us." We've built expertise. It's not something that's happened overnight. This has been a three-year kind of journey to get to this point. Clients are asking us for it. That's kind of the base where we feel the corporates, we have that amazing opportunity that does transpire into what Bjørn just talked about.
Ultimately, what Lauren's talking about too, is she's got the investor side. As the investment's going out and asking a lot of the investor managers what they're looking for, what's their mandate, the providers are saying, "Here's how we operate." Bring those worlds together. That's kind of the nirvana for corporates to be able to say, "Here's what the investors are looking for. Here's what we do," making sure the information's not just being scraped, but actually delivered as we think it should be delivered. I think that's quite a large journey to get there. As far as finding signals, that's probably a little better question for Lauren to address. Clearly, talk about this, one thing that's unique what we're doing today at Nasdaq is working very closely with these business units.
The ESG focus, although it may be on corporates today, we get together regularly from Lauren's group, Bjørn 's group, the brand team to make sure we can capitalize on this. I don't know if we want to address the signals question. Is that something?
Yeah, why don't we ask Tal and Bjørn to see if there's any elements that they want to add to that question?
I'm happy to start. First of all, I think the ESG agenda have been high on the radar for quite many years in the Nordics. Some would even argue that the Nordics are the leading countries around ESGs. We launched our leading index, Nasdaq OMXS30 ESG, compiled a couple of years ago with clear customer demand. The discussion around ESG and the need from both corporate and investor is high on the agenda. We have a couple of initiatives. I mentioned the green bond listing, which is something that corporates want to list green bonds with us. We have quite many initiatives that is driven sometimes by the corporates, sometimes by the investor community, and this is something we coordinate across Nasdaq.
Great. I'm going to take a question, an online question right now from Rich Repetto. Tal, you've certainly been in the sweet spot in regards to elevated U.S. equity and U.S. options volumes in 2020. Do you see these volumes as sustainable? Also can you expound a little bit about how these businesses are foundational to the broader Nasdaq strategy?
Sure. I'm going to unpack that because there's a lot there. In terms of just overall volumes in the marketplace, we're all seeing the composition of the market where retail has come in and been a large part of the increase. Just let me share our thoughts on retail, and then I'll move on to the greater market. It's hard to tell if retail is here to stay, but what we have gleaned from the Robinhoods and the others in the world is that it's mostly new investors and younger investors. Our focus is on investor education and promoting policies around investor protection. If we do that, then perhaps we can ensure that we engender the longevity of these investors. They can stay in the market if we do our job on education and investor protection.
That's kind of how we see it from that perspective. I'll transition to options for a second, because options is even seeing more growth than equities this year. It's up 100%, a lot of that, 50%, but 100% on the retail side. A lot of that people will look at and say, "Well, what's the reason for that? Is that structural or cyclical?" I'll name just one or two structural items that I think are really interesting. A lot of names recently, and will continue to do so, came out of what we call the non-penny program into the penny program. When that happened, we've tightened spreads and increased liquidity. Names like Zoom and others that are frequently traded and highly traded, once you squeeze that spread, you've engendered greater liquidity.
Those types of movements in the market, I think, are going to be structural. I also think the investor education that we're seeing from the retail community, because in this volatility, in this environment, it's important to have tools where you can hedge risk and manage risk, and that's what options allow you to do. I think as long as we see volatility and uncertainty in the markets, that will sustain in options. Then the second part of the question.
Yeah. The next part was expound a little bit about, and please, Bjørn , feel free to add to this as well, how Nasdaq's market services plays into the broader Nasdaq strategy.
We're excited about that because we feel like we're right in the engine room, right in the middle of everything that happens. You noted in my remarks that we serve as a proof point for Market Technology. We share a lot of the same customers. I'll work closely with Lars and his team to make introductions and talk to customers from a Market Technology perspective. Of course, the market data that goes into Lauren's business comes off of our business. She's very interested in the market quality that I'm going to generate in my business. I'm all about execution quality, market quality, then that then adds the value to our market data business. Of course, Nelson and I work really closely together.
Even in a pitch where he's talking to a prospect, he might bring myself or a member of my team to talk about what we're doing in the markets. He might want me to talk about the open or the close. He might want to talk about how we engender the market share that we do in Nasdaq-listed names where we're number one. Those are all really important items where I'm teaming up with all of my peers, almost on a daily basis, around how we run our business. Then, of course, Bjørn and I, if we're not talking every day about our businesses, it's every other day.
Let me just add a couple of comments to what Tal said. We are also in the center of the Nordic markets, running the exchanges in the Nordics. We have, this year so far, welcomed more than 50 new companies to Nasdaq in the Nordics. We are the leading SME exchange actually in Europe, we have a strong position. A key reason for that is also that we have such a strong liquidity in our order books, we have a market share on around 77% lit and auction volume. That is all-time high within the last two and three years. A very strong position. We have actually gained market share during the last couple of years. We have a very strong position. Just one reflection around the retail participation.
The retail participation has all the time been relatively strong, very strong in Sweden and in the Nordic countries. We have also benefited from that. When we see so many companies joining us, being listed with us, a big part of that trading in the SMEs is coming from retail. We also benefit from the momentum of the retail, but it has been relatively strong for quite a long time in the Nordics.
Okay, great. Let me take next question here. Sal?
[audio distortion]. Are there a few opportunities and threats in digital assets and cryptocurrencies? Are you attacking that opportunity, and if so, how are you trying to mitigate the risks?
I'm just going to repeat the question. The question was on cryptocurrencies and other digital assets. How do we view those opportunities or challenges?
Yes. I'll start by answering that. We think about it in two ways. One, as a provider of technology, and Lars and his teams think about the surveillance technology, the matching engine technology, the full suite of technology we can offer effectively an asset class that's trying to mature. That's what we have here. We have an asset class that's trying to mature, find its footing, so we can provide technology and more integrity into those markets. Then the second would be on my side, where from a transaction perspective, we're thinking about our North Star and new markets that we might want to open up. So what goes into that for us is really a framework of evaluating, is the market mature enough? Do we want to put our brand in front of this? How do we think of digital assets?
