These excerpts taken from the NDAQ 10-K filed Feb 27, 2009.
Our revenues may be affected by competition in the business for indexes, associated derivatives and other financial products.
We have grown the business of our Global Index Group, which creates indexes and licenses them for NASDAQ OMX branded financial products. These financial products are subject to intense competition from other ETFs, derivatives and structured products as investment alternatives. Our revenues may be adversely affected by increasing competition from competitors financial products and/or indexes designed to replicate or
correlate with the performance of our indexes. In addition, the legal and regulatory climate, which supports the licensing of these indexes, has changed in a manner that may adversely impact our ability to successfully license our indexes. Further, many other entrants have recently emerged who not only compete with us for future growth opportunities, but who may also introduce indexes that erode the position of our current offerings, thereby adversely affecting our business, financial condition and operating results.
Our revenues may be affected by competition in the business for indexes, associated
STYLE="margin-top:0px;margin-bottom:0px">Our revenues may be affected by competition in the business for market technology.
We have a significant market technology business, which provides technology, operating, and advisory services for exchanges