Document:

Exhibit 4.1

       [ Q ]                   [ LOGO ]                   SHARES

    COMMON STOCK                                      SEE REVERSE FOR
                                                    CERTAIN DEFINITIONS

                       THE NASDAQ STOCK MARKET, INC.
            INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

THIS CERTIFIES THAT

is the owner of

 FULLY PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK, $.O1 PAR VALUE PER
                                 SHARE OF

                       THE NASDAQ STOCK MARKET, INC.

The shares represented by this certificate are transferable only on the
books of The Nasdaq Stock Market, Inc. by the holder of record thereof, or
by his, her or its duly authorized attorney or legal representative, upon
surrender of this certificate properly endorsed. The shares are subject to
substantial restrictions upon transfer described on the reverse side. This
certificate and the shares represented hereby are issued and shall be held
subject to all the provisions contained in the corporation's official
corporate papers filed with the Secretary of the State of Delaware (copies
of which are on file with the Transfer Agent), to all of the provisions the
holder by acceptance hereof, assents.

This certificate is not valid unless countersigned and registered by the
Transfer Agent and Registrar. IN WITNESS WHEREOF, The Nasdaq Stock Market,
Inc. has caused this certificate to be signed by an authorized person.
Dated:

                                                            CHAIRMAN AND CHIEF
COUNTERSIGNED AND REGISTERED:                                EXECUTIVE OFFICER
       The Bank of New York

BY                 TRANSFER AGENT
                    AND REGISTRAR    [Corporate Seal]
                                                                 SECRETARY

             AUTHORIZED SIGNATURE

                       THE NASDAQ STOCK MARKET, INC.

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD OR
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM
UNDER SUCH ACT. THIS CERTIFICATE IS SUBJECT TO, AND MAY BE TRANSFERRED ONLY
IN COMPLIANCE WITH, THE CONDITIONS SPECIFIED UNDER THE SECTION ENTITLED
"TRANSFER RESTRICTIONS" IN THE PRIVATE PLACEMENT MEMORANDUM DATED NOVEMBER
15, 2000. A COPY OF SUCH PRIVATE PLACEMENT MEMORANDUM IS ON FILE AT THE
PRINCIPAL OFFICES OF THE NASDAQ STOCK MARKET, INC. AND THE NATIONAL
ASSOCIATION OF SECURITIES DEALERS, INC.

         The shares represented by this certificate are issued subject to
all provisions of the certificate of incorporation and by-laws of The
Nasdaq Stock Market, Inc. (the "Corporation") as from time to time amended
(copies of which are on file at the principal executive offices of the
Corporation).

         The Board of Directors of the Corporation is authorized by
resolution(s), from time to time adopted, to provide for the issuance of
preferred stock in series and to fix and state the voting powers,
designations, preferences, and relative, participating, optional, or other
special rights of the shares of each such series and the qualifications,
limitations, and restrictions thereof. The Corporation will furnish to any
stockholder upon request and without charge a full description of the
powers, designations, preferences and relative, participating, optional or
special rights of each class of stock and any series thereof and the
qualifications, limitations or restrictions of such preferences and/or
rights.

         The affirmative vote of not less than two-thirds of the
outstanding voting power of the corporation's voting stock is required to
amend certain provisions of the Corporation's certificate of incorporation
and stockholder amendments to the Corporation's by-laws.

         The Corporation's certificate of incorporation provides that no
person, other than the National Association of Securities Dealers, Inc. or
any other person as may be approved for such exemption by the Board of
Directors of the Corporation prior to the time such person owns more than
5% of the then outstanding shares, is entitled to exercise voting rights in
respect of more than 5% of the then-outstanding shares. At any meeting of
the stockholders of the Corporation, a majority of the shares in respect of
which voting rights can be exercised will constitute a quorum for such
meeting.

         The following abbreviations, when used in the inscription on the
face of this certificate, shall be construed as though they were written
out in full according to applicable laws or regulations:

TEN COM -- as tenants in     UNIF GIFT MIN ACT-- .....Custodian.....
           common                                (Cust)        (Minor)
TEN ENT -- as tenants by                          under Uniform Gifts to Minors
           the entireties                         Act..................
JT TEN  -- as joint tenants                          (State)
           with right of
           survivorship and
           not as tenants    UNIF TRAN MIN ACT-- .....Custodian(until age...)
           in common                             (Cust)
                                                 ......under Uniform Transfers
                                                 (Minor)
                                                 to Minors Act ..............
                                                                  (State)

  Additional abbreviations may also be used though not in the above list.

For value received, _____________________ hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
    IDENTIFYING NUMBER OR ASSIGNEE
 ______________________________________
|______________________________________|

_______________________________________________________________________________
 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
_______________________________________________________________________________
_______________________________________________________________________________
_______________________________________________________________________________
shares of common stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint

_______________________________________________________________________________
to transfer the said shares on the books of the within named Corporation
with full power of substitution in the premises.

Dated:______________________              X ___________________________________

                                          X ___________________________________
                                            NOTICE: The signatures (s) to
                                            this assignment must correspond
                                            with the name(s) as written
                                            upon the face of the
                                            certificate in every
                                            particular, without alteration
                                            or enlargement or any change
                                            whatever.

SIGNATURE(S) GUARANTEED:
                        ____________________________________________________
                        THE SIGNATURE(S) MUST BE GUARANTEED IN ACCORDANCE
                        WITH THE MEDALLION SIGNATURE GUARANTEE PROGRAM BY A
                        BANK OR TRUST COMPANY HAVING AN OFFICE OR
                        CORRESPONDENT IN THE UNITED STATES.

KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN, OR DESTROYED
THE COMPANY MAY REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE
OF A REPLACEMENT CERTIFICATE.Exhibit 10.1
                                                            ------------

                            EWN II(TM) Agreement

     THIS AGREEMENT, dated as of November 19, 1997 ("Effective Date") is
made by and between MCI Telecommunications Corporation, a Delaware
corporation, whose principal offices are located at 1801 Pennsylvania
Avenue, N.W., Washington, D.C. 20006 (MCI) and The Nasdaq Stock Market,
Inc. (Nasdaq), a Delaware corporation, whose principal offices are located
at 1735 K Street, N.W., Washington, D.C. 20006.

     WHEREAS, Nasdaq desires to replace certain of its current private data
networks with services provided by MCI utilizing a private line network or
equivalent to private line network (including certain MCI supplied
equipment, software and services) procured to meet its enterprise-wide
needs;

     WHEREAS, Nasdaq released a Request for Proposal, dated February 1992,
as amended (by Appendix F, attached hereto, dated 9/16/97) which states the
requirements for networking and management services to meet certain of its
and the Corporations' (as defined below) business and technical
requirements (set forth as Attachment 1, incorporated herein and referred
to as the RFP); and

     WHEREAS, Nasdaq desires to procure and MCI desires to provide
(procure, install, manage, operate, and maintain) a network service which
meets the requirements and specifications of the RFP and the EWNII(TM)
Specification dated 9/16/97, as amended by the mutually agreed EWNII(TM)
Design Document, excluding all Stage 1 and Stage 2 SDLC references (set
forth as Attachment 2, incorporated herein and referred to as the
Response). The RFP and the Response shall collectively be referred to
herein as Specifications. In the event that the Response, in reference to
the RFP requirements, has explicitly proposed a substitute requirement, a
different means or method to meet the RFP requirement, or has otherwise
taken an exception to meeting a requirement, the terms of the Response
prevail to the extent of that substitution, different means or method, or
exception.

     NOW THEREFORE, in consideration of the foregoing and the mutual
promises and conditions herein contained, MCI and Nasdaq, intending to be
legally bound, agree as follows:

     Section 1. Definitions.

     1.1. At Cost means: (1) if provided for by MCI Tariff, at the MCI
Tariff rate; (2) if under an agreement which prohibits disclosure of the
cost to Nasdaq, then at the price or rate calculated as mutually agreed
upon in Attachment 3; or (3) otherwise, at the best price reasonably
available to MCI at the time, given the size and nature of the procurement
(documented upon request of Nasdaq), plus an administrative markup not to
exceed 4%.

     1.2. Availability means the successful transmission and receipt of
data for every MCI Service authorized at that site through that Router/Hub
Port.

     1.3. Best Efforts shall mean a standard of performance that involves
more than indifference to the other party's interests and requires more
than a duty to attempt to act with diligence to fulfill an obligation, but
does not require a party to disregard its own interests. Meeting a standard
of best efforts may require a party to incur losses to a reasonable extent
for the benefit of the other party and to exceed prevailing business
practices, but does not require the party to imperil its own existence or
to make total efforts to fulfill the obligation irrespective of all other
considerations.

     1.4. Business Day shall mean any day that the Nasdaq Stock Market has
Market Hours.

     1.5. A Component is a piece of hardware or a piece of software used by
MCI to provide MCI Service under this Agreement. Components include
Separable Components as defined in Section 1.16 of the Agreement.

     1.6. Confidential Information means information that is transmitted or
otherwise provided by or on behalf of either party to the other party, or
to which a party gains access, in the course of or incidental to the
performance of this Agreement, and that should reasonably have been
understood by the receiving party because of legends or other markings, the
circumstances of disclosure or the nature of the information itself, to be
proprietary and confidential to the disclosing party, an affiliate of the
disclosing party or to a third party. Confidential Information may be
disclosed in written or other tangible form (including on magnetic media)
or by oral, visual or other means.

     1.7. The Corporations means The Nasdaq Stock Market, Inc. and/or its
affiliates and subsidiaries.

     1.8. Data Stream means a logical telecommunications path from the
nearest originating to the furthest terminating Component.

     1.9. Expedite shall mean a Nasdaq order to accelerate (by any number
of days) a provisioning interval set forth in Attachment 3.

         1.10. Market Hours shall mean those hours when any market operated
by the Corporations is accepting electronic entry of quotation, execution,
electronic negotiation, or trade reporting data.

     1.11. MCI Day shall mean any day that MCI is officially open for
business.

     1.12. MCI Service shall mean all Services and the Network supplied
under this Agreement, including any individual Service.

     1.13. The Network is the combination of all the Components utilized
under this Agreement with which MCI provides private data or equivalent to
private data network service.

     1.14. Network Management Scripts means those software based
instructions that can be created by or on behalf of MCI as the user of the
TEMIP network management application software in order to manage and
maintain various functions of that application, i.e. collection of backbone
router events.

     1.15. A Router/Hub Port is a telecommunications path from the nearest
originating to the furthest terminating Component containing logical data
streams.

     1.16 A Separable Component shall mean a Component that may reasonably
be separated from the Components without adversely affecting MCI's ability
to operate in the ordinary course of its business and which MCI has
procured by purchase, license or lease specifically for the provisioning of
the MCI Service. For the purpose of clarity, Separable Components shall
include the items of equipment MCI has procured (by lease, purchase or
license) and placed on the premises of Nasdaq, the Corporations, the
Subscribers or other authorized users of the MCI Service and such similar
items as MCI shall have specifically placed in service on MCI premises in
order to provide the MCI Services and Separable Components shall not
include MCI's basic service network, such as fiber optic transmission lines
and associated equipment and facilities and MCI's network management
centers and associated equipment and facilities.

     1.17. Service means any features or functionality ordered by Nasdaq
from MCI under this Agreement, including but not limited to: network
management services, billing services, Installation services, and
Maintenance services.

