Exhibit 10.7

   THE NASDAQ STOCK MARKET, INC. 2000 EMPLOYEE STOCK PURCHASE PLAN
                            (AS AMENDED 2/14/01)


SECTION 1.

PURPOSE. The purpose of The Nasdaq Stock Market, Inc. 2000 Employee Stock
Purchase Plan (the "Plan") is to provide employees of The Nasdaq Stock
Market, Inc. (the "Company") and its subsidiaries with an opportunity to
become part owners of the Company by purchasing Shares (as defined below)
through semi-annual offerings financed by payroll deductions and/or lump
sum payment contributions. It is the intention of the Company to have the
Plan qualify as an "Employee Stock Purchase Plan" under Section 423 of Code
(as defined below). The provisions of the Plan shall be construed
accordingly.

SECTION 2.

DEFINITIONS.  As used in the Plan, the following terms shall have
the meanings set forth below:

(a) "Affiliate" shall mean (i) any entity that, directly or indirectly, is
controlled by the Company, (ii) any entity in which the Company has a
significant equity interest and (iii) an affiliate of the Company, as
defined in Rule 12b-2 promulgated under Section 12 of the Exchange Act, in
each case as determined by the Committee.

(b) "Board" shall mean the Board of Directors of the Company.

(c) "Change in Control" means the first to occur of any one of the events
set forth in the following paragraphs:

               (i) any "Person," as such term is used in Sections 13(d) and
        14(d) of the Exchange Act (other than (A) the Company, (B) any
        trustee or other fiduciary holding securities under an employee
        benefit plan of the Company, (C) any entity owned, directly or
        indirectly, by the stockholders of the Company in substantially the
        same proportions as their ownership of Shares, and (D) the NASD),
        is or becomes the "beneficial owner" (as defined in Rule 13d-3
        under the Exchange Act), directly or indirectly (not including any
        securities acquired directly (or through an underwriter) from the
        Company or its Affiliates), of 25% or more of the Company's then
        outstanding Shares;

               (ii) the following individuals cease for any reason to
        constitute a majority of the number of directors then serving on
        the Board: individuals who, on the effective date (as provided in
        Section 12(a) of the Plan), were members of the Board and any new
        director (other than a director whose initial assumption of office
        is in connection with an actual or threatened election contest,
        including but not limited to a consent solicitation, relating to
        the election of directors of the Company) whose appointment or
        election by the Board or nomination for election by the Company's
        stockholders was approved or recommended by a vote of at least
        two-thirds (2/3) of the directors then still in office who either
        were directors on the effective date of the Plan or whose
        appointment, election or nomination for election was previously so
        approved or recommended;

               (iii) there is consummated a merger or consolidation of the
        Company with any other corporation or the Company issues Shares in
        connection with a merger or consolidation of any direct or indirect
        subsidiary of the Company with any other corporation, other than
        (A) a merger or consolidation that would result in the Shares of
        the Company outstanding immediately prior thereto continuing to
        represent (either by remaining outstanding or by being converted
        into voting securities of the surviving or parent entity) more than
        50% of the Company's then outstanding Shares or 50% of the combined
        voting power of such surviving or parent entity outstanding
        immediately after such merger or consolidation or (B) a merger or
        consolidation effected to implement a recapitalization of the
        Company (or similar transaction) in which no "Person" (as defined
        below), directly or indirectly, acquired 25% or more of the
        Company's then outstanding Shares (not including any securities
        acquired directly (or through an underwriter) from the Company or
        its Affiliates); or

               (iv) the stockholders of the Company approve a plan of
        complete liquidation of the Company or there is consummated an
        agreement for the sale or disposition by the Company of all or
        substantially all of the Company's assets (or any transaction
        having a similar effect), other than a sale or disposition by the
        Company of all or substantially all of the Company's assets to an
        entity, at least 50% of the combined voting power of the voting
        securities of which are owned directly or indirectly by
        stockholders of the Company in substantially the same proportions
        as their ownership of the Company immediately prior to such sale.

(d) "Code" shall mean the Internal Revenue Code of 1986, as amended from
time to time.

(e) "Committee" shall mean a committee of the Board designated by the Board
to administer the Plan.

