NASDAQ OMX Group (NDAQ)

Trade Reporting Facility

To facilitate our operations as a national securities exchange, we formed The FINRA/Nasdaq TRF. Through The FINRA/Nasdaq TRF we continue to collect reports of trades executed by broker-dealers outside of our exchange. FINRA regulates The FINRA/Nasdaq TRF as one of its facilities. The FINRA/Nasdaq TRF began operating on August 1, 2006 for Nasdaq-listed securities and began operating in March 2007 for non-Nasdaq-listed securities. For further discussion of The FINRA/Nasdaq TRF, see Item 1. “Business—Products and Services, Market Services.”

Trade Reporting Facility

To facilitate our operations as a national securities exchange, we formed The Trade Reporting Facility LLC (the TRF), a wholly-owned subsidiary. Through the TRF, we continue to collect reports of trades executed by broker-dealers outside of our exchange. NASD regulates the TRF as one of its facilities. The TRF began operating on August 1, 2006 for Nasdaq-listed securities and in March 2007 for non-Nasdaq-listed securities.

Nasdaq is responsible for ensuring that the TRF pays all costs associated with its operation, including NASD’s regulatory costs. NASD bills the TRF based on its direct and indirect costs plus a markup of 6.0% on all costs, except direct technology-related, non-personnel costs. In the fiscal year ended December 31, 2006, NASD billed the TRF approximately $2.6 million.

Trade Reporting Facility

To facilitate our operations as a national securities exchange, we formed the TRF. Through the TRF we continue to collect reports of trades executed by broker-dealers outside of our exchange. NASD regulates the TRF as one of its facilities. The TRF began operating on August 1, 2006 for Nasdaq-listed securities and will begin operating in March 2007 for non-Nasdaq-listed securities. For further discussion of the TRF, See Item 1. “Business—Products and Services, Market Services.”