Nasdaq
Annual Report 2012

Plain-text annual report

NASDAQ OMX 2012 ANNUAL REPORT TaBle of ConTenTs To our shareholders . . . . . . . . . . . . . . . . . . . . . . . . . 2 redefining our Business . . . . . . . . . . . . . . . . . . . . . . 5 Diversified Business Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Innovation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Acquisitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Technology Is Core . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Realigned Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Operational Excellence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 sTrengThening our Core . . . . . . . . . . . . . . . . . . . . . 13 Responding to Challenges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Strategic Vision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Capital Allocation Strategies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 leading The way . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Public Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Market Innovation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Corporate Sustainability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 2 To our shareholders In 2012, NASDAQ OMX demonstrated the strength of its business model and the innovative spirit of its employees . Despite the challenges we faced, we continued to execute our mission of improving the value we deliver to our clients and the attractive returns we generate for our shareholders . In my view, history will judge 2012 to be an inflection point in our markets, our business, and the future of NASDAQ OMX . Our long-term vision of building a diversified portfolio of businesses, combined with sound expense control and a strong capital position, has not only been a sensible approach, but a key differentiator for our organization . History will judge 2012 to be an inflection point in our markets, our business and the future of NASDAQ OMX . The successful execution of our business plan has allowed for an independent and thoughtful approach to the future, and has strengthened our long-term competitive position— which is stronger than ever . In fact, in 2012, our relative revenue and earnings position outperformed the majority in our peer group . our evoluTion – from u .s . equiTy exChange To a diversified PorTfolio of gloBal Businesses Although historically we have been predominately known as a U .S . equities exchange, NASDAQ OMX continued on its path of becoming much more than that . We are transforming into a technology services and transaction company, dedicated to helping customers worldwide improve their productivity and manage risks more effectively . We have strategically redefined who we are over the past several years through a combination of new product and service launches and bolt-in acquisitions . Our strategy is working . We are building the foundation for growth and outperformance regardless of the economic, business, or volume cycles . A core objective of ours is to become one of the top business, technology, and information services providers in the world . We ended the year with solid financial and operating results, and began 2013 cautiously optimistic that, for the first time since 2007, many global markets in which we operate are beginning to show signs of improving . While we are pleased with our results in 2012, by no means are we complacent . The management team and Board of Directors believe the full earnings power of this franchise has yet to be realized . In 2012, we generated nearly $600 million in cash flow from operations, and returned $275 million to shareholders through repurchase of 11 .5 million shares at an average price of $23 .82 and $65 million through cash dividends . In the past three years, we repurchased 53 .4 million shares at an average price of $21 .97, returning a total of $1 .2 billion to shareholders . In 2012, we generated nearly In cash flow from operatIons, and returned To shareholders Through rePurChases of 11 .5 million shares aT an average PriCe of $23 .82 and $65 million through cash dIvIdends. Perhaps even more noteworthy was the fact that we were able to maintain roughly the same level of net revenues while significantly diversifying our franchise . Our businesses providing recurring and subscription-based revenues contributed to 71 percent of our net revenues in 2012, substantially above the comparative level of 55 percent in 2007 . Over the same period, global equity volumes witnessed a 30 to 40 percent decline . In addition, our efforts to provide public and private companies with the tools and resources they require to effectively manage their constituents have resonated throughout the marketplace . The unique value proposition that NASDAQ OMX offers was evidenced by several high-profile listing wins and switches, including: