<Page>
POWER OF ATTORNEY
ANNUAL REPORT ON FORM 10-K
THE NASDAQ STOCK MARKET, INC.
Know all men by these presents, that the undersigned, a director of The
Nasdaq Stock Market, Inc., a Delaware corporation, hereby constitutes and
appoints Edward S. Knight and Joan C. Conley, and each of them acting
individually, the undersigned's true and lawful attorneys-in-fact and agents,
each with full power of substitution and resubstitution, for him and in his
name, place, and stead, in any and all capacities to:
(1) execute for and on behalf of the undersigned, an Annual Report on
Form 10-K of The Nasdaq Stock Market, Inc. for the fiscal year ended December
31, 2001, including any and all amendments and additions thereto
(collectively, the "Annual Report") in accordance with the Securities
Exchange Act of 1934, as amended, and the rules thereunder;
(2) do and perform any and all acts for and on behalf of the
undersigned which may be necessary or desirable to file, or cause to be
filed, the Annual Report with all exhibits thereto (including this Power of
Attorney), and other documents in connection therewith, with the United
States Securities and Exchange Commission; and
(3) take any other action or any type whatsoever in connection with the
foregoing which, in the opinion of such attorneys-in-fact, may be of benefit
to, in the best interest of, or legally required by, the undersigned, it
being understood that the documents executed by such attorneys-in-fact on
behalf of the undersigned pursuant to this Power of Attorney shall be in such
form and shall contain such terms and conditions as such attorneys-in-fact
may approve in such attorneys-in-fact's discretion.
The undersigned hereby grants to each attorney-in-fact full power and
authority to do and perform any and every act and thing whatsoever requisite,
necessary or proper to be done in the exercise of any of the rights and
powers herein granted, as fully to all intents and purposes as the
undersigned might or could do if personally present, with full power of
substitution or revocation, hereby ratifying and confirming all that such
attorneys-in-fact, or such attorneys-in-fact's substitute or substitutes,
shall lawfully do or cause to be done by virtue of this Power of Attorney and
the rights and powers herein granted.
IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney
to be executed as of March 21, 2002.
/s/ Joseph Ackermann
---------------------------------
Signature
<Page>
POWER OF ATTORNEY
ANNUAL REPORT ON FORM 10-K
THE NASDAQ STOCK MARKET, INC.
Know all men by these presents, that the undersigned, a director of The
Nasdaq Stock Market, Inc., a Delaware corporation, hereby constitutes and
appoints Edward S. Knight and Joan C. Conley, and each of them acting
individually, the undersigned's true and lawful attorneys-in-fact and agents,
each with full power of substitution and resubstitution, for him and in his
name, place, and stead, in any and all capacities to:
(1) execute for and on behalf of the undersigned, an Annual Report on
Form 10-K of The Nasdaq Stock Market, Inc. for the fiscal year ended December
31, 2001, including any and all amendments and additions thereto
(collectively, the "Annual Report") in accordance with the Securities
Exchange Act of 1934, as amended, and the rules thereunder;
(2) do and perform any and all acts for and on behalf of the
undersigned which may be necessary or desirable to file, or cause to be
filed, the Annual Report with all exhibits thereto (including this Power of
Attorney), and other documents in connection therewith, with the United
States Securities and Exchange Commission; and
(3) take any other action or any type whatsoever in connection with the
foregoing which, in the opinion of such attorneys-in-fact, may be of benefit
to, in the best interest of, or legally required by, the undersigned, it
being understood that the documents executed by such attorneys-in-fact on
behalf of the undersigned pursuant to this Power of Attorney shall be in such
form and shall contain such terms and conditions as such attorneys-in-fact
may approve in such attorneys-in-fact's discretion.
The undersigned hereby grants to each attorney-in-fact full power and
authority to do and perform any and every act and thing whatsoever requisite,
necessary or proper to be done in the exercise of any of the rights and
powers herein granted, as fully to all intents and purposes as the
undersigned might or could do if personally present, with full power of
substitution or revocation, hereby ratifying and confirming all that such
attorneys-in-fact, or such attorneys-in-fact's substitute or substitutes,
shall lawfully do or cause to be done by virtue of this Power of Attorney and
the rights and powers herein granted.
IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney
to be executed as of March 18, 2002.