     1.18. Subscriber means any entity (other than the Corporations)
authorized by the Corporations to receive information via the MCI Service
from the Corporations, or an entity (other than the Corporations)
authorized by the Corporations to connect to the Network.

     Section 2. Transition. This Agreement shall not be construed to
supersede the agreement between the parties, dated July 20, 1993 (the "EWN
I Agreement"), with respect to the provision of services to Nasdaq
thereunder. The parties agree that the provisions of the EWN I Agreement
shall govern the provision and purchase of services thereunder, while the
provisions of this Agreement shall apply only to the provisions and
purchase of MCI Services described herein, including but not limited to:
Installation, testing, acceptance, use of and payment for such MCI
Services. Upon completion of the Installation Schedule for EWN II or in
accordance with some other schedule mutually agreed by the parties, MCI
shall decommission and deinstall EWN I (in accordance with the cost
schedule of the EWN I Agreement), MCI shall take and use all EWN I
components (as defined in the EWN I Agreement) as MCI determines in its
sole discretion. Upon the deinstallation of the final router port (as
defined in the EWN I Agreement), which shall occur no later than 60 days
after the end of the EWN II Installation Schedule, the EWNI Agreement shall
terminate, provided that Nasdaq shall remain liable for charges incurred
and not paid under the EWNI Agreement.

     Section 3. Payment.

     3.1. ***** *

     3.2. (i) The price for MCI Service is set forth in Attachment 3 or the
price otherwise stated in this Agreement. MCI may invoice Nasdaq for MCI
Service upon commencement of any 24-hour Test and Acceptance criteria
(discussed in Section 10.4). If the Service fails the 24-hour Test and
Acceptance criteria, MCI shall credit Nasdaq for the Service charge until
the Service passes the 24-hour Test and Acceptance criteria. MCI shall
provide Nasdaq with monthly invoices as well as such electronic reporting
and delivery of billing information as agreed to between the parties.

     (ii) MCI shall deliver each invoice to Nasdaq within thirty (30) days
of the date of the invoice. Nasdaq shall to pay each MCI invoice within 30
days of the receipt by Nasdaq of such invoice. MCI shall provide Notice (in
accordance with Section 16 below) to Nasdaq on or after the 30th day if MCI
has not received payment of the invoice. Nasdaq shall pay MCI a late charge
equal to interest at one of the following rates as Nasdaq may elect: nine
percent (9%) per annum or the prime rate per annum, as published in the
Wall Street Journal (or as otherwise agreed between the parties) and
compounded daily on the past due amount from the 15th day following
Nasdaq's receipt of MCI's Notice of late payment until such past due
amounts are paid to MCI, except that such interest shall not apply to past
due amounts that are the subject of a bona fide dispute as described below
except to the extent that Nasdaq is ultimately obligated to pay such
disputed amounts.

---------
* ***** Confidential Treatment has been requested for the redacted
        portions. The confidential redacted portions have been filed
        separately with the Securities and Exchange Commission.

     If MCI (a) delivers more than one monthly invoice in any 20 day period
or (b) delivers monthly invoices out of sequence and, as a result of either
(a) or (b), Nasdaq is not able to perform the invoice verification
processes Nasdaq uses under the EWN I Agreement (or reasonably similar
processes as they may be adapted for use under this Agreement) in time to
make payment when due, MCI's rights to receive payment and/or security
hereunder shall be suspended for an amount of time reasonably sufficient to
enable Nasdaq to perform such verification processes and to make payment.
For the purpose of clarity, MCI shall not have the right to receive late
payment interest on amounts as to which the payment obligation has been
suspended hereunder for the duration of such suspension.

     (iii) Nasdaq may withhold amounts otherwise due on an invoice in the
event there is a bona fide dispute as to Nasdaq's payment obligation. In
such event, Nasdaq shall provide Notice explaining in reasonable detail the
basis for Nasdaq's dispute. Nasdaq will pay the disputed portion of any
invoice within sixty (60) days of the date of receipt of the invoice by
Nasdaq (such payment being without prejudice to any argument or right of
Nasdaq), unless Nasdaq has initiated arbitration proceedings within that
time period. MCI shall give interest on any credits or money settlements of
disputed amounts that Nasdaq has previously paid at the rate of interest
set forth above (as elected by MCI) calculated from the date of payment of
the disputed amount that gives rise to the credit or settlement.

     (iv) ******

     (v) In the event Nasdaq has satisfied the Revenue Commitment prior to
expiration of the initial term, the parties shall thereafter discuss
potential reductions in the price for MCI Service.

     3.3. *****

     3.4. Taxes. All charges are exclusive of federal, state and local
gross sales, use, excise, utility and gross receipts taxes, other similar
tax-like charges, and tax-related surcharges imposed on MCI or Nasdaq in
connection with MCI's provision and/or Nasdaq's use of the MCI Services,
which Nasdaq agrees to pay. Taxes based on MCI's net income or real or
personal property shall be the sole responsibility of MCI. In the event
that Nasdaq provides MCI with a duly authorized exemption certificate, MCI
agrees to exempt Nasdaq in accordance with law effective on the date the
exemption certificate is received by MCI, provided that MCI is also
entitled under applicable law to receive the exemption for which Nasdaq has
provided a certificate.

     Section 4. Orders for Service.

     4.1 Orders for any Installation, Add, Inside Move, Change or
Disconnect under this Agreement shall be provided to MCI solely by Nasdaq.
Such orders shall include authorization allowing MCI to work with any
designated Subscriber where Nasdaq deems appropriate. MCI shall not accept
orders for any Installation, Add, Inside Move, Change or Disconnect or any
other Service under this Agreement from any Subscriber directly.

     4.2 Orders for MCI Service will be controlled by the terms of this
Agreement. Pre-printed terms of either party's purchase order shall have no
binding effect on either party.

     Section 5. Specifications. MCI warrants and represents that MCI
Service will meet the Specifications.

     Section 6. Conflicts. MCI warrants and represents that it is under no
other duty or agreement nor during the effectiveness of this Agreement will
it enter into any duty or Agreement which conflicts with or will materially
and adversely affect MCI's ability to perform this Agreement. Assignment of
this Agreement in accordance with its terms shall not be deemed a violation
or breach of this warranty.

     Section 7. Intellectual Property Violations.

     7.1. ******

     7.2. *****

     Section 8. Commitment to Proposed Architecture.

     8.1. During the term of this Agreement (subject to any provisions as
may be agreed for any period covered by a De-installation Plan, (a) MCI
Service shall support at least the protocols in the Specifications as those
standards exist presently and as they may be modified in the future and (b)
every Component of MCI Service will continue to be covered under the
Maintenance Section, and will be upwardly compatible with the prior
Components of MCI Service. In particular this means that each
Component--while it is free to implement new features not available in
earlier Components of MCI Service: (a) must be able to communicate, without
a degradation in performance or function, with any then existing Component
of MCI Service and with any existing Corporation or Subscriber Router/Hub
Port (as it is then configured), and with any component of any vendor which
meets the same applicable standard(s); and (b) all changes or upgrades in
peripherals or in MCI Service itself will not require change in Corporation
application software or hardware.

     8.2. MCI agrees to regularly advise Nasdaq of emerging technologies
that could positively impact the functional and financial performance of
the MCI Service to Nasdaq. Both parties agree that financial benefits may
be realized as a result of the implementation of new and improved
technologies. Should Nasdaq desire to incorporate such new technologies
into the MCI Service, both parties agree to negotiate in good faith the
terms and conditions associated with the implementation of such new
technologies.

     Section 9. Installation Schedule.

     9.1. The term Installation shall mean the carrying out and completion
of all work, including procurement of Components, site surveys, scheduling,
physical and logical connection of all Components to the Network to ensure
that the Router/Hub Port is fully integrated into the MCI Service (to meet
Specifications), testing, correction of any problems which cause the
Router/Hub Port not to meet Specifications, required to meet the
Specifications in connection with a site at which the MCI Service is to be
provided under this Agreement.

     9.2. The parties will agree on a schedule ending 18 months from the
Effective Date that includes the milestones in Attachment 7 and all
Installations for Subscribers on EWNI and which is subject to change by
mutual agreement of the parties (Installation Schedule). MCI will use its
Best Efforts to meet the Installation Schedule in 18 months. For 20 months
from the Effective Date, the penalties under Attachment 7 do not apply to
any Installation. After the end of the 20th month following the Effective
Date, MCI shall be subject to the penalties in Attachment 7 with respect to
all Installations. The application of penalties in accordance with this
Section shall be subject to Section 20.2.

     9.3. If Nasdaq alters any site's scheduled Installation date and the
present and altered Installation dates are both more than 27 MCI Days in
the future, no charge to Nasdaq may be made.

     9.4. MCI may charge Nasdaq the Expedite charge in Attachment 3 for any
Expedite of a site's Installation date requested by Nasdaq less than 27 MCI
Days before the then current Installation date, provided that, MCI
completes the Installation by the advanced Installation date or would have
completed the Installation by the advanced Installation date but for one or
more of the reasons described in Section 20.2 excusing MCI performance in
accordance therewith.

     9.5. Installation shall be performed during the hours directed by
Nasdaq, unless an alternative is mutually agreed upon by the parties.

     Section 10. Installation Procedure.

     10.1 All work associated with an Installation must be performed in a
good and workmanlike manner, in accordance with manufacturer and industry
standards and specifications. All Separable Components used in the
provision of MCI Service shall have been purchased new for MCI Service
under this Agreement.

     10.2. After completion of work associated with an Installation, MCI
shall insure that the exterior of Components and the surrounding areas are
clean and that all discarded parts, supplies and other waste is removed
from the premises. In any Installation, MCI shall use only replacement
parts that perform to at least the manufacturers' specifications of the
replaced item when new.

     10.3. Subject to Section 20.2, in the event it is foreseen that an
Installation cannot be met or an Installation is not completed by the
Installation date, MCI shall use Best Efforts to resolve the problem .

     10.4. During Installation, MCI will perform a 24-hour test procedure
to verify that the MCI Service through the Router/Hub Port at the site
meets Test and Acceptance criteria. The Test and Acceptance criteria are
set forth in Attachment 6. The testing methodology may change from time to
time to accommodate an improvement or efficiency in applicable technology
provided the new Acceptance criteria is no less stringent that the original
Acceptance criteria.

     10.5. If during the 24-hour acceptance test period, a Router/Hub Port
does not meet the Test and Acceptance criteria, MCI shall repair the
problem and provide additional test periods, until the Service meets the
24-hour Test and Acceptance criteria. If the Service fails the initial
24-hour Test and Acceptance criteria, MCI shall credit Nasdaq for the
Service charge until the Service passes the 24-hour Test and Acceptance
criteria.

     Section 11. MCI Notice of Requirements. MCI shall conduct an on-site
survey on the Subscriber's premise and shall coordinate with the Subscriber
in order to conduct the survey. MCI shall also provide Notice to Nasdaq of
any facility requirements that must be in place at a Subscriber's site
prior to commencement of any on-site Installation. Such Notice must be
provided a minimum of 10 MCI Days prior to commencement of any on-site
Installation. MCI shall confirm the date for commencement of on-site
Installation at least 3 and not more than 5 MCI Days prior to commencement
of the Installation at that site. Exceptions to this will be noted where
MCI and Nasdaq agree that circumstances require a different Notice
interval.