Texas Instruments, Kraft Foods, and more recently, Goodyear . We will continue to stand out and attract new firms to our market because of the unique and compelling value that we offer . That said, we love our transaction businesses . They are the largest contributor of net revenues and earnings to our consolidated business . Bringing buyers and sellers together in an open and transparent environment has always been in our DNA, and remains a thriving center of technology excellence and innovation at NASDAQ OMX . Today, NASDAQ OMX operates 26 markets, 3 clearing houses, and 5 central depositories . The U .S . and Nordic exchanges are solid businesses in which we continue to achieve greater scale efficiencies and diversify into a variety of asset classes, such as with NASDAQ OMX BX Options, our newest options exchange . Our Helsinki exchange marked its 100th year of operation in 2012, and our Stockholm exchange celebrated 150 years of service in early 2013 . Yet we never stop looking for new and better ways to serve our customers and pursue growth opportunities across different sectors that complement our portfolio of products and services . For example, we continue to bring to market innovative data products, such as NASDAQ Basic and TotalView, and market systems software and services based on Genium INET for our customers to power their businesses throughout roBerT greifeld Ceo It is imperative to be flexible and opportunistic in responding to rapidly changing markets . the world . We have also introduced a suite of solutions that covers the entire trading lifecycle for our members . enhanCing our ClienT offering, delivering reTurns To shareholders Acquisitions, both those completed and those set in motion in 2012, were analyzed through a rigorous set of financial disciplines, which allowed us to provide value for our clients as well as our shareholders . Without a doubt, this core discipline also contributed to the resiliency of our model . For NASDAQ OMX, a prospective acquisition must be strategically significant, accretive to shareholders within a year (excluding transaction costs), and deliver an adequate return on capital . Applying those filters, we invested $320 million net of dispositions over the past five years to acquire a variety of assets, including the index business of Mergent, a majority interest in BWise, NOS Clearing, the business of RapiData, Glide Technologies, FTEN, and SMARTS . Late last year, we also announced an agreement to acquire Thomson Reuters’ Investor Relations, Public Relations, and Multimedia Solutions businesses . We have long admired Thomson Reuters’ model in providing these services to many of our listed companies . Through this acquisition, we plan to accelerate our strategy and create one of the premier suites of products and services for public and private companies in our industry . We will bring the assets, talents, and technology together to continue to deliver a powerful suite of services to roughly 10,000 clients in more than 60 countries . The acquisition is subject to customary regulatory approvals and is expected to close in the first half of 2013 . Once the transaction closes, we plan to integrate these complementary businesses into NASDAQ OMX Corporate Solutions, a step that will create a global corporate services portfolio, with a unique and comprehensive offering for our corporate clients . We anticipate that these acquisitions, along with ongoing capital deployment efforts, will yield substantial client and shareholder value in the years ahead . However, it is imperative to be flexible and opportunistic in responding to rapidly changing markets, and to continually evolve our organization to address the needs of our diverse client base . 4 To this end, in January 2013, we brought together our Market Technology and Corporate Solutions businesses to establish a new technology and software segment, Global Technology Solutions . The transaction with Thomson Reuters was one of the catalysts for this change . Global Technology Solutions will compete with a more comprehensive and strategic rationale and with a new profile similar to companies such as ACI Worldwide, Fidessa, Fiserv, and Fidelity National Information Services . We anticipate that our software and services will continue to be the preferred solutions for customers across many different businesses, industries, and regions . our sTraTegiC foCus + New organic growth opportunities + Enhance our client offering + The ability to adapt and transform ourselves in new and innovative ways In January 2013, we also combined our Global Data Products and Global Index Group into a new segment known as Global Information Services . These areas share healthy margins and experienced rising revenues last year . They are rooted in technology and the distribution of data—things we do exceptionally well . We have been