Do we think about it as a platform or an asset class? If so, what part of this ecosystem do we think we can supercharge? We tried, a number of months ago, with the SEC to put forth a futures product that we thought on Bitcoin. We're actively looking at different products, actively looking at how to build the complex and the ecosystem, because that's what you need to kind of supercharge that as an asset class, because it's still in its early days. We're thinking about it, we're evaluating it, finally, we have taken minority investments in platforms, so digital asset platforms. That's the third way that we've been involved, through our Market Tech business, our venture business, considering new products from the transaction business.
Great. I'm going to take a question from a virtual participant. Ken Hill from Loop Capital asks Nelson, "You mentioned that a majority of your IR and ESG segment clients are listed on other exchanges or in the private markets. How would you compare these customers to customers that are Nasdaq-listed? Do they use as many products as a Nasdaq-listed company? If there's a difference, is there a specific opportunity there?
Yeah. I would say that the Nasdaq clients are more of a natural entrée for us. As the brand has grown over the last 10 years, that Nasdaq's actually in these businesses, in investor relations, governance, ESG, the opportunity outside of Nasdaq clients is growing at a pretty rapid pace. The synergies I mentioned, we're kind of two years into this, bringing the organizations together. The cross-selling opportunities, the educational opportunities, we're still, I'd say, in the early days there of the opportunity, but there's definitely the potential to grow outside of the Nasdaq traditional ecosystem.
Alex?
Yeah. I actually have two topics, hopefully, they're brief. One, as a follow-up to the ESG, given the, I guess, outcome final of the U.S. election, any views how that may change kind of the demand for some of the ESG services? Maybe you can contrast how many European clients today are consuming some of the service on the corporate side and how that may change in the U.S. Secondly, just on the market services side, can you give us an update on the trade management opportunities? I don't think you spoke a lot about that, but obviously, a big staple business hasn't grown much. Any new initiatives to maybe accelerate that business again, and any new threats you would outline to market business or the way it's run?
I'm just going to repeat the questions here. First, Alex asked on the corporate front, do you think there's any implication from the recent U.S. elections in terms of ESG demand by corporates in light of kind of differences of where the European market is today and where the U.S. corporate issuer is today?
Yeah. I don't think the election, if it's a more progressive agenda, it certainly could catalyze a bit more growth. This has been at least three or four years in the U.S. where clients are asking us this because their investors are asking them. I think that's really drivers the demand on the investor side, and then also corporates internal, it's not just to solve for the investors, but it's to solve for employees and customers as well. I think clients are looking at this today and have looked at it for a handful of years about how they would move down this path regardless of what happens in an election cycle. That is, as you suggest, Alex, comes from what we saw 10 years ago in Europe, maybe 15 years ago, where Bjørn sees as those clients have been further down that curve.
I think it's just a natural progression here in the U.S. for corporates to go there. It is across every shape and size of company, every sector. We cannot get out of a meeting without talking about this topic. I don't think the election has a huge impact on it.
For market services, a little bit about trade management services, how do you view that in the context of your business and what are your expectations moving forward there?
It's a good question. Trade management services has become a fairly mature business. I'll just note the recent volatility in markets, we've actually seen an increase in consumption and an uptake in services just in the last six months. Then we incrementally offer new services from time to time as it warrants it. What we're really focused on is the cloud and how the cloud takes a business like trade management services, and we can disrupt ourselves, and it enables us to offer new services, more flexibility, and really democratize access. So what do I mean by that? Right now, trade management services is dominated by those that can, those that actually have the wherewithal to invest in that kind of infrastructure. What the cloud allows us to do is welcome new clients, smaller clients, newer clients that can't make that upfront investment.
While we're seeing this business incrementally grow, it's a strong business, and we have a center of gravity in Carteret as it stands right now, because we not only offer, when you think about Carteret, don't think about it as just individual markets. We offer 10, 11, 12 markets in a SIP right in Carteret. All of that access is required for that, and that will incrementally grow. Given that center of gravity, we have this opportunity to reshape the landscape and invite new customers that we don't know or haven't met yet today. That just allows us to be on the front foot and help hopefully grow trade management services over the years to come.
Great. Let me see if there's any next questions here. I'm going to go to a virtual question here from Brian Bedell at Deutsche Bank. Tal, can you talk about your strategy to address new competition in U.S. equities, in particular, the Members Exchange? Their share remains very low today, how do you view the trade-off between pricing and market share moving forward?
Yeah. I was going to see if I can bring up the slide that might aid us here. Yeah. Let me just talk about the current environment, just to level set. The current environment, U.S. equities is really competitive. We have 13 exchanges right now before three new entrants and 30-plus dark pools. Nasdaq over the last two decades has been shaped by competition. New entrants, we're always concerned, we always take that seriously, and we want to be on our game when we see new entrants. It's important to realize that it is a fairly competitive landscape. I'll also say in terms of corollary, it's different than what you saw with BATS and Direct Edge, because if you remember in 2006 and 2007, effectively, the market was a duopoly at that time.
Finally, the type of competition we're engaged in today is not just pricing, because I heard pricing come up, and I'll address that. With enhanced disclosure and transparency rules, best execution quality are front and center. We think about that a lot in addition to pricing. How do we compete? Because that's important. I noted the five dimensions in which we compete, and that in part is because I operate three U.S. equity exchanges where I can offer different pricing and different futures amongst that. It gives me optionality. On a pricing front, we iterate through pricing on a monthly basis. We're in contact with our clients all the time. Whether it's going to be Members Exchange or LTSE or NYSE or Cboe, we're thinking about pricing and how to optimize between our capture and our market share.
We do that both in options and in equities. And we're always looking for that right balance. We want to be fairly disciplined, but we don't want to give an inch when it comes to market share. We'll be balanced, we'll be competitive. We feel like we have a best-in-class technology platform. We feel like we're really close to our customers. We feel like the product that we're developing and putting into the marketplace addresses needs. Lastly, I'm just going to turn this question around and say we see two opportunities here. One is to grow the pie by going after the OTC part of the market, which is offering newer solutions, different solutions, and growing the pie. If MEMX or others are successful in bringing retail flow or more retail flow onto the exchange, then perhaps we can own our fair share.
We see the challenges, we recognize them, we understand, we're ready to compete, but we also see opportunities in the near future with OTC and the opportunity for these markets to welcome new order flow.
Okay. We have time for one more question. If we don't have one in the room, I'm going to go to Shane.