     Section 12. Installation, Inside Moves, Changes, Relocations and
Disconnect.

     12.1. As used in this Section: an Installation is as defined in
Section 9.1; a Disconnect is a de-Installation that requires the
termination of a local telecommunications company circuit; an Inside Move
is a Disconnect at one location and an Installation at a different location
where no new local telecommunications company circuit is procured. a
Relocation is a de-Installation at one site and an Installation at a
different site where a new local telecommunications company circuit is
procured; a Change is any other Installation or de-Installation of MCI
Service.

     12.2. Charges and time parameters for Installations, Relocations,
Inside Moves, and Disconnects are set forth in Attachment 3. Should Nasdaq
order an Expedite from MCI of any interval set forth in Attachment 3, then
MCI shall be entitled to charge Nasdaq the appropriate charge in Attachment
3. Except where inconsistent with terms of this Section, Services shall
meet the requirements of the Maintenance Section of this Agreement.

     12.3 Any other Services like those or related to those described in
this Section are At Cost, on an individual case basis.

     Section 13. Defect Notification.

     13.1. ******

     13.2. *****

     Section 14. Personnel.

     14.1. In no event shall a party or employees or agents of that party
be or be considered employees or agents of the other party. Except as
stated herein, matters governing the terms and conditions of employment of
a party's employees and agents are entirely within the control of that
party. Except as stated herein, each party's business matters such as work
schedules, wage rates, withholding income taxes, disability benefits or the
matter and means through which a party's obligations to its employees or
other agents will be accomplished are entirely within the discretion of the
party.

---------

* ***** Confidential Treatment has been requested for the redacted
portions. The confidential redacted portions have been filed separately
with the Securities and Exchange Commission.

     14.2. Each party will be responsible for the supervision, direction
and control of its own personnel while engaged in performance of activities
under this Agreement.

     14.3. When this Agreement requires performance by MCI or Nasdaq
employees or other agents or contractors on the other party's (including
the Corporations') premises, the performing party shall carry and maintain
Worker's Compensation and Employer's Liability Insurance covering its
employees or other agents (or require its agents to carry and maintain such
insurance) in accordance with the statutory requirement applicable to the
location where services are to be performed. The performing party shall
also carry and maintain adequate insurance coverage (or require its agents
to carry and maintain such insurance) against losses or damages caused by
the performing party's (including its other agents) negligence. Nasdaq
understands that MCI self-ensures a large portion of its public liability
insurance, and Nasdaq is free to do the same.

     14.4. ***** *

     14.5 *****

     14.6. Nasdaq may provide Notice to MCI of MCI Network Management and
Project Management personnel it finds to be key to the performance of MCI's
duties under this Agreement. Such personnel may be reassigned subject to
MCI's standard personnel policies, provided MCI provides a reasonable
transition period to: (1) another person capable of performing the same
duties with equivalent qualifications; or (2) a means acceptable to Nasdaq
by which the same duties are performed by competent personnel.

     14.7. Either party may provide Notice to the other with a list of its
employees directly involved in performance of services under this Agreement
who, during the effectiveness of this Agreement, may not be hired as an
employee, consultant, or other agent of the other party to perform in or
for the organizations identified below without the designating party's
prior written consent, unless that person has not been an employee or
subcontractor of the designating party for 6 months. For Nasdaq this
prohibits hiring by or in order to provide services only to Nasdaq's
Information Technology Division (or its successor). For MCI this prohibits
hiring by or in order to provide services only to MCI National Account
Project Management, Account Team, MCI Complex Bids/Technical Services or
the Global Network Management Center (or their respective successors)
providing services to a securities, commodities, or financial: institution,
market, or vendor.

     14.8. Each party will comply with all applicable governmental
regulations, pay all applicable taxes, and exercise control over its
personnel (including other agents). Each party shall be responsible for its
own employee taxes or other governmental taxes, fines, or fees (including
all such taxes, any interest or penalties and reasonable attorney's fees
and costs related thereto) related to the employment of its personnel, and
shall indemnify and hold harmless the other party from any liability
therefor.

---------
* ***** Confidential Treatment has been requested for the redacted
portions. The confidential redacted portions have been filed separately
with the Securities and Exchange Commission.

     14.9. MCI shall obtain all approvals, permits, and licenses and pass
all inspections, required for MCI Service under applicable law. Nasdaq
shall assist in obtaining such, where necessary.

     14.10. MCI may perform its obligations through its subsidiaries or
affiliates, or through the use of MCI-selected independent subcontractors
or manufacturers; provided that MCI shall be solely responsible for the
performance, duty, quality, and any breach by any agent of MCI, as if such
agent were MCI. MCI shall obtain (or cause its subcontractors to obtain)
any necessary permits, business licenses, bonds, or other governmental
authority to perform its obligations under this Agreement.

     14.11. Nasdaq shall use reasonable efforts to provide MCI with
administrative office space consisting of at least 3 offices and 11
cubicles. However, in no event will a failure or breach of this duty by
Nasdaq be considered a breach of this Agreement.

     Section 15. Ownership of Intellectual Property/Licensing of Software

     15.1. Except as otherwise expressly provided by this Agreement,
nothing herein shall be deemed to grant or transfer to a party or any third
party any right in, or license under, any patents, copyrights, trade secret
rights, trademarks, service marks or other intellectual property rights
owned by, or licensed by a third party to, the other party, or as to
Nasdaq, the Corporations, and as to MCI, its affiliates.

     15.2. The parties acknowledge and agree that as of the Effective Date,
MCI is not licensing or otherwise providing any software, whether in object
code, source code, or any other form, directly to Nasdaq or any other
Corporation, under this Agreement for use on a stand-alone basis in order
to access or otherwise use the MCI Service. If during the term of this
Agreement, it is anticipated that such stand-alone licensing of software is
desirable in connection with the MCI Service, then as a condition to any
such license, the parties shall endeavor to negotiate in good faith
appropriate applicable terms and conditions. If agreed upon by the parties,
such terms and conditions shall be incorporated into this Agreement by way
of written amendment unless otherwise determined by the parties.

     15.3. If during the term of this Agreement Nasdaq requests that MCI
provide custom development in connection with the MCI Service, then if MCI
agrees to undertake such development the parties shall endeavor to
negotiate in good faith prior to commencement of the work appropriate
applicable terms and conditions including without limitation the
specifications and schedule for the deliverables, the ownership of any
resulting intellectual property rights, and the consideration to be
provided for the work. If agreed upon by the parties, such terms and
conditions shall be incorporated into this Agreement by way of written
amendment unless otherwise determined by the parties.

     Section 16. Points of Contact.

         16.1. The term Notice means written communications directed to the
persons below in the manner directed in this section. Such communications
shall be deemed to have been duly given upon actual receipt by the parties,
or upon constructive receipt if sent by certified mail, return receipt
requested, or any other delivery service which actually obtains a signed
delivery receipt, addressed to the person named below to the following
addresses or to such other address as any party hereto shall hereafter
specify by written notice to the other party hereto.

     For MCI:

                   ***** *

     For Nasdaq:

                   *****

     16.2. In addition to the above communications, notices of material
dispute or default shall also be delivered, with the same delivery
requirements as stated in 16.1, to the following addresses:

         For MCI:
                  MCI Telecommunications Corporation
                  MCI Law and Pubic Policy-Commercial Law
                  5 International Drive
                  Rye Brook, New York,  10573

         For Nasdaq:
                  The Nasdaq Stock Market, Inc.
                  1735 K Street, N.W.
                  Washington, DC  20006
                  Attn: Office of General Counsel - Nasdaq Contracts Group

     Section 17. Equipment Insurance. MCI shall maintain replacement value
insurance for Components located on the Corporation's and Subscriber
premises. Notwithstanding the foregoing, the Corporations and Subscribers
shall be liable for replacement value of any such Components at their
respective locations to the extent of loss caused by either of them or
damage by negligence, abuse or misuse, vandalism, failure to provide the
same electrical or other operating environment as at Installation, or
unauthorized alterations or attachments in violation of MCI prior provided
specifications for said Components. MCI may self insure as necessary to
comply with the terms of this subsection.

     Section 18. Warranties.

     18.1. *****

     18.2. *****

     18.3 *****

     18.4. In the event that this Agreement is terminated or upon
expiration of the term hereof, Nasdaq may provide MCI Notice that it
intends to license, lease, purchase or otherwise obtain an assignment of
all or any portion of the Separable Components. Nasdaq thereafter may
require MCI to make any or all of the Separable Components available to the
Corporations for license, lease, or sale under reasonable terms and
conditions, subject to any third party rights. In addition, with respect to
any such license, lease, or sale, Nasdaq shall pay MCI all costs to
Disconnect, package, and ship said Separable Components to the
Corporations. If the parties are unable to agree to reasonable terms, the
parties shall submit the matter to arbitration pursuant to the arbitration
provisions of this Agreement. MCI shall take no action to adversely affect
Nasdaq's ability to license the Separable Components from a third party.

---------
* ***** Confidential Treatment has been requested for the redacted
portions. The confidential redacted portions have been filed separately
with the Securities and Exchange Commission.

     THE PARTIES ACKNOWLEDGE THAT MCI'S OBLIGATION HEREUNDER SHALL BE
LIMITED TO CONVEYING ONLY SUCH RIGHTS AND TITLE AS MCI MAY HAVE AND WHICH
MAY BE TRANSFERABLE. THE SEPARABLE COMPONENTS MADE AVAILABLE IN ACCORDANCE
WITH THIS SECTION 18.4 SHALL BE MADE AVAILABLE ON AN AS IS, WHERE IS, BASIS
WITHOUT ANY WARRANTIES (WHETHER EXPRESS OR IMPLIED) WHATSOEVER. IN
PARTICULAR, MCI DISCLAIMS ALL IMPLIED WARRANTIES WITH RESPECT TO SUCH
SEPARABLE COMPONENTS, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF
MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

     18.5. Nasdaq warrants that any components attached to the Network that
are Nasdaq-provided shall conform to FCC standards as stated in Part 68 of
the FCC's rules.

     18.6. WITHOUT DEROGATION OF THE FOREGOING, THE WARRANTIES EXPRESSLY
STATED IN THIS AGREEMENT ARE THE EXCLUSIVE WARRANTIES AND NO OTHER
WARRANTY, EXPRESS OR IMPLIED, SHALL APPLY. MCI SPECIFICALLY DISCLAIMS THE
IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE
AND ANY WARRANTIES OF NONFRINGEMENT OF THIRD PARTY RIGHTS.

     18.7. Nasdaq represents and warrants as follows: (i) that it is duly
organized, validly existing and in good standing under the laws of its
State of formation; (ii) that it has the power and authority to execute,
deliver and perform its obligations under this Agreement; (iii) that the
person executing this Agreement on behalf of Nasdaq has been given the
authority to bind Nasdaq and the Agreement constitutes or will constitute a
legally binding and enforceable obligation of Nasdaq, except as such
enforceability may be limited by provisions of applicable bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium or similar
law affecting creditor's rights and remedies generally or by general
principles of equity; (iv) that the execution, delivery and performance of
the Agreement will not be in contravention of, or will result in a material
breach of any of the terms of Nasdaq's organizational documents, contracts
or instruments to which Nasdaq is a party under which it is bound.

