Exhibit 12.1

The Nasdaq Stock Market, Inc.

Computation of Ratio of Earnings to Fixed Charges

(Dollars in Thousands)

Unaudited

	Year Ended December 31,
	2006			2005			2004			2003			2002
Pre-tax income (loss) from continuing operations	$	213,145	(1)	$	106,262	(2)	$	2,553	(3)	$	(66,352	)(4)	$	105,942
Add: fixed charges		91,097			20,338			11,789			19,042			18,958
Pre-tax income (loss) before fixed charges		304,242			126,600			14,342			(47,310	)		124,900
Fixed charges:
Interest expense		91,097			20,338			11,484			18,555			18,488
Other		—			—			305			487			470
Total fixed charges		91,097			20,338			11,789			19,042			18,958
Preferred stock dividend requirements		359			3,220			8,354			8,279			—
Total combined fixed charges and preferred stock dividends	$	91,456		$	23,558		$	20,143		$	27,321		$	18,958
Ratio of earnings to fixed charges		3.34			6.22			1.22			(2.48	)		6.59
Ratio of earnings to fixed charges and preferred stock dividends		3.33			5.37			0.71			(1.73	)		6.59

⁽¹⁾ Includes costs of $40,900 associated with Nasdaq’s 2006 cost reductions.

⁽²⁾ Includes net costs of $20,000 associated with Nasdaq’s 2005 cost reductions.

⁽³⁾ Includes costs of $62,600 associated with Nasdaq’s 2004 cost reductions.

⁽⁴⁾ Includes costs of $97,910 associated with Nasdaq’s strategic review in 2003.