Can I ask, obviously, there's this big trend for cloud and across all your products, and I've heard about NFF today and the moving of your IT businesses into SaaS modules, which is obviously about price and cost. Can you talk about cloud more generally and what it means for competition, maybe what it means for your ability to innovate, change the margin profile, or do other things? I'm not just talking about SaaS, but I'm talking about sort of cloud plus.
Yep. I'm going to repeat the question. The question from Shane was on the benefits of cloud broadly, in particular in combination with our SaaS initiatives. How do you view the benefits in terms of innovation, efficiency? Where do you see the balance in those opportunities?
I'll start, but I'll also invite maybe Lars and Brad to chime in because there's a broader initiative here. Once again, I think for us to adopt cloud is important for our Market Tech clients to see. Lars and I are working together on NFF, and we want to make sure that we're advancing it because if we're able to operate our markets on the cloud, obviously that's going to mean a lot for our Market Tech business. How do I think about cloud and what does it enable for our businesses? I touched on this briefly, but when I think about cloud, it's a game changer where it democratizes access into our markets and offers a different kind of experience.
The question is, how do we bridge that from where we are today, where we have a center of gravity in Carteret, Secaucus, and Mahwah, and how do we think about that in the competitive landscape? What the cloud does allow me to do is welcome customers of tomorrow, which I might not be able to do with today's existing infrastructure. Let me give you one small example. If you have a new proprietary trading firm looking to test strategies and understanding how those strategies work in the marketplace, what they'll typically do is they'll want to connect to the market that's cheapest, that's easiest to connect to, and that can iterate quickly with them in terms of what do we learn, how do we solve this? How do we move forward?
Us being able to provide environments like that in the cloud, where we can spin things up really quickly and do it a really low fixed cost, allows us to invite new market participants, which is good for the overall market. Which is good for the overall market because now we're allowing more participants to engage without that high fixed cost. That's a game changer, I think, because a lot of firms today look at U.S. equities, and they make a decision on where they want to go. They say, "Should I go into the U.S., Canada, Europe, or Asia? Where should I start?" If the fixed costs are really high, you take that into consideration. If we can bring that down, offer the opportunity to iterate quickly, we can actually, I think, grow the market here in the U.S. Brad, did you want to?
Yeah. Brad Peterson, I'm CTO and CIO at Nasdaq. The other thing that is really interesting about our technology business and our firm together is we have a global operations capability. We are global. We run markets. Most technology companies don't have that. When they go from an enterprise software solution to a SaaS, they have to learn how to operate. We have this ability, and we've gone, as you heard, from a domestic firm to being global. When we think about all of our customers struggling with running critical infrastructure in their countries, they often don't have scale. We've seen in the U.S., the dark pools or a lot of our customers have actually come to us, some of the most demanding markets, and what we call our execution platform, we now run it for our customers.
We're doing that today in the Carteret data center or in Secaucus. You look at that and you say the next generation is for most of our new Market Tech customers, we're running their platform in the cloud. They start in the cloud. Most fintech companies start in the cloud. We have both that experience of critical operations, seven by 24 coverage. The last one is we've been running a lot of our surrounding systems in the cloud for years. You hear all the pricing analysis that Tal does, that's done out of our cloud environment, our revenue management system. That, whenever all the markets picked up in February and March, we were able to burst that. That's all cloud-based.
We ingested across all of our markets, that information, those messages, and we were able to process that without adding huge capacity. You can, over time, scale that back if we do go into a lower volume time. We have the cloud experience, we have the critical operations experience. A lot of our customers are saying it's really hard to find good infrastructure people. We see that trend coming in our direction.
Okay, great. I think we're going to end the Q&A section here. As a reminder, we now have a second break, and we're going to restart the Investor Day presentation at 11:10 on the dot. Look forward to continuing with you then. I want to thank Bjørn and Nelson and Tal. Thank you.
[Break]
Okay. I want to welcome everyone back to our Investor Day. Next, we're going to have our CFO, Michael Ptasznik, and our next CFO, Ann Dennison, go through our financial and capital items. After they're done, we're going to bring both of our CFOs and Adena back to the stage, and we're going to have a Q&A session for the CEO and CFO aspects of our business. All right. Thank you. Michael?
Thanks very much, Ed. Good morning, everybody. As Ed just said, I am Michael Ptasznik, CFO of Nasdaq. At least I will be for the next three and a half months. As I mentioned on the Q3 call, I announced that after 30-plus years in business, plus also 19 as a CFO of an exchange group, that I will be retiring at the end of February. Just to put that in perspective, when I started my career during the Reagan administration, I had a full head of hair and I was six foot three at the time. I figured I better get out before it's too late. No. It's been wonderful. Actually, what makes it easier to be able to announce my retirement is that Ann Dennison will be taking on the position.
Ann and I have worked together for the last four and a half years. It's been a real pleasure working with Ann. I've taken full credit for everything that she's done, and it's about time that she gets to take some of that credit herself. She's going to be great. I'm very excited for her. I'm very excited for the management team and for all of Nasdaq. I also just want to take a moment also to thank Ed and Neil for the great job that they did of pulling together today's presentation and organizing us all through a virtual way. Ed and I joke around a lot, but I'm very lucky that I've had, I think, one of the best, if not the best IR team around. It's been a real pleasure working with these guys.
They do not just work in communicating with you guys, with the investors, but they also bring back your perspectives into all of our discussions internally. It's really fantastic to be able to work with such a great team. Thank you for that. Ed, did I read that appropriately? Okay, good. I just also want to add one last shout-out to the great MarketSite team, and the AV team who's put on the presentation today, and being able to do this again in this physical and virtual world and doing it in a safe way. Yes, guys, I will increase the budget so you can buy that extra microphone that you've been asking for. Well played on your part. Okay, with that, we're going to jump into the presentation. Ann and I are actually going to split this.
I'm going to take a look back at our strong performance model and how we leverage our durable operating model to drive further growth. Ann's going to look forward at our future performance objectives and our capital allocation strategy and the valuation opportunities that we see ahead of us. We're going to look back at the outlooks that we set at last Investor Day. You can see that we have either met or exceeded those key performance targets that we set. We've achieved 8% growth versus our target of 5%-7% for what was our non-trading or now our Solutions Segments. In addition to that, our expenses came in around 4%. We did set a target.