     18.8. MCI represents and warrants as follows: (i) that it is duly
organized, validly existing and in good standing under the laws of its
State of formation; (ii) that it has the power and authority to execute,
deliver and perform its obligations under this Agreement; (iii) that the
person executing this Agreement on behalf of MCI has been given the
authority to bind MCI and the Agreement constitutes or will constitute a
legally binding and enforceable obligation of MCI, except as such
enforceability may be limited by provisions of applicable bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium or similar
law affecting creditor's rights and remedies generally or by general
principles of equity; (iv) that the execution, delivery and performance of
the Agreement will not be in contravention of, or will result in a material
breach of any of the terms of MCI's organizational documents, contracts or
instruments to which MCI is a party under which it is bound.

     Section 19. Encumbrances.

     19.1. Nasdaq shall keep the Components free and clear of all liens and
encumbrances created by or through Nasdaq or the Corporations and shall
otherwise cooperate to defend the interest of MCI and/or its Assignee in
the Components and to maintain the status of the Components as equipment or
personal property and not as attachments to real property. Nasdaq will
promptly discharge any lien created by or through Nasdaq or the
Corporations on the Components, or otherwise cause the removal of such lien
before foreclosure, but in any event within 45 MCI Days of actual knowledge
by Nasdaq of the lien. In the event a lien created by or through Nasdaq or
the Corporations is imposed on the Components that may have an adverse
effect on a proposed MCI action, then it must be removed in time to avoid
such adverse affect. If requested by MCI, Nasdaq will, at Nasdaq's expense,
furnish a waiver of any interest in the Components from any party having an
interest in the real estate or building owned, leased, or used by Nasdaq in
which the Components are located. Nasdaq shall permit and shall cause the
Corporations to permit MCI or its Assignee reasonable access to inspect
said Components (located on their respective premises) during normal
business hours. Nasdaq shall reasonably assist, at the request of MCI, in
attempting to arrange reasonable access to a Subscriber premises to permit
MCI to inspect said Components during normal business hours. In the event
that there is a failure or threatened failure of Nasdaq or the Corporations
to perform its or their obligations under this Section, then MCI shall be
entitled to discharge or otherwise cause the removal of any such
encumbrance or lien and shall be entitled to reimbursement by Nasdaq with
interest at the rate stated in Section 3.2 for any amounts reasonably
expended in so doing.

     19.2. Nasdaq agrees to execute and deliver, upon demand, any documents
necessary, in MCI's reasonable opinion, to evidence MCI's or its Assignee's
interest in the Separable Components. In addition, Nasdaq appoints MCI as
its attorney-in-fact for the sole purpose of executing and delivering any
UCC financing statements required to protect and perfect any such interest.

     19.3. Nasdaq agrees to provide a notice to the Subscribers of a
mutually agreeable text provided by MCI informing the Subscribers that they
shall keep the Components free and clear of all liens, and of the
possibility of reasonable inspection as provided under this Agreement.
Nasdaq shall indemnify MCI for any costs, damages, expenses (including
reasonable attorneys fees), incurred by MCI or its Assignee to discharge
any liens created by or through Nasdaq, the Corporations or Subscribers,
and to defend title to the Components.

     19.4 In order to assure that Nasdaq shall have quiet enjoyment of the
MCI Services, MCI shall take all actions necessary or appropriate to
prevent any third party from taking any action under any lien or other
encumbrance created by, through, or because of MCI that threatens in any
material respect to inhibit MCI's ability to perform hereunder (a "Third
Party Action"), including but not limited to discharging or otherwise
causing the removal of any such lien or encumbrance. MCI shall provide
Nasdaq prompt Notice of any actual or threatened Third Party Action of
which MCI has knowledge. In the event that there is a failure or threatened
failure of MCI to take all actions (as described hereinabove) in respect of
a Third Party Action, then Nasdaq shall be entitled to discharge or
otherwise cause the removal of any such encumbrance or lien and shall be
entitled to reimbursement by MCI with interest at the rate stated in
Section 3.2 for any amounts reasonably expended in so doing.

     Section 20. Performance Remedies and Liabilities.

     20.1. Performance remedies are set forth in Attachment 7.

     20.2. MCI shall not be liable for failure to meet Installation, Inside
Move, Change, Relocation or Disconnect schedules nor for the monetary
performance remedies in Attachment 7 on a Router/Hub Port-specific basis
for: a) failure caused by the negligence of Nasdaq, the Corporations,
Subscribers, or others authorized by Nasdaq to use the MCI Service with
regard to the Separable Components located on Subscriber/Nasdaq/Corporation
premises; or b) failure during the period that there is a failure of
relevant power, equipment, systems or services at Nasdaq's (including the
Corporations') or a Subscriber's site that are not provided by MCI; or c)
failure during any period of scheduled maintenance or any period during
which work requires access to the portion of the Subscriber site where
access lines are physically terminated or the Nasdaq data center, but MCI
or its agents or subcontractors are not afforded access; or d) failure
during periods when repair requires release of Separable Components of the
Network but Nasdaq, Subscriber or any of the Corporations elects not to
release such Separable Components for testing or repair and continues to
use the Service on an impaired basis. However, in the case of failure
caused by Nasdaq, Corporation, or Subscriber negligence, MCI shall use its
reasonable efforts to repair the failure as soon as is practicable. For the
purpose of clarity, MCI shall be excused from failure to meet an
Installation, Inside Move, Change, Relocation or Disconnect schedule or any
other performance obligation under Attachment 7 to the extent (but only to
such extent) that Nasdaq, the Corporations or a Subscriber or other entity
authorized by Nasdaq to use the MCI Service has failed or refused to
perform any act reasonably required on its or their part, consistent with
standard industry practices to enable MCI to meet its performance
obligation after MCI has made reasonable efforts to communicate any such
requirements to Nasdaq. In addition, MCI shall not be liable to the extent
(but only to such extent) as MCI is unable to meet the requirement due to
force majeure (as described in Section 44) or the acts or omissions of any
third party (excluding MCI agents, subcontractors and local access
providers) which MCI does not control or have the right to control.

     20.3. An interruption period begins from the earlier of: (1) the time
of Network Management system detection; or (2) report of the problem to
MCI, unless the interruption begins outside the PPM, in which case the
interruption period begins with the next PPM. An interruption period ends
when MCI Service is operating according to the Repair Criteria set forth in
Attachment 8. If Nasdaq (including the Corporations) or Subscriber reports
the MCI Service to be inoperative but the Subscriber denies MCI reasonable
access then, for monetary performance remedy purposes, the MCI Service is
deemed to be impaired, but not interrupted until such release is given. MCI
must notify Nasdaq if access to a site or the release of a Router/Hub Port
is necessary for service restoration, but MCI believes the necessary access
or release has been denied or not granted.

     20.4. MCI does not guarantee nor make any warranty with respect to
Maintenance and/or Installations at sites at which there is present an
atmosphere that is explosive, prone to fire, dangerous or otherwise
unsuitable for such Installations.

     Section 21. Other Remedies and Liabilities.

     21.1. NEITHER NASDAQ AND/OR THE CORPORATIONS NOR MCI AND/OR ITS
AFFILIATES SHALL BE LIABLE ONE TO THE OTHERS OR TO ANY SUBCONTRACTOR OF THE
OTHERS, OR OTHER THIRD PARTY, WHETHER BASED ON CONTRACT, TORT (INCLUDING,
WITHOUT LIMITATION, NEGLIGENCE), WARRANTY OR ANY OTHER CAUSE OF ACTION, FOR
ANY LOSS OF DATA, INFORMATION OR USE, PROFITS,OPPORTUNITY OR REVENUE OR FOR
ANY INCIDENTAL, SPECIAL, OR CONSEQUENTIAL DAMAGES ARISING FROM OR RELATED
TO THIS AGREEMENT, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY
THEREOF.

     21.2 ***** *

     Section 22. Sharing of Use. MCI warrants that the MCI Service can be:
(1) used by employees and agents of Nasdaq, the Corporations, and the
Subscribers; (2) used to process data for Nasdaq, the Corporations or any
Subscriber; and (3) transferred or assigned among the Corporations without
consent or additional fees, provided that Nasdaq provides MCI Notice no
later than 10 days after the transfer or assignment, and within 15 days of
delivery of such Notice, Nasdaq delivers to MCI or its Assignee a guarantee
of payment (in a form reasonably acceptable to MCI or its Assignee) of all
charges which may be incurred in respect of the Service which is
transferred or assigned. Upon transfer, Nasdaq shall cause such Corporation
to expressly assume in writing Nasdaq's obligations (including those
related to Separable Components) to the extent of the transfer and Nasdaq
shall remain liable for all obligations not transferred.

     Section 23. Diversity of Carriers and Routes and Backup.

     MCI must provide, during the effectiveness of this Agreement, diverse
transmission paths and associated Components (and if available through
diverse carriers or diverse points of presence, local loops) through
electronically and physically diverse transportation methods such that
nothing on the diverse paths can have a common single point of failure.
Additionally, if local loop diversity is not available, then if requested
by Nasdaq, MCI must provide, if possible, At Cost, diverse transmission
paths and associated Components through electronically and physically
diverse transportation methods such that nothing on the diverse paths can
have a common single point of failure.

     Section 24. Maintenance.

     24.1. Maintenance shall mean Services conforming to the requirements
of this Section. All maintenance and repair work must be performed in a
good and workmanlike manner, in accordance with manufacturer and industry
standards and specifications in order to keep MCI Service operating within
Specifications. MCI may charge Nasdaq At Cost for mutually agreed-upon
equipment replacement or repair only to the extent replacement or repair
costs are attributable to: (1) damage or loss due to negligence, misuse or
abuse; (2) failure to provide the same operating environment as at
Installation (including but not limited to the failure to provide the same
electrical power, or conditioning, or humidity control); (3) unauthorized
alterations; (4) attachments of equipment to Separable Components in
violation of MCI prior provided specifications; or (5) movement of
Separable Components not authorized by MCI.

     24.2. MCI Service coverage, which includes hours for remote
monitoring, hours for on-site NCC coverage at Nasdaq Data Centers, and
hours for performance measurement (PPM), is detailed in Attachment 9.

     24.3. In the event of a situation that makes a Corporation data center
inoperable or unusable for any period of time, Nasdaq may request MCI to
provide connectivity to an alternate data center as expediently as possible
At Cost. MCI will provide support to such alternative data center 24 hours
a day, seven days a week At Cost.

     24.4. Nasdaq shall provide MCI reasonable access to any Nasdaq
premises to permit MCI to respond to a service call or to perform
preventive maintenance during the hours permitted by Nasdaq. Nasdaq shall
assist, at the request of MCI, in attempting to arrange reasonable access
to a Subscriber premises to permit MCI to respond to a service call or to
perform preventive maintenance. During the time a Subscriber denies MCI
reasonable access, MCI's obligations under the Performance Remedies and
Liabilities Section are suspended for affected Router/Hub Ports.

* ***** Confidential Treatment has been requested for the redacted
portions. The confidential redacted portions have been filed separately
with the Securities and Exchange Commission.

