Mr. Greifeld will highlight NASDAQ's position on trade through and market data.

Mr. Greifeld will comment on the trade through rule by stating, "The heart of the matter in the trade through debate is ensuring best execution for all investors. Best execution as defined by the SEC is an investor protection rule with multiple dimensions including price, certainty, liquidity and accessibility, among other factors. It is the best and most sophisticated protection for investors that has evolved over many years. The opt-out provision as proposed by the SEC ensures best execution continues as a guiding principle for the markets. Failure to adopt the opt-out provision denies investors the full benefit of best execution."

Greifeld will also comment that, "With regard to NASDAQ's current market structure, investors get best execution today, and we believe our structure is the best example of an efficient market."

On the topic of the SEC's Market Data proposal, Mr. Greifeld will make the case that, "Investors are paying too much for market data. The Securities Industry Processor (SIP) is, in effect, a government-mandated facility that is charging rents not subject to competitive pressures. The SIP should focus on providing critical investor information at a low cost while other products should be allowed to compete for investor interest in the open market. In this way, the public interest is best protected."

Greifeld will state that, "Industry participants should compete to provide value-added data just as Fed Ex and UPS compete today while the Post Office provides investors with low cost access to essential services."