Leveraging technology to add new products like intra-day cross. Will compete with others like LiquidNet but be more open and transparent.
Only 30% of revenues comes from transactions and 70% comes from fees. Listing, data products, indicies, access services and so on.
Regulation NMS goes into effect in 2007. Forces best price execution among electronic exchanges. Electronic trading begs the question of what listing services really means. NASDAQ now is focused on value added services like D&O insurance (without underwriting risk). One company that pays $95K a year for the listing paid $160K for an insurance package. Other services include news distribution that competes with companies like Dow Jones.