This excerpt taken from the NDAQ 8-K filed Feb 20, 2008.
After completion of the Transactions, the combined company will be exposed to greater currency risk.
After completion of the Transactions, the combined company will have operations in the U.S. and several of the Nordic and Baltic markets and will thus have significant exposure to exchange rate movements between the Swedish krona, Danish krone, Icelandic króna, euro, U.S. dollar and other foreign currencies. Significant inflation or disproportionate changes in foreign exchange rates with respect to one or more of these currencies could occur as a result of general economic conditions, acts of war or terrorism, changes in governmental monetary or tax policy or changes in local interest rates. Although we have certain currency hedges in place, these hedges may not be effective and, as a result, fluctuations in exchange rates may increase the amount of U.S. dollars we are required to pay for OMX shares.
In addition, these exchange rate differences will also affect the translation of OMXs results of operations and financial condition into U.S. dollars as part of the preparation of the combined companys consolidated financial statements.