NASDAQ OMX Group (NDAQ)

Note 14. Net Capital Requirements

The Company’s broker-dealer subsidiaries are subject to the SEC Uniform Net Capital Rule 15c3-1 under the Securities Exchange Act of 1934 administered by the SEC, the New York Stock Exchange and the National Association of Securities Dealers, which requires the maintenance of minimum net capital. All subsidiaries have elected to use the alternative method, which requires that they maintain minimum net capital equal to:

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The table below summarizes the minimum capital requirements for the Company’s U.S. broker-dealer subsidiaries.

The Company’s international broker-dealer subsidiaries are subject to capital adequacy requirements promulgated by authorities of the countries in which they operate. As of September, 2005 and December 31, 2004, these subsidiaries had met their local capital adequacy requirements.

Note 16. Net Capital Requirements

The Company’s broker-dealer subsidiaries are subject to the SEC Uniform Net Capital Rule 15c3-1 under the Securities Exchange Act of 1934 administered by the SEC, the New York Stock Exchange and the National Association of Securities Dealers, which requires the maintenance of minimum net capital. Except for Bridge, the Company’s broker-dealer subsidiaries have elected to use the alternative method, which requires that they maintain minimum net capital equal to:

The net capital requirement for Bridge is the greater of 6 2/3% of aggregate indebtedness or $250 ($1,000 minimum in 2003).

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Instinet Group Incorporated

Notes to Consolidated Financial Statements

(In thousands, except per share amounts)

The table below summarizes the minimum capital requirements for the Company’s U.S. broker-dealer subsidiaries.

The Company’s international broker-dealer subsidiaries are subject to capital adequacy requirements promulgated by authorities of the countries in which they operate. As of December 31, 2004 and 2003, these subsidiaries had met their local capital adequacy requirements.