Nasdaq's revenue fell for the seventh quarter in a row, a result which, combined with a large restructuring charge, led to a $38m (€33.21m) loss in the third quarter.

Nasdaq spent just under $50m on restructuring its business, a cost that led to its second successive quarterly loss and took total losses for the year to $85m. While it continued to cut costs, the management team, headed since May by Bob Greifeld, failed to halt the slide in revenues which started in 2001.