     24.5. After completion of work, MCI shall insure that the exterior of
Components and the surrounding areas are clean and that all discarded
parts, supplies and other waste is removed from the premises. In any
maintenance or repair MCI shall use only replacement parts that perform to
at least the manufacturers' specifications of the replaced item when new.

     24.6. Except for the uses and accesses contemplated by this Agreement,
at no time will Nasdaq (including the Corporations) personnel, agents,
subcontractors or any other entity under Nasdaq's control, intentionally
make an unauthorized use, unauthorized access, or interfere with, download,
disassemble or otherwise perform unauthorized manipulation of, any MCI
Components (including, but not limited to, DECmcc, Circuit View work
stations, TMS, COMS, NETPRO) used to provide the MCI Service except with
the express authorization and under the direction of MCI. Except for cables
at a Subscriber's premises, at no time will MCI personnel, agents,
subcontractors ,or any other entity under MCI's control, intentionally use,
access, interfere with, download, disassemble, or otherwise manipulate, any
Nasdaq hardware or software except with the express authorization of Nasdaq
(e.g., to enable MCI to resolve trouble tickets). The Corporations shall
not reverse engineer or decompile any MCI provided software. Nasdaq agrees
to provide a notice to the Subscribers of a mutually agreeable text
provided by MCI informing the Subscribers, the Corporations, its agents,
subcontractors or any entity under its control, that they shall not violate
the terms of this provision. MCI shall have the right, upon providing
Nasdaq reasonable advance notice, to correct, deinstall, or restore any MCI
Component which Nasdaq, the Corporations or any Subscriber has
disassembled, manipulated or otherwise modified without MCI's prior express
authorization or direction. Nasdaq shall reimburse MCI for the cost of any
such correction, deinstallation or restoration.

     Section 25. ***** *

     Section 26. Progress Meetings and Reports.

     26.1. Until completion of Installation of the sites in Attachment 6,
MCI and Nasdaq representatives (including one management level
representative able to discuss status, resolve problems, and accept
responsibility for completion of action items from each of: the MCI
International Data Networks Group (or its successor(s)) and MCI Project
Management) shall meet once a week in person or by conference call. MCI
must produce before the meeting, a written progress report outlining status
and known material problems. MCI shall produce, before the next meeting,
minutes and a list of action items coming out of each meeting.

     26.2. During the effectiveness of this Agreement, MCI and Nasdaq
representatives (including one management level representative able to
discuss status, resolve problems, and accept responsibility for completion
of action items from each of: the MCI Network Operations; and Project
Management) shall meet in person or by conference call once every other
week or as mutually agreed to by the Parties. MCI shall produce, before the
next meeting, minutes and a list of action items coming out of each
meeting.

---------
* ***** Confidential Treatment has been requested for the redacted
portions. The confidential redacted portions have been filed separately
with the Securities and Exchange Commission.

     Section 27. Regulatory Responsibilities.

     27.1. MCI shall not be responsible for obtaining any necessary
Securities and Exchange Commission approvals, but shall cooperate with
Nasdaq in such, as requested.

     27.2. Nasdaq shall not be responsible for obtaining any necessary
Federal Communication Commission, state or other applicable regulatory
authority or approvals for MCI Service, but shall cooperate with MCI in
such, as requested.

     27.3. MCI understands that the MCI Service, the Corporations, and the
Corporations' ability to perform obligations under this Agreement are
subject to the Securities Exchange Act of 1934, and the jurisdiction of the
Securities and Exchange Commission and other regulatory bodies. In the
event a rule, regulation, or final decision of a court or regulatory body
having jurisdiction over Nasdaq (or the Corporations) has the effect of
substantially inhibiting Nasdaq's use of the MCI Services (by, for example,
prohibiting Nasdaq from providing its trading network services to the
Subscribers), then Nasdaq may terminate this Agreement upon Notice to MCI
without liability for the Revenue Commitment. If acts or omissions of MCI
in connection with its performance of this Agreement were not a reasonable
and substantial cause of such rule, regulation or final decision leading to
such termination, Nasdaq shall be liable to MCI for an amount (which the
parties agree is reasonable) equal to MCI's reasonably unavoidable
reasonable out of pocket costs and expenses incurred in performing this
Agreement through the effective date of such termination and including any
reasonable costs incurred thereafter in winding down plus (ii) a reasonable
amount of profit in respect of the MCI Services rendered through the
effective date of such termination. For the purpose of this provision, a
reasonable profit shall be calculated using MCI's pre-tax profit margin
averaged over the two (2) quarters preceding such termination (exclusive
the effects of any extraordinary items). The parties will agree on a
reasonable schedule for payment of the amounts described above. If within
60 days of such termination event the parties are unable to agree on such
amount and/or schedule, then either party may commence an arbitration under
the arbitration procedures of this Agreement for the purpose of resolving
the dispute.

     27.4. Nasdaq understands that the MCI Service, MCI and MCI's ability
to perform obligations under this Agreement are subject to the
Communications Act of 1934, and the jurisdiction of the Federal
Communications Commission and other regulatory bodies. In the event a rule,
regulation, or final decision of a court or regulatory body having
jurisdiction over MCI has the effect of substantially prohibiting MCI from
providing MCI Services, MCI may terminate this Agreement upon written
Notice to Nasdaq without liability under the provisions of the Termination
Section of this Agreement, but subject to the provisions of Section 18.4.
If acts or omissions of MCI in connection with its performance of this
Agreement were a reasonable and substantial cause of such rule, regulation
or final decision leading to such termination, then MCI shall pay Nasdaq an
amount (which the parties agree is reasonable) for Nasdaq's reasonable
costs to migrate to a new service or carrier.

     27.5. MCI and Nasdaq understand that a Subscribers ability to perform
obligations under this Agreement are subject to the Securities Exchange Act
of 1934, the jurisdiction of the Securities and Exchange Commission, the
Securities Investors Protection Corporation (SIPC), and other regulatory
bodies.

     Section 28. Tariff.

     28.1. ***** *

     28.2. *****

     28.3. *****

     Section 29. Term and Termination.

     29.1. The initial term of this Agreement shall run for a period of 6
years, commencing with the Effective Date, unless terminated or canceled
earlier by either party in accordance with the provisions hereof. At the
conclusion of the 6 year period, this Agreement shall then automatically
renew for successive 6 month terms until a party gives Notice of
termination to the other not later than the beginning date of the next 6
month term.

     29.2. In the event a party breaches a material obligation under this
Agreement, the other party may provide Notice of such breach and proposed
termination. The party receiving the Notice shall have 60 days from the
receipt of such Notice to cure the stated breach (except where this
Agreement expressly provides for an alternate cure period). If the party
has not cured the breach within the applicable cure period, the
non-breaching party may then give a Notice of termination.

     29.3. Except for a termination for Nasdaq's breach of Section 3.2(iv),
within 60 days of the date of the termination or cancellation Notice, the
parties shall agree on a plan (the "De-installation Plan"), which shall
include Regional de-installation, and continuation of other
obligations--including network management--for a period of eighteen (18)
months after the end of the last term, and which shall take into account
changes in the Specifications which may reasonably be expected to be
appropriate as the MCI Services are discontinued pursuant to such plan. If
the parties have not reached agreement on a De-installation Plan within
this 60 day period, either party may initiate arbitration procedures.
Unless otherwise agreed by the parties, the arbitrator(s) shall hear the
matter and produce a De-installation Plan within 60 days of the
arbitration.

     29.4. The parties agree that each of the following events, by way of
example and not limitation, shall constitute a material breach of this
Agreement: (i) Nasdaq failure to pay or to secure payment of MCI charges in
accordance with its rights and obligations under Section 3.2; (ii) if
either party becomes insolvent, makes an assignment for the benefit of
creditors, files a voluntary petition or has an involuntary petition filed
or action commenced against it under the United States Bankruptcy Code, or
any similar federal or state law, becomes the subject of any proceedings
related to its liquidation, insolvency or for the appointment of a receiver
or similar officer for it, makes an assignment for the benefit of all or
substantially all its creditors, or enters into an agreement for the
composition, extension, or readjustment of all or substantially all of its
obligations and such event is not cured within thirty (30) days of its
occurrence; (iii) if MCI materially breaches a material obligation under a
material agreement with a third party (and fails to cure such breach in
accordance with the terms of such agreement) which is reasonably required
in order for MCI to meet its obligations hereunder; or (iv) if either party
assigns this Agreement in violation of the provisions of Section 32.

---------
* ***** Confidential Treatment has been requested for the redacted
portions. The confidential redacted portions have been filed separately
with the Securities and Exchange Commission.

     29.5 MCI may not cease the provision of MCI Service in whole or in
part prior to the end of the term or during the De-installation Plan period
described in Section 29.3 unless in accordance with Section 40.3 or one of
the following occurs:

     (a) Nasdaq has breached its obligations under Section 3.2 (iv) and has
     failed to cure such breach in accordance with the terms of Section
     3.2(iv); or

     (b) Nasdaq or the Corporations are in material breach of any material
     obligations (other than payment as described in Section 3.2(iv)) which
     Nasdaq or the Corporations have failed to cure after receiving Notice
     of breach and of proposed termination as required under Section 29.2
     of this Agreement and MCI has applied for and obtained from a court of
     competent jurisdiction an order permitting it to terminate provision
     of the MCI Service in part or in full, with the court having
     considered (i) the balance of hardships from the termination of the
     MCI Service on MCI and Nasdaq, (ii) MCI's likelihood of success on the
     merits on its claim of material breach, and (iii) public interest
     factors. MCI shall serve on Nasdaq all appropriate pleadings to
     support MCI's application for an order to terminate provision of the
     MCI Service in such time that Nasdaq can timely object to MCI's
     request for such an order.

     Section 30. [Not Used]

     Section 31. [Not Used]

     Section 32. Subsequent Parties; Limited Relationship. The obligations
under this Agreement shall inure to the benefit of and shall be binding
upon the parties hereto and their respective permitted successors, or
assigns. MCI shall not assign or transfer (including by operation of law)
this Agreement without the prior written consent of Nasdaq. Nasdaq shall
not assign this Agreement, without written consent of MCI, except to
another of the Corporations. Nothing in this Agreement, express or implied,
is intended to or shall (a) confer on any person other than the parties
hereto (and any of the Corporations), or their respective permitted
successors or assigns, any rights to remedies under or by reason of this
Agreement; (b) constitute the parties hereto partners or participants in a
joint venture; or (c) appoint one party the agent of the other.

     Nasdaq hereby consents to MCI's right to assign its right to that
portion of the payments due under this Agreement which are allocable to the
Separable Components (the "Component Payments") to the entity holding an
ownership interest in the Separable Components (the "Assignee"), provided
that, MCI shall remain liable for all its obligations not assigned
hereunder. In the event that MCI or Nasdaq is in default under this
Agreement or MCI is in default under its agreement with the Assignee and
this Agreement is terminated, and Nasdaq has determined that it will retain
use of the Separable Components under Section 18.4, then the Assignee may
at any time direct Nasdaq by written Notice to make future Component
Payments directly to such Assignee. Upon receipt of such Notice, Nasdaq
shall thereafter make all Component Payments directly to the Assignee, at
such location specified by the Assignee, free of any claim, counterclaim,
recoupment, reduction, defense or offset with respect to MCI or any other
person or entity other than Assignee, all of which Nasdaq hereby expressly
waives with respect to Assignee, but reserves as to MCI.