(f) "Compensation" shall mean the total earnings, prior to withholding,
paid to an Employee during the applicable pay period, including overtime
and cash bonus payments. Compensation shall exclude relocation expenses,
tax gross ups, referral bonuses, tuition reimbursement, the imputed value
of group life insurance, car allowances, contest earnings, any employer
contributions to a 401(k) plan, stock option gains, any amount included in
income in respect of restricted shares, any unpaid deferred cash bonuses or
other similar extraordinary remuneration received by such Employee.

(g) "Employee" shall mean any individual who is a regular employee of the
Company or of any participating Subsidiary whose customary employment with
the Company is at least 20 hours per week or five months in any calendar
year (within the meaning of Sections 423(b)(4) and (c) of the Code,
respectively). For purposes of the Plan, the employment relationship shall
be treated as continuing intact while the individual is on sick leave or
other leave of absence approved by the Company. Where the period of leave
exceeds 90 days and the Employee's right to reemployment is not guaranteed
either by statute or by contract, the employment relationship shall be
deemed to have terminated on the ninety-first day of such leave.

(h) "Enrollment Date" shall mean the first day of each Offering Period.

(i) "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

(j) "Fair Market Value" with respect to the Shares, as of any date, shall
mean the fair market value of a Share as determined by the Committee in its
sole discretion; provided that (i) if the Shares are admitted to trading on
a national securities exchange, fair market value shall be the closing sale
price at the regular trading session reported for such share on such
exchange on the last day preceding such date on which sale was reported or
(ii) if the Shares are admitted to trading on the Nasdaq Stock Market or
other comparable market system, fair market value shall be the closing sale
price at the regular trading session reported on such system on the last
date preceding such date on which a sale was reported.

(k) "NASD" shall mean the National Association of Securities Dealers, Inc.

(l) "Offering Period" shall mean a period of approximately six months, or
such other period (not to exceed one year) as determined by the Committee.

(m) "Participant" shall mean an Employee who elects to participate in the
Plan by filing an Enrollment Form (as defined herein).

(n) "Person" shall mean any individual, corporation, partnership,
association, joint-stock company, trust, unincorporated organization,
government or political subdivision thereof or other entity.

(o) "Purchase Date" shall mean the date the Plan administrator shall
acquire Shares for Participants (which shall be the last day of the
Offering Period, unless otherwise determined by the Committee).

(p) "SEC" shall mean the Securities and Exchange Commission or any
successor thereto and shall include the staff thereof.

(q) "Shares" shall mean shares of the common stock, $0.01 par value, of the
Company, or such other securities of the Company as may be designated by
the Committee from time to time.

(r) "Subsidiary" shall mean a subsidiary of the Company as defined under
Section 424(f) of the Code.

SECTION 3.

ADMINISTRATION.

(a) Authority of Committee. The Plan shall be administered by the
Committee. Subject to the express provisions of the Plan and applicable
law, and in addition to other express powers and authorizations conferred
on the Committee by the Plan, the Committee shall have full power and
authority to construe and interpret the Plan and may from time to time
adopt such rules and regulations for carrying out the Plan as it may deem
necessary or desirable for the administration of the Plan, including, but
not limited to, the determination of Offering Periods hereunder.

(b) Committee Discretion Binding. Unless otherwise expressly provided in
the Plan, all designations, determinations, interpretations, and other
decisions under or with respect to the Plan, shall be within the sole
discretion of the Committee, may be made at any time and shall be final,
conclusive, and binding upon all Persons, including the Company, any
Subsidiary, any Participant, any Employee, and any designated beneficiary.

(c) Delegation. Subject to the terms of the Plan and applicable law, the
Committee may delegate to one or more officers or managers of the Company
or any Subsidiary, or to a committee of such officers or managers, the
authority, subject to such terms and limitations as the Committee shall
determine, to administer the Plan.

(d) No Liability. No member of the Board or Committee shall be liable for
any action taken or determination made in good faith with respect to the
Plan.

(e) Agreements. The Committee may in its sole discretion determine from
time to time that the Company shall offer to enter into Agreements
hereunder ("Agreements") with all of the Participants, provided, however,
that it shall be under no obligation to do so.

SECTION 4.

SHARES AVAILABLE FOR AWARDS.

