Nasdaq, the US technology exchange that had been aiming to float by the end of the year, reported revenues of $199.1m (€195.8m) in the third quarter, virtually unchanged from the same period in 2001.

Nasdaq was expected to file a prospectus for its initial public offering in June, but has been delayed by the continued downturn in technology stocks. "The operational and administrative separation of Nasdaq from the National Association of Securities Dealers (NASD) is scheduled to be substantially complete in the fourth quarter of 2002," said a statement from the US exchange.