     The Assignee shall not be entitled to recover from Nasdaq any payments
made by Nasdaq to MCI in good faith before Nasdaq's receipt of the
Assignee's Notice described herein.

     Upon assignment to a Corporation, Nasdaq shall notify MCI no later
than 10 days following the assignment, cause such Corporation entity to
expressly undertake, or by law undertake, Nasdaq's obligations (including
those related to Components) to the extent of the assignment and deliver to
MCI (within 15 days of delivery of the Notice of assignment to MCI) or its
Assignee a guarantee of payment (in a form reasonably acceptable to MCI or
its Assignee) of all charges which may be incurred by such Corporation
under this Agreement. Upon Notice to Nasdaq of a breach of its obligation
to cause a Corporation to undertake Nasdaq's obligations or to deliver an
acceptable guarantee to MCI or the Assignee, Nasdaq shall have a 30 day
cure period.

     Any unpermitted assignment, pledge, mortgage, or encumbrance of this
Agreement, MCI Service, or any Component shall be void from its inception
and shall not release the assigning party from its obligations under this
Agreement.

     Section 33. [Not used.]

     Section 34. Test Bed. The terms for DEV NET II are contained in
Attachment 13 hereto.

     Section 35. Documentation. Subject to its finalization and acceptance
by MCI during the term of this Agreement, MCI shall provide to Nasdaq the
documentation described in Attachment 10 (the "Technical Documentation").
The Technical Documentation shall be deemed the Confidential Information of
MCI pursuant to Section 43 of this Agreement.

     Section 36. Security/Capacity/Disaster Recovery Matters.

     36.1. MCI shall have, during the effectiveness of this Agreement,
up-to-date documentation of the physical configuration of the Network,
including Installed locations, detailed information about all Components
(including circuit routes), as well as documentation of MCI's disaster
recovery and security mechanisms and contingency plans. MCI shall give
Notice of any alteration in an MCI Service security mechanism or disaster
recovery plan.

     36.2 MCI shall permit Nasdaq (including its agent or appropriate
governmental representative), as required by its board, a court, or a
governmental authority with jurisdiction over the Corporations (e.g. the
Securities and Exchange Commission or the General Accounting Office) to
make physical inspections of the premises housing physical Components of
the Network, with reasonable Notice during normal business hours for the
purpose of reviewing MCI Service (including capacity, security,
Availability, integrity, privacy, and similar topics). MCI shall also make
available to such persons reasonable access during normal business hours to
MCI technical personnel and documentation to answer questions relating to
past, present and future MCI Service (including capacity, security,
Availability, integrity, privacy, and similar topics). MCI shall also
reasonably cooperate with Nasdaq in compiling data for submissions required
by regulatory authorities (e.g., SEC Automation Review Policy filings) or
for Nasdaq internal system and Network planning purposes.

     36.3. Nasdaq shall permit MCI (including its agent or appropriate
governmental representative), as required by a court, or a governmental
authority with jurisdiction over MCI (e.g. the FCC or an applicable state
commission) to make physical inspections of the Corporations' premises
housing physical Components of the Network, with reasonable Notice during
normal business hours for the purpose of reviewing MCI Service (including
capacity, security, Availability, integrity, privacy, and similar topics).
Nasdaq shall also make available to such persons reasonable access during
normal business hours to Nasdaq technical personnel and documentation to
answer questions related to past, present, and future MCI Service
(including capacity, security, Availability, integrity of data, privacy,
and similar topics).

     36.4. Each party shall give Notice to the other party of the names of
the Network security/disaster recovery points of contact. In the event of
disaster or security breach, each point of contact shall be the person
responsible for coordinating and directing action by that party to resolve
a security breach or disaster. These points of contact shall periodically
stage mutually agreed upon Network tests of the disaster recovery plans and
test response to security breaches; and MCI shall provide prompt Notice to
Nasdaq of the results of each test and each response. MCI agrees to
support, as required, the monthly (maximum) testing of Nasdaq's disaster
recovery and security testing scenarios. MCI shall promptly provide Notice
to Nasdaq of any security breach that did or potentially could impact the
MCI Service and MCI's response.

     Section 37. Survival of Provisions. The obligations of the Payment,
Confidentiality, Use of Nasdaq/MCI name and Marks, Indemnification,
Limitation of Liability, Arbitration sections of this Agreement, any
warranties, and any other provisions which by their nature are intended to
survive shall survive the completion of performance, expiration or any
termination of the Agreement.

Section 38. [Not used]

     Section 39. Use of Nasdaq/MCI name and Marks. MCI and its affiliates
shall not use the names National Association of Securities Dealers, Inc.,
NASD, Inc., Nasdaq, Inc., NASD Regulation, Inc., Nasdaq International
Market Initiatives, Inc., or NASD, Nasdaq, or NIMI (or the corporate names
of other affiliates of Nasdaq ) in any advertising or promotional media
without the prior written consent of Nasdaq. MCI and its affiliates shall
not use any trademark or service mark of the Corporations, registered or
unregistered, without prior written consent of Nasdaq. Nothing in this
Agreement shall grant Nasdaq (including the Corporations) the right to use
any trademark or service mark, trade name or confusingly similar mark of
MCI and/or its affiliates or refer to MCI and/or its affiliates directly,
or indirectly, in connection with any product, service, promotion or
advertising without MCI's prior written approval. MCI understands that the
imposition of this requirement may cause Nasdaq to delete reference to MCI
and/or its affiliates in its communications about MCI Service to
Subscribers, the Corporations, and their employees, directors,
subcontractors, and other agents. Nasdaq shall advise the Corporations and
Subscribers in writing not to use the names of any subcontractor of MCI
and/or its affiliates, in advertising or promotional media in describing
this Agreement or the work hereunder, without that entity's consent.

Section 40. Intellectual Property Indemnification.

     40.1 (A) MCI, at its expense, will indemnify, defend and hold harmless
any and all of Nasdaq, the Corporations, Subscribers and their respective
officers, directors, employees, and agents (collectively "Nasdaq
Indemnitees") as to any third party claim, action, suit, or other
proceeding ("Claim") alleging that the MCI Service or any portion or
Component thereof provided hereunder by MCI to any of the Nasdaq
Indemnitees infringes any patent, copyright, trademark, or other
proprietary right, or constitutes misappropriation of a trade secret right,
arising under the laws of the United States, Canada or Mexico (hereinafter
collectively the "Primary Market").

          (B) As to any Claim alleging that the MCI Service or any portion
or Component thereof provided hereunder by MCI to any of the Nasdaq
Indemnitees infringes any patent, copyright, trademark, or other
proprietary right or constitutes misappropriation of a trade secret right,
arising under the laws of a country not within the Primary Market:

                           (1) where MCI directly provides the MCI Service
                           in the country in which the right which is the
                           subject of the Claim arises, then MCI shall, at
                           its expense, defend, indemnify and hold harmless
                           the Nasdaq Indemnitees from and against such
                           Claim; and

                           (2) where MCI provides the MCI Service through a
                           third party and not directly by MCI in the
                           country in which the right which is the subject
                           of the Claim arises, then the defense and
                           indemnity and hold harmless for such Claim
                           available to the Nasdaq Indemnitees shall be
                           only that which MCI is able to pass through from
                           such third party ("Pass Through Indemnities"),
                           provided that (i) it is MCI's policy as of the
                           Effective Date in contracting with such third
                           parties to request that such parties provide the
                           indemnify, defense and hold harmless reference
                           above, (ii) in the event MCI ever changes such
                           practice MCI will promptly inform Nasdaq in
                           writing, and (iii) as to any country outside of
                           the Primary Market, Nasdaq shall have the right
                           to inquire as to whether MCI is providing the
                           MCI Service through a third party, and if so,
                           MCI shall promptly provide Notice to Nasdaq in
                           writing as to the existence, nature and the
                           extent any material limitations on such Pass
                           Through Indemnities.

          (C) With respect to any indemnification obligations set forth in
40.1(A) and 40.1(B) above as to which MCI is directly providing the
indemnity, MCI will indemnify and hold harmless the Nasdaq Indemnitees for
damages finally awarded against any of them or agreed to by MCI in
settlement of such Claim, and for any and all reasonable costs incurred by
the respective Nasdaq Indemnitee(s) in connection with such Claim;
provided, MCI shall have the exclusive right to defend, countersue, or
settle any such Claim and to collect all damages, costs, fees, and other
charges awarded from any such Claim.

     40.2 (A) Notwithstanding anything to the contrary in Section 40.1,
MCI shall have no obligation to defend or indemnify any Nasdaq Indemnitee
for any Claim to the extent arising out of or directly relating to: (i)
detailed technical designs or specifications dictating the manner in which
the MCI Service is implemented or designed, which designs or specifications
are provided by a Nasdaq Indemnitee (provided the foregoing shall not apply
if MCI knows that such designs or specifications are infringing or to any
infringements resulting from a choice by MCI of a means of meeting the
detailed technical designs or specifications when a noninfringing choice
was known to MCI); (ii) modifications made directly to the MCI Service by
any Nasdaq Indemnitee or its third party agent, other than modifications
made by or with the written consent of MCI or its third party agent (or
oral consent confirmed in writing), (iii) use of the MCI Service by any
Nasdaq Indemnitee in combination with any other products, software,
services or documentation not provided by MCI, if an element of such Claim
is based upon products, software, services or documentation not provided by
MCI; (iv) sale or other provision of the MCI Service by any Nasdaq
Indemnitee to third parties, or (v) Nasdaq Indemnitee transmitted content,
data, or other information.

     (B) Nasdaq shall defend, indemnify and hold MCI and all of its
affiliates and their respective officers, directors, employees, and agents
(collectively "MCI Indemnitees") harmless from and against any such claims
covered by the exclusions set forth in 40.2 (A) (i), (ii), (iv) and (v)
above.

     (C) With respect to any indemnification obligations set forth in
40.2(B) above as to which Nasdaq is directly providing the indemnity,
Nasdaq will indemnify and hold harmless the MCI Indemnitees for damages
finally awarded against any of them or agreed to by Nasdaq in settlement of
such Claim, and for any and all reasonable costs incurred by the respective
MCI Indemnitee(s) in connection with such Claim; provided, Nasdaq shall
have the exclusive right to defend, countersue, or settle any such Claim
and to collect all damages, costs, fees, and other charges awarded from any
such Claim.

     40.3 If any Nasdaq Indemnitee's use of MCI Service is enjoined or
otherwise prohibited, or if MCI reasonably believes that there exists a
threat of the same, MCI shall as fast as is practicable, at its expense:
(i) obtain for the Nasdaq Indemnitee the right to continue to use the
affected MCI Service; (ii) replace the affected MCI Service with a
non-infringing service that conforms to the requirements of this Agreement;
or (iii) modify the affected MCI Service so that it becomes non-infringing
and otherwise conforms to the requirements of this Agreement. The election
among the foregoing remedies shall be at MCI's sole discretion.

     40.4 MCI hereby agrees to promptly provide Notice to Nasdaq in writing
of any and all motions or other pleadings served on MCI by third parties
seeking injunctive relief which, if granted, would adversely and materially
affect the MCI Service. In such case, MCI shall give Nasdaq the
opportunity, at Nasdaq's option, to assist MCI in defending against such
motion or other pleading and to assist MCI in any negotiations related to
the settlement of such motion or other pleading.