We said it was approximately 3%, but we did say at the time that that could fluctuate up or down depending on certain market conditions and also depending on the growth. Given the fact that we came in at a higher growth target, we feel that that 4% is very much in line with our targets. Importantly, we've also improved our enterprise ROIC. We're up 200 basis points from 2017, and we're now at 11%. We've also been very focused on taking action to enhance our ESG performance. This is us as a listed issuer, in addition to the initiatives that you heard about earlier today from Nelson and Bjørn and Lauren. We are very focused on all three elements, environmental, social, and governance.
It's important to us not because it's just the right thing to do, but it's better for us because it enhances our ability to serve our clients better, to attract talent to the organization, especially the new generations coming in, to reduce operational risk, as well as to expand our shareholder base. We all know that ESG is becoming a bigger factor with investors as part of their criteria. We want to make sure that we're seen as one of the leading organizations with respect to our own practices. What's nice is that you can see on the right-hand side of this slide that we are now getting some of that recognition. I might buy you guys a clicker also. The results of all those efforts has been to generate strong financial performance.
Looking back to 2016, when Adena came on as CEO at the end of 2016, beginning of 2017, we have achieved 5% revenue CAGR across all of our businesses. Combine that with our cost discipline and the scalability in the organization, we've been able to achieve a 500 basis point operating margin improvement. That all adds up to a 14% CAGR in non-GAAP EPS over that period. Ultimately, this has resulted in delivering on our most important financial objective, double-digit total shareholder return. The strong financial performance, combined with the early execution of the strategic pivot, moving us more into the businesses such as fintech and information business services, has resulted in a 22% TSR, almost double our U.S. peers and the S&P 500. Now we're going to review our operating model. Okay.
We look to leverage the cash generation from our durable and resilient operating model to drive further growth. Our model has four components, I'm going to walk you through those on the following slides. The first component, we have an excellent base business, very resilient across different market conditions. As Adena mentioned, 73% of our revenue comes from non-trading, is high recurring non-trading revenue. We also benefit during those periods of uncertainty, not that we've had any of those lately, with the additional revenue that we receive from the trading side of the business and the transactional side. That really balances out those periods where there may be some slowdowns in certain aspects. We get the benefit from those uncertain times on the transactional side.
The result of all that can be seen on the right-hand side of the graph, where we have less EBITDA volatility relative to most of our peers. The second component, that resiliency results in strong and sustainable cash generation. Over the last 12 months, we have about $1 billion. That represents a 13% CAGR over the last four years. What's really important is how we use that cash. Number one, it's enabled us to invest almost $600 million in organic investments, which is our number one priority. Number two, it's helped fund $1.2 billion in acquisitions in higher growth businesses. The rest of that funding came from, as Adena said, the sale of about a half a billion dollars' worth of businesses in lower growth, lower margin, less strategic assets.
In addition, we've been able, through that period, to be able to return $2.1 billion to shareholders through dividends and buybacks, and we've been able to reduce our debt by about $300 million, putting us in a stronger balance sheet position, which Ann will discuss in just a few moments. This brings us to the third component, our capital allocation process. Along with the strategic pivot, we've instilled an annual discipline of reviewing all of our businesses and how we should prioritize the allocation of our capital and our resources. We're no longer just spreading peanut butter in the way we're looking at our assets. We are making sure that we invest in those that have the highest growth and return opportunities, and we are putting our money behind those decisions.
It's common sense, but a lot of organizations don't do it, and those that do end up with higher shareholder return. The result of that, as you can see here, is that we've approximately doubled the percentage of our investment in our higher growth platforms, going from roughly 30% of the totals organic spend to 60%. This brings us to our fourth component, disciplined investing, focusing on delivering shareholder returns. This applies organically, as we just looked at, as well as inorganically through our acquisitions, which have primarily been in Market Technology and Investment Intelligence. In addition, it also applies to our venture investing program, where we have invested about $63 million in leading-edge technologies and capabilities, which is really, we see it as an extension of our R&D program.
Overall, the focus has been on investments that are very much in line with the secular growth trends that Adena talked about earlier in the presentation. This includes areas like fin crime, private equity, ESG, obviously. The results have been to enhance our growth, drive scale, and position us for further valuation upside. With that, I'll turn it over to Ann to walk you through the rest of the presentation.
Another weird thing in the context of COVID, cleaning the clicker in between. All right. Thank you, Michael. Sorry. Thank you, Michael. Michael is a hard act to follow, both from a presentation perspective but also in the CFO role. I am excited to be part of this amazing Nasdaq management team and to talk to all of you about what we see as we look forward in the future for Nasdaq. Let's kick it off with a discussion on capital strategy and performance objectives. I'm going to start with a discussion on revenues. We continue to target very strong organic growth across our solution segments. The targets here on the left-hand side of this slide should be familiar.
These are consistent with what we've shared in the past, with the one exception that we've raised the top end of the range for Investment Intelligence to 8% from 7%. Overall, for our solution segments in the aggregate, we're targeting 5%-7% growth over the medium term. We also have the ambition of raising the contribution of SaaS as part of our business model, as we see this as an opportunity to drive scalability and efficiency and to better serve our clients' needs. Okay. With that, now let's take the revenue outlook and put that into the broader context of what we want to deliver. We are managing our business to maximize the impact of revenue growth by maintaining strong operating leverage and reinvesting capital to deliver outstanding returns.
We know from experience that if we hit the targets we've set for ourselves in the solution segments revenues of 5% to 7%, and we manage expenses and we reinvest in the business, we have the best opportunity to drive for our very important performance objective of double-digit TSR for our shareholders. I want to note here the change in the way we're describing expense targets. We've changed our description to an average annual growth between 2% and 4%. We used to say 3% on average, with variations above and below, depending on revenues. I want to stress that this is not a change to philosophy or how we think about expenses. This is purely a change in description to better align with how we think about the relationship between revenue growth and expense growth. Now let's switch over and talk about the balance sheet.
We are in an incredibly strong place from a balance sheet perspective, and this position has served us well, especially in the unique circumstances of 2020. As we look ahead, we are well-positioned to make both inorganic and organic investments to drive our ambitions forward. Our weighted average cost of debt at 2.5% is the lowest in our history, and we've taken steps in the aggregate to extend the maturity schedule of our borrowings. Thirdly, within the context of maintaining an investment-grade rating, we have high capacity to utilize debt for investment. With that as a backdrop, let's talk about capital strategy. Our business model supports strong capital generation, and our capital deployment strategy is critical to executing and accelerating our ambitions. We want to be transparent about the four elements of our plan.