/s/ H. F. Baldwin
---------------------------------
Signature
<Page>
POWER OF ATTORNEY
ANNUAL REPORT ON FORM 10-K
THE NASDAQ STOCK MARKET, INC.
Know all men by these presents, that the undersigned, a director of The
Nasdaq Stock Market, Inc., a Delaware corporation, hereby constitutes and
appoints Edward S. Knight and Joan C. Conley, and each of them acting
individually, the undersigned's true and lawful attorneys-in-fact and agents,
each with full power of substitution and resubstitution, for him and in his
name, place, and stead, in any and all capacities to:
(1) execute for and on behalf of the undersigned, an Annual Report on
Form 10-K of The Nasdaq Stock Market, Inc. for the fiscal year ended December
31, 2001, including any and all amendments and additions thereto
(collectively, the "Annual Report") in accordance with the Securities
Exchange Act of 1934, as amended, and the rules thereunder;
(2) do and perform any and all acts for and on behalf of the
undersigned which may be necessary or desirable to file, or cause to be
filed, the Annual Report with all exhibits thereto (including this Power of
Attorney), and other documents in connection therewith, with the United
States Securities and Exchange Commission; and
(3) take any other action or any type whatsoever in connection with the
foregoing which, in the opinion of such attorneys-in-fact, may be of benefit
to, in the best interest of, or legally required by, the undersigned, it
being understood that the documents executed by such attorneys-in-fact on
behalf of the undersigned pursuant to this Power of Attorney shall be in such
form and shall contain such terms and conditions as such attorneys-in-fact
may approve in such attorneys-in-fact's discretion.
The undersigned hereby grants to each attorney-in-fact full power and
authority to do and perform any and every act and thing whatsoever requisite,
necessary or proper to be done in the exercise of any of the rights and
powers herein granted, as fully to all intents and purposes as the
undersigned might or could do if personally present, with full power of
substitution or revocation, hereby ratifying and confirming all that such
attorneys-in-fact, or such attorneys-in-fact's substitute or substitutes,
shall lawfully do or cause to be done by virtue of this Power of Attorney and
the rights and powers herein granted.
IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney
to be executed as of March 19, 2002.
/s/ Frank E. Baxter
---------------------------------
Signature
<Page>
POWER OF ATTORNEY
ANNUAL REPORT ON FORM 10-K
THE NASDAQ STOCK MARKET, INC.
Know all men by these presents, that the undersigned, a director of The
Nasdaq Stock Market, Inc., a Delaware corporation, hereby constitutes and
appoints Edward S. Knight and Joan C. Conley, and each of them acting
individually, the undersigned's true and lawful attorneys-in-fact and agents,
each with full power of substitution and resubstitution, for him and in his
name, place, and stead, in any and all capacities to:
(1) execute for and on behalf of the undersigned, an Annual Report on
Form 10-K of The Nasdaq Stock Market, Inc. for the fiscal year ended December
31, 2001, including any and all amendments and additions thereto
(collectively, the "Annual Report") in accordance with the Securities
Exchange Act of 1934, as amended, and the rules thereunder;
(2) do and perform any and all acts for and on behalf of the
undersigned which may be necessary or desirable to file, or cause to be
filed, the Annual Report with all exhibits thereto (including this Power of
Attorney), and other documents in connection therewith, with the United
States Securities and Exchange Commission; and
(3) take any other action or any type whatsoever in connection with the
foregoing which, in the opinion of such attorneys-in-fact, may be of benefit
to, in the best interest of, or legally required by, the undersigned, it
being understood that the documents executed by such attorneys-in-fact on
behalf of the undersigned pursuant to this Power of Attorney shall be in such
form and shall contain such terms and conditions as such attorneys-in-fact
may approve in such attorneys-in-fact's discretion.
The undersigned hereby grants to each attorney-in-fact full power and
authority to do and perform any and every act and thing whatsoever requisite,
necessary or proper to be done in the exercise of any of the rights and
powers herein granted, as fully to all intents and purposes as the
undersigned might or could do if personally present, with full power of
substitution or revocation, hereby ratifying and confirming all that such
attorneys-in-fact, or such attorneys-in-fact's substitute or substitutes,
shall lawfully do or cause to be done by virtue of this Power of Attorney and
the rights and powers herein granted.
IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney
to be executed as of March 22, 2002.
