Nasdaq operates a major stock exchange where technology and growth companies have traditionally chosen to list, competing with the New York Stock Exchange for corporate listings and trading volume, though the company has diversified well beyond just running an exchange. Its market technology division licenses the trading and clearing software that other exchanges around the world use to run their own markets, turning Nasdaq's own trading infrastructure into a product it sells to other market operators. Nasdaq also runs a significant financial data and analytics business, along with anti-financial-crime software used by banks to detect fraud and money laundering, businesses acquired to diversify beyond pure exchange trading revenue. The mix of listings, trading, technology licensing and data services gives Nasdaq multiple revenue streams that don't all move in lockstep with stock market trading volumes the way a pure exchange operator's earnings would.