This excerpt taken from the NDAQ 8-K filed Feb 20, 2008.
Strong financial performance
We have demonstrated an ability to consistently achieve strong financial results. While we grew our revenues both organically and through the acquisition and integration of Brut and INET, our disciplined cost management and focus on operational efficiencies allowed us to decrease our total operating expenses from $476.4 million in 2004 to $451.5 million for the 12 months ended September 30, 2007. In addition, OMX and PHLX have also demonstrated strong financial performance.