/s/ M. Michael Casey
---------------------------------
Signature
<Page>
POWER OF ATTORNEY
ANNUAL REPORT ON FORM 10-K
THE NASDAQ STOCK MARKET, INC.
Know all men by these presents, that the undersigned, a director of The
Nasdaq Stock Market, Inc., a Delaware corporation, hereby constitutes and
appoints Edward S. Knight and Joan C. Conley, and each of them acting
individually, the undersigned's true and lawful attorneys-in-fact and agents,
each with full power of substitution and resubstitution, for him and in his
name, place, and stead, in any and all capacities to:
(1) execute for and on behalf of the undersigned, an Annual Report on
Form 10-K of The Nasdaq Stock Market, Inc. for the fiscal year ended December
31, 2001, including any and all amendments and additions thereto
(collectively, the "Annual Report") in accordance with the Securities
Exchange Act of 1934, as amended, and the rules thereunder;
(2) do and perform any and all acts for and on behalf of the
undersigned which may be necessary or desirable to file, or cause to be
filed, the Annual Report with all exhibits thereto (including this Power of
Attorney), and other documents in connection therewith, with the United
States Securities and Exchange Commission; and
(3) take any other action or any type whatsoever in connection with the
foregoing which, in the opinion of such attorneys-in-fact, may be of benefit
to, in the best interest of, or legally required by, the undersigned, it
being understood that the documents executed by such attorneys-in-fact on
behalf of the undersigned pursuant to this Power of Attorney shall be in such
form and shall contain such terms and conditions as such attorneys-in-fact
may approve in such attorneys-in-fact's discretion.
The undersigned hereby grants to each attorney-in-fact full power and
authority to do and perform any and every act and thing whatsoever requisite,
necessary or proper to be done in the exercise of any of the rights and
powers herein granted, as fully to all intents and purposes as the
undersigned might or could do if personally present, with full power of
substitution or revocation, hereby ratifying and confirming all that such
attorneys-in-fact, or such attorneys-in-fact's substitute or substitutes,
shall lawfully do or cause to be done by virtue of this Power of Attorney and
the rights and powers herein granted.
IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney
to be executed as of March 18, 2002.
/s/ Michael Clark
---------------------------------
Signature
<Page>
POWER OF ATTORNEY
ANNUAL REPORT ON FORM 10-K
THE NASDAQ STOCK MARKET, INC.
Know all men by these presents, that the undersigned, a director of The
Nasdaq Stock Market, Inc., a Delaware corporation, hereby constitutes and
appoints Edward S. Knight and Joan C. Conley, and each of them acting
individually, the undersigned's true and lawful attorneys-in-fact and agents,
each with full power of substitution and resubstitution, for him and in his
name, place, and stead, in any and all capacities to:
(1) execute for and on behalf of the undersigned, an Annual Report on
Form 10-K of The Nasdaq Stock Market, Inc. for the fiscal year ended December
31, 2001, including any and all amendments and additions thereto
(collectively, the "Annual Report") in accordance with the Securities
Exchange Act of 1934, as amended, and the rules thereunder;
(2) do and perform any and all acts for and on behalf of the
undersigned which may be necessary or desirable to file, or cause to be
filed, the Annual Report with all exhibits thereto (including this Power of
Attorney), and other documents in connection therewith, with the United
States Securities and Exchange Commission; and
(3) take any other action or any type whatsoever in connection with the
foregoing which, in the opinion of such attorneys-in-fact, may be of benefit
to, in the best interest of, or legally required by, the undersigned, it
being understood that the documents executed by such attorneys-in-fact on
behalf of the undersigned pursuant to this Power of Attorney shall be in such
form and shall contain such terms and conditions as such attorneys-in-fact
may approve in such attorneys-in-fact's discretion.
The undersigned hereby grants to each attorney-in-fact full power and
authority to do and perform any and every act and thing whatsoever requisite,
necessary or proper to be done in the exercise of any of the rights and
powers herein granted, as fully to all intents and purposes as the
undersigned might or could do if personally present, with full power of
substitution or revocation, hereby ratifying and confirming all that such
attorneys-in-fact, or such attorneys-in-fact's substitute or substitutes,
shall lawfully do or cause to be done by virtue of this Power of Attorney and
the rights and powers herein granted.
IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney
to be executed as of March 18, 2002.