     40.5 In any case where MCI or a third party providing a Pass Through
Indemnity fails to perform under Sections 40.1 (A) or (B), Nasdaq shall
bear no liability to MCI and its affiliates for any action(s) it may take
in good faith in the defense, pursuit, settlement or enforcement with
respect to such Claim(s). In such event, MCI shall provide reasonable
information and assistance to Nasdaq in the defense of such Claim(s), and
such information and assistance will be provided at MCI's expense. In any
case where Nasdaq fails to perform under Section 40.2(B), MCI shall bear no
liability to Nasdaq and the Corporations for any action(s) it may take in
good faith in the defense, pursuit, settlement or enforcement with respect
to such Claim(s). In such event, Nasdaq shall provide reasonable
information and assistance to MCI in the defense of such Claim(s), and such
information and assistance will be provided at Nasdaq's expense. In any
case involving the MCI Service where MCI does not owe the Nasdaq
Indemnitees an obligation to defend, indemnify and hold them harmless, the
Nasdaq Indemnitees shall bear no liability to MCI and its affiliates for
any action(s) the Nasdaq Indemnitees may take in good faith in the defense,
pursuit, settlement or enforcement of such Claim(s). In all such cases,
however, MCI shall provide reasonable information and assistance to the
Nasdaq Indemnitees in the defense, pursuit, settlement, and enforcement of
such Claim(s), and such information and assistance will be provided at the
Nasdaq Indemnitees' expense. In any case involving a Claim arising under
Section 40.2(A)(iii) where Nasdaq does not owe the MCI Indemnitees an
obligation to defend, indemnify and hold them harmless, the MCI Indemnitees
shall bear no liability to Nasdaq and the Corporations for any action(s)
the MCI Indemnitees may take in good faith in the defense, pursuit,
settlement or enforcement of such Claim(s). In all such cases, however,
Nasdaq shall provide reasonable information and assistance to the MCI
Indemnitees in the defense, pursuit, settlement, and enforcement of such
Claim(s), and such information and assistance will be provided at the MCI
Indemnitees' expense.

     40.6. THIS SECTION SETS FORTH THE SOLE AND EXCLUSIVE REMEDIES OF THE
NASDAQ INDEMNITEES AND THE MCI INDEMNITEES, RESPECTIVELY, AND THE ENTIRE
OBLIGATION AND LIABILITY OF MCI AND NASDAQ, RESPECTIVELY, AS TO ANY CLAIMS
OF INFRINGEMENT OR MISAPPROPRIATION OF THIRD PARTY RIGHTS IN CONNECTION
WITH THIS AGREEMENT.

     Section 41. General Indemnification. Each party agrees to indemnify
and hold harmless the other (including the other's affiliates and their
respective employees, officers, directors, and agents) and against any
damages finally awarded and the reasonable costs and expenses incurred by
the indemnified party (including reasonable attorney's fees) and arising
out of any third party claim, suit, litigation or proceeding alleging that
the acts or omissions of the indemnifying party in the performance of this
Agreement proximately caused personal injury to (including personal injury
resulting in death) or damage to tangible real or personal property of such
third party.

     Section 42. Indemnification Procedure.

     Except as set forth to the contrary in Section 40.4 and 40.5, any
right to indemnification is conditioned on: (1) prompt Notice of the claim
after the party to be indemnified becomes aware of the claim (in a time
frame that does not prejudice the defense of the claim); (2) reasonable
information and assistance by the indemnified party as required to settle,
defend, or bring a counter suit in conjunction with any claim, but at the
expense of the indemnified party; and (3) the indemnifying party retaining
sole authority to defend or settle the claim, provided that the indemnified
party's cooperation is without waiver of that party's (including the
Corporations') attorney-client, work product, or other legal privilege. The
indemnifying party shall provide the indemnified party with periodic
updates as to the status of any claim, provided that any such updates shall
be Confidential Information under this Agreement and that the indemnifiying
party shall not be obligated to privide any information in any fashion that
could violate, destroy or threaten the subsequent assertion of any
privilege otherwise available to the indemnifying party or any third party
in connection with such claim. Notwithstanding the foregoing, the failure
of an indemnified party to undertake any of the foregoing actions shall not
relieve the indemnifying party of its indemnity obligation except to the
extent that the indemnifying party's ability to fulfill such obligation has
been materially prejudiced thereby. The provisions of this Section 42 shall
apply to both Claims arising under Section 40 as well as claims arising
under Section 41.

     Section 43. ***** *

     Section 44. Force Majeure. Either party shall have an extension of
time to perform any obligation under this Agreement (except for the
preexisting obligation(s) to pay moneys due hereunder) when prevented by
causes (such as labor disputes, strikes, Acts of God, floods, earthquakes,
casualty, war, acts of public enemy, riots, embargoes, regulations of a
governmental authority with jurisdiction of the party--including the
Corporations) that are not its fault and are beyond its control. Such
extension shall continue during the pendency of the force majeure event, as
long as the party whose performance is affected is using not less than all
reasonable efforts under the circumstances to overcome the effects of the
force majeure event. In the event the party claiming force majeure cannot
overcome the effects of the force majeure by employment of such efforts,
then the parties may negotiate a mutually agreeable alternative means to
overcome the effects of the force majeure, provided that such agreement
shall include any equitable adjustment of the charges applicable to MCI
Service hereunder as appropriate to compensate for any additional costs
which may be incurred to implement the agreed alternative. In the absence
of any such agreement, Nasdaq have a right to terminate this Agreement
without further liability to MCI (except for charges incurred prior to the
effectiveness of such termination) if the event of force majeure continues
for a period of twenty (20) consecutive days and MCI shall have a right to
terminate this Agreement without further liability to Nasdaq (except for
charges incurred prior to the effectiveness of such termination) if the
event of force majeure continues for a period of sixty (60) consecutive
days.

---------
* ***** Confidential Treatment has been requested for the redacted
portions. The confidential redacted portions have been filed separately
with the Securities and Exchange Commission.

     Section 45. Arbitration and Applicable Law. Unless the parties agree
upon another arbitration forum, any claim, dispute, controversy or other
matter in question (Dispute) arising out of or relating to this Agreement
or the breach thereof, shall be settled by final, binding, arbitration to
be held in New York City, New York, in accordance with the then effective
Commercial Arbitration Rules of the American Arbitration Association, or
their successor. Judgment upon the award rendered by the arbitrators may be
entered in any court having jurisdiction thereof. A party shall initiate
arbitration by giving Notice to the other of a demand for arbitration. The
parties shall attempt to meet within 20 calendar days of the Notice to
resolve the Dispute and attempt to agree on a single arbitrator. In the
absence of such agreement, each party will provide Notice to the other of
the name of one arbitrator within another 10 calendar days. After these two
arbitrators are named, the two arbitrators will select a third within 10
calendar days. Parties may enforce the arbitration duties and subsequent
awards in a court of law. The arbitrator shall have no power or authority
to make awards or issue orders of any kind prohibited by this Agreement.

     Section 46. Security Regulations. MCI personnel will be instructed to
comply with security regulations pertinent to each Corporation or
Subscriber location and any oral security instructions or demands of that
location's personnel. MCI personnel, when deemed appropriate by Nasdaq in
its sole discretion, will be issued a visitor identification card by
Nasdaq. Such cards will be surrendered by MCI personnel upon demand by
Nasdaq and without further demand upon expiration or termination of this
Agreement. MCI shall not attempt to gain access to restricted areas, to
systems, or to Confidential Information in the possession of the
Corporations or Subscribers beyond the access permitted by that entity.

     Section 47. Entire Agreement. This document, the Attachments, and the
Specifications (collectively the Agreement) constitute the entire agreement
between the parties with respect to the subject matter hereof, and
supersedes all prior negotiations, communications, writings and
understandings. In the event of a conflict between the Specifications and
this document (including the Attachments), the terms of this document shall
prevail.

     Section 48. Governing Law. As to MCI's rights and obligations
hereunder, this Agreement shall be deemed to have been made in the State of
New York and shall be construed and enforced in accordance with, and the
validity and performance hereof shall be governed by the Communications Act
of 1934, as amended, and all applicable orders, rules, decisions, and
regulations under such act, and to the extent such act is not applicable,
by the laws of the State of New York, without reference to principles of
conflicts of laws thereof. As to Nasdaq's rights and obligations hereunder,
this Agreement shall be deemed to have been made in the State of New York
and shall be construed and enforced in accordance with, and the validity
and performance hereof shall be governed by as amended, and the Securities
Exchange Act of 1934, as amended, and all applicable orders, rules,
decisions, and regulations under such act, and to the extent such act is
not applicable, by the laws of the State of New York, without reference to
principles of conflicts of laws thereof. The parties hereby consent to
submit to the jurisdiction of the courts of the State of New York in
connection with an action or proceeding instituted relating to this
Agreement. In the event of any conflict between construction and
enforcement under the Communications Act of 1934 and the Securities
Exchange Act of 1934, the matter shall be decided by applying the
construction that most closely appears to effect the intentions of the
parties as evidenced by the remainder of this Agreement.

     Section 49. Authorization. This Agreement shall not be binding upon a
party unless executed by an authorized officer of that party. MCI, Nasdaq,
and the persons executing this Agreement represent that such persons are
duly authorized by all necessary and appropriate corporate or other action
to execute the Agreement on behalf of MCI and Nasdaq.

     Section 50. Headings. Section headings in this Agreement are included
for convenience only and are not to be used to construe or interpret this
Agreement.

     Section 51. Amendment, Waiver, and Severability.

     51.1. Except as otherwise provided herein, no provision of this
Agreement may be amended, modified, or waived, unless by an instrument in
writing executed by MCI and an officer of Nasdaq.

     51.2. No failure on the part of Nasdaq or MCI to exercise, no delay in
exercising, and no course of dealing with respect to any right, power, or
privilege under this Agreement shall operate as a waiver thereof, nor shall
any single or partial exercise of any such right, power or privilege
preclude any other or further exercise thereof or the exercise of any other
right, power, or privilege under this Agreement.

     51.3. If any of the provisions of this Agreement, or application
thereof to any person or circumstance, shall to any extent be held invalid
or unenforceable, the remainder of this Agreement, or the application of
such terms or provisions to persons or circumstances other than those as to
which they are held invalid or unenforceable, shall not be affected thereby
and each such term and provision of this Agreement shall be valid and
enforceable to the fullest extent permitted by law.

     Section 52. Counterparts. This Agreement may be executed in one or
more counterparts, each of which shall be deemed an original, and such
counterparts together shall constitute one and the same instrument.

     Section 53. Attachments. The following attachments are incorporated
into and made part of this Agreement:

ATTACHMENT 1  - The RFP
ATTACHMENT 2  - The Response
ATTACHMENT 3  - Pricing and Service Intervals
ATTACHMENT 4  - Legal Actions - MCI
ATTACHMENT 5  - Legal Actions - Nasdaq
ATTACHMENT 6  - Test and Acceptance Criteria
ATTACHMENT 7  - Performance Remedies
ATTACHMENT 8  - Repair Criteria
ATTACHMENT 9  - Service Coverage
ATTACHMENT 10 - EWN II Documentation
ATTACHMENT 11 - Appendix F
ATTACHMENT 12 - Sample PD Report
ATTACHMENT 13 - DEV Net II

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their duly authorized officers.