creating innovative and transparent indexes since 1971 . Today there are more than 7,000 structured products based on NASDAQ OMX indexes, spanning different geographies and asset classes with nearly $1 trillion in notional value . As a result of this move, Global Information Services now has a profile similar to companies such as MSCI, McGraw Hill, and Factset, and contributes about 24 percent of NASDAQ OMX’s net annual revenues . seTTing a new sTandard of exCellenCe In 2012, the transformation we embarked on as a company clearly allowed us to deliver sound results in the face of adversity . In many respects, however, that journey is only beginning . Our mission and focus will remain on driving new organic growth opportunities and adjacent opportunities that enhance our client offering . Although our focus is primarily on delivering value to our clients and shareholders, we also recognize the critical role we play in a larger ecosystem . From the capital raising process, where emerging companies access the necessary resources that spur growth, to helping those same companies generate their own shareholder value, by more efficiently and effectively managing their constituents around the globe, to helping markets run more efficiently—we interact with the larger economic, business, and financial systems in many ways . To this end, we also partner with governments, industry leaders, and regulators to help forge new solutions for issues central to our markets and economies . In 2012, NASDAQ OMX was an advocate for companies and investors on several key issues including market structure, federal fiscal reform, and immigration . We are proud to be central to the economy and the issues that drive global competitiveness . As the global economy continues to recover, and because of the resiliency we exhibited as a company, NASDAQ OMX is well-positioned for the future . Our aggressive steps in meeting our cost, revenue, and technology objectives over the past three years should enable us to benefit from these improving economic conditions . For NASDAQ OMX, resiliency has always been about more than bouncing back from adversity, but also possessing the ability to adapt to and transform itself in new and innovative ways . It is with this in mind that we will strive to create even greater value for our customers and shareholders while continuing to make lasting contributions to our employees, listed companies, and the global community at large . roBerT greifeld chIef executIve offIcer 5 redefining our Business NASDAQ OMX 2012 ANNuAl repOrt6 diversified Business growTh finanCial PerformanCe In 2012, NASDAQ OMX continued to build a diversified franchise generating substantial revenues and cash flow 2012 gaaP neT exChange revenues TeChnology issuer serviCes 11% 22% Technology listing services and corporate solutions marKeT serviCes 67% derivatives access services 11% 19% 18% 16% 3% global Index services 21% 12% global data Products equities reCurring revenues earnings growTh Subscription and recurring revenues reached 71% of net revenues by the end of 2012 with particular strength in our corporate solutions business suBsCriPTion and reCurring revenues Organic EPS showed a 58% Increase over the last 5 years 58% Increase 55% 71% 2007 2012 2008 2012 $1 .58 ePs $2 .50 ePs NASDAQ OMX 2012 ANNuAl repOrtDiversifieD business Growth Business exPansion highlighTs aCCess serviCes An expansive suite of products and solutions that give large sophisticated Traders access to our Marketplaces which help them operate more efficiently with less risk 2012 aPProximaTely 16% ToTal revenue, or $257m of nasdaq omx’s gloBal indexes NASDAQ OMX Global Indexes has been at the forefront of market- leading, transparent indexes since 1971 . Today, our index offering spans geographies and asset classes and includes diverse families such as the Green Economy, Nordic, Sharia and Commodity Indexes . 2012 +10% y-o-y Change $57m neT revenues Today NASDAQ OMX licenses over 97 Exchange Traded Products with over $55B in assets under management . In 2012, Global Index Group reached several key milestones by launching NASDAQ Global Index Family of 9000+ securities, representing more than 98% of the investable securities in 45 countries, and closing its first acquisition of the index business of Mergent, Inc ., including Indxis . With this acquisition, Global Index Group becomes one of the largest dividend-themed indexers and further enhances our custom index offering capabilities . 7 TeChnology nasdaq omx marKeT TeChnology is ParTner To over exChanges, Clearinghouses and dePosiTories in 70 50CounTries In 2012, the Market Technology business showed progress with a strong performance, delivering new business wins totaling $295 million . We continued to see traction with SMARTs, a leading technology provider of market surveillance solutions . 