This excerpt taken from the NDAQ 10-K filed Mar 14, 2005.
We could encounter difficulties in integrating Brut, our recent ECN acquisition, with the Nasdaq Market Center.
On September 7, 2004, we acquired the Brut ECN. Bruts integration with our existing business operations presents many challenges and has demanded significant attention of several key managers. The demands placed on the time of our management team in the Brut integration may adversely affect the operation of our existing businesses. The integration could take longer than planned and be subject to unanticipated difficulties and expenses.
Key risks involve: