New York, N.Y. — The Nasdaq Stock Market, Inc. (“NASDAQ®”; OTCBB: NDAQ) today announced that Thomas M. Joyce, 49, Chief Executive Officer, President and Director of Knight Trading Group, Inc., has resigned from the Board of Directors, effective Tuesday, September 7, 2004.

Mr. Joyce tendered his resignation in order to focus his time and energies on managing Knight Trading Group and building Knight's future. The Nominating Committee will review nominees for approval by the Board to replace Mr. Joyce. The Board of Directors currently has 16 members.

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