2012 net revenues of $184m = 11% OF TOTAL NASDAQ OMX 2012 ANNuAl repOrtDiversifieD business Growth 8 nasdaQ omx 2012 annual report TransaCTion serviCes gloBal daTa ProduCTs In 2012 we continued to see momentum in our market data business . Revenue for the year reached $344M on the strength of subscriptions to new products like NASDAQ Basic, a low- cost alternative to Level I data that provides real-time Best Bid and Offer and Last Sale information for all U .S . exchange-listed securities, taken from the data that transacts on our systems; ULTRAFEED, a highly-efficient data feed that aggregates all North American equity, options, futures, indexes and fund market data; and in our newly launched Field-Programmable Gate Array (FPGA), a hardware solution that offers customers a data feed that gives them a more deterministic view of the market . +3% y-o-y Change in revenue $344m Our U .S . Options Business has outperformed our other transaction businesses over the past several years . U .S . option revenues increased 10% Y-O-Y in 4Q12, driven by improved revenue capture and increased market share . This was attributed in part to our new BX Options market gaining share and our alternative trading venues like NASDAQ Options Market (NOM) gaining share . 4q11 4q12 u .s . oPTion revenues inCreased 10% y-o-y CorPoraTe soluTions One of the drivers that made our model so successful over the past few years is the diversity of our business . Corporate Solutions led the way . This effort began six years ago and was built from the ground up to provide companies with the tools and services necessary to become better public entities . 25% y-o-y Change in revenue growTh $97 mIllIon key to our success9 innovaTion PaTenTs As a leader in technology and market innovations since its inception, NASDAQ OMX has filed for more than 150 patents to date for market solutions and software it has developed . Innovation has always been – and will continue to be – part of our DNA . 150+ p a t e n t s gifT Program Drawing on the innovative spirit of our employees, NASDAQ OMX created a way for new business ideas to be brought forth and vetted under its GIFT Program . In 2012, GIFT initiatives generated $134M in revenue for the company . Some of the business ideas that have been realized through this program are: + BX Equity Market + Global Index Data Service + BX Options + NASDAQ Options Market + NASDAQ Basic + NOCC + PSX Equity Market + UK Power Market + NLX $12 $156 $1 $59 $114 $82 $17 $59 $20 $57 $22 $14 $60 $55 $59 dePloyed in develoPmenT gifT (in millions usd) $12 $39 $25 revenue exPense revenue exPense revenue exPense revenue exPense revenue exPense 2009 2010 2011 2012 2013 NASDAQ OMX 2012 ANNuAl repOrtkey to our success10 aCquisiTions At NASDAQ OMX, we seek prospective acquisitions that are strategically significant, accretive to shareholders within a year (excluding transaction costs), and deliver an adequate return on capital . We invested $320 million net of dispositions over the past 5 years to acquire a variety of assets, including: Bwise As part of the NASDAQ OMX Corporate Solutions suite of services, BWise provides leading enterprise governance, risk management and compliance (GRC) software solutions to companies . mergenT With this acquisition, NASDAQ OMX becomes one of the largest providers of dividend-themed indexes and further enhances our custom index offering capabilities . nos Clearing asa NOS Clearing ASA began offering maritime freight clearing services in 2001 and was the first clearing house to establish an efficiently cleared seafood market in 2007 . Freight is a key part of the energy supply chain and fits NASDAQ OMX Commodities’ strategy of global expansion within the energy space . Ir | pr | multImedIa solutIons Thomson reuTers 7Knew ClienTs in 60CounTries In December 2012, NASDAQ OMX announced it would acquire the PR, IR and multimedia businesses of Thomson Reuters . This acquisition will create one of the premier suites of products and services for public and private companies in our industry today . Once the acquisition closes, NASDAQ OMX will triple the scale of its Corporate Solutions business from approximately $100 million to $330 million in annual revenue . Tom In December 2012, NASDAQ OMX entered into an agreement to acquire a 25 percent equity interest in Dutch cash equity and equity derivatives trading venue TOM, The Order Machine . The agreement also includes an option to acquire an additional 25 .1 percent of the remaining shares and thus secure a majority stake in TOM . TOM is one of the leading venues for trading single stock options in the Netherlands, and one of the most advanced options markets in Europe . NASDAQ OMX 2012 ANNuAl repOrtpart of a dynamic growth strategy11 TeChnology is Core We always looK for ways To do Things BeTTer . This has been a hallmark of NASDAQ OMX since its inception . Technology will always be