Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
NATIONAL ASSOCIATION OF SECURITIES DEALERS INC
   2. Issuer Name and Ticker or Trading Symbol
NASDAQ STOCK MARKET INC [NDAQ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
1735 K. STREET, N.W.		 3. Date of Earliest Transaction (Month/Day/Year)
07/11/2006
(Street)

WASHINGTON, DC 20006		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, par value $0.01 per share 07/11/2006   S V 200 D $ 27.75 593,268 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 532 D $ 27.8 592,736 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 1,959 D $ 27.81 590,777 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 700 D $ 27.82 590,077 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 1,231 D $ 27.83 588,846 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 1,600 D $ 27.84 587,246 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 5,100 D $ 27.86 582,146 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 4,365 D $ 27.88 577,781 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 3,768 D $ 27.9 574,013 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 100 D $ 27.91 573,913 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 3,100 D $ 27.93 570,813 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 1,200 D $ 27.94 569,613 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 968 D $ 27.95 568,645 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 1,800 D $ 27.96 566,845 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 1,900 D $ 27.97 564,945 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 2,500 D $ 27.98 562,445 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 7,728 D $ 28 554,717 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 3,800 D $ 28.01 550,917 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 800 D $ 28.07 550,117 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 1,073 D $ 28.09 549,044 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 2,400 D $ 28.11 546,644 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 3,600 D $ 28.12 543,044 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 3,700 D $ 28.14 539,344 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 9,813 D $ 28.1429 529,531 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 2,800 D $ 28.16 526,731 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 3,772 D $ 28.17 522,959 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 3,300 D $ 28.18 519,659 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 5,575 D $ 28.19 514,084 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 6,150 D $ 28.2 507,934 D  
Common Stock, par value $0.01 per share 07/11/2006   S V 1,700 D $ 28.21 506,234 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
NATIONAL ASSOCIATION OF SECURITIES DEALERS INC
1735 K. STREET, N.W.
WASHINGTON, DC 20006		     X    

Signatures

 National Association of Securities Dealers, Inc. /s/ Todd Diganci, Executive Vice President and Chief Financial Officer   07/12/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
 
Remarks:
This Form 4 reflects the sale by National Association of Securities Dealers, Inc. ("NASD") of an aggregate of 87,234 shares of common stock, par value $0.01 per share (the "Common Stock"), of The Nasdaq Stock Market, Inc.  Such shares of Common Stock formerly were underlying warrants ("Warrants") issued by NASD to purchase shares of Common Stock held by NASD that expired unexercised.  The Warrants originally were each exercisable for one share of Common Stock in each of four approximately one year consecutive exercise periods, the first, second and, third of which expired at the close of business on June 27, 2003, June 25, 2004 and June 27, 2005, respectively, and the last of which expired at the close of business on June 27, 2006.  After giving effect to the transactions reported hereby, NASD owns 506,234 shares of Common Stock, a portion of which are underlying Warrants for which exercises were initiated prior to the close of business on June 27, 2006 but for which processing has not been completed.

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