In the first element, we want to invest to drive growth and shareholder return. As Adena discussed earlier, we've evolved our criteria for evaluating inorganic investments. Now we're targeting a return greater than the weighted average cost of capital over the medium to long term. I think it's worth noting that when we originally set our targets back in 2018, the 10-year Treasuries were about 200 basis points higher, and this evolution really gives us the flexibility to consider highly strategic investments that will have long-term returns. We remain focused on ROIC, targeting greater than 10% for organic investments and for enterprise ROIC over the medium to long term. For the other elements of the plan, we plan to continue to grow dividends as earnings and cash flow grow.
We plan to execute our share buyback program to principally offset dilution, and we plan to maintain our investment-grade issuer status. Let's switch and talk about what we see as a valuation opportunity in front of us. The metrics you see on this page, we believe these are valuation drivers and that they're telling us we're continuing to head in the right direction, and we are focused on them. Over the long term, we believe that the best way for us to drive value is to continue to deliver on key metrics in three ways. One, by continuing to drive strong top-line growth. Two, by increasing our targets of both SaaS and ARR as part of our business model, and three, by continuing to drive strong shareholder returns. What does that mean for value, or what do we see as the opportunity?
As we continue to deliver strong performance and accelerate our strategy, we see opportunity to drive value. First off, starting on the right-hand side of the page. On a free cash flow yield basis, we are less expensive than the average company in the S&P. If we move back over to the left, as we continue to execute, we see opportunity relative to our exchange peers as we're right in the middle of the pack. Third, as we continue to pivot the business towards our Market Technology and Investment Intelligence, and at the same time, the investment community sees the results that we're putting forward and the journey that we're on, we see further opportunity relative to the tech and info services sectors valuations.
To sum it up, we have a strong track record, we have a great operating model, we have a consistent capital allocation strategy, and we're focused on driving the business forward with well-aligned targets. With that, I think we're going to move to Q&A.
Thank you. Great.
Michael doesn't want to pass. He doesn't know how to pass.
We have to stand like this.
Great. We're going to open up our final Q&A session with our finance and CEO teams. Let me go first to Jeremy. Jeremy Campbell from Barclays.
Hey, guys. Thanks for having me today, especially the update on capital priorities and how you guys are thinking about it. Adena, maybe just after unpacking everything we did today, as you look at your offering and your strategic priorities going forward, is there any white space you'd like to fill in, either from a buy versus build scenario that we might look for over the next call at the end of the year?
Yeah. I think that there are.
Oh, yeah. Sorry.
Thank you. I'm just going to repeat the question.
Eager.
Jeremy asked, understanding Nasdaq's evolution and what it does today, are there any particular white spaces that Nasdaq isn't in today that we're excited to move into, either organically or through M&A?
Sure. Well, First of all, I would say that we do have a broad range of opportunities to continue what we've been doing for the last three years to, for instance, the journey to the cloud, the journey in terms of continuing to broaden our Market Technology offerings and market to clients, the continuation of our efforts across both traditional asset management and alternatives. If I were to point to three areas where we are really looking to lean in beyond what we do today, the first is in the anti-fincrime space, and I think you heard a lot about that today because we're moving more into the AML, KYC area beyond trade surveillance. We are doing that at the demand of our clients, and we're very excited. It's a huge opportunity. It's a big growth area.
Our broker-dealers are struggling every day to find ways to combat crime in that space. The more we can provide technology as opposed to people, to be able to solve those problems, we really do think that we are a trusted provider, and we can win there. I think the second is in broadening the workflow capabilities in the alternative asset management area. Lauren came from that space. As she mentioned, she had 20 years at Carlyle. I spent three years there. We understand the challenges that our clients have and the fact that the space is maturing so fast. There's so much money going into it, but the technology's way behind. I would say that there are providers in the space, but none of them are really the winning combination.
When we look at continuing to broaden out those workflows, as we did with Solovis, as we've been combining that with eVestment, we'll continue to build that and also look for partnerships and potential acquisitions there. The third is ESG. I think ESG primarily really will be an organic approach because there's really no scale players that are serving the corporates today. We did make a very small acquisition in the Nasdaq OneReport system, and we've instantly doubled the number of clients. We have a nice long runway of growth there. In solving to some of the most fundamental issues that corporates have in having one place to put their reporting to be able to report it out to the multitude of rating agencies and investors. That is just the beginning.
We also will look for other opportunities potentially to expand in terms of how issuers issue corporate bonds and other ESG-oriented products, as well as, of course, in our index space. I'd say primarily organic, but the potential to find some small tuck-ins that could be helpful.
I have a question from a virtual participant. Simon Clinch from Atlantic Equities says, "The ROIC enterprise target that you're establishing of above 10%, how do you consider that target in the context of the improvement that you've done in recent years? How do you think about the trends in your business that support its development versus the impacts of other things that you're thinking about?
Sure. I think the first thing we would mention is some of the increase in the ROIC over the last three years has been by divesting of some of those lower margin, lower growth businesses, which has then allowed us to allocate capital into the higher growth, higher margin businesses, and then it's catalyzed and doubled our growth rate, right? To me, that reallocation of time, resources, frankly, technology skills as well as capital, has really allowed us to lean in on areas that can drive higher ROIC. Now we're at that 11%. We want to at least to maintain that. We're trying to say, let's at least make sure we're always delivering our investors at least a 10% plus ROIC as we look at the next dollar that we're investing.
If we continue to do this in a way, especially with the scalability of the SaaS delivery over time, as we scale our SaaS products, we should be able to continue to accelerate that ROIC. We need to scale some of those efforts in Market Technology. We need to make sure also that we're never under-investing in those products because we want them always to be growers for us. We balance out that scale with the investment, and that's why that Rule of 40, particularly in largest business, but generally as we look at these SaaS-oriented businesses, becomes kind of a marker for us to consider, and then we'll see how much further we can take it to continue to drive up our ROIC over time.
I have another question from a virtual participant. Ari Ghosh from Credit Suisse asks, "When you think about the evolving acquisition criteria and the idea that you're allowing for some investments that take a little bit longer to hit ROIC targets, how should we think about the kind of tactical acquisitions, things that are more about cost synergies? How should you think about that in terms of Nasdaq's evolution?