/s/ F. Warren Hellman
---------------------------------
Signature
<Page>
POWER OF ATTORNEY
ANNUAL REPORT ON FORM 10-K
THE NASDAQ STOCK MARKET, INC.
Know all men by these presents, that the undersigned, a director of The
Nasdaq Stock Market, Inc., a Delaware corporation, hereby constitutes and
appoints Edward S. Knight and Joan C. Conley, and each of them acting
individually, the undersigned's true and lawful attorneys-in-fact and agents,
each with full power of substitution and resubstitution, for him and in his
name, place, and stead, in any and all capacities to:
(1) execute for and on behalf of the undersigned, an Annual Report on
Form 10-K of The Nasdaq Stock Market, Inc. for the fiscal year ended December
31, 2001, including any and all amendments and additions thereto
(collectively, the "Annual Report") in accordance with the Securities
Exchange Act of 1934, as amended, and the rules thereunder;
(2) do and perform any and all acts for and on behalf of the
undersigned which may be necessary or desirable to file, or cause to be
filed, the Annual Report with all exhibits thereto (including this Power of
Attorney), and other documents in connection therewith, with the United
States Securities and Exchange Commission; and
(3) take any other action or any type whatsoever in connection with the
foregoing which, in the opinion of such attorneys-in-fact, may be of benefit
to, in the best interest of, or legally required by, the undersigned, it
being understood that the documents executed by such attorneys-in-fact on
behalf of the undersigned pursuant to this Power of Attorney shall be in such
form and shall contain such terms and conditions as such attorneys-in-fact
may approve in such attorneys-in-fact's discretion.
The undersigned hereby grants to each attorney-in-fact full power and
authority to do and perform any and every act and thing whatsoever requisite,
necessary or proper to be done in the exercise of any of the rights and
powers herein granted, as fully to all intents and purposes as the
undersigned might or could do if personally present, with full power of
substitution or revocation, hereby ratifying and confirming all that such
attorneys-in-fact, or such attorneys-in-fact's substitute or substitutes,
shall lawfully do or cause to be done by virtue of this Power of Attorney and
the rights and powers herein granted.
IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney
to be executed as of March 18, 2002.
/s/ John Markese
---------------------------------
Signature
<Page>
POWER OF ATTORNEY
ANNUAL REPORT ON FORM 10-K
THE NASDAQ STOCK MARKET, INC.
Know all men by these presents, that the undersigned, a director of The
Nasdaq Stock Market, Inc., a Delaware corporation, hereby constitutes and
appoints Edward S. Knight and Joan C. Conley, and each of them acting
individually, the undersigned's true and lawful attorneys-in-fact and agents,
each with full power of substitution and resubstitution, for him and in his
name, place, and stead, in any and all capacities to:
(1) execute for and on behalf of the undersigned, an Annual Report on
Form 10-K of The Nasdaq Stock Market, Inc. for the fiscal year ended December
31, 2001, including any and all amendments and additions thereto
(collectively, the "Annual Report") in accordance with the Securities
Exchange Act of 1934, as amended, and the rules thereunder;
(2) do and perform any and all acts for and on behalf of the
undersigned which may be necessary or desirable to file, or cause to be
filed, the Annual Report with all exhibits thereto (including this Power of
Attorney), and other documents in connection therewith, with the United
States Securities and Exchange Commission; and
(3) take any other action or any type whatsoever in connection with the
foregoing which, in the opinion of such attorneys-in-fact, may be of benefit
to, in the best interest of, or legally required by, the undersigned, it
being understood that the documents executed by such attorneys-in-fact on
behalf of the undersigned pursuant to this Power of Attorney shall be in such
form and shall contain such terms and conditions as such attorneys-in-fact
may approve in such attorneys-in-fact's discretion.
The undersigned hereby grants to each attorney-in-fact full power and
authority to do and perform any and every act and thing whatsoever requisite,
necessary or proper to be done in the exercise of any of the rights and
powers herein granted, as fully to all intents and purposes as the
undersigned might or could do if personally present, with full power of
substitution or revocation, hereby ratifying and confirming all that such
attorneys-in-fact, or such attorneys-in-fact's substitute or substitutes,
shall lawfully do or cause to be done by virtue of this Power of Attorney and
the rights and powers herein granted.
IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney
to be executed as of March 25, 2002.
