© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved.

NASDAQ OMX Europe

Product offering and status update

Danish Securities Dealers Association: October 01, 2008

© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved.

NASDAQ OMX Europe – Status Update

• FSA Approval conferred September 5th.

• Successful soft launch on September 26th.

• Diverse client base of Investment Banks, Agency Brokers, ISVs, and high frequency proprietary traders.

• Sales representation in Copenhagen:Henning Kruse

+45 3377 0381 | henning.kruse@nasdaqomx.com

Routing Available to primary markets and MTFs based on

consolidated EBBO.

Date Securities Traded

26th September 25 constituents of FTSE 100

3rd October All FTSE 350, iShares FTSE 100 ETF

20 Nordic Securities (5 from each market)

10th October All constituents of Nordic indices (Denmark: OMXC20, Norway: OBX25, Sweden: OMXS30, Finland: OMXH25)

15 Euronext (5 from Amsterdam, 5 from Paris, 5 from Brussels)

17th October All constituents of Euronext indices (Belgium: BEL 20, Netherlands: AEX 25, France: CAC 40)

10 Constituents of DAX 30 (Germany)

24th October All constituents of DAX 30, iShares DJ Euro Stoxx 50 DE, iShares DAX DE, iShares DJ Euro Stoxx 50, iShares AEX ETF

Dates to be determined Ireland (ISEQ 20), Switzerland (SMI 20), Spain (Madrid General), Italy (MIB 30)

© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved.

NASDAQ OMX Europe – Nordic Member Pricing Tier

• NASDAQ OMX Europe Pricing For Top Nordic Market participants

- The standard rate to remove liquidity on NEURO is 0.3bps.

- Top Nordic Market participants will receive a NEURO remove liquidity rate of 0.28bps for trading European Ex Nordic securities.

• The Tier

- Stockholm, Copenhagen, and Helsinki each have 3 independent fee schedules: Low (1), Middle (2), High (3).

- A weighting has been given to each market based on its size.

• Stockholm: 50%

• Helsinki: 30%

• Copenhagen: 20%

- If the sum of a firm’s Nordic Market fee schedules, multiplied by the weighting is above 1.5, than the participant will qualify for the improved NEURO pricing.

  MARKET WEIGHTING PARTICIPANT FEE SCHEDULES PARTICIPANT TIER SCORE

ParticipantStockholm Helsinki Copenhagen Stockholm Helsinki Copenhagen

Stockholm Helsinki Copenhagen Total

Broker Dealer 50% 30% 20% 1 2 3 0.5 0.6 0.6 2.2

© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved.

NASDAQ OMX Europe – Competitive PricingNASDAQ OMX Europe Market

Post Liquidity - Rebate -0.2 BPS

Remove Liquidity – Charge 0.3 BPS

Routing to MTFs (All in)

CHI-X 0.30 BPS

TURQUOISE 0.35 BPS

Routing to Primary Markets (All in)

London Stock Exchange 0.65 BPS

Deutsche Borse 0.9 BPS

Euronext - Paris 0.95 BPS

Euronext - Amsterdam 0.95 BPS

Euronext - Brussels 1.4 BPS

Borsa Italina 1.4 BPS

OMX Stockholm 1.3 BPS

OMX Helsinki 1.3 BPS

OMX Copenhagen 1.3 BPS

OMX Oslo 1.3 BPS

Irish Stock Exchange TBD

Swiss Stock Exchange TBD

Spanish Markets TBD

© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved.

NASDAQ OMX Europe – INET Technology

• INET TECHNOLOGY IS THE CORNER STONE OF THE BUSINESS

- NEURO is the fastest INET matching engine ever created. Order response times at the London data centre are sub millisecond, with peaks clocked at 200,000 orders a second.

- The INET technology will also serve as the backbone of the new Nordic Markets launching in Q4 2009.

- The RASH (Routing and Special Handling) system is the most active router in the U.S by transaction value and message traffic. The European kit will benefit from:

• Multiple Routing Strategies: SCAN (passive), STGY (aggressive), SPDY (MTFs only), PRIM (check NEURO, post on primary)

• Routing based on direct EBBO market data.

• Blind pinging NEURO.

• Low latency execution broker gateways.

© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved.

NASDAQ OMX Europe - Routing

Will NASDAQ OMX Europe be connected to all significant market centers? Yes. The RASH (Routing And Special Handling) system will access all Western European primary markets, and MTFs of note.

How will NASDAQ OMX Europe access these market centers? Initially, NASDAQ OMX Europe will route through a low latency third party broker.

What symbols will be available for trading? The constituents of the major indices and ETFs will be phased in first. We will then look to phase in other liquid securities of the western European

market places.

© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved.

NASDAQ OMX Europe – Routing Post Trade

Customer NEURO LSE

LCHEMCF

CREST

ORDER ROUTING BROKER

CLEARING

CLEARING

SETTLEMENT SETTLEMENT

EXECUTION

ORDER

EXECUTION

1) ROUTING BROKER ß à LCH

2) ROUTING BROKER ß à EMCF

3) CUSTOMER ß à EMCF

MARKET DATA

TRADE REPORT

© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved.

NASDAQ OMX Europe – MIFID Best Execution Support

•Trade Confirmation and Benchmarking for the fragmented market place

•Market Replay Europe – coming in Q1 2009

http://www.nasdaqomxeurope.com/Market_Data/Market_Replay/

© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved.

NASDAQ OMX Europe – Q4 2008 Timeline

September October November December

W.38 W.39 W.40 W.41W.26 W.27 W.28 W.29W.22 W.23 W.24 W.25 W.30 W.31 W.32 W.33 W.34 W.35 W.36 W.37

FSA Approval. Soft launch commences.

Test and Production systems available from 7:50am – 5:00 pm (BST)

New Order Types, Routing Strategies, and Listings Market (subject to FSA approval).

On boarding of trading participants.

Phased rollout of 600+ Pan-European securities and ETFs.

October 23rd. NASDAQ OMX Europe launch party in London.

© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved.

Thank you!

© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved.

Landis OlsonDirector – Markets Development+ 44 20 7065 8053 | landis.olson@nasdaqomx.com

Henning KruseDirector – Sales and Customers+ 45 33 77 0381 | henning.kruse@nasdaqomx.com