These results are presented in accordance with U.S. generally accepted accounting principles and include the financial results of The Nasdaq Stock Market, Inc. for the full quarter, and the financial results of OMX AB from February 27, 2008, when the business combination between NASDAQ and OMX closed. The comparative results for 2007 reflect the financial results of NASDAQ only.

"We are a new company and our opportunities for growth have never been stronger," stated Bob Greifeld, Chief Executive Officer of NASDAQ OMX. "The completion of our historic combination with OMX establishes NASDAQ OMX as the world's largest exchange company with operations on six continents and an undisputed leader in product innovation. I am pleased to note that during the quarter we continued to build on our position as the largest U.S. equities exchange, yet also took steps to diversify into exciting opportunities with significant potential for earnings growth. These include the successful launch of our U.S. options market, progress on the proposed acquisition of the Philadelphia Stock Exchange, our Pan-European Market, the investment in Dubai International Financial Exchange ("DIFX"), and our planned transaction with Nord Pool. We are executing well on the integration of OMX and continue to feel confident about achieving the synergies announced with the merger."

On a non-GAAP basis, when excluding certain one-time gains and merger related expenses, first quarter 2008 net income was $85.0 million, or $0.48 per diluted share.

For comparison purposes pro forma non-GAAP results are being presented that reflect the financial results of both NASDAQ and OMX as if they were a combined company for the periods presented. For the first quarter of 2008 net income on a pro forma non-GAAP basis was $113.9 million, or $0.54 per diluted share (which excludes the $26.0 million pre-tax gain on the investment in DIFX), an increase when compared to pro forma non-GAAP net income of $68.1 million, or $0.33 per diluted share, for the first quarter of 2007, and an increase when compared to pro forma non-GAAP net income of $103.2 million, or $0.49 per diluted share, for the fourth quarter of 2007. The remaining results are presented on a pro forma non-GAAP basis unless otherwise noted.

Total revenues were $918.2 million in the first quarter of 2008, an increase of 29.5% from $709.1 million in the year-ago period, and up 10.4% from $832.0 million reported in the fourth quarter of 2007.

First Quarter Highlights

* Traded record volumes on the OMX Nordic Exchange during the quarter. In January 2008 average daily derivatives trading volume reached a record 789,898 contracts. This record was eclipsed two months later in March 2008 when average daily derivatives trading volume reached 816,760. Also, in January 2008, record figures in the number of cash equity trades were recorded for the month, reaching 267,511 trades per day. And in February 2008, new record high average daily trading volume was achieved for fixed-income derivatives when an average 158,836 contracts traded.

* Expanded our leadership position as the largest single pool of liquidity in which to trade U.S. listed equities, matching a record high 31.0% of all volume for the first quarter of 2008. NASDAQ also achieved new market share highs in the trading of NYSE- and Amex-listed securities, matching 21.1% and 36.2% of volume, respectively, during the quarter.

* Announced plans to launch a new pan-European market to serve customers seeking a highly liquid trading and routing platform for the most actively traded European stocks. NASDAQ OMX Pan European Market will enable best execution in high volume securities trading in a cross-border, multi-market environment. The market, scheduled to open in September 2008, is subject to Financial Services Authority (FSA) approval.

* Signed an agreement with Bombay Stock Exchange ("BSE"), under which BSE will implement NASDAQ OMX technology to serve as their new trading and clearing platform for derivatives and cash securities. In addition to the technology implementation, the agreement encompasses a business partnership with the joint objective to drive and grow business at the BSE.

* Signed, subsequent to quarter-end, a large contract with the Tokyo Commodity Exchange ("TOCOM") and NTT Data to provide an integrated trading and clearing system for commodity derivatives. TOCOM is Japan's largest commodity exchange with more than 75% market share, and lists commodities futures and options contracts, including metals, oil and rubber. The contract represents NASDAQ OMX's first technology customer in Japan and the first major technology contract win since the combination.

* Launched a new technology road map shortly after completing the business combination with OMX, which defines how to bring together the best of both technology organizations. This effort is designed to leverage both the experience and insight gained from operating NASDAQ and OMX, as well as providing technology solutions to a global customer base. The successful launch of this road map is a critical step towards achieving synergy targets and strengthening the company's position as the world's leading provider of technology to the exchange industry.

