NASDAQ OMX Group (NDAQ)

11. Securities Purchased Under Agreements to Resell

Relative to SCCP, transactions involving purchases of securities under agreements to resell (reverse repurchase agreements or reverse repos) are accounted for as collateralized financings except where SCCP does not have an agreement to sell (or purchase) the same, or substantially the same, securities before maturity at a fixed or determinable price. It is the policy of SCCP to obtain possession of or the legal right to collateral with a market value equal to or in excess of the principal amount loaned under reverse repurchase agreements. Collateral is valued daily, and SCCP may require counterparties to deposit additional collateral or return pledges when appropriate. As of March 31, 2008 and 2007, SCCP had open reverse repos, which amounted to $5,786,392 and $5,682,148, respectively, reflected in clearing and depository items on the balance sheet. The value of securities taken as collateral for these contracts was $6,075,712 and $5,966,256 at March 31, 2008 and 2007, respectively.

11. Securities purchased under agreements to resell

Relative to SCCP, transactions involving purchases of securities under agreements to resell (reverse repurchase agreements or reverse repos) are accounted for as collateralized financings except where SCCP does not have an agreement to sell (or purchase) the same, or substantially the same, securities before maturity at a fixed or determinable price. It is the policy of SCCP to obtain possession of or the legal right to collateral with a market value equal to or in excess of the principal amount loaned under reverse repurchase agreements. Collateral is valued daily, and SCCP may require counterparties to deposit additional collateral or return pledges when appropriate. As of September 30, 2007 and 2006, SCCP had open reverse repos, which amounted to $5.6 million and $4.1 million, respectively, reflected in clearing and depository items on the balance sheet. The value of securities taken as collateral for these contracts was $5.8 million and $4.3 million at September 30, 2007 and 2006, and December 31, 2006 and 2005, respectively.