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Exhibit 10.1

FIRST AMENDMENT AND WAIVER

        FIRST AMENDMENT AND WAIVER dated as of March 4, 2003 between THE NASDAQ
STOCK MARKET, INC. (the "Borrower") and CITIBANK, N.A., as Administrative Agent
(in such capacity, the "Administrative Agent").

        The Borrower, certain Lenders and the Administrative Agent are parties
to a 364-Day Credit Agreement dated as of August 29, 2002, providing, subject to
the terms and conditions thereof, for the making of Advances by the Lenders to
the Borrower in an aggregate principal amount of up to but not exceeding
$150,000,000 at any time outstanding (the "Credit Agreement").

        The Borrower has requested that the Lenders modify the Credit Agreement
in certain respects, and the Majority Lenders are prepared, on and subject to
the terms and conditions hereof, to modify the Credit Agreement as hereinafter
provided. Accordingly, the Administrative Agent, acting with the written consent
of the Majority Lenders, and the Borrower hereby agree as follows:

        SECTION 1.    DEFINITIONS.    Except as otherwise defined herein, terms
defined in the Credit Agreement are used herein as defined therein.

        SECTION 2.    AMENDMENTS.    Effective as of the Amendment Effective
Date as hereinafter defined, the Administrative Agent, acting with the written
consent of the Majority Lenders, and the Borrower agree that the Credit
Agreement is amended as follows:

        (a)    General.    All references in the Credit Agreement (including
references to the Credit Agreement as amended hereby) to "this Agreement" (and
indirect references such as "hereunder", "hereby", "herein" and "hereof") shall
be deemed to be references to the Credit Agreement as amended hereby.

        (b)    Definitions.    (1) The definition of "Consolidated EBIT" in
Section 1.01 of the Credit Agreement is changed to a definition of "Consolidated
EBITDA", to read in its entirety as follows:

        "Consolidated EBITDA" means, for any period, the sum (without
duplication in accordance with GAAP), for the Borrower and its Consolidated
Subsidiaries (on a consolidated basis), of (a) Net Operating Income for such
period plus (b) depreciation and amortization expenses for such period, as it
appears in the Borrower's consolidated statement of income in accordance with
GAAP.

        (2) A new definition of "Net Operating Income" is added to Section 1.01
of the Credit Agreement in the appropriate alphabetical location, to read in its
entirety as follows:

        "Net Operating Income" means, for any period, for the Borrower and its
Consolidated Subsidiaries (on a consolidated basis), net operating income as it
appears on a consolidated statement of income of the Borrower in accordance with
GAAP.

        (c)    Interest Coverage.    Section 5.02(c) of the Credit Agreement is
amended to read in its entirety as follows:

        (c) The Borrower shall not permit its ratio of (i) Consolidated EBITDA
for the then most recently concluded period of four consecutive fiscal quarters
of the Borrower to (ii) Consolidated Interest Expense for such period to be less
than 4.0 to 1.0.

        (d)    Compliance Certificate.    Schedule I to Exhibit E to the Credit
Agreement is amended by changing "Consolidated EBIT" and in item A of
paragraph 3 thereof to read "Consolidated EBITDA" and by changing the words "Not
less than 2.0 to 1.0" opposite item D of said paragraph 3 to read "Not less than
4.0 to 1.0".

        SECTION 3.    WAIVER.    Effective as of December 31, 2002, but subject
to the occurrence of the Amendment Effective Date, the Administrative Agent,
acting with the written consent of the Majority

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Lenders, hereby waives for all purposes compliance with Section 5.02(c) of the
Credit Agreement, solely in respect of the fiscal quarter ending December 31,
2002.

