© Copyright 2009, The NASDAQ OMX Group, Inc. All rights reserved. NASDAQ OMX Europe – smarter thinking for the future of equities in Europe Charlotte Crosswell, President, NASDAQ OMX Europe 23 rd June 2009

© Copyright 2009, The NASDAQ OMX Group, Inc. All rights reserved. 2 Cautionary Note Regarding Forward-Looking Statements The matters described herein contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of These statements include, but are not limited to, statements about NASDAQ OMX's products and offerings. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ OMX's control. These factors include, but are not limited to factors detailed in NASDAQ OMX's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements. There can be no assurance that the FSA will give the NASDAQ OMX applicant the authorization and permissions which it seeks.

© Copyright 2009, The NASDAQ OMX Group, Inc. All rights reserved. 3 The European Trading Landscape – what is the impact of MiFID? MiFID stands for the Markets in Financial Instruments Directive (or Directive 2004/39/EC), which was enforced by European Union (EU) Member States on 1 November Increased transparency across all trading venues Enhanced protection for the retail investor -From the provision of advice through to execution of orders Greater competition between regulated markets and Multilateral Trading Facilities (MTF’s) and removal of barriers of investment firms connecting with trading venues in other EU states. Greater emphasis and clarity on the obligation to avoid conflict of interest Increased levels of disclosure, particularly to retail investors Harmonized rules applying to all firms operating within the EU Removal of artificial barriers to ease cross-border trading

© Copyright 2009, The NASDAQ OMX Group, Inc. All rights reserved. 4 Greater Fragmentation, Global Price Formation Fragmented securities trading landscape Global market for blue chip trading Exchanges will develop from being local/regional monopolies to being competitors, particularly for the largest blue-chips Different trading venues will exist in parallel, e.g. traditional exchanges, SIs and MTFs Exchanges and other trading venues likely to focus their profile and offering, for example by size (global vs. small and mid- cap stocks vs. micro-cap) or industry clusters (telecom/high tech, etc...) Role of smaller/regional exchanges will likely shift to being more of a “growth facilitator” and less of a “trading market for large caps” Trading of blue chip shares will be executed on multiple venues Trading of blue chips likely to be characterized by common, global customer requirements – including efficient execution and low price Price formation will be global despite fragmented trading across multiple trading platforms Volume sufficiently large to limit market impact even if liquidity is not pooled on a single venue Advanced order routing will facilitate blue chip trades across multiple venues Fragmented securities trading landscape Global market for blue chip trading

© Copyright 2009, The NASDAQ OMX Group, Inc. All rights reserved. 5 New playing field Competitors -New competitors -Fight to build liquidity against competition from European Primary markets and MTFs -Leveraging our unique capabilities – NASDAQ OMX business model -Differentiate NASDAQ OMX – not me too Customers -Can choose from a wide variety of trading venues and service providers -Have new needs -There will be new types of customers -Services to be made easy to understand and buy -Creating relationship and real dialogue between customers and NASDAQ OMX

© Copyright 2009, The NASDAQ OMX Group, Inc. All rights reserved. 6 New Competitive Initiatives New Trading Venues – examples New CCP Interoperability - examples

© Copyright 2009, The NASDAQ OMX Group, Inc. All rights reserved. 7 Introducing NASDAQ OMX Europe NASDAQ OMX Europe is a new global marketplace designed for high performance trading of European blue chips. First platform to connect major European trading centers through sophisticated onward routing

© Copyright 2009, The NASDAQ OMX Group, Inc. All rights reserved. 8 Quick Facts Setup -London based MTF, authorised and regulated by the Financial Services Authority -Proven low latency matching engine (INET) -Pan-European Order Routing functionality Equities trading -Approx. 900 European blue chips -Composite displayed/non-displayed book -Pre and post-trade anonymity -Consolidated European Best Bid Offer (EBBO) -Order routing functionality -Trading of ETFs and other liquid instruments Trading hours and calendar -Market hours: 07:50– 17:00 UK Time Post trade -CCP partnership with European Multilateral Clearing Facility (EMCF)

© Copyright 2009, The NASDAQ OMX Group, Inc. All rights reserved. 9 Enabling Best Execution What we doCustomer advantage Consistent sub millisecond latencyFast execution of orders Competitive value based pricingLow cost of execution Consolidated European Best Bid OfferBest available price Order routing functionalityWide range of trading options Proven core matching engineReliability Established by NASDAQ OMXCredibility, global exposure Engaging new market participantsAttracting new liquidity in shares Neutral, public companyFair and equal treatment Efficient pan-European clearing & settlementLow total cost of trading Improved investor offering Increased revenue/profitability

