NASDAQ INC

Czech National Bank is the cleanest example. It increased its NDAQ share count this quarter — flagged as an increaser — yet its dollar change reads negative $359,000, because the price decline outweighed the added shares. Davenport & Co shows the same signature: shares up, dollars down $155,000. PensionDanmark's +$108,000 means its share additions outran the decline. In each case, the economically meaningful fact is the share count rising into weakness — accumulation the dollar ledger records as attrition.

The number that dominates the page needs the opposite correction. Assenagon Asset Management cut $27.2 million, halving its stake to $23.3 million — by far the largest movement in the $88.0 million tracked base. Assenagon is classified quasi-passive: an options-overlay manager whose blocks inflate and drain across hundreds of names as hedging books turn over. Its exit says as much about Nasdaq the company as its simultaneous nine-figure entrances elsewhere say about those names — nothing.