the linchpin to our success . Corporate Solutions combined with Global Technology: sTraTegiC alignmenT of our software businesses . anna ewing, evP To continue to realize the opportunities in front of us, it’s vitally important that we ensure our people, products and services are aligned to deliver the innovaTive and CusTomer- foCused soluTions for which we are renowned . NASDAQ OMX 2012 ANNuAl repOrtpart of a dynamic growth strategy12 realigned Business marKeT TeChnology and CorPoraTe soluTions ComBinaTion The combination will allow us to better cultivate synergies across software development, technology implementation and business development efforts as well as further showcase our company’s technology leadership . gloBal index grouP and gloBal daTa ProduCTs ComBinaTion reinforCing our Core informaTion offering We combined our Global Index and Global Data Products Groups into one business unit: Global Information Services . At the heart of these two businesses are data and its distribution through various channels . Bringing these two businesses together will allow us to take advantage of our technology, product development, sales and distribution channels while better serving our clients and customers . It also will provide us with a unique opportunity to create new and innovative products and become one of the premier information solution providers in the industry . oPeraTional exCellenCe In 2012, we launched the Operational Excellence Program with the vision of optimizing our current processes to improve the quality and delivery of NASDAQ OMX’s products and services to our customers . This program will be a key driver in our success going forward and will showcase our commitment to the highest standards and best practices in the industry . NASDAQ OMX 2012 ANNuAl repOrtsTrengThening our Core 14 resPonding To Challenges lessons from hurriCane sandy hisToriC sTorm devasTaTed nyC region our sysTems are sTrong $71B estImated cost of storm 8 .5m BuIldIngs and houses lost power 500+ In regIon nasdaQ employees + Strategic co-location improved disaster planning and response + Backup generators kept us online + Redundant systems provided key fail-safes nasdaq omx was PrePared We were ready to open the market, despite the storm damage, thanks to our people, processes and planning . all markets closed on octoBer octoBer + 29 30 We collaborated with fellow exchanges, government officials, and our regulators on the right action plan . our emPloyees are sTronger housing assisTanCe NASDAQ OMX provided short-term housing assistance to colleagues who lost their homes donaTions + We helped the broader community with donations to the Red Cross in the Tri-State Area through our NASDAQ OMX Educational Foundation + Many employees donated their time, labor, supplies, or financial support + Voluntary payroll deductions + Physical goods drop-off drives CorPoraTe maTChing 100% corporate matching of all employee contributions to United Way and Red Cross for this effort up to $300,000 . NASDAQ OMX 2012 ANNuAl repOrtStrengthen15 sTraTegiC vision CosT reduCTion Program ahead of sChedule 50+ mIllIon In 2012, in the face of relatively lackluster volumes, we put in place a cost reduction plan where we able to generate run rate cost savings of over $50 million . This demonstrates extremely strong cash flow generation . (lee shavel, raymond James transcript) 3 year plan „ Aggressive cost reduction „ Revenue and technology objectives ConsolidaTion of resourCes „ Business unit combinations „ Physical office space consolidation „ Centralized and shared resources for technology, development, sales and support energy exPendiTure audiT 40+ gloBal loCaTions Polled Detailed energy and water consumption data gathered and centralized for the first time . NASDAQ OMX calculated an aggressive kilowatt-hour-per-square- meter efficiency rating for all locations, including data centers . (2012 CORPORATE SUSTAINABILITY REPORT) NASDAQ OMX 2012 ANNuAl repOrtStrengthen16 CaPiTal alloCaTion sTraTegies $2 BIllIon $275 mIllIon $65 mIllIon $500 mIllIon $330 mIllIon Since 2009, we’ve generated roughly $2 billion in free cash flow Returning $275 million through our share repurchase program Initiated $65 million in first-time dividends, currently at a 1 .7% yield Reduced our debt by over $500 million Used aggressive and efficient evaluation methods to acquire a number of attractive assets and return our investment „ Thomson Reuters’ Investor Relations, Public Relations and Multimedia business will triple the scale of our Corporate Solutions business from approximately $100 million to $330 million „ We can take a relatively small acquisition with a good technology product and distribute effectively through 3300 listing relationships „ Our sales force goes beyond listed clients to private companies and non-NASDAQ listed companies „ Bob Greifeld mandate: acquisitions