New York, August 25, 2005 — The Nasdaq Stock Market, Inc. (NASDAQ: NDAQ) today announced that it will begin to offer customers connectivity and routing to options exchanges in the first quarter of 2006. NASDAQ is already a member of the following exchanges through its Brut broker-dealer: American Stock Exchange (AMEX), Boston Stock Exchange (BOX), International Securities Exchange (ISE), Pacific Stock Exchange, and The Philadelphia Stock Exchange (PHLX). Additionally, NASDAQ plans to obtain access to the Chicago Board Options Exchange (CBOE).

"Over the past year, NASDAQ has rolled out strategic product developments and offered customers linkage solutions focused on the changing regulatory landscape," said Chris Concannon, Executive Vice President of NASDAQ Transaction Services. "With the shift in options trading to electronic platforms, options volumes have grown 20% year over year. As the options industry continues to evolve, we are poised to become an attractive options smart-routing provider for market participants," added Mr. Concannon.

In an effort to continue offering market participants a suite of connectivity solutions, NASDAQ is adding options routing to its already robust routing network that includes smart-order routing in NASDAQ and exchange-listed securities as well as high-speed, direct connectivity to the NYSE. NASDAQ will not match option orders, but will offer the ability to route the orders to exchanges, making it easier for customers to leverage NASDAQ's high-speed, low-cost linkage system in equities and options all on the same platform.

"Traders are increasingly looking for ways to trade more efficiently across all asset classes. By leveraging its distribution network for options trading, NASDAQ is positioning itself as a one-stop platform offering customers a fast, reliable, and anonymous connectivity solution for both equities and options trading at a low-cost," added, Mr. Concannon.

About NASDAQ
NASDAQ^® is the largest electronic screen-based equity securities market in the United States. With approximately 3,200 companies, it lists more companies and, on average, trades more shares per day than any other U.S. market. It is home to companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks. For more information about NASDAQ, visit the NASDAQ Web site at www.nasdaq.com or the NASDAQ Newsroom at www.nasdaq.com/newsroom/.

Cautionary Note Regarding Forward-Looking Statements
The matters described herein may contain forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. The NASDAQ Stock market, Inc. ("NASDAQ") cautions that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Such forward-looking statements include projections which have not been reviewed by independent auditors of NASDAQ. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ's control. These factors include, but are not limited to, NASDAQ's ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in NASDAQ's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially higher or lower than those projected.

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