NASDAQ OMX Group (NDAQ)

Market Services Subscriptions

Proprietary revenues increased in the first quarter of 2008 compared with the first quarter of 2007 primarily due to additional revenues from OpenView Basic which was launched in the second quarter of 2007 and growth in our TotalView revenues including additional professional and non-professional enterprise licenses, and an increase in other proprietary data products.

Non-proprietary revenues increased in the first quarter of 2008 compared with the first quarter of 2007 primarily due to an increase in the number of Level 1 professional and non-professional users.

We share tape fee revenues for NASDAQ-listed securities through the UTP Plan. Under the revenue sharing provision of the UTP Plan, we are permitted to deduct costs associated with acting as the exclusive Securities Information Processor from the total amount of tape fees collected. After these costs are deducted from the tape fees, we distribute to the respective UTP Plan participants, including NASDAQ OMX, their share of tape fees based on a formula, required by Regulation NMS that takes into account both trading and quoting activity. Our tape fee revenue sharing amount allocated to UTP Plan participants increased in the first quarter of 2008 compared with the first quarter of 2007 primarily due to a reduction of our percentage earned of the UTP revenue caused, in part, by the Regulation NMS market data revenue allocation formula, which became effective April 1, 2007 and a decrease in market share from internalized trades.

We also share Market Services Subscriptions revenues under a revenue sharing program. The amount of Market Services Subscriptions revenues shared under our revenue sharing program decreased in the first quarter of 2008 compared with the first quarter of 2007 primarily due to the Regulation NMS market data revenue allocation formula and a decrease in market share from internalized trades. This decreased the UTP data revenue earned from internalized trades, which resulted in a decrease in the amount available to share. Partially offsetting the decline in the amount available to share is an increase to the percent shared in the program.

Total Market Services Subscription revenues also includes non-U.S. proprietary revenues from OMX’s operations of $8.9 million from the date of acquisition through March 31, 2008. These revenues are generated through the sale and distribution of trading information based on the data generated through trading on the Nordic Exchange.

Market Services Subscriptions

Market Services Subscriptions (Market Data) revenues were $66.3 million for the first quarter of 2008, up $8.2 million, or 14.1%, when compared to the first quarter of 2007, and up $0.4 million from the fourth quarter of 2007.