/s/ E. Stanley O'Neal
---------------------------------
Signature
<Page>
POWER OF ATTORNEY
ANNUAL REPORT ON FORM 10-K
THE NASDAQ STOCK MARKET, INC.
Know all men by these presents, that the undersigned, a director of The
Nasdaq Stock Market, Inc., a Delaware corporation, hereby constitutes and
appoints Edward S. Knight and Joan C. Conley, and each of them acting
individually, the undersigned's true and lawful attorneys-in-fact and agents,
each with full power of substitution and resubstitution, for him and in his
name, place, and stead, in any and all capacities to:
(1) execute for and on behalf of the undersigned, an Annual Report on
Form 10-K of The Nasdaq Stock Market, Inc. for the fiscal year ended December
31, 2001, including any and all amendments and additions thereto
(collectively, the "Annual Report") in accordance with the Securities
Exchange Act of 1934, as amended, and the rules thereunder;
(2) do and perform any and all acts for and on behalf of the
undersigned which may be necessary or desirable to file, or cause to be
filed, the Annual Report with all exhibits thereto (including this Power of
Attorney), and other documents in connection therewith, with the United
States Securities and Exchange Commission; and
(3) take any other action or any type whatsoever in connection with the
foregoing which, in the opinion of such attorneys-in-fact, may be of benefit
to, in the best interest of, or legally required by, the undersigned, it
being understood that the documents executed by such attorneys-in-fact on
behalf of the undersigned pursuant to this Power of Attorney shall be in such
form and shall contain such terms and conditions as such attorneys-in-fact
may approve in such attorneys-in-fact's discretion.
The undersigned hereby grants to each attorney-in-fact full power and
authority to do and perform any and every act and thing whatsoever requisite,
necessary or proper to be done in the exercise of any of the rights and
powers herein granted, as fully to all intents and purposes as the
undersigned might or could do if personally present, with full power of
substitution or revocation, hereby ratifying and confirming all that such
attorneys-in-fact, or such attorneys-in-fact's substitute or substitutes,
shall lawfully do or cause to be done by virtue of this Power of Attorney and
the rights and powers herein granted.
IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney
to be executed as of March 22, 2002.
/s/ Kenneth Pasternak
---------------------------------
Signature
<Page>
POWER OF ATTORNEY
ANNUAL REPORT ON FORM 10-K
THE NASDAQ STOCK MARKET, INC.
Know all men by these presents, that the undersigned, a director of The
Nasdaq Stock Market, Inc., a Delaware corporation, hereby constitutes and
appoints Edward S. Knight and Joan C. Conley, and each of them acting
individually, the undersigned's true and lawful attorneys-in-fact and agents,
each with full power of substitution and resubstitution, for him and in his
name, place, and stead, in any and all capacities to:
(1) execute for and on behalf of the undersigned, an Annual Report on
Form 10-K of The Nasdaq Stock Market, Inc. for the fiscal year ended December
31, 2001, including any and all amendments and additions thereto
(collectively, the "Annual Report") in accordance with the Securities
Exchange Act of 1934, as amended, and the rules thereunder;
(2) do and perform any and all acts for and on behalf of the
undersigned which may be necessary or desirable to file, or cause to be
filed, the Annual Report with all exhibits thereto (including this Power of
Attorney), and other documents in connection therewith, with the United
States Securities and Exchange Commission; and
(3) take any other action or any type whatsoever in connection with the
foregoing which, in the opinion of such attorneys-in-fact, may be of benefit
to, in the best interest of, or legally required by, the undersigned, it
being understood that the documents executed by such attorneys-in-fact on
behalf of the undersigned pursuant to this Power of Attorney shall be in such
form and shall contain such terms and conditions as such attorneys-in-fact
may approve in such attorneys-in-fact's discretion.
The undersigned hereby grants to each attorney-in-fact full power and
authority to do and perform any and every act and thing whatsoever requisite,
necessary or proper to be done in the exercise of any of the rights and
powers herein granted, as fully to all intents and purposes as the
undersigned might or could do if personally present, with full power of
substitution or revocation, hereby ratifying and confirming all that such
attorneys-in-fact, or such attorneys-in-fact's substitute or substitutes,
shall lawfully do or cause to be done by virtue of this Power of Attorney and
the rights and powers herein granted.
IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney
to be executed as of March 18, 2002.
