News Release

NASD Sells Remaining Shares of NASDAQ Common Stock

Washington, D.C. — NASD announced today that it has achieved its goal of full divestiture of ownership in NASDAQ common stock, with the sale of its remaining 255,285 shares on July 11, 2006.

Tuesday's transaction was the last in a series of transactions that began in 2001 to end NASD's ownership of NASDAQ, and allow NASD to operate as an independent regulatory organization. Final legal separation of the two organizations will be complete when NASDAQ becomes a fully operational national securities exchange, as approved by the Securities and Exchange Commission in January 2006. NASDAQ is in the final stages of becoming a fully operational exchange.

"While NASDAQ and NASD have functioned separately for several years, we are pleased that the last vestiges of financial ownership are now gone, and the last remaining legal ties will be dissolved very soon," said NASD Chairman and CEO Robert R. Glauber, who initiated NASD's divestiture of NASDAQ and the American Stock Exchange, which was completed in December 2004.

This final sale was of shares underlying warrants that expired unexercised last month.

NASD is the leading private-sector provider of financial regulatory services, dedicated to investor protection and market integrity through effective and efficient regulation and complementary compliance and technology-based services. NASD touches virtually every aspect of the securities business - from registering and educating all industry participants, to examining securities firms, enforcing both NASD rules and the federal securities laws, and administering the largest dispute resolution forum for investors and registered firms. For more information, please visit our Web site at