© Copyright 2009, The NASDAQ OMX Group, Inc. All rights reserved. 10 Market Overview

© Copyright 2009, The NASDAQ OMX Group, Inc. All rights reserved. 11 Clearing Solution EMCF Trading Member 1Trading Member 2 Clearing Participant 1 Clearing Participant 2 Bid/offer Trade confirmation Gross trades Trades Positions Margins/MtM Net Deliveries Trades Positions Margins/MtM Net Deliveries Clearing Agreement Clearing Agreement Agent Bank 1Agent Bank 2 Settlement Arrangement Settlement Arrangement Net deliveries Agent Bank Bid/offer Trade confirmation

© Copyright 2009, The NASDAQ OMX Group, Inc. All rights reserved. 12 The most competitive pricing in Europe! Book Pricing Euronext Book Pricing Aggressive fee structure introduced as response to new Euronext pricing. High volume liquidity rebate offered for significant volume on NEURO Onward Routing Pricing Routed orders All inclusive trading cost Turquoise0.28 bps Chi-X0.30 bps Deutsche Börse0.50 bps London Stock Exchange 0.50 bps NYSE Euronext – Amsterdam, Paris and Brussels 0.50 bps NASDAQ OMX Helsinki, Stockholm, Oslo Børs and Borsa Italiana 1.4 bps NASDAQ OMX Copenhagen 1.8 bps SWX Europe1.8 bps Wiener Börse6.8 bps Added Liquidity All inclusive trading cost Rebate+0.20 bps Removed Liquidity All inclusive trading cost Charge0.30 bps Added Liquidity All inclusive trading cost Rebate+0.15 bps Removed Liquidity All inclusive trading cost Charge0.15 bps

© Copyright 2009, The NASDAQ OMX Group, Inc. All rights reserved. NEURO Dark - launched 11 th May, 2009 NASDAQ OMX Europe’s Dark Pool that offers customers the flexibility to enter orders of any size. Functionality Trades over 900 European securities. A continuous crossing dark book using INET technology. Single Connection provides access to NASDAQ OMX Europe and NEURO Dark. Minimum Acceptable Quantity is available on all dark orders. Orders are priced based on the mid-point of the primary market. SELF order type gives market participants the ability to enter internalised orders. Post-Trade Transparency via NASDAQ OMX Europe ITCH feed. For further information visit: 13

© Copyright 2009, The NASDAQ OMX Group, Inc. All rights reserved. 14 Sponsored Access Benefits for the Sponsored Client Full range of connectivity options available. Ultra low latency enabled through co- location services. Access to full range of NASDAQ OMX Europe onward routing strategies Benefits for Sponsoring Participant Utilize NASDAQ OMX Europe’s advanced Pre-Trade Risk Management system. Legal framework developed in full consultation with U.K. Financial Services Authority (FSA). Order and execution information provided through real time drop copy feed. NASDAQ OMX Europe Pre-Trade Risk Management (PRM) PRM Fat Finger Check feature allows users to set order limits at several levels to ensure that erroneous orders never execute. PRM functionality is fast, with less than one millisecond of added latency. PRM provides Sponsoring Participants with ability to set values on a wide range of parameters.

© Copyright 2009, The NASDAQ OMX Group, Inc. All rights reserved. 15 Your passport to European trading

© Copyright 2009, The NASDAQ OMX Group, Inc. All rights reserved. 16 Questions? Contact Information: NASDAQ OMX Europe Tel: +44 (0)

© Copyright 2009, The NASDAQ OMX Group, Inc. All rights reserved. Thank you © Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved. NASDAQ OMX Europe Ltd. is authorised and regulated by the Financial Services Authority. Insofar as the content of this communication is considered a financial promotion for the purposes of section 21 FSMA 2000, it is not communicated or approved by a person authorised under FSMA. This communication is directed only at persons to whom NASDAQ OMX Europe may lawfully make financial promotions (Relevant Persons) including persons who have professional experience in matters relating to investments who are "investment professionals" within the meaning of article 19 of the FSMA (Financial Promotion) Order of This website must not be distributed to, acted on or relied upon by persons who are not Relevant Persons.