Nasdaq, the US stock market, has reiterated its commitment to drive down costs at the firm following a loss of $105.5m (€84.8m) for 2003 compared with income of $43.1m in 2002.

The company reported a fourth quarter net loss of $21m compared with income of $300,000 in the same period last year. Revenues in the quarter were down 24% while charges were up at $28.4m, due largely to the cost of a strategic overhaul, started in July, which is designed to eliminate costs.