That's an important distinction. I would say with tactical strategies where we can extract cost synergies, we should continue to be able to drive to that 10% ROIC over a reasonable period of time as we have been and as we've proven to be able to do with ISE and others. As we look at the growth areas where we can lean in on our provider of SaaS services, we can become a bigger and more important partner to the industry in the areas particularly that I mentioned a few minutes ago.
I think that we want to give ourselves more flexibility to be able to deliver a strong ROIC over a reasonable period of time, but also looking at it in the broader context of Nasdaq's overall return on invested capital as opposed to looking at each individual deal, in terms of just giving us more ability to execute on those acquisition targets.
Let me see if there's additional questions in the room. All right. I'm going to go back to the virtual list, of which there are many. Rich Repetto from Sandler O'Neill asks, "As you've considered evolving the way you're looking at next opportunities inorganically, how should we read the kind of changes if perhaps you don't find material acquisitions? How do you think about your leverage context?" Absent large investments, et cetera.
I think as Ann mentioned, or maybe Michael, I'm not sure which of you. We are at a pretty low leverage ratio today as compared to where we've been over the last, actually, 15 years. We do have flexibility. I think that if we are not able to find acquisition targets that drive our strategy forward and deliver on the financial results that we're expecting, then we would look at some opportunistic capital returns to shareholders. I would say also maintaining that flexibility over the longer term, because maybe the opportunity isn't there right in front of us, but it might be there a year from now or two years from now. We don't want to tap our leverage so much that we don't have the flexibility to execute on those at the time that they're available.
Certainly, as we look at our strong cash flows, we would look to do some opportunistic returns. I would have to say our first and foremost interest and objective in leveraging both our balance sheet and our cash flow is to drive investments. We are a growth company. We see a long runway of opportunity for us to continue to grow both organically, and we do see some white space. We've really identified areas of white space where we think if we lean in from a partnership perspective, investing in startups, as well as potentially some acquisitions over time, we can really unlock an enormous amount of opportunity for our shareholders to get a return.
Shane, question?
From a business risk perspective, what do you see as being the big risks from a competitive standpoint?
Okay.
An area that we haven't really touched much on.
Sure
Presentation today.
Great. I'll just repeat the question. Shane asked, what kind of competitive risks do you think are most important, and how do you think of those?
Yeah. Well, you're right that we haven't really focused in on competition because first of all, we focus first and foremost on our clients. If we're doing the right thing for our customers, and we're serving them every day, and we're well-connected with them, they will take us a lot further than if we just look to the left and the right and look at our competition. You're only doing better than the guy next to you, or gal next to you, as opposed to really serving the long-term needs of your customers. We tend to really hone in on the customer as our kind of first and foremost in developing and executing our strategy. Having said that, we know how to compete. We have been in competitive markets, we've been in competitive spaces our entire lives.
We were born as a competitor to the incumbents, right? That is in our DNA, where we know exactly what we need to do every single day, never to stand still and always to stay ahead of anyone who is there to challenge us. When we look at our constant competition and trading is there. Obviously, as Tal mentioned, there are growing players. We also know that we're really well-positioned in those competitive marketplaces because of the way we manage performance, price, client relationships, connectivity, and all the other elements that really drive that business. I think when it comes to our Market Technology business, we've really emerged as the premier platform provider to the industry, to market operators, and now to broker-dealers in the surveillance space, and growing more and more into execution engines and other things.
We see a lot of niche, smaller, but frankly, not as scaled or not nearly as focused providers of technology to the industry. I think that's why we win every single day there. I think when we look at our analytics business, I would say eVestment actually has emerged, again, as 25 years of building a network effect. We then get to attach the logos to that network effect, and we can continue to be that scale provider of investment analytics to the investment management community. We now see a chance for us to grow and expand that because there are really no premier scale players that really own that market today in the alternative space. We are excited about that.
When we look at the corporate stash, as you know, we compete vigorously with our guys down the street for every listing, but we're winning 80% of the operating companies and at least 50% of the SPAC. We do feel like we're really well-positioned. I don't sit there and worry about competitive threats every day. I just know that we have to compete every day to win.
Can I add to that question, regulatory risks?
Sure.
Yep. Just Shane's adding to his question. What do we think about regulatory risks as we stand here today?
I would say that, I never want to say never, but generally speaking, the regulatory environment can actually be a help to us. For instance, when regulation increased in Europe around market manipulation, it obviously drove sales of our surveillance technologies. Within our own markets, we're a highly regulated business, so putting more regulation on the industry in terms of behaviors and investor protections can actually accrue to our benefit because our market model is built around having fairness, integrity, regulation. However, there's always elements out there that you just don't know what might come around the corner. I don't see any areas of regulation around the corner that's going to fundamentally change our business or fundamentally change our success or our opportunities. There's always little things. We manage our relationship with the SEC very carefully. We manage our relationship with ESMA very carefully.
We're very proactive in making sure they understand the benefits of what we have to offer.
We're going to take a question from Kyle Voigt from KBW. When you first announced the strategic pivot, a large part of it including evaluating your collection of businesses, which eventually led to a few divestitures. As you look at your collection of assets today, are you still considering divesting assets in order to further accelerate your shift towards SaaS and other high-growth areas?
We do an annual review of all of the businesses. We say, "Okay, which businesses do we want to continue to lean in on or lean in harder on in terms of investment dollars? Which businesses are we looking to sustain our investment dollars? Which businesses do we think we should reduce our investment dollars?" Once we look at those areas, we say, "Well, if we're not willing to invest, is it because they're just in a lull where we know we can be well-positioned without another dollar of investment right now?" We say, "Is this really the right business for us to be in?" That's an annual review.
We have, in addition to the larger divestitures you've seen, we've done a couple of smaller ones like the Nordic Fund Market and we're also in the process of winding down our broker services business in the Nordics. We've done some smaller moves that are just less visible to continue to recalibrate and reallocate our capital, and we do that every year.
Alex?
Yeah. Just, maybe similar to Jeremy's question, but you differentiated between the SAM and the TAM.
Just curious, it seems like there's plenty of opportunities in your SAM, but what are the areas where you may actually see other opportunities and to go out to that even bigger TAM.
I guess that would all be inorganic, or how do you feel about those opportunities?
Sure.
Yep. Just to repeat the question, Alex Kramm from UBS talked about that we have a sizable SAM or serviceable addressable market. How do we think about unlocking larger proportions of the total addressable market? Do we see that more as organic or inorganic?