/s/ David S. Pottruck
---------------------------------
Signature
<Page>
POWER OF ATTORNEY
ANNUAL REPORT ON FORM 10-K
THE NASDAQ STOCK MARKET, INC.
Know all men by these presents, that the undersigned, a director of The
Nasdaq Stock Market, Inc., a Delaware corporation, hereby constitutes and
appoints Edward S. Knight and Joan C. Conley, and each of them acting
individually, the undersigned's true and lawful attorneys-in-fact and agents,
each with full power of substitution and resubstitution, for him and in his
name, place, and stead, in any and all capacities to:
(1) execute for and on behalf of the undersigned, an Annual Report on
Form 10-K of The Nasdaq Stock Market, Inc. for the fiscal year ended December
31, 2001, including any and all amendments and additions thereto
(collectively, the "Annual Report") in accordance with the Securities
Exchange Act of 1934, as amended, and the rules thereunder;
(2) do and perform any and all acts for and on behalf of the
undersigned which may be necessary or desirable to file, or cause to be
filed, the Annual Report with all exhibits thereto (including this Power of
Attorney), and other documents in connection therewith, with the United
States Securities and Exchange Commission; and
(3) take any other action or any type whatsoever in connection with the
foregoing which, in the opinion of such attorneys-in-fact, may be of benefit
to, in the best interest of, or legally required by, the undersigned, it
being understood that the documents executed by such attorneys-in-fact on
behalf of the undersigned pursuant to this Power of Attorney shall be in such
form and shall contain such terms and conditions as such attorneys-in-fact
may approve in such attorneys-in-fact's discretion.
The undersigned hereby grants to each attorney-in-fact full power and
authority to do and perform any and every act and thing whatsoever requisite,
necessary or proper to be done in the exercise of any of the rights and
powers herein granted, as fully to all intents and purposes as the
undersigned might or could do if personally present, with full power of
substitution or revocation, hereby ratifying and confirming all that such
attorneys-in-fact, or such attorneys-in-fact's substitute or substitutes,
shall lawfully do or cause to be done by virtue of this Power of Attorney and
the rights and powers herein granted.
IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney
to be executed as of March 16, 2002.
/s/ A. Rock
---------------------------------
Signature
<Page>
POWER OF ATTORNEY
ANNUAL REPORT ON FORM 10-K
THE NASDAQ STOCK MARKET, INC.
Know all men by these presents, that the undersigned, a director of The
Nasdaq Stock Market, Inc., a Delaware corporation, hereby constitutes and
appoints Edward S. Knight and Joan C. Conley, and each of them acting
individually, the undersigned's true and lawful attorneys-in-fact and agents,
each with full power of substitution and resubstitution, for him and in his
name, place, and stead, in any and all capacities to:
(1) execute for and on behalf of the undersigned, an Annual Report on
Form 10-K of The Nasdaq Stock Market, Inc. for the fiscal year ended December
31, 2001, including any and all amendments and additions thereto
(collectively, the "Annual Report") in accordance with the Securities
Exchange Act of 1934, as amended, and the rules thereunder;
(2) do and perform any and all acts for and on behalf of the
undersigned which may be necessary or desirable to file, or cause to be
filed, the Annual Report with all exhibits thereto (including this Power of
Attorney), and other documents in connection therewith, with the United
States Securities and Exchange Commission; and
(3) take any other action or any type whatsoever in connection with the
foregoing which, in the opinion of such attorneys-in-fact, may be of benefit
to, in the best interest of, or legally required by, the undersigned, it
being understood that the documents executed by such attorneys-in-fact on
behalf of the undersigned pursuant to this Power of Attorney shall be in such
form and shall contain such terms and conditions as such attorneys-in-fact
may approve in such attorneys-in-fact's discretion.
The undersigned hereby grants to each attorney-in-fact full power and
authority to do and perform any and every act and thing whatsoever requisite,
necessary or proper to be done in the exercise of any of the rights and
powers herein granted, as fully to all intents and purposes as the
undersigned might or could do if personally present, with full power of
substitution or revocation, hereby ratifying and confirming all that such
attorneys-in-fact, or such attorneys-in-fact's substitute or substitutes,
shall lawfully do or cause to be done by virtue of this Power of Attorney and
the rights and powers herein granted.
IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney
to be executed as of March 18, 2002.