(a) Shares Available. Subject to adjustment as provided in Section 4(b),
the number of Shares which may be sold under the Plan shall not exceed
2,000,000. Subject to such overall limit, the Committee may specify the
maximum number of Shares that may be offered in any particular Offering
Period. In the event that any Shares offered during an Offering Period are
not purchased, such unpurchased Shares may again be sold under the Plan.

(b) Adjustments. In the event that the Committee determines that any
dividend or other distribution (whether in the form of cash, Shares, other
securities, or other property), recapitalization, stock split, reverse
stock split, reorganization, merger, consolidation, split-up, spin-off,
combination, repurchase, or exchange of Shares or other securities of the
Company, issuance of warrants or other rights to purchase Shares or other
securities of the Company, or other similar corporate transaction or event
affects the Shares such that an adjustment is determined by the Committee
to be appropriate in order to prevent dilution or enlargement of the
benefits or potential benefits intended to be made available under the
Plan, then the Committee shall, in such manner as it may deem appropriate
make such equitable adjustments in the Plan and the then outstanding
offerings as it deems necessary and appropriate, including but not limited
to changing the number of Shares reserved under the Plan and the price of
the current offering.

(c) Source of Shares. Shares which are to be delivered under the Plan may
be obtained by the Company from its treasury, by purchases on the open
market once a market has developed or from private sources, or by issuing
authorized but unissued Shares. Any issuance of authorized but unissued
Shares shall be approved by the Board or the Committee. Authorized but
unissued Shares may not be delivered under the Plan if the purchase price
thereof is less than the par value of the Shares.

(d) Oversubscription. If the number of Shares that Participants become
entitled to purchase is greater than the number of Shares offered in a
particular Offering Period or remaining available, the available Shares
shall be allocated by the Committee among such Participants in such manner
as it deems fair and equitable.

SECTION 5.

ELIGIBILITY. All Employees (including Employees who are directors) of the
Company or of any Subsidiary designated by the Committee, will be eligible
to participate in the Plan, in accordance with such rules as may be
prescribed from time to time; provided, however, that such rules shall
neither permit nor deny participation in the Plan contrary to the
requirements of the Code (including, but not limited to, Section 423(b)(3),
(4) and (5) thereof) and regulations promulgated thereunder. No Employee
shall be eligible to participate in the Plan until the completion of six
months of service as of the Enrollment Date with: (1) the Company; (2) a
participating Subsidiary; or (3) for purposes of the first two Offering
Periods, service with the NASD, NASD Regulation, Inc., or any other
Affiliate designated by the Committee. For any subsequent Offering Period,
the Committee may determine whether service with an entity other than the
Company or a participating Subsidiary may count toward the six month
period. During an Offering Period, no Employee may participate under the
Plan if such Employee would own 5% or more of the outstanding Shares. For
purposes of the preceding sentence, the rules of Section 424(d) of the Code
shall apply in determining the Share ownership of an Employee, and Shares
which the Employee would be permitted to purchase under the current
Offering Period shall be treated as Shares owned by the Employee.

SECTION 6.

PARTICIPATION AND OFFERINGS.

(a) The Company may authorize one or more Offering Periods to Employees to
purchase Shares under the Plan. The Committee may at any time suspend an
Offering Period if required by law or if the Committee determines in good
faith that it is in the best interests of the Company.

(b) Eligible Employees may become Participants in such Offering Periods at
such time(s) as determined by the Committee by filing a form of enrollment
("Enrollment Form") with the Company authorizing specified regular payroll
deductions or lump-sum payments. Subject to paragraph (c) below, payroll
deduction for such purpose shall be in 1% increments of Compensation
subject to a minimum of 1% and a maximum deduction of 10% of Compensation
per pay period. Notwithstanding the foregoing, in no event may the sum of a
Participant's lump-sum contributions and regular payroll deductions exceed
10% of a participant's Compensation for the applicable Offering Period,
except in the case of any initial Offering Period during the calendar year
2000, in which case the total contributions cannot exceed 10% of the
Participant's Compensation for the calendar 2000 year.

(c) Notwithstanding anything else contained herein, no Employee may
purchase Shares under this Plan and any other qualified employee stock
purchase plan (within the meaning of Section 423 of the Code) of the
Company or its Subsidiaries at a rate which exceeds $25,000 of Fair Market
Value of Shares for each calendar year in which a purchase is executed. For
purposes of this Section 6, Fair Market Value shall be determined as of the
first date of the applicable Offering Period.