Yeah. I think that for the most part, to go beyond our SAM into the larger TAM, and I can give you a couple examples, it probably would require us to acquire a way in or maybe to partner with a firm that has, for instance, an offering that we can leverage a distribution channel through. I would give you an example. I think that when you look at the giant kind of stuff, that's where a lot of the money is being spent, but there's a lot of older technology that services that part of the industry. That would probably either have to be something where we'd acquire our way into a new technology that would be a disruptor. I think to go in organically, there would be a massive investment. We'd have to really make a big decision if we're going to address it organically.
Was the tech area with the TAM most interesting relative to SAM or are there other-
I mean, certainly in the investment management area, I think that the broader TAM is really on OMS and other areas of the managing the workflows of the asset management industry. That's a pretty well-established field of players. Again, I would say, to go in organically there would be a little bit harder, but that's what I would say the very traditional part of asset management workflow technologies. Then if you look at the corporate side, I think that there, we actually really do think that we could I think the ESG opportunities are actually quite large over the long term, and there's really no one there. It allows us to really have a nice organic runway.
Growing that TAM would have to be that we would look at more of the C-suite capabilities, and we could potentially do that organically, but as you know, we've been divesting in areas that we're not strategic in. I think we're good to focus on the SAM we have.
Okay, great. I have a question from Patrick O'Shaughnessy from Raymond James. The question is, in light of your capital priorities, in light of the fact that you attempted to acquire the Oslo Børs, and in light of the fact that there's a lot of M&A going on in the European exchange industry, how do you see that fitting into the Nasdaq core, the European exchange complex in particular? Just please think about, talk about why that's very important to Nasdaq.
We're very proud and invested in being in the Nordic markets and being the established market operator in the Nordics. The first thing I would say is we've established scale, not by rolling up Europe, but by connecting Europe to the U.S. Right? Eight years ago, we put the European markets onto INET. Now we're basically migrating all of the derivatives markets onto a unified platform. We're making it so that we can actually lift that into a cloud environment over time that will then create even more efficiency for both the U.S. and Europe. We have the ability to continue to drive scale by having our U.S. and European markets, from a technology perspective, as connected as possible.
The other thing I would say is that our Nordic markets, the expertise we have across trading and clearing, settlement, commodities, as well as futures, fixed income areas, those are all great levels of market expertise that we then basically apply into our Market Technology business. We have almost 900 or more than 900 employees in our Nordic country, or actually just in Stockholm alone. They work very closely together with Market Technology. They provide advisory services out to our Market Technology clients for revenue. They also can help us become true experts in certain areas that then allow us to grow and expand our business to the MIOs that we serve with technology. I don't think people realize this, how interconnected the Market Technology and the market services organizations are in the Nordics. It's also honestly, one of the growthiest areas of Europe, right?
That region of Europe is innovative, it's technology-oriented, it's great talent base. It's an important part of who we are. When we looked at expanding, our clients were the ones who drove us to consider Oslo, and we would've liked to have had that. It would've been a good integration. It would've been a good strategy for us to kind of complete the ecosystem in the Nordic countries. As we looked at the other exchanges that were coming out, there's just not the same synergy with our Nordic client base. It's harder to, frankly, achieve synergies as we've seen with and never really integrating with the LSE. It doesn't really fit with the way we consider our investment criteria today, and nor is it leaning into those areas that we talked about are key growth areas for us.
Just one small add, just going back to the Nordics. The Nordics as countries are leaders within the ESG space.
That's why Bjørn talked a little bit about that today, and we think we can leverage that and take some of that leadership and then bring it into North America.
Great. Jeremy Campbell from Barclays.
Jeremy. I just wanted to follow back up on you guys took a corporate-forward approach this year, I think no one can really give the understanding why that was there. Just wondering how you think that positively differentiates Nasdaq as we look forward from here to create indices?
Products.
Yeah. Well, actually, I'm going to let Michael answer that because as head of corporate strategy as well, he's been leading all of our corporate-wide ESG initiatives. I'm going to let you answer that, Michael.
Yeah. We think that there's benefits by connecting the different pieces, right? The focus will be, the starting point is really the corporates. From that corporate work, plus also the work that Lauren's team is doing in eVestment and the information that they're getting, we think that that can create new information and opportunities that then we can create new indices off of, whether it's coming out of the investment data, whether it's coming out of some of the corporate information. Our Nordic business, where they have over 500 clients already reporting on their ESG metrics. That gives us gold source data opportunities. Now, it's going to take a long time or a while for us to build that out. It does create, I think, a differentiator product that we can leverage into some of our other aspects.
We have this virtuous circle amongst the different products that we have. We can leverage across the corporates, the trading side, as well as the information side, and bring it all together.
I think when you say a while, you have to go from the fact that we have a small set of clients that are doing all that Nasdaq OneReport reporting today. We have an enormous amount of demand. We're onboarding clients, frankly, as fast as we can. As we get a bigger data set, that allows us to look at over cross, on an anonymized basis, trends and other things that could be relevant to our investment manager clients. Our investment managers are delivering an enormous amount of information to eVestment now. How do you also look at trends there? That then can inform us to say, "Well, what indices might be most relevant? How do we want to make sure we're delivering investable products that people want?" Also maybe partnering with our eVestment clients on that as well.
I personally feel like there's a good long virtuous circle, but we're starting at a small base, we don't want to overpromise early, to be honest with you. We're trying to just say, let's make sure each of us delivers what we can do now and then create that virtuous circle over time.
I was going to overpromise because I'm leaving, but I didn't.
Exactly.
Okay. I have a question from Owen Lau. As you think of in 2025, your goal of having as much as 50% of the ARR revenue coming from SaaS businesses, talk a little bit about the implications you see. First, Adena, what kind of possibilities or what does that bring to our business and how we serve customers? Then I'll ask our CFOs how it supports our financial metrics and objectives.
Sure. I would say strategically, it gives us a much more scalable and flexible way to deliver services to customers. I think that we've talked a lot with all of you over the last three years, really, about how that's allowing us to create more opportunity for us in Market Tech. We've had a significant investment to make in transitioning our on-prem software-delivered services to a SaaS-based marketplace type of service that we can deliver in the cloud and in a really flexible way. That continued migration of our existing clients over time to get them to embrace our next-gen technology and then ultimately to make it so it's cloud-enabled or allow us to be a managed service provider to them is a longer-term path. It obviously is one of those areas that we truly believe will lift our margins in the Market Tech space.
