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Wednesday, April 2, 2008

Equity Trader Alert #2008 - 39
NASDAQ OMX Plans to Launch the NASDAQ BX Equities Trading Platform

Please Route To:

Head Traders; Technical Contacts; Compliance Officers; Buy-Side Contacts; Vendor Technical Contacts

What you need to know:

  • As announced in Head Trader Alert #2007-205, NASDAQ OMX entered into a definitive agreement to acquire the Boston Stock Exchange (BSE).
  • Following the SEC approval of the acquisition and amended BSE rules, NASDAQ OMX intends to use the Boston equities SRO license to operate a second quote in the U.S. equity space.
  • Pending SEC approval, the new market center will be called NASDAQ BX (“BX”).

Who you should contact:

NASDAQ Market Sales at 800.846.0477

What is NASDAQ BX?

As announced in Head Trader Alert #2007-205, The Nasdaq Stock Market, Inc. (now The NASDAQ OMX Group, Inc.SM) entered into a definitive agreement to acquire the Boston Stock Exchange (BSE). The acquisition is subject to approval by the Securities and Exchange Commission (SEC). After the transaction closes, NASDAQ OMXSM plans to operate a second quote in the U.S. equity space using the Boston equities SRO license.

NASDAQ OMX will call the second quote NASDAQ BX (“BX”).

When will BX be operational?

NASDAQ OMX currently plans to launch BX in June 2008, pending SEC approval.

What securities will BX trade?

BX will trade nationally-listed (Reg NMS) securities.

Do I need to become a member to participate?

All firms that want to use BX trading systems must be registered as members of BX. More information will be provided.

How will I see the BX quote and trade reports?

The consolidated Security Information Processor (SIP) quote and trade data feeds will show a “B” quote and trade identifier link to UTP and CTA announcements. Refer to UTP Vendor Alert #2008-004 and CTA News from February 29, 2008.

Will there be a proprietary data offering associated with NASDAQ BX?

Yes. Information regarding a proprietary data feed and specifications will be available within the next week.

Will there be testing opportunities?

Yes. Information on testing opportunities will be communicated as they become available.

How do I order ports to BX? What will the port availability include?

Complete the Port Request Form and contact NASDAQ Subscriber Services with questions at 212.231.5180.

How will I connect to and send orders to BX?

BX will use OUCH Version 3.0, RASH and INET FIX protocols. NASDAQ® will disseminate the specifications shortly via a Technical Update.

Where can I get additional information?


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Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion. To learn more, visit: business.nasdaq.com.

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Cautionary Note Regarding Forward-Looking Statements

Information set forth in this communication contains forward-looking statements, which involve a number of risks and uncertainties. NASDAQ cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to, statements about the proposed transaction, NASDAQ’s ability to implement its strategic and business initiatives, expectations and intentions and other statements that are not historical facts. Additional risks and factors are identified in NASDAQ's filings with the U.S. Securities Exchange Commission (the "SEC"), including its Report on Form 10-K for the fiscal year ending December 31, 2006 which is available on NASDAQ's website at http://www.nasdaq.com and on the SEC's website at http://www.sec.gov. NASDAQ undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.