must accrete to earnings in 12 months NASDAQ OMX 2012 ANNuAl repOrtleading The way 18 PuBliC PoliCy worKing on CaPiTol hill and in Brussels leTTer To Congress “There should be no Republican approach or Democratic approach to cybersecurity; these threats demand bipartisan, consensus-driven solutions .” leTTer To Congress nasdaq omx TesTifies on marKeT aBuse direCTives Before The euroPean ParliamenT indusTry leTTer To Congress “Any cyber legislation that Congress considers must protect and promote, not stifle, innovation in order to increase cybersecurity and grow electronic commerce .” u .s . ChamBer of CommerCe leTTer addressing The deBT Crisis reforming immigraTion “ Attracting and keeping the brightest,hardest-working employees here in the U .S . will make our companies and economy stronger .” BoB greifeld The Wall Street Journal CreaTing joBs “ This bill will help small companies access the capital markets . The JOBS Act will benefit the United States economy and help create jobs for Americans . BruCe ausT, evP maya maCguineas, BoB greifeld, and ersKine Bowles NASDAQ OMX 2012 ANNuAl repOrtSHAPING PUBLIC POLICY 19 marKeT innovaTion maKing BeTTer marKeTs “Computer trading has a proven track record of delivering benefits for investors and market participants .” eriC noll, evP “We benchmark ourselves against industries with the highest uptime and performance characteristics .” anna ewing, evP CollaBoraTing wiTh regulaTors limiT uP/ limiT down Kill swiTChes algoriThmiC safeguards CorPoraTe susTainaBiliTy maKing Businesses more susTainaBle uniTed naTions sTaTemenT “We publicly recognize those exchanges that are committed to promoting sustainability .” uniTed naTions sTaTemenT The susTainaBle sToCK exChanges iniTiaTive ParTiCiPaTing exChanges NASDAQ OMX 2012 ANNuAl repOrtSHAPING PUBLIC POLICY20 our green indexes sector weIghts/numBer of companIes 2 .57% advanced materIals 4 .46% healty lIvIng 2 .34% BIo/clean fuels 7 .10% pollutIon mItIgatIon 9 .92% renewaBle energy generatIon 11 .83% green BuIldIng 30 .08% energy effIcIency 0 .15% fInancIal 2 .45% lIghtIng 3 .52% natural resources 4 .96% recyclIng 7 .93% water 12 .70% transport CreaTing a BeTTer world NASDAQ OMX became the first North American stock exchange accepted into the UN Global Compact committing to 10 universal principles in the areas of human rights, labor, environmental responsibility, and anti-corruption . Our company joins the ranks of fellow NASDAQ-listed UN Global Compact signatories, including Intel, Microsoft, Starbucks, and Cisco . “ We very much welcome NASDAQ’s leadership role in committing to the UN Global Compact . We encourage other major global stock exchanges to help embed sustainability into financial markets and make the critical link between investors and companies in facilitating ESG communication .” georg Kell, exeCuTive direCTor of The gloBal ComPaCT BeComing more TransParenT “NASDAQ OMX has an essential role to play in the continuing evolution and acceptance of corporate sustainability .” BoB greifeld NASDAQ OMX 2012 ANNuAl repOrtREFORMusing resourCes wisely gloBal energy usage 2011 Kwh CALGARY, CANADA ameriCas ASHBURN, USA CARTERET, USA CHICAGO, USA EUGENE, USA LOS ANGELES, USA MARLBOROUGH, USA NEW YORK, USA NEW YORK, USA PHILADELPHIA, USA ROCKVILLE, USA SAN FRANCISCO, USA SECAUCUS, USA SHELTON, USA WASHINGTON, USA asia YEREVAN, ARMENIA BEIJING, CHINA HONG KONG, HONG KONG TOKYO, JAPAN TUNG CENTRE, SINGAPORE euroPe COPENHAGEN, DENMARK TALLINN, ESTONIA HELSINKI, FINLAND REYKJAVIK, ICELAND MILAN, ITALY RIGA ,LATVIA VILNIUS, LITHUANIA LYSAKER, NORWAY LUNDA, SWEDEN OMX PORT, SWEDEN STOCKHOLM, SWEDEN ausTralia SYDNEY, AUSTRALIA 0 0 0 0 0 0 0 , 0 0 0 , 0 1 0 0 0 , 0 0 0 , 0 2 0 0 0 , 0 0 0 , 0 3 0 0 0 , 0 0 0 , 0 4 0 0 0 , 0 4 0 0 0 , 2 0 0 0 , 0 0 1 0 0 0 , 0 8 0 0 0 , 4 0 0 0 , 0 0 2 0 0 0 , 0 2 1 0 0 0 , 6 0 0 0 , 0 0 3 21 0 0 0 , 0 0 0 , 0 5 0 0 0 , 0 6 1 0 0 0 , 8 0 0 0 , 0 0 4 NASDAQ OMX 2012 ANNuAl repOrtREFORM 22 + Making Strides against Breast Cancer + Run for Central Park Conservancy + Wall Street Run & Heart Walk volunTeerism + Fresh Air Fund Clean Up Day + Mississippi Gulf Clean-Up Effort nasdaq omx CorPoraTe giving CorPoraTe ConTriBuTions + Miracle Corners of the World + National Multiple Sclerosis Society + Skadden Fellowship Foundation + St . Jude’s Childrens Hospital + St . Baldrick’s Foundation + The Bowery Mission + Tuesday’s Children + UNICEF + Women’s Venture Fund + CA League of Conservation Voters + City Year Silicon Valley + Dana-Farber Cancer Institute + Epilepsy Foundation of Texas + Hinsdale Junior Women’s Club + Invest in Others + Texas A&M University + Jewish Community Relations Council + Minority Corporate Counsel + Muscular Dystrophy Association NASDAQ OMX 2012 ANNuAl repOrtleadership© Copyright 2013, The NASDAQ OMX Group, Inc. All rights reserved. 

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