The Nasdaq Stock Market, Inc. (Nasdaq),

By
   ------------------------------------

Name
   ------------------------------------
Title
   ------------------------------------

MCI Telecommunications Corporation (MCI),

By
   ------------------------------------
Name
   ------------------------------------
Title
   ------------------------------------

                                ATTACHMENT 1
                                  THE RFP

                                ATTACHMENT 2
                                THE RESPONSE

                                ATTACHMENT 3

                       PRICING AND SERVICE INTERVALS

*****

---------
* ***** Confidential Treatment has been requested for the redacted
portions. The confidential redacted portions have been filed separately
with the Securities and Exchange Commission.

                                ATTACHMENT 4
                            LEGAL ACTIONS - MCI

                                    NONE

                                ATTACHMENT 5
                           LEGAL ACTIONS - NASDAQ

                                    NONE

                                ATTACHMENT 6
                        TEST AND ACCEPTANCE CRITERIA

                                 ***** *

---------
* ***** Confidential Treatment has been requested for the redacted
portions. The confidential redacted portions have been filed separately
with the Securities and Exchange Commission.

                                ATTACHMENT 7
                       PERFORMANCE REMEDIES MATRICES
                              AND FLOW CHARTS

***** *

---------
* ***** Confidential Treatment has been requested for the redacted
portions. The confidential redacted portions have been filed separately
with the Securities and Exchange Commission.

                                Attachment 7
                                   EWNII
                             Performance Remedy
                          Single T-1 Configuration
                       (Availability - Hours/Circuit)

                                Attachment 7
                                   EWNII
                             Performance Remedy
                       (Availability - Hours/Circuit)
                                 (Chronic)

                                Attachment 7

                           NETWORK RESPONSE TIME

                                Attachment 7

                                    RBS

                                Attachment 7

                            Installation Remedy

                                   *****

                                ATTACHMENT 8
                              REPAIR CRITERIA

The repair of a failed EWN II T-1 local loop will be coordinated by MCI
Operations and will follow Digital Data Network (DDN) repair requirements
for a Digital Data Service (DDS) Circuit. The DDS stress testing procedures
are outlined in MCI's Private Line Handbook (MCIT 040 450 4025) which may
change from time to time, in the DDS Section. The DDS Stress test duration
is 25 minutes, and must pass strict testing objectives as outlined in the
Private Line Handbook.

The repair of a EWN II Customer Premise router and/or hub (collectively
referred to as CPE) will be conducted by the operations personnel located
at the EWN II Network Control Center (NCC). Router testing will be
conducted via NCC Management Platforms utilizing test procedures customary
and reasonable within the industry to verify proper router configuration,
and confirm that it is a reachable entity within the Network.

                                ATTACHMENT 9
                              SERVICE COVERAGE

Principal Period of Maintenance (PPM) the time periods used for the
Performance Remedy measurements are Monday through Friday, 7:00 a.m. to
7:00 p.m. eastern standard/daylight time, for all sites Network-wide.

Staff On Site MCI will provide staffing in Rockville, MD and Trumbull, CT,
Monday through Friday, 7 a.m. to 11:30 p.m. eastern standard/daylight time,
to provide Network monitoring, maintenance and support of the MCI Service.

Remote Monitoring MCI will provide remote monitoring for all hours that MCI
does not provide on-site staffing in Rockville, MD and Trumbull, CT, to
provide Network Management support from the Global Network Management
Center (GNMC).

                               ATTACHMENT 10
                            EWN II DOCUMENTATION

1.   Functional Specification Document
2.   IP Address Scheme Document
3.   Domain Name Service Document
4.   Logical Topology Document
5.   Installation Test Plans
6.   NMS Functional Specification Document
7.   DEVNET II Summary Document

                               ATTACHMENT 11
                                 APPENDIX F

                               ATTACHMENT 12
                          NASDAQ SAMPLE PD REPORT

                               ATTACHMENT 13
                                 DEV NET II

The parties agree that MCI will provide a development network ("DEVnet II")
that will not be connected to the Network which will permit MCI, its
subcontractor Digital Equipment Corporation and Nasdaq to test
applications, Components and simulations of the Network pursuant to
specifications to be provided to MCI by Nasdaq.

Notwithstanding anything in this Agreement to the contrary, the parties
understand that MCI will use commercially reasonable efforts to create,
maintain and support the DEVnet II, but its failure to do so shall in no
way be deemed to be a material breach of this Agreement. Other than the
performance credits specified in this Attachment 13, MCI will have no
liability to Nasdaq with respect to DEVnet II, including its creation,
maintenance, support or performance.

In the event of a dispute between the parties concerning the installation,
performance or otherwise relating to DEVnet II, if Nasdaq chooses, the
parties shall use their reasonable endeavors to settle such dispute in
accordance with the following procedure:

     (i) A party which considers that a dispute exists shall draw such
dispute to the attention of the other party's representation as set forth
below (or another of at least the same level), or their successor:

          Nasdaq:  ***** *

          MCI: *****

     (ii) If such dispute is not resolved within ten (10) days, or such other
shorter time as Nasdaq identifies or such other longer time as the parties may
mutually agree, such dispute shall be referred to

          Nasdaq:  *****

          MCI: *****

     (iii) If such dispute is not resolved within ten (10) days, or such other
shorter time as Nasdaq identifies or such other longer time as the parties may
mutually agree, such dispute shall be referred to

          Nasdaq:  *****

          MCI:     *****

---------
* ***** Confidential Treatment has been requested for the redacted
portions. The confidential redacted portions have been filed separately
with the Securities and Exchange Commission.

     CURRENT DEVNET II OBJECTIVES

The following is a description of the current objectives of DEVnet II:

     1. Principal Period of Maintenance. The Principal Period of
Maintenance ("PPM") for this network is Monday through Friday eastern
standard/daylight time from 7:00 a.m. to 11:30 p.m. (5X16). Performance
objectives will only be measured during the PPM. If a problem is reported
or if problems with the system are detected outside of the PPM, the
measurement hours begin at the start of the next PPM; otherwise the hours
of measurement begin upon reporting or system detection of the problem.

     2. Trouble Reporting. MCI will accept trouble reports twenty four (24)
hours a day, seven (7) days a week, with repair efforts initiated and
measured during the PPM. Trouble reports received outside of the PPM will
be addressed on a reasonable efforts basis. Corrective action underway at
the close of the PPM will be continued upon NASDAQ's request, at an
additional cost to NASDAQ; otherwise, problems unresolved at the close of
the PPM will be re-addressed at the beginning of the PPM.

     3. Network Monitoring. NCC will actively monitor the performance of
DEVnet II from its Trumbull, Connecticut location from Monday through
Friday during the hours of 7:00 a.m. to 11:30 p.m. eastern
standard/daylight time.

     4. DEVnet II Network Availability Objective. DEVnet II Network
Availability will be measured over a twelve (12) month rolling period with
results reported on a monthly basis and will be measured from the LAN at
the Data Center to the router port at the Nasdaq premises:

a.   DEVnet II Network Availability = Total Time during the PPM minus
     Down Time / Total Time during the PPM

b.   DEVnet II Network Availability Objective     :                98.80%

     5. Network Response Time. Network response Time for DEVnet II is equal
to the time it takes an IP Datagram to leave the source node, traverse the
backbone components, and return to the source node. This does not include
response time of NASD provided components. MCI will measure response time
for interactive (query/response) traffic as noted above. The source node
will be the NMS System at the Data Center. The destination node will be
varied to produce a representative sample. The sample will occur at
regularly scheduled intervals during both open and off market hours. The
sample packet size will be 177 bytes. Response time will be reported
regularly, based on hourly averages for both open and off market hours. The
goal is an average of 750 milliseconds.

     6. Variability of Broadcast. The definition of variability of
broadcast is measured by RBS (DECrbs) based upon embargo time, release
time, and a 500 millisecond window at the INP closest to the NASD user. RBS
(DECrbs) determines the variance and if the 500 millisecond is exceeded an
SNMP element (variability counter is set). An alarm will be defined to
check the counter and report when the variability window has been exceeded.
MCI will collect the number of broadcasts periodically that exceed the 500
millisecond window and tabulate a daily total of broadcasts that are
outside of the 500 millisecond specification. The out of specification
count will then be divided by the total messages for the day to derive the
percentage of messages that did not meet specification. This percentage
will not exceed one tenth of one percent (0.1%).

     7. Mean Time to Repair. DEVnet II will be measured during the PPM at
both the network and access circuit levels as follows:

     Network:        8 Hours MTTR

     Access Circuit: 4 Hours MTTR

     8. Failure to Meet Network Availability Objectives.

     (a) In the event that at the end of a month during the service term in
which DEVnet II is implemented, actual DEVnet II Network Availability (as
measured over a twelve (12) month rolling period) is less than the DEVnet
II Network Availability Objectives provided in Paragraph 4 above (a "DEVnet
II Performance Failure"), then MCI shall have a period of 60 days (the
"Cure Period") to cause DEVnet II to operate at levels so that when
measured at the conclusion of the Cure Period actual DEVnet II Network
Availability (as measure over a twelve (12) month rolling period) is equal
to or greater than the DEVnet II Network Availability Objectives. In the
event that at the conclusion of the Cure Period, actual DEVnet II Network
availability (as measured over a twelve (12) month rolling period) is less
than the DEVnet II Network Availability Objectives, MCI shall credit to
Nasdaq, as Nasdaq's sole and exclusive remedy resulting from or relating to
the DEVnet II Performance Failure, the amount of $10,000 for the month in
which the DEVnet II Performance Failure occurred. For purposes of
calculating DEVnet II Network Availability on a rolling 12 month period
only, availability for those months in which DEVnet II was not yet
implemented shall be deemed to be equal to the DEVnet II Network
Availability Objective.
<TABLE>
<CAPTION>
     Example 1:

<S>   <C>                                                                       <C>
(i)   Actual DEVnet II Network Availability at the conclusion of month 14
      (utilizing months 3-14)                                                   99.00%

(ii)  DEVnet II Network Availability Objective                                  99.80%

(iii) Actual DEVnet II Network Availability at the conclusion of
Cure Period month 16 (utilizing months 5-16)                                    99.50%

(iv)     Credit due for DEVnet II Performance Failure for month 14              $10,000

     Example 2:

(i)   Actual DEVnet II Network Availability at the conclusion of month 6
(utilizing months 1-6 and 6 months at 99.80%)                                   99.00%

(ii) DEVnet II Network Availability Objective                                   99.80%

(iii) Actual DEVnet II Network Availabilityat the conclusion of Cure Period
(utilizing months 1-8 and 4 months at 99.80%)                                   99.85%

(iv) No Credit due for DEVnet II Performance Failure
</TABLE>

     (b) The above DEVnet II objectives have been established in concert
with Nasdaq's operating criteria and requirements for this network, and
have been mutually agreed to by both Nasdaq and MCI. These objectives have
served as a design baseline and will also be used to measure and evaluate
actual network performance. Other than as provided for in 8 (a) above, the
performance objectives contained in this Attachment are not intended as a
remedy for any other purpose.*****

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