(d) The Company and participating Subsidiaries will establish Participant
recordkeeping accounts authorizing a payroll deduction pursuant to Section
6(b). The Committee may, in its discretion, authorize the payment of
interest on Participant contributions.

(e) A Participant may, by written notice at any time during the Offering
Period, direct the Company to reduce or increase payroll deductions (or, if
the payment for Shares is being made through periodic cash payments, notify
the Company that such payments will be increased, reduced, or terminated),
subject to a maximum of one change per Offering Period.

(f) A Participant may elect to withdraw all of his or her entire account
prior to the end of the Offering Period. Any such withdrawal will terminate
such Participant's participation for the remainder of the Offering Period.
If a Participant withdraws from an Offering Period, payroll deductions
shall not resume at the beginning of the succeeding Offering Period unless
the Participant delivers to the Company a new Enrollment Form.

As of the last day of the Offering Period, the record-keeping account of
each Participant shall be totaled (including any accrued interest payments,
if so authorized pursuant to section 6(d)). Subject to the provisions of
this Section 6(f), if such account contains sufficient funds to purchase
one or more Shares as of that date, the Employee shall be deemed to have
purchased Shares at the price determined under Section 7 below; such
Participant's account will be charged, on that date, for the amount of the
purchase, and for all purposes under the Plan the Participant shall be
deemed to have acquired the Shares on that date. Fractional shares shall be
issued, as necessary. The registrar for the Company will make an entry on
its books and records evidencing that such Shares have been duly issued as
of that date; provided, however, that a Participant may, in the
alternative, elect in writing prior thereto to receive a stock certificate
representing the amount of such full Shares acquired, in which case any
fractional shares credited to the Participant shall be settled by a cash
payment.

(g) Each Participant may be requested to notify the Company of any
disposition of Shares purchased pursuant to the Plan prior to the
expiration of the holding periods set forth in section 423(a) of the Code.

SECTION 7.

PURCHASE PRICE. The purchase price of a Share pursuant to a transaction
under the Plan shall be the lesser of: (a) 85% of the Fair Market Value of
a Share on the Enrollment Date of the applicable Offering Period, and (b)
85% of the Fair Market Value of a Share on the Purchase Date of the
applicable Offering Period.

SECTION 8.

TERMINATION OF EMPLOYMENT. Unless otherwise specified in an Agreement, upon
a Participant's ceasing to be an Employee of the Company or a participating
Subsidiary, for any reason, he or she shall be deemed to have elected to
withdraw from the Plan and the payroll deductions credited to such
Participant's account (including interest) during the Offering Period, but
not yet used, shall be returned to the Participant or, in the case of his
or her death, to the person's designated beneficiary or estate.

SECTION 9.

TRANSFERABILITY. Neither payroll deductions credited to a Participant's
account nor any rights with regard to the purchase of Shares under the Plan
may be assigned, transferred, pledged, or otherwise disposed of in any way
(other than by will, laws of descent and distribution, or beneficiary
designation) by a Participant. Any such attempt at assignment, transfer,
pledge, or other disposition shall be without effect, except that the
Company may treat such act as an election to withdraw funds from an
Offering Period in accordance with Section 6(f) hereof. SECTION 10.

CHANGE IN CONTROL. Unless otherwise specified in an Agreement,
notwithstanding anything in the Plan to the contrary, in the event of a
Change in Control of the Company, if the Committee determines that the
operation or administration of the Plan could prevent Participants from
obtaining the benefit of accrued purchase rights under the Plan, the Plan
may be terminated in any manner deemed by the Committee to provide
equitable treatment to Participants. Equitable treatment may include, but
is not limited to, payment to each Participant of the amount of
contributions and interest in such Participant's account as of the date of
the Change in Control, plus an additional amount determined by (A)
calculating the number of full Shares that could have been purchased for
the Participant immediately prior to the Change in Control at the purchase
price (determined under Section 7 at the beginning of the Offering Period
(the "Purchase Price")) and (B) multiplying that number of Shares by the
difference between the Purchase Price per Share and the highest price paid
per Share in connection with the Change in Control of the Company.

SECTION 11.

GENERAL PROVISIONS.

