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NDAQ » Topics » 3. Information on NASDAQ and NAL

This excerpt taken from the NDAQ 8-K filed Nov 20, 2006.

3. Information on NASDAQ and NAL

The NASDAQ Group is a leading provider of securities trading, listing and information products and services. NASDAQ manages, operates and provides its products and services in two business segments: the Issuer Services segment and the Market Services segment.

NASDAQ’s revenue sources from these segments are diverse. The Issuer Services segment includes revenues from listing fees, client services and financial products. The Market Services segment includes revenues from transaction services and from market data products and services. NASDAQ’s core business functions are:

 

(A) Corporate Client Group – which facilitates the raising of capital through the issuing of securities by companies from around the world and providing support services to enhance an issuer’s experience as a public company, including insurance services, investor relations services, and US newswire distribution services;

 

(B) Financial Products – which creates new index products and financial instruments based on its indices for listing and trading on The Nasdaq Stock Market;

 

(C) Transaction Services – which provides a forum for investors and intermediaries to trade securities via a world-class quote and order matching platform, delivering sub-millisecond response times, capacity of 98,000 messages per second, and approximately 99.98 per cent. uptime; services are also provided for trade reporting off-book trades, and enabling streamlined connectivity to NASDAQ’s market participants with the ability to access, process, display and integrate orders and quotes, which enabled customers to execute trades in over 7,700 equity securities during 2005. The Nasdaq Market Center allows NASDAQ to route and execute buy and sell orders as well as report transactions for NASDAQ-listed securities and those listed on national stock exchanges, including the New York Stock Exchange and the American Stock Exchange, providing fee-based revenues; and

 

(D) Information Services – which distributes high quality, real-time price and innovative market information relating to trading on NASDAQ’s system to over 400,000 professional users and over 1.4 million individual investors every day.

NASDAQ is the holding company of The Nasdaq Stock Market LLC, which commenced operations as a US national securities exchange for NASDAQ-listed securities on 1 August 2006. The Nasdaq Stock Market is the largest electronic equity securities market in the United States, both in terms of number of listed companies and traded share volume. As of 30 September 2006, The Nasdaq Stock Market had 3,206 listed companies with a combined market capitalisation of over $4.1 trillion. NASDAQ also operates The Nasdaq Market Center, which provides The Nasdaq Stock Market participants with the ability to access, process, display and integrate orders and quotes in The Nasdaq Stock Market and other national stock exchanges in the US. Transactions involving 383.1 billion equity securities were executed on or reported to NASDAQ’s systems in the first nine months of 2006.

Based on the Closing Price of NASDAQ Shares on The Nasdaq Stock Market on 17 November 2006, NASDAQ’s market capitalisation was approximately $5.3 billion.

For the 52 weeks to 31 December 2005, NASDAQ reported gross margin of $526.0 million (2004: $484.6 million) and a profit from continuing operations before tax of $106.3 million (2004: $2.6 million). For the nine months to 30 September 2006, NASDAQ reported gross margin of $504.3 million and a profit before tax of $107.6 million. As at 30 September 2006, NASDAQ had net cash of $254.2 million which includes NASDAQ’s investment in LSE at fair market value of $1.3 billion.

NAL is a company incorporated in England on 24 March 2006 at the direction of NASDAQ for the purpose of acquiring LSE Shares. Since its incorporation, NAL has not been engaged in any activities save in connection with the acquisition and holding of LSE Shares and the financing and the making of the Final Offers. NAL is a wholly owned subsidiary of NASDAQ. The current directors of NAL are Adena Friedman, Edward Knight and David Warren.

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