* Launched the company's U.S. options market, a new electronic equity and index options market and the first options trading platform to offer true price/time priority. This market is already trading in excess of 117,000 contracts per day.

* Introduced NASDAQ Market Replay, an innovative data tool that provides an extremely powerful, NASDAQ-validated replay and analysis of the market. Market Replay allows users to quickly view the order book at any point in time, replay the market in simulated real-time, or at an accelerated/decelerated speed, and zoom-in to view events at the millisecond level to see exactly what happened.

* Announced an investment of up to $7.5 million in FCStone's subsidiary Agora-X, LLC. Agora-X is developing a new electronic communications network for institutional trading in over-the-counter (OTC) commodity contracts.

* Introduced the NASDAQ OMX 100 Index (Nasdaq:QOMX), a new global benchmark for the NASDAQ OMX Group. The NASDAQ OMX 100 Index is a market-capitalization weighted index comprised of the 100 largest companies listed on the combined exchanges of the NASDAQ OMX Group.

"During the first quarter, our business continued to operate efficiently and effectively, punctuated by strong operating performance, successful integration efforts and our ongoing disciplined approach to managing our balance sheet," said Chief Financial Officer David Warren. "In fact, based on the good start to the year and the better than expected results experienced in the roll out of our new technology road map, we are raising our expectations for fourth quarter 2008 synergy achievement to $25.0 million to $35.0 million in annual savings from $20 million to $30 million expected previously. We are pleased with the results so far and recognize that this is the product of the hard work of our team members world wide."

Financial Review

Results are presented on a pro forma non-GAAP basis. Revenues less liquidity rebates, brokerage, clearance and exchange fees ("Net Exchange Revenues") were $382.7 million for the first quarter of 2008, an increase of $43.5 million, or 12.8%, from the first quarter of 2007, and an increase of $3.6 million from the fourth quarter of 2007.

NASDAQ OMX presents for this quarter net exchange revenues along three primary business segments: Market Services, Issuer Services, and Market Technology.

Market Services

Market Services net exchange revenues increased to $267.2 million, up 17.6% from the prior year quarter, and up 9.3% from the fourth quarter of 2007.

Execution Services

Execution Services net exchange revenues were $192.8 million for the first quarter of 2008, up $31.4 million, or 19.5%, when compared to the first quarter of 2007, and up $21.8 million, or 12.7%, from the fourth quarter of 2007.

* Increases in U.S. Execution Services net exchange revenues from the prior year quarter are primarily due to higher trade execution volume for U.S.-listed equities. Total U.S.-listed equity volume matched on NASDAQ increased to 153.7 billion shares in the first quarter of 2008, up 61.5% from 95.2 billion shares in the first quarter of 2007. Increases when compared to the fourth quarter of 2007 are primarily due to higher traded share volume and reduced fees associated with clearing transactions. Included in execution and trade reporting revenues in the first quarter of 2008 are $91.1 million in SEC Section 31 fees, compared with $98.5 million in the first quarter of 2007 and $99.3 million in the fourth quarter of 2007. Corresponding cost of revenues reflecting the reimbursement of these fees to the SEC are included in brokerage, clearance and exchange fees.

* Non-U.S. Execution Services (Nordic) revenues increased when compared to both the first quarter of 2007 and the fourth quarter of 2007. Driving revenue higher when compared to both periods is higher cash equity and derivatives transaction volumes, offset somewhat by lower cash equity value traded and lower cash equity transaction fees implemented on January 1, 2008. For the first quarter of 2008, the number of equity transactions per day grew by 32.0% from 179,059 to 236,409 when compared to the same period in 2007. For the same periods the value of equity trading per business day declined by 9.9% from 49.4 billion Swedish Krona (SEK) to 44.5 billion SEK. The number of traded derivatives contracts per day increased by 9.1% to 754,983 from 691,843 in the year-earlier period. Also contributing to increases in revenue are improving exchange rates for the Swedish Krona as compared to the U.S. dollar.

Market Services Subscriptions

Market Services Subscriptions (Market Data) revenues were $66.3 million for the first quarter of 2008, up $8.2 million, or 14.1%, when compared to the first quarter of 2007, and up $0.4 million from the fourth quarter of 2007.