        SECTION 4.    REPRESENTATIONS AND WARRANTIES.    The Borrower hereby
represents and warrants to the Administrative Agent for the benefit of the
Lenders, as of the Amendment Effective Date, that (i) the execution, delivery
and performance by the Borrower of this First Amendment and Waiver and the
Credit Agreement as modified hereby have been duly authorized by all necessary
corporate action on its part and do not contravene any applicable law or
regulation or any contractual provision applicable to it; (ii) this First
Amendment and Waiver and the Credit Agreement as modified hereby constitute the
legal, valid and binding obligations of the Borrower, enforceable in accordance
with their terms; (iii) the representations and warranties set forth in
Article IV of the Credit Agreement are true and complete as if made on and as of
such date and as if each reference in such representations and warranties to the
Credit Agreement included reference to the Credit Agreement as modified by this
First Amendment and Waiver, except to the extent such representations and
warranties expressly speak as of an earlier date; and (iv) after giving effect
to this First Amendment and Waiver, no Default has occurred and is continuing.

        SECTION 5.    AMENDMENT EFFECTIVE DATE.    This First Amendment and
Waiver shall become effective on the date that the Administrative Agent notifies
the Borrower that it has received the following in form and substance
satisfactory to the Administrative Agent:

        (1) counterparts of this First Amendment and Waiver duly executed by the
Borrower and the Administrative Agent with the consent of the Majority Lenders;
and

        (2) evidence of payment by the Borrower of all out-of-pocket costs and
expenses (including reasonable fees and disbursements of counsel) of the
Administrative Agent in connection with this First Amendment and Waiver.

        SECTION 6.    CONTINUING VALIDITY.    Except as expressly modified
hereby, the Credit Agreement is in all respects ratified and confirmed and shall
remain unchanged and in full force and effect.

        SECTION 7.    MISCELLANEOUS.    The First Amendment and Waiver may be
executed in any number of counterparts, all of which taken together shall
constitute one and the same instrument, and any of the parties hereto may
execute this First Amendment and Waiver by signing any such counterpart. This
First Amendment and Waiver shall be governed by, and construed in accordance
with, the law of the State of New York. The Borrower agrees to pay or reimburse
the Administrative Agent on demand for all out-of-pocket costs and expenses
(including reasonable fees and disbursements of counsel) of the Administrative
Agent in connection with the preparation, execution and delivery of this First
Amendment and Waiver.

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        IN WITNESS WHEREOF, the parties hereto have caused this First Amendment
and Waiver to be duly executed and delivered as of the day and year first above
written.

  Borrower
 
THE NASDAQ STOCK MARKET, INC.
 
By
/s/  DAVID P. WARREN      

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    Name: David P. Warren     Title: Executive Vice President and Chief
Financial Officer
        Administrative Agent
 
CITIBANK, N.A.
as Administrative Agent
 
By
/s/  ROBERT A. DANZIGER      

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    Name: Robert A. Danziger     Title: Vice President

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We authorize the Administrative Agent to grant the aforesaid First Amendment and
Waiver.

      [Illegible]

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Name of Lender  
      By: /s/  KEVIN CAL JONES      

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    Name: Kevin Cal Jones     Title: Vice President  
Date:
3/3/03
 

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We authorize the Administrative Agent to grant the aforesaid First Amendment and
Waiver.

      BANK ONE, N.A.  
By:
/s/  ANDREA S. KANTOR      

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    Name: Andrea S. Kantor     Title: Director  
Date:
March 4, 2003
 

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We authorize the Administrative Agent to grant the aforesaid First Amendment and
Waiver.

      /s/ CREDIT LYONNAIS–NEW YORK BRANCH

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Name of Lender  
By:
/s/  SEBASTIAN ROCCO      

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    Name: Sebastian Rocco     Title: Senior Vice President  
Date:
3-4-03
 

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We authorize the Administrative Agent to grant the aforesaid First Amendment and
Waiver.

      /s/ RIGGS BANK, N.A.

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Name of Lender  
By:
/s/  EDWARD J. GORDECKE      

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    Name: Edward J. Gordecke     Title: Vice President  
Date:
3-4-03
 

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FIRST AMENDMENT AND WAIVER