/s/ R. C. Romano
---------------------------------
Signature
<Page>
POWER OF ATTORNEY
ANNUAL REPORT ON FORM 10-K
THE NASDAQ STOCK MARKET, INC.
Know all men by these presents, that the undersigned, a director of The
Nasdaq Stock Market, Inc., a Delaware corporation, hereby constitutes and
appoints Edward S. Knight and Joan C. Conley, and each of them acting
individually, the undersigned's true and lawful attorneys-in-fact and agents,
each with full power of substitution and resubstitution, for him and in his
name, place, and stead, in any and all capacities to:
(1) execute for and on behalf of the undersigned, an Annual Report on
Form 10-K of The Nasdaq Stock Market, Inc. for the fiscal year ended December
31, 2001, including any and all amendments and additions thereto
(collectively, the "Annual Report") in accordance with the Securities
Exchange Act of 1934, as amended, and the rules thereunder;
(2) do and perform any and all acts for and on behalf of the
undersigned which may be necessary or desirable to file, or cause to be
filed, the Annual Report with all exhibits thereto (including this Power of
Attorney), and other documents in connection therewith, with the United
States Securities and Exchange Commission; and
(3) take any other action or any type whatsoever in connection with the
foregoing which, in the opinion of such attorneys-in-fact, may be of benefit
to, in the best interest of, or legally required by, the undersigned, it
being understood that the documents executed by such attorneys-in-fact on
behalf of the undersigned pursuant to this Power of Attorney shall be in such
form and shall contain such terms and conditions as such attorneys-in-fact
may approve in such attorneys-in-fact's discretion.
The undersigned hereby grants to each attorney-in-fact full power and
authority to do and perform any and every act and thing whatsoever requisite,
necessary or proper to be done in the exercise of any of the rights and
powers herein granted, as fully to all intents and purposes as the
undersigned might or could do if personally present, with full power of
substitution or revocation, hereby ratifying and confirming all that such
attorneys-in-fact, or such attorneys-in-fact's substitute or substitutes,
shall lawfully do or cause to be done by virtue of this Power of Attorney and
the rights and powers herein granted.
IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney
to be executed as of March 22, 2002.
/s/ Arvind Sodhani
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Signature
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POWER OF ATTORNEY
ANNUAL REPORT ON FORM 10-K
THE NASDAQ STOCK MARKET, INC.
Know all men by these presents, that the undersigned, a director of The
Nasdaq Stock Market, Inc., a Delaware corporation, hereby constitutes and
appoints Edward S. Knight and Joan C. Conley, and each of them acting
individually, the undersigned's true and lawful attorneys-in-fact and agents,
each with full power of substitution and resubstitution, for him and in his
name, place, and stead, in any and all capacities to:
(1) execute for and on behalf of the undersigned, an Annual Report on
Form 10-K of The Nasdaq Stock Market, Inc. for the fiscal year ended December
31, 2001, including any and all amendments and additions thereto
(collectively, the "Annual Report") in accordance with the Securities
Exchange Act of 1934, as amended, and the rules thereunder;
(2) do and perform any and all acts for and on behalf of the
undersigned which may be necessary or desirable to file, or cause to be
filed, the Annual Report with all exhibits thereto (including this Power of
Attorney), and other documents in connection therewith, with the United
States Securities and Exchange Commission; and
(3) take any other action or any type whatsoever in connection with the
foregoing which, in the opinion of such attorneys-in-fact, may be of benefit
to, in the best interest of, or legally required by, the undersigned, it
being understood that the documents executed by such attorneys-in-fact on
behalf of the undersigned pursuant to this Power of Attorney shall be in such
form and shall contain such terms and conditions as such attorneys-in-fact
may approve in such attorneys-in-fact's discretion.
The undersigned hereby grants to each attorney-in-fact full power and
authority to do and perform any and every act and thing whatsoever requisite,
necessary or proper to be done in the exercise of any of the rights and
powers herein granted, as fully to all intents and purposes as the
undersigned might or could do if personally present, with full power of
substitution or revocation, hereby ratifying and confirming all that such
attorneys-in-fact, or such attorneys-in-fact's substitute or substitutes,
shall lawfully do or cause to be done by virtue of this Power of Attorney and
the rights and powers herein granted.
IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney
to be executed as of March 22, 2002.
/s/ Martin Sorrell
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Signature