(a) Amendments. The Board may, from time to time, alter, amend, suspend,
discontinue or terminate the Plan or any portion thereof or alter or amend
any and all Agreements; provided, however, that no such action of the Board
may, without the requisite stockholder approval, make any amendment for
which stockholder approval is necessary to comply with any tax or
regulatory requirement, including for this purpose, any approval
requirement which is a prerequisite for exemptive relief under Section
16(b) of the Exchange Act or Sections 423 and 424 of the Code. In addition,
the Committee may, from time to time, amend the Plan or any portion thereof
or amend any and all Agreements, in each case, to (i) cure any ambiguity or
to correct or supplement any provision of the Plan or any Agreement which
may be defective or inconsistent with any other provision of the Plan or
any Agreement or (ii) make any other provisions in regard to matters or
questions arising under the Plan or the Agreements which the Committee may
deem necessary or desirable and which, in the judgment of the Committee, is
not material; provided, however, that no such action of the Committee may,
without the requisite stockholder approval, make any amendment for which
stockholder approval is necessary to comply with any tax or regulatory
requirement, including for this purpose, any approval requirement which is
a prerequisite for exemptive relief under Section 16(b) of the Exchange Act
or Sections 423 and 424 of the Code.

(b) No Right to Employment. The grant of an Award shall not be construed as
giving a Participant the right to be retained in the employment of the
Company or any Subsidiary. Further, the Company or a Subsidiary may at any
time dismiss a Participant from employment, free from any liability or any
claim under the Plan, unless otherwise expressly provided in the Plan.

(c) No Rights as Stockholder. Subject to the provisions of the Plan, no
Participant or holder or beneficiary of any purchase shall have any rights
as a stockholder with respect to any Shares to be distributed under the
Plan until he or she has become the holder of such Shares.

(d) Obligatory Status. Participation in the Plan shall impose no obligation
upon a Participant to purchase any Shares under the Plan.

(e) Application of Funds. The proceeds received by the Company from the
sale of Shares pursuant to purchases under the Plan will be used for
general corporate purposes.

(f) Severability. If any provision of the Plan becomes or is deemed to be
invalid, illegal, or unenforceable in any jurisdiction or as to any person,
or would disqualify the Plan or any purchase under any law deemed
applicable by the Committee, such provision shall be construed or deemed
amended to conform to the applicable laws, or if it cannot be construed or
deemed amended without, in the determination of the Committee, materially
altering the intent of the Plan, such provision shall be stricken as to
such jurisdiction, and the remainder of the Plan shall remain in full force
and effect.

(g) Governing Law. The validity, construction, and effect of the Plan and
any rules and regulations relating to the Plan shall be determined in
accordance with the laws of the State of Delaware without giving effect to
the conflict of law principles thereof.

(h) Other Laws. The Committee may refuse to issue or transfer any Shares
if, acting in its sole discretion, it determines that the issuance or
transfer of such Shares or such other consideration might violate any
applicable law or regulation (including applicable non-U.S. laws or
regulations) or entitle the Company to recover the same under Section
16(b), and any payment tendered to the Company by a Participant, other
holder or beneficiary in connection with the purchase of such Shares shall
be promptly refunded to the relevant Participant, holder, or beneficiary.
Without limiting the generality of the foregoing, no Plan provision shall
be construed as an offer to sell securities of the Company, and no such
offer shall be outstanding, unless and until the Committee in its sole
discretion has determined that any such offer, if made, would be in
compliance with all applicable requirements of the U.S. federal or non-U.S.
securities laws and any other laws to which such offer, if made, would be
subject.

(i) Headings. Headings are given to the Sections and subsections of the
Plan solely as a convenience to facilitate reference. Such headings shall
not be deemed in any way material or relevant to the construction or
interpretation of the Plan or any provision thereof.

(j) Information Provided to Participants. The Company shall provide
financial statements to Participants at least annually and such other
information as may be required by law.

SECTION 12.

TERM OF THE PLAN.

(a) Effective Date. The Plan shall be effective December 12, 2000, subject
to its approval by the stockholders of the Company as provided in Section
423(b)(2) of the Code and the regulations thereunder.

(b) Expiration Date. The Plan shall terminate on the tenth anniversary of
the Effective Date or, subject to the provisions of Section 11(a) above,
coincident with the completion of any offering under which the limitation
on the total number of shares in Section 4(a) above has been reached, if
earlier or as provided under Section 10.