As we continue to scale across Investment Intelligence as well as the Corporate Platforms, and we just continue that runway of growth, it allows us to continue to drive to that scale that we're looking for, which supports our ROIC, but potentially over the longer term, could allow us to continue to increase our opportunities for ROIC as we continue to scale. The one thing I would say, though, is we're always going to want to innovate and invest in this platform. There's always that balance between driving growth and making sure we're always going to be there as a long-term provider that the clients want, in addition to making sure that we leverage those platforms to generate scale. It's going to be a balance.
I think the only thing we could add to that is that I think those companies that do continue to drive more and more SaaS, more recurring revenue, I think there's recognition of just the quality of those earnings. We think that that's going to continue to benefit the pivot, and we'll receive valuation opportunities on top of that.
Great. I have a question from Brian Bedell from Deutsche Bank. Brian asks, given that you're expanding some of your addressable markets, you're progressing your business model towards things like SaaS style models that give you additional opportunity, considering a relatively stable organic growth outlook, is there anything that you're particularly concerned about? Any revenue headwinds that you considered as you look forward to the next three to five years?
I think that we have to start by saying, assuming we have a normalize our market environment, I think that we feel extremely well-positioned, and We always have little things that we're always managing through, but there's nothing significant that I look at and say, "Wow, that's going to create a major headwind." I think that we obviously always have to work within the market environment we're operating in, which is why we're also giving you the differentiated metrics. Our ARR and our SaaS-based metrics are really driven by different longer-term trends, and some of our other businesses might have more variation based on the beta environment.
We wanted to make sure we gave you even more transparency than we have before to understand what really is driving it to those longer-term industry trends and what are the, frankly, great businesses we have that just have a little bit more beta component to them. We don't see any, absent that kind of a market event, I think that we feel like we have a really good business with a long-term growth profile, for sure.
Question from Alex Kramm, UBS.
A couple follow-ups. Tying back to ESG, the only number you gave was paid $5 million in corporate. We have asked this before, do you have a rough number across the whole organization in terms of [audio distortion] similar to what you laid out in the corporate side over the next five years? Just definitely to follow up for Lars, I don't know if he's still around [audio distortion] . On the slide in the SaaS transition, the absolute dollars on non-SaaS revenue that you're projecting over the next couple years is still higher. Where is that coming from? Is it because some clients are just never going to switch, some products will never be SaaS-based? Is it just the existing stack, you're just going to take twice more time?
Yeah.
Why is that number not going down and kind of built into that?
Sure. All right, go for it, Ed. Good one.
I'm going to repeat the questions in two parts. I'm going to give the first part.
Yeah, that'd be great, actually.
The first question is, you've disclosed the revenue from ESG products in Corporate Platforms today. Could you give more information on the revenue contribution of ESG to overall Nasdaq? Do you expect areas of exposure in other businesses to have as strong a growth outlook as Corporate Platforms sees for that business?
Sure. I think the first thing we have disclosed is that we're kind of in the $5 million range today, hoping to get to $50 million by 2025 just on the new services. If you add in the fact that we also have a governance platform, as well as some of the new areas that we're focusing on in terms of the green bond platform, the Nasdaq Sustainable Bond Network. Over time, growing our ESG index platform, I think that we see a chance to say we have governance tools today, which is part of ESG. We have our new ESG services. We have those other areas within across the business, we should be able to get to more like $150 million or so, kind of 2%-3% of our-- Is it 2%, 3%? Close to up to 5%. 5%. Up to 5% of our revenue.
Up to 5% by 2025.
We've been discussing this by 2025. Yes. I think that it's just a matter of I wasn't doing the math right. It was just a matter of making sure you understand that includes our governance services today, in addition to all the new services we have. We think we could actually get to 5%. That's a marker out there, an ambition, but not something that we can sit there and tell you and tick off every single step to get there. That's exactly what we've been driving towards.
Great. The second question was, when Market Technology explained that they wanted to get over 50% of segment revenues from SaaS software by 2025, Alex did notice that the non-SaaS revenue was still growing.
Can you explain why you think that that can persist or even grow?
Yeah. Well, the first thing to note is we have with our established market infrastructure operator providers, we have a lot of long-term contracts. That's the first thing is you got to move our way through five, seven, or 10-year agreements. That's the first thing. The second thing is some of the post-trade technologies, particularly our CSD technology, is going to be harder to move into a pure SaaS mode. We've actually, just in recent years, delivered a really well productized CSD solution, and we're in the mode of deploying it to a lot of new clients with long-term contracts. I think that that will be probably later in our migration to figure out how to migrate something like that into a SaaS mode.
I would say but with the clearing solution, our next-gen clearing solution is actually going to be deliverable in SaaS and in the cloud. We have the ability to move those clients maybe faster, but again, there's long-term agreements. It's really more the migration of our clients and the timing of that, in addition to some of the post-trade services having a longer runway, I would say, to move to SaaS.
Great. Well, I think we should probably wrap up at this point. On my behalf, I want to thank everyone for participating. I also want to thank the Nasdaq management team for taking the time to articulate clearly the many interesting things going on here. I want to also give a special thanks to Michael for helping us with what will be his last Investor Day at Nasdaq. It's been really a pleasure working for him and with him. I'll turn it over to Adena for closing remarks.
Sure. The first thing I do want to say is, Michael said it enough times anyway. I want to say, Michael came into the organization four years ago, and it's like he's been here for 20. It's been an incredible partnership, and we're very fortunate to have him through February because I think it's really making it so the transition to Ann has been already and will be really smooth. Ann is incredibly ready for the role. I'm so excited to have a chance to work more closely with Ann going forward. We just have a great partnership today. It's going to be hard. He also brings a lot of humor to every single room. He thinks he does anyway. Exactly. I do think that I'm really looking forward to all of you getting to know Ann better.
You'll see her in some upcoming investor conferences. You'll see her, obviously, come February 28th or March 1st. She is our CFO, and I'm really excited for you all to get to know her better. Michael, thank you. Thank you. Thank all of you for coming, whether in person or online. We hope that you have a better, deeper understanding of Nasdaq today, where we're going in the future, and how we're going to continue to deliver long-term sustainable growth and returns to our shareholders. We're super excited to continue to serve all of you in the years to come. Thank you.