This excerpt taken from the NDAQ DEF 14A filed May 2, 2005.
Nasdaq has adopted the Nasdaq Code of Ethics (Nasdaq Code), which is applicable to all employees of Nasdaq, including the principal executive officer, the principal financial officer and controller and principal accounting officer (Senior Executive and Financial Officers). The Nasdaq Board has a separate Nasdaq Code of Conduct for the Board of Directors (Board Code), which contains provisions specifically applicable for directors. All employees, including the Senior Executive and Financial Officers of Nasdaq, are also subject to the NASD Code of Conduct (NASD Code). The Nasdaq Code, NASD Code, and Board Code are all available on Nasdaqs Legal and Compliance website (www.nasdaq.com/about/CodesofConduct.stm). Nasdaq intends to post amendments to or waivers from the Nasdaq Code or the NASD Code (to the extent applicable to its Senior Executive and Financial Officers) or to the Board Code at this location on its website and in any manner otherwise required by the standards applicable to companies listed on The Nasdaq Stock Market.