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NASDAQ Deutschland Commences Operation Frankfurt_ 21 March 2003


									NASDAQ Deutschland Commences Operation

Frankfurt, 21 March 2003 - NASDAQ Deutschland, the new German
stock market, today announced that it has commenced operations and
has begun to trade securities on its platform. The market was created
through a partnership between the Berlin and Bremen exchanges,
NASDAQ, comdirect bank, Commerzbank and Dresdner Bank.

The launch marks the first step towards the goal of trading
approximately 3,000 stocks, including a wide range of the world’s most
actively traded securities. Initially, NASDAQ Deutschland will provide
investors with the opportunity to trade in securities drawn from the
DAX®, MDAX®, TecDAX®,, NASDAQ-100®, and Dow 30. Starting
today, 128 securities, comprising the NASDAQ-100 and Dow 30, will be
traded and an additional 110 German stocks, on the DAX, MDAX and
TecDAX, will be introduced on April 7th. Securities will continue to be
added as NASDAQ Deutschland progresses towards its eventual target of
trading approximately 3,000 stocks.

Jim Weber, Chairman of NASDAQ Deutschland commented, “The launch
of NASDAQ Deutschland introduces greater competition to the market
and provides investors with a new choice. NASDAQ Deutschland
combines NASDAQ’s experience in serving the retail customer through
high quality price formation, transparency and excellent value with the
expertise of some of Germany’s best-known financial institutions. In
addition, we will offer an excellent alternative listing platform for growth

John Jacobs, Executive Vice President, The NASDAQ Stock Market,
added, “The retail focus of the new NASDAQ market in Germany will
achieve greater visibility for NASDAQ-100 companies with German retail
investors. Germany is the largest economy in Europe and the trading of
NASDAQ-100 company shares on NASDAQ Deutschland is further
evidence of the support that NASDAQ seeks for its companies
NASDAQ Deutschland also announced the participation of several new
order flow providers, who will offer Best Execution: Consors, one of the
largest European online stockbrokers; Citibank Privatkunden, a major
retail broker; and two regional banks, Oldenburgische Landesbank and
Bankhaus Neelmeyer. These additional Best Execution order flow
providers join current bank partners Commerzbank, comdirect bank and
Dresdner Bank. In addition, more than 40 banks throughout Germany
and Austria are connected to NASDAQ Deutschland, including most of
the major order flow providers and settlement banks, which in turn, have
numerous banks from the public banking sector as clients. Many of these
order flow providers are expected to offer their retail customers Best
Execution on NASDAQ Deutschland, including Bankgesellschaft Berlin,
which intend to do so by April 7th.

NASDAQ Deutschland utilizes a best execution model, which provides
German retail investors with more competitive pricing and improved
liquidity for both German and international stocks. The BestEx function
is unique to the German market and ensures the trade is executed at the
best available price by seeking inputs from the most liquid external
reference market and generating a “Börsenpreis” (an official exchange
price). The market model for NASDAQ Deutschland, SuperMontage
Europe, is based on the competition of market makers in combination
with the advantages of an open order book, supported by advanced
features that reduce the need for clearing and settlement through
internalization. Berliner Effektengesellschaft, Commerzbank and
Dresdner Bank will act as market makers on NASDAQ Deutschland and
the company is confident that it will continue to attract other national
and foreign market makers.

The launch was commemorated at a ceremony in Berlin addressed by
Harald Wolf, the Mayor and Secretary of Commerce of Berlin. Members
of the business community and Börse Berlin-Bremen joined
representatives from NASDAQ Deutschland’s partners in marking the
first day of trading.
Notes to Editors:

NASDAQ Deutschland
NASDAQ Deutschland offers an efficient, high quality execution platform
for German retail order flow and an alternative listing platform for
German and international issuers. Market participants benefit from an
open architecture market model, NASDAQ SuperMontage Europe, which
provides more competitive pricing and improved liquidity for both
German and international stocks. Investors will have access to a wide
range of international securities drawn from the DAX, TecDAX, MDAX,
NASDAQ-100 and Dow 30. For further information on NASDAQ
Deutschland, please visit

DAX, MDAX and TecDAX are registered trademarks of Deutsche Börse AG. †Dow Jones
Industrial Average is a registered trademark of Dow Jones & Company, Inc. NASDAQ-100 is
a registered trademark of The Nasdaq Stock Market, Inc. NASDAQ Deutschland AG is an
operating business of Börse Berlin-Bremen.
Media Contacts:
Melissa Fox

Wayne Lee

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