Nasdaq (NDAQ) S-3ASR Automatic shelf registration

Exhibit 12.1

The NASDAQ OMX Group, Inc.

Computation of Ratio of Earnings to Fixed Charges

And Preferred Stock Dividends

(Dollars in Thousands)

Unaudited

	Nine Months Ended September 30,			Year Ended December 31,
	2009			2008(1) As Adjusted			2007			2006			2005			2004
Pre-tax income from continuing operations	$	336,790	(2)	$	510,638	(2)	$	793,903	(4)	$	213,145	(5)	$	106,262	(6)	$	2,553	(7)
Add: fixed charges		89,540			111,544			72,863			91,097			20,338			11,789
Pre-tax income before fixed charges		426,330			622,182			866,766			304,242			126,600			14,342
Fixed charges:
Interest expense(3)		89,540			111,544			72,863			91,097			20,338			11,484
Other		—			—			—			—			—			305
Total fixed charges		89,540			111,544			72,863			91,097			20,338			11,789
Preferred stock dividend requirements		—			—			—			359			3,220			8,354
Total combined fixed charges and preferred stock dividends	$	89,540		$	111,544		$	72,863		$	91,456		$	23,558		$	20,143
Ratio of earnings to fixed charges		4.76			5.58			11.90			3.34			6.22			1.22
Ratio of earnings to fixed charges and preferred stock dividends		4.76			5.58			11.90			3.33			5.37			0.71	(8)

⁽¹⁾ The results of OMX have been included in this calculation since February 27, 2008. PHLX is included beginning July 24, 2008, BSX is included beginning August 29, 2008, certain businesses of Nord Pool are included beginning October 21, 2008 and IDCG is included beginning December 19, 2008.

⁽²⁾ 2009 and 2008 pre-tax income from continuing operations is before equity in earnings of 50%-or-less-owned companies and adjustment for noncontrolling interests.

⁽³⁾ Consists of interest expense on all debt obligations (including amortization of deferred financing costs) and the portion of operating lease rental expense that is representative of the interest factor.

⁽⁴⁾ Includes costs of $4,100 associated with Nasdaq’s 2007 cost reductions.

⁽⁵⁾ Includes costs of $40,900 associated with Nasdaq’s 2006 cost reductions.

⁽⁶⁾ Includes net costs of $20,000 associated with Nasdaq’s 2005 cost reductions.

⁽⁷⁾ Includes costs of $62,600 associated with Nasdaq’s 2004 cost reductions.

⁽⁸⁾ The amount of the deficiency was $5,801.