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NDAQ » Topics » Our operating results could fluctuate significantly in the future.

This excerpt taken from the NDAQ 10-K filed Mar 14, 2005.

Our operating results could fluctuate significantly in the future.

 

The financial services industry is risky and unpredictable and is directly affected by many national and international factors that are beyond our control. Any one of these factors could have a material adverse effect on our business, financial condition and operating results by causing a substantial decline in the financial services markets and reduced trading volume.

 

Our operating results may fluctuate significantly in the future as a result of a variety of factors, including:

 

  •   a decrease in the trading volume in The Nasdaq Stock Market;

 

  •   increased competition from regional exchanges, ECNs, the Alternative Display Facility operated by NASD or other alternative trading systems that might reduce market share and create pricing pressure;

 

  •   competition from the NYSE or new or existing exchanges competing for new listings;

 

  •   reduction in the rate at which The Nasdaq Stock Market obtains new listings and maintains its current listings;

 

  •   a reduction in industry use of market data;

 

  •   regulatory changes and increases in compliance costs;

 

  •   our ability to utilize capital effectively;

 

  •   our ability to integrate acquisitions;

 

  •   our ability to manage personnel, overhead and other expenses, particularly technology expenses; and

 

  •   general market and economic conditions.

 

Our operating results are affected by the seasonality in our business. We generally expect to have our lowest trading volume of any year during the third quarter. As seasonal trends affect our operating results, they may have a negative impact on the market price of our common stock.

 

As a result of all the foregoing factors, you will not be able to rely on our operating results in any particular period as an indication of our future performance.

 

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