* Market Services Subscriptions revenues increased from the prior year quarter due primarily to increases in subscriber populations for proprietary products. Somewhat offsetting this increase is higher UTP Plan revenue sharing due to declines in NASDAQ's total UTP market share.

* Non-U.S. (Nordic) Market Data revenues increased from the prior year quarter and the fourth quarter of 2007 as increasing market activity levels drive higher demand for Nordic market data products.

Issuer Services

During the first quarter of 2008 Issuer Services revenues increased 8.3% to $86.2 million from the first quarter of 2007 and decreased 6.6%, or $6.1 million, from the prior quarter.

Corporate Client Group

Corporate Client Group revenues were $74.7 million for the first quarter of 2008, up $4.0 million, or 5.7%, when compared to the first quarter of 2007, but down $6.0 million from the fourth quarter of 2007.

* Increases in Corporate Client Group revenues from the prior year quarter are driven primarily by increases in Corporate Client services and reflect increased customer demand for products and services such as PrimeNewswire, Shareholder.com, Carpenter Moore Insurance, and new products such as Directors Desk. The decline from the fourth quarter of 2007 is primarily due to a reduction in the total number of listed companies.

* Non-U.S. Corporate Client Group revenues increased when compared to the first quarter of 2007 due primarily to improving exchange rates for the Swedish Krona as compared to the U.S. dollar. Revenues declined when compared to the fourth quarter of 2007 primarily due to fewer listings of both companies and fixed income products.

Financial Products

Financial Products revenues were $11.5 million for the first quarter of 2008, up $2.6 million, or 29.2%, from the first quarter of 2007, and down $0.1 million when compared to the fourth quarter of 2007. The increase from the prior year quarter is due to higher license revenues associated with NASDAQ-licensed ETFs.

Market Technology

Market Technology revenues were $29.0 million for the first quarter of 2008 compared to $31.9 million in the first quarter of 2007 and $42.1 million in the fourth quarter of 2007. Declines when compared to the fourth quarter of 2007 are due partly to higher than normal activity recognized in that period. Also, first quarter 2008 sales declined temporarily as anticipated as some customers chose to further review investment decisions in light of the integration of NASDAQ and OMX technology customer platforms and the creation of a common technology road map. Customer activity continued to be high with large orders driving order intake to $46.7 million for the first quarter of 2008, 16.2% higher than the $40.2 million realized in the first quarter of 2007.

Operating Expenses

Total operating expenses increased 5.1% to $229.4 million from $218.3 million in the prior year quarter and declined 2.0% from $234.1 million in the prior quarter. Higher expenses when compared to the first quarter of 2007 are driven primarily by higher compensation expenses resulting from a larger employee base and increased retention expenses. Also contributing to higher expenses are lower exchange rates for the U.S. dollar as compared to the Swedish Krona. Declining expenses when compared to the fourth quarter of 2007 are driven by lower marketing expenses, as the fourth quarter is typically a strong period for advertising.

Net Interest Income

Net interest expense was $11.3 million for the first quarter of 2008, compared with net interest expense of $21.1 million for the first quarter of 2007. The decline in net interest expense is primarily due to lower average net debt, lower interest rates, and higher cash balances in the most recent quarter.

Earnings Per Share

First quarter earnings per diluted share were $0.54 versus $0.33 per diluted share in the prior year quarter, and $0.49 in the fourth quarter of 2007. NASDAQ OMX's weighted average shares outstanding used to calculate diluted earnings per share were 214.1 million in the first quarter of 2008 versus 212.4 million in the year-ago quarter and 214.5 million in the fourth quarter of 2007.

The NASDAQ OMX Group, Inc. is the world's largest exchange company. It delivers trading, exchange technology and public company services across six continents, and with over 3,900 companies, it is number one in worldwide listings among major markets. NASDAQ OMX Group offers multiple capital raising solutions to companies around the globe, including its U.S. listings market; the OMX Nordic Exchange, including First North; and the 144A PORTAL Market. The company offers trading across multiple asset classes including equities, derivatives, commodities, structured products and ETFs. NASDAQ OMX Group technology supports the operations of over 60 exchanges, clearing organizations and central securities depositories in more than 50 countries. OMX Nordic Exchange is not a legal entity but describes the common offering from NASDAQ OMX Group exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. -- www.nasdaq.com