16 November 2009

Co-Authors

Justin Schack

VP Market Structure Analysis

Joe Gawronski

President

Rosenblatt Securities Inc.
New York +1 212 607 3100
Dublin +353 1 855 9125

Inquiries to
globalexchangeanalysis@rblt.com

NDAQ: We Remain Skeptical About the Company’s Prospects, Despite Recent Improvement in Sentiment

Street sentiment regarding NDAQ seems to have improved following the company’s earnings announcement and conference call earlier this month. However, based on our reading of these events and some other new information on the company, we remain steadfast in our view the company is starved for earnings-growth catalysts, leaving it among the weakest-positioned major exchanges from a competitive standpoint.