16 November 2009


Justin Schack

VP Market Structure Analysis

Joe Gawronski


Rosenblatt Securities Inc.
New York +1 212 607 3100
Dublin +353 1 855 9125

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NDAQ: We Remain Skeptical About the Company’s Prospects, Despite Recent Improvement in Sentiment


Street sentiment regarding NDAQ seems to have improved following the company’s earnings announcement and conference call earlier this month. However, based on our reading of these events and some other new information on the company, we remain steadfast in our view the company is starved for earnings-growth catalysts, leaving it among the weakest-positioned major exchanges from a competitive standpoint.

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