NASDAQ OMX Group (NDAQ)

Current Business Developments

On October 21, 2008, we completed our previously announced acquisition of Nord Pool’s clearing, international derivatives and consulting subsidiaries. See Note 18, “Subsequent Events,” to the condensed consolidated financial statements for further discussion.

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Current Business Developments

On July 24, 2008, we completed our previously announced acquisition of PHLX. With this acquisition we now operate the third largest options market in the U.S. PHLX will be part of our Market Services segment. The PHLX options market will operate as a distinct market alongside The NASDAQ Options Market which was launched in March 2008. With this transaction, we have a combined market share of approximately 17.0% in the U.S. equity options market between our two markets and a much larger footprint in global derivatives.

Current Business Developments

On March 19, 2008, we announced a new Pan-European Market to serve customers seeking a highly liquid trading and routing platform for the most actively traded European stocks. We are the first market to connect major European trading centers through a sophisticated pan-European routing system. The new Pan-European Market will enable best execution in high volume securities trading in a cross-border, multi-market environment. The market is scheduled to open in September 2008 and at launch will trade approximately 300 of the most actively traded European blue chip shares. The launch of the NASDAQ OMX Pan-European Market is subject to approval by the United Kingdom’s Financial Services Authority, or FSA.

On March 31, 2008, NASDAQ OMX launched The NASDAQ Options Market, a high-speed electronic market for options based on our INET architecture. We are launching the options exchange in part to meet customer demand by high frequency trading firms and hedge funds. These customers, many of whom also trade equities on The NASDAQ Stock Market, are now turning to trading options contracts.