NASDAQ OMX Group (NDAQ)

Execution Services

Execution and trade reporting revenues increased in the first quarter of 2008 compared with the first quarter of 2007 primarily due to increases in trade execution market share in NYSE-, Amex- and NASDAQ- listed securities and increases in average daily share volume. Partially offsetting these increases are lower Section 31 revenues due to lower rates charged beginning January 2008. Total Execution Services revenues also includes non-U.S. Execution Services revenues from OMX’s operations of $31.0 million from the date of acquisition through March 31, 2008. These revenues include trading and clearing revenues from equity and derivative products traded on the Nordic Exchange.

As discussed above, we record Section 31 fees as execution and trade reporting revenues with a corresponding amount recorded as cost of revenues. Since the amount recorded in revenues is equal to the amount recorded in cost of revenues, there is no impact on our revenues less liquidity rebates, brokerage, clearance and exchange fees. Section 31 fees were $91.1 million in the first quarter of 2008 and $98.5 million in the first quarter of 2007. The decrease in the first quarter of 2008 was primarily due to a rate reduction in the first quarter of 2008.

Access services revenues increased in the first quarter of 2008 compared with the first quarter of 2007 primarily due to increases in customer demand for network connectivity and exchange and other membership fees.

We share tape fee revenues from NYSE- and Amex-listed securities through The NASDAQ Market Center tape fee revenue sharing. We earn tape fee revenues from NYSE- and Amex-listed securities based upon activity within and trades reported to The NASDAQ Market Center for securities listed on these exchanges and based upon the size of NYSE and Amex revenue tape sharing pools. The increase in the first quarter of 2008 compared with the first quarter of 2007 was primarily due to an increase in the percentage that we share with our market participants partially offset by lower tape fee revenues.

The NASDAQ Market Center liquidity rebates, in which we credit a portion of the per share execution charge to the market participant that provides the liquidity, increased in the first quarter of 2008 compared with the first quarter of 2007 due to increases in the average daily share volume and trade execution market share for NYSE-, Amex- and NASDAQ-listed securities.

Brokerage, clearance and exchange fees increased in the first quarter of 2008 compared with the first quarter of 2007 primarily due to increases in NYSE and Amex routing costs due to increases in market share and average daily share volume partially offset by a decrease in National Securities Clearing Corporation, or NSCC, fees due to a rebate received in the first quarter 2008 and lower Section 31 fees due to a rate reduction in the first quarter of 2008.

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Execution Services

Execution Services net exchange revenues were $192.8 million for the first quarter of 2008, up $31.4 million, or 19.5%, when compared to the first quarter of 2007, and up $21.8 million, or